LogicManager's Enterprise Risk Management & Corporate Governance Program

Demonstrate Strong Corporate Governance and Risk Management to the Board of Directors

Established globally since November 2006 across 3,000 organizations, Chief Risk Officers and their teams use this Risk Management and Corporate Governance Program to benchmark with industry best practices on 7 attributes, 25 success factors, and 71 competency drivers. It helps teams engage risk management champions at different levels and across business silos, build consensus for setting obtainable milestones each business quarter, and communicate clearly to their board, risk committee, rating agencies, executive management, regulators, auditors, and other stakeholders. This Risk Maturity Model approach is a method that is proven across industries and geographies and is based on peer-reviewed research that shows companies with mature ERM programs, as measured by this Risk Maturity Model are proven to realize 25% higher market value.

The program starts with a 45-minute Risk Maturity Model readiness assessment to quantify your organization’s risk management and corporate governance maturity. This readiness assessment aggregates the assessment results of your risk champions throughout your organization into a maturity level for each of the seven attributes that drives business value in an ERM program.

RMM for corporate governance
RMM Bubble Report
RMM Bubble Report

Risk leaders use this report to present to board members, risk committee, and operational risk leadership as evidence that their organization’s risk management process meets quality and completeness expectations for reported risks, and adheres to the fiduciary duty oversight standards required for their risk management and corporate governance.

This evaluation criteria and report will ensure your organization:

  • Sustains a relevant ERM charter
  • Builds a timely action plan for task assignments
  • Milestones for resource allocations for program goal achievement

Training materials are provided within this program to educate your stakeholders on a common risk culture language with clearly outlined roles, responsibilities, goals, and measures along with timeliness and validation points to establish measures for accountability for the year ahead. Adopting this quarterly program will provide you with an annual certification for your risk champions and visibility in our RMM Recognition awards that acknowledge professional and organizational achievements in implementing a sustainable ERM process and provide evidence of risk management program readiness to stakeholders. The Internal Audit Guide helps your team prepare for your risk management and corporate governance annual audit with established performance standards, procedures, and business metrics collection that ensures compliance with reasonable care thresholds to mitigate negligence liability and streamline operations with a risk-based approach.

Click here for a limited free trial assessment and board reporting package.

Audit Guide for Risk Management

ERM Program Audit Guide
Download Audit Guide

Auditors utilize the 25 success factors and 71 competency driver standards outlined in this Risk Maturity Model (RMM) Audit Guide to evaluate their organization's risk processes within the ERM program’s charter. Established globally since November 2006 across 3,000 organizations, these criteria ensure consistent and objective risk management practices are utilized in their risk management field work to obtain the needed integrity, completeness, and effectiveness throughout their evaluation of their organization’s enterprise risk management and corporate governance program.

Auditors utilize this RMM Audit Guide to validate program alignment with the board's risk appetite and verify the program's components, including risk identification, assessment, mitigation, monitoring, and escalation processes to support board mandates for reasonable care in their oversight to prevent negligence, waste and fraud. Auditors use the RMM guide to analyze metrics to gauge their organization’s program effectiveness, by comparing against industry benchmarks to address concerns and implement corrective measures promptly. This guide provides an evidenced-based framework for audit teams to ensure accuracy and reliability in risk-related data and statements to support disclosures in 10K and 10Q disclosures. This guide is utilized by auditors to provide training to their teams to ensure attestations by management on the quality and completeness of reported risks meet the oversight standards of fiduciary duty by board members and leadership. This approach supports effective communication with regulators, external auditors, investors, and other stakeholders.

Click here to download this complimentary Risk Management and Corporate Governance Audit Guide.

In larger organizations, there is considerable “risk silo creation” and different progress in each. You helped us consider a common framework across our silos (eg Operational Risk, Digital Security, Crisis & Continuity Management, General Security etc).

- Business Continuity SME

Frequently Asked QuestionsFoundations of the Risk Maturity Model

The term implies that the board is exercising a level of care that is considered reasonable and appropriate in fulfilling its oversight responsibilities, which includes preventing negligence, waste, and fraud.

The Risk Maturity Model (RMM) is a best practice framework and risk maturity assessment tool authored by LogicManager in 2005, in collaboration with the Risk and Insurance Management Society (RIMS). The RMM helps organizations across industries benchmark their risk management capabilities, identify strengths, and understand weak links that inhibit further ERM performance. By using the RMM, organizations can develop and improve sustainable enterprise risk management programs that provide a direct link to business value and performance. A mature ERM program sees gaps in processes as opportunities for improved performance and takes steps to effectively identify, mitigate, and monitor risks, thereby lowering the overall risk level of the organization. Today, the RMM is available within the LogicManager application for professionals and executives to use.

Learn more about the Risk Maturity Model.

Not only can the RMM help you measure your current risk maturity, but the LogicManager platform will help you execute on improving your program over time and become more mature in the long run. The RMM allows organizations to score their risk programs on a five-level scale, and receive an immediate downloadable report, which provides information not only on current maturity levels as well as ideas on what it may take to achieve a higher level of maturity in each of seven attributes. The Risk Maturity Model provides an actionable internal guide that corporations of all sizes, industries, and geographies can use to improve their enterprise risk management maturity from whatever level they are at today.

Every department within your organization holds risk. The natural extension of this means that every department then also benefits from a mature risk management program, that helps mitigate and manage that risk. If these processes aren’t being done throughout your organization, you aren’t gaining the benefits of a mature program. Without evaluating the maturity of your program, you increase the risk of misalignment between your ERM team and the frontlines of your organization.

A mature risk management program also helps mitigate the risk of negligence within your organization. In order to not be found negligent, you must have a way of proving that the risks that materialized into the incident leading to the negligence claim were disclosed to your stakeholders. This is always addressed in a mature ERM program.

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Take a Limited Free Trial Assessment Today

Take the risk maturity assessment to discover your unique enterprise risk management maturity score. After completing this limited free trial assessment, you’ll receive a personalized ERM benchmarking report that directly compares your results against the Risk Maturity Model’s umbrella framework to identify gaps and prioritize the next steps for your ERM program. This will help you develop an action plan to take your program to the next level. The assessment requires no prior experience and takes about 30 minutes to complete.

Take the Assessment Now
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