Enterprise Risk Management shifted focus to health and safety and business continuity in response to Covid-19 pandemic, report finds.
The RIMS “2020 Enterprise Risk Management Benchmark Survey” covered 14 industries across 20 countries. It revealed that Enterprise Risk Management programmes within organisations has clearly shifted focus to Health and Safety and business continuity, during the Covid-19 crisis. Responses were collected from Risk Management Professionals between June and September 2020.
The report suggests that there is more work to be done, but ERM programmes have been shown to be effective for increasing certainty and meeting strategic and operational objectives. This certainly bears out what we’ve seen with Riskex customers and is part of the strategy that has been adopted to shape our Product Roadmap.
RIMS also found that 98% of organisations have a fully or partially integrated ERM programme (up 26% from 2017); and that 76% of senior leadership teams and boards apply ERM insights into business decisions.
Business Intelligence (BI) tools are a key part of effective ERM programmes, delivering reliable data analysis to managers and stakeholders, leading to increased confidence in decision-making.