New York - More than 90% of risk management executives are building or want to build enterprise risk management (ERM) processes into their organizations, but only 11% have completed such a task, according to a recent report issued by New York-based The Conference Board. The Board, in conjunction with Mercer Oliver Wyman, a New York financial consulting firm, surveyed 271 risk management executives from a variety of industries across North America and Europe.
The survey results indicate that more than two-thirds of both boards of directors and senior management staff consider risk management to be an increasingly important responsibility, chiefly due to the pressures to reduce the unexpected volatility of earnings and a need to implement internal mandates demanded by the Sarbanes-Oxley Act and other similar regulatory frameworks globally. At the financial/operational levels, especially among chief financial officers, there is an even higher awareness of the importance of ERM.
Source: The Conference Board
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