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Pandemic strengthens company risk management: RIMS



Nearly half of organizations increased their reporting of pandemic risks in response to COVID-19, while 34% increased their focus on low-probability / high-impact risks, Risk & Insurance Management Society Inc. said in a report Monday.

Approximately 22% saw an increase in corporate risk management resources as a result of pandemic challenges, "signaling an increasing appreciation of risk management's contribution", the RIMS 2020 Enterprise Risk Management Benchmark survey found.

COVID -19 ha s changed governance supervision of risk management according to 20% of those surveyed, either through new management, supervision of the management committee or supervision at board level.

"The COVID-1

9 pandemic triggered both increased scrutiny and visibility of risk management as it highlighted the interdependence between risks throughout the organization's ecosystem," the report said.

More than 50% of ERM programs have shifted their heritage focus on health and safety and continuity in response to the pandemic, RIMS said.

About 98% of organizations have a fully or partially integrated ERM, an increase of 26% from 2017, according to the report.

In addition, approximately 76% of senior management teams and boards apply ERM insights in business decisions, the survey found. With that said, work still needs to be done to make ERM fully integrated, flexible and proactive, the survey says.

The report contains answers to two different surveys, collected via a web link from the end of July to the middle of September. 2020.

Some 288 professionals in risk management in more than 14 industries responded to the ERM survey, while 613 professionals in risk management responded to the ERM COVID-19 survey.

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