The survey results point to the emergence of ERM as a key component of current and future business processes. Robert R. Reitano, Professor of the Practice in Finance, Brandeis University, International Business School, and one of the main contributors to the PRMIA survey content, highlights some of the key findings of the survey:
75% of participants used their ERM risk measurements in the setting of target capital for their firms.
As a part of the PRMIA Global Event Series, PRMIA chapters around the world hosted a series of global events to discuss these ERM survey results. Sai Sireesh, Microsoft's Worldwide Director for Risk and Compliance solutions and PRMIA Seattle Co-Regional Director who also actively supported the global survey, shares his perspective on the response to the survey results, "PRMIA Seattle hosted a roundtable to share and validate the global ERM data points. The interactive session stimulated some animated and interesting insights from a cross section of risk practitioners from various industry sectors." Sireesh adds, "Especially of interest were the implementation and adoption-related findings. The ERM survey results, along with the industry roundtable insights, provided a good validation of some of the common issues that we as a solution provider help resolve during implementation of ERM initiatives and blueprints, for example in the area of ease of use, familiarity of ERM tools and ERM as part of everyday workflows and business processes."
The PRMIA "ERM A Status Check on Global Best Practices" survey is available for download to sustaining members from www.prmia.org.
PRMIA GLOBAL EVENT SERIES ERM EVENT HIGHLIGHTS
"PRMIA Montreal's event on Enterprise Risk Management on April 9, 2008 was a solid success with 70 people in attendance and sponsorship from SAS, KPMG and the Montreal Exchange. The event presented three knowledgeable speakers on ERM from New York and Montreal from AON, Algorithmics and KPMG who had a very complementary approach to one another. The level of engagement of the attendees was also quite significant and demonstrated best during the question period which lasted 45 minutes instead of the 15 minutes originally allocated. We look forward to organizing more events in the future in Montreal and hope they are just as successful. All presentation material is available on the PRMIA Montreal webpage."
- Faruk Patel, Co Regional Director of PRMIA Montreal
"The April 21 ERM Forum conducted by the PRMIA Philippine Chapter was very successful. The participants, primarily composed of CROs, CFOs and risk managers from varied sectors, appreciated the topic because it was relevant to their respective functions in their institution. Being a guru on ERM and COSO framework, the speaker discussed the ERM framework comprehensively by giving examples and 'live' cases which were highly appreciated by the participants. The lengthy open forum enabled the participants to gain practical tips and tools to meet the challenges of Basel II, particularly on managing operations risk."
- Sophie Ladores, Co Regional Director of PRMIA Philippines
"The Boston Chapter was privileged to have presentations by James Lam, one of the pioneers of Enterprise Risk Management, and Robert R. Reitano, one of the central figures in PRMIA's global survey on ERM practices. The event was well attended and filled with interactive discussion between the speakers and attendees. Based on the extent of questions and note taking, it was apparent attendees had interest and found value in the discussion."
- Ed Dumas, Regional Director of PRMIA Boston
"After the introduction on ERM made by Emerico Amari, Regional Director of PRMIA Italy, Giampaolo Gabbi presented a survey on use of derivatives in the Italian corporates. Then Roberto Bosco, risk manager at Mediaset, held a speech on enterprise risk management in his firm followed by a presentation made by AON on risk transfer solutions. The workshop was closed by SDA Bocconi professor Cesare Conti with some remarks to risk disclosure in the corporate sector. The audience appreciated all speeches and made some specific questions to the various topics treated by the speakers."
- Emerico Amari, Regional Director of PRMIA Italy