Ensuring ERM Sustainability
How do you build a sustainable enterprise risk management (ERM) program that provides a direct link to business value and performance? It’s all about using an ERM maturity model to benchmark your capabilities, identify where your organization is strongest, and understand weak links that inhibit further ERM performance.
To help organizations across industries achieve this goal, LogicManager authored the Risk Maturity Model (RMM) in 2005 (previously titled the RIMS Risk Maturity Model). With the help of the Risk and Insurance Management Society (RIMS), the RMM was launched as a best practice framework and free risk maturity assessment tool. Today, the RMM is housed directly within the LogicManager application and continues to help professionals and executives develop and improve sustainable enterprise risk management programs.
The online RMM Assessment allows organizations to score their programs on a five-level scale, and receive an immediate benchmarking report. The report provides information on current ERM maturity levels and offers actionable “next step” ideas for improvement. The Risk Maturity Model for ERM provides an actionable internal guide that corporations of all sizes, industries, and geographies can use to improve their risk management maturity from wherever they are in their journey today.