September 21, 2011RIMS' first Enterprise Risk Management-only conference, scheduled for November 1-3 in San Diego, is rapidly approaching. We asked Carol Fox, Director of Strategic and Enterprise Risk Practice for RIMS, for perspective.
"We're seeing more and more desire of the attendees [at the RIMS National Conferences] for ERM Sessions" says Carol. The 2011 RIMS Benchmark Study indicated that 17% of respondents have adopted ERM. That compares with 12% in 2009. IQPC recently conducted a survey with similar results. Only 20% of respondents indicated they will not be implementing ERM.
Among the driving factors in the growth of Enterprise Risk Management is the interest shown by regulatory and rating agencies in the ERM programs of organizations under their jurisdiction. Carol indicates that, as the ERM practice becomes more widespread, the interest amongst practitioners is shifting from "just compliance" to a more "strategic" level.
"We are seeing practitioners coming to us from other disciplines: Strategy, Legal, and C Suite looking to traditional risk management to pick up ERM," says Carol. "A good source of information for the specifics of ERM is at http://rims.org/publications."
Carol indicates that the planned ERM-only conference meets an important need for a smaller venue than other RIMS conferences, which will facilitate networking amongst the participants. "There is a need for a breadth of perspectives," says Carol. "Risk is a four-letter word, and can be visionary as opposed to just tactical." Going back to George Head's ARM 54 "Essentials of Risk Management," "Risk is sustainability and value."
[editor's note:] As risk management practitioners increasingly embrace Enterprise Risk Management, it will be interesting to see how the definitions and treatment of risk in "classical risk management" evolve.
The 2011 Conference on Enterprise Risk Management The Conference Board. October 12-13, Chicago.
Enterprise Risk Management has made it to the top of many senior leaders and Board of Directors' lists in the aftermath of major corporate collapses in the past several months. The Conference Board's 2002 Enterprise Risk Management Conference will look at a variety of factors that companies must consider when undertaking risk management for the entire company including:
- how to integrate ERM into existing systems
- how to define and quantify operating risk, and
- how to turn certain risks into opportunities.
Information Technologies for Support of Enterprise Risk Management A presentation by Allen Monroe to Enterprise-wide Risk Management, a conference sponsored by International Quality and Productivity Council of Canada, December 12, 2001, Toronto.
The Evolving Role of the Chief Risk Officer A presentation by Allen Monroe to a conference sponsored by International Quality and Productivity Council, October 30, 1998 in San Francisco.