Landmark Risk Management Study to be Updated
Steven Minsky | Nov. 7, 2011
Last week, at RIMS ERM Conference 2011, we announced that LogicManager and RIMS (The Risk and Insurance Management Society) have selected Queens University Management School (QUM) to update the landmark 2008 study that quantified a direct, positive relationship between the maturity of an organization’s risk management framework and its business performance. Read the full press release here.
The 2011 update will gather data just as the 2008 study did, using real organization’s data compared against the best practices outlined in the RIMS Risk Maturity Model (RMM), co-authored by LogicManager and RIMS. Click here to see these best practices in action.
The 2008 study was the first time that risk managers gained real evidence that they could show their VPs, Executives, and even Boards of Directors that risk management has a powerful, direct effect on business performance. Further, with the help of the RMM’s accompanying step-by-step practitioners guide, risk managers gain a roadmap detailing how to develop ERM programs that effectively achieve the strategic goals that drive business performance. This next update will provide the same evidence and guidance using more recent risk information.
The updated study will be conducted by Queens University Management School. Mark Farrell, Actuarial Science & Risk Management Teaching Fellow, Queens University Management School states, “We sought out RIMS and LogicManager to update the analysis, as the RMM is the premier source for risk maturity information, as it has by far the largest and most proven collection of real data that has stood the test of time.”
Since its creation in 2006, the RMM has been used by over 1500 industry leading organizations to assess the strengths and weaknesses of their risk management programs and build action plans for improvement. In addition to gaining invaluable ERM insight about organizational risks, companies that complete the RMM assessment will receive a complimentary copy of the updated RMM research report.
Last week, the RMM was spotlighted at the inaugural RIMS ERM Conference 2011 in San Diego, California. The conference featured presentations highlighting the attributes of the RMM and its ability to help companies advance their ERM programs. I was chosen to facilitate roundtable discussions on the RMM and how organizations can link risk to business performance through ERM.