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Manage Tomorrow's Surprises Today

Steven Minsky

Landmark Risk Management Study to be Updated

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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.

Recently, the RMM was spotlighted at the inaugural RIMS ERM Conference 2011 last week in San Diego. 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.

To see how you can link risks to your organization's business performance, click here.

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In this blog, risk expert Steven Minsky highlights the differences between traditional risk management and true enterprise risk management, which is about helping things happen rather than preventing them from happening. Manage Tomorrow's Surprises Today is designed to help you think about risk in new ways and learn how to benefit practically from this rapidly evolving field.

Steven Minsky

Steven is the CEO of LogicManager, Inc. the leading provider of ERM software solutions. Steven is the architect of the RIMS Risk Maturity Model for ERM, author of the RIMS State of ERM Report among many other papers, and a RIMS Fellow (RF) instructor on ERM. Steven has conducted ERM and RIMS Risk Maturity Model training for hundreds of organizations around the globe. Steven is a patent author of risk and process management technology and holds MBA and MA degrees from the University of Pennsylvania’s Wharton School of Business and The Joseph H. Lauder Institute of International Management. You can reach Steven at steven.minsky@logicmanager.com.

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