RIMS Risk Maturity Model Explained – Overview
Steven Minsky | March 9, 2011
Getting the initial commitment for ERM is half the battle for a Risk Manager, and then meeting expectations with concrete results can be just as daunting a challenge.
The RIMS Risk Maturity Model (RMM) allows you to score your organization’s risk management program, prioritize what areas need the most improvement, and achieve your business goals in half the time.
What is it? The RIMS Risk Maturity Model is a proven framework for enterprise risk management (ERM) that guides risk managers through the process of building a successful risk management program. It takes the problem of advancing your ERM effectiveness and breaks it into manageable, practical milestones for every step of risk maturity.
How does it work? The RMM allows you to compare your ERM program to industry best practices and highlights your strengths and weaknesses. You can then prioritize your resources to the most impactful actions. This creates a repeatable and sustainable ERM program that helps our customers achieve their goals in half the time they expect.
What are the Benefits of using this approach?
Benefits for Practitioners
- Create a shared language and vision
- Benchmark using industry best practices from your peers
- Communicate clearly to the board, regulators, rating agencies, executive management, process owners, and support functions
Benefits for ERM stakeholders
- Streamline the ERM Process
- Measure value added by ERM programs
- Achieve business goals in half the time
Benefits for Organizations
- Tackle inadequately addressed risks and opportunities
- Resolve business process inefficiencies
- Build a repeatable and scalable process for better decision making
Take the first step and assess your organization using the RIMS RMM assessment for free, and see what your risk management program does well and where it can improve.