While risk management is playing a more strategic role within organizations than ever before, many are not using the full potential of the function, according to the 11th annual Excellence in Risk Management survey, published by Marsh and RIMS.
Ninety-three percent of C-suite respondents to the survey indicated that risk management carries either some or significant impact on setting their organization’s business strategy with 76% confirming that their organizations treat risk management as a key strategic function. However, when asked whether their organization uses the risk management function to its fullest abilities, only 20% of C-suite respondents answered affirmatively.
Among the findings from the report:
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…Unknown and as yet untapped opportunities exist for risk management professionals and their organizations to realize substantial benefits from mature risk management practices. It is no longer news that risk itself is a priority at the senior leadership levels.