RIMS publishes paper on ERM technology solutions

The turmoil in the financial industry has brought a greater awareness of enterprise risk management (ERM) and the technologies that risk practitioners use to implement ERM programs. The Risk and Insurance Management Society (RIMS) has released an executive report titled ‘Enterprise Risk Management Technology Solutions’ to help risk managers identify and evaluate appropriate technology system functionality for their ERM practices.

“Technology can provide strong support for an ERM process; however, practitioners must make certain that the system is user-friendly and flexible enough to accommodate the changes that most ERM programs experience over time,” says Leslie A. Lamb, member of RIMS Technology Advisory Council and risk manager at Cisco Systems, Inc. “This paper is intended to provide insights to risk practitioners who are at the beginning and intermediate stages of adopting ERM, and are considering using technology solutions to implement a new or next phase in the process.”

The executive report is authored by Michael E. Thoits, JD, ARM, past member of RIMS Technology Advisory Council and director of risk management at Affinia Group, Inc. The focus of the paper is on the functional needs of ERM processes and the corresponding functionality available from technology providers. It is based on results from two surveys—one to ERM practitioners and one to system providers. Data was collected in the summer of 2008 from 651 risk practitioners who identified more than 20 different technology solutions they are using, and the key functionality for their ERM programs.

‘Enterprise Risk Management Technology Solutions’ is available free to everyone who registers at www.RIMS.org/ResourceLibrary

It can be downloaded as a PDF from here.

•Date:24th March 2009• Region: World •Type: Article •Topic: Operational risk
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