RIMS Risk Maturity Model for Enterprise Risk Management

More than 2,000 risk professionals are on their way to strengthening their organization's risk program by taking advantage of RIMS Risk Maturity Model for Enterprise Risk Management. Have you completed your Risk Maturity Assessment and received your personalized report?

RIMS is asking you to complete your Risk Maturity Assessment in the next few weeks—or even as soon as today! What's more, if you complete the exercise by January 15, you will receive a complimentary copy of the ERM report that RIMS is due to publish this spring. This newly-developed report will provide an annual perspective on the state of ERM, based on data collected from hundreds of risk practitioners. So what are you waiting for? Don't miss out—take 15 minutes today to complete your Risk Maturity Assessment at www.RIMS.org/RMM.

What is the importance of the RIMS Risk Maturity Model for Enterprise Risk Management?

The Risk Maturity Model is a valuable tool for your business planning and risk mitigation approach. Without an understanding of the effectiveness of your risk program, you cannot properly plan for uncertainties or discover ways to strengthen your risk mitigation strategy. The Risk Maturity Model provides standardized criteria by which organizations can benchmark risk management strategies in order to identify program maturity levels, strengths and weaknesses, and next steps in the evolution of an ERM program.

How is the Risk Maturity Model relevant to you?

This educational and benchmarking tool is absolutely key for risk management professionals. At the same time, it is of significant value to CEOs, COOs, CIOs, compliance, internal audit, security and all other functions that are tasked with risk management responsibilities.

What are the basic principles of the Risk Maturity Model?

The guidelines present a five-level progression for program maturity, from "non-existent" to "Leadership". The seven drivers for the systematic progression of levels are termed as "Attributes" and includes variables such as ERM Process Management, Risk Appetite Management, Uncovering Risks, and Business Resiliency and Sustainability. These attributes are the key characteristics that identify and measure the degree of quality and business value in an ERM program. The Model provides a roadmap to the successful adoption of an ERM framework, which is designed to view risks across all areas of the business in order to identify strategic opportunities and reduce uncertainty. A unique feature of the Model is its applicability regardless of the specialized frameworks and standards that your organization is using, whether it be the Australian/New Zealand Risk Standard, COSO ERM, COBIT 4.0, Standard & Poor’s ERM or Sarbanes-Oxley.

What is theoretical basis for the RIMS Risk Maturity Model?

The Risk Maturity Model is based on the Capability Maturity Model, a methodology founded by the Carnegie Mellon University Software Engineering Institute (SEI) in the 1980’s. Originally, the model was used to advance software engineering processes. Since then the theory behind the Maturity Model has been applied to other corporate operations such as supply chain and people management, and embraced by some organizations within technology, finance and defense industries. A group of Enterprise Risk Managers from various business sectors joined forces to develop the RIMS Risk Maturity Model for ERM in order to apply this proven methodology to improve upon processes within the risk management discipline.

How do I use the RIMS Risk Maturity Model?

In order to get the most of the RIMS Risk Maturity Model, we encourage you to take the Risk Maturity Assessment to get a snapshot of where your risk program stands today. You can then compare your personalized assessment against the full guidelines and develop a plan for improving processes and increasing the thoroughness and effectiveness of your risk program. RIMS members will gain access to the full guidelines. Others will download an Executive Summary, which provides an overview of the RIMS Risk Maturity Model. To gain access to the full guidelines for planning purposes, you can join RIMS by clicking here: www.RIMS.org/JoinToday. In addition to receiving full access to the RIMS Risk Maturity Model, members receive discounts to the Annual Conference & Exhibition as well as other Professional Development courses and workshops, access to the Career Center and Job Bank, Risk Management Magazine and a wealth of other benefits and services.

Another way to gain access to the full guidelines is to join one of the upcoming workshops on the RIMS Risk Maturity Model for ERM. Here, you will join fellow risk management professionals and learn how to apply the Risk Maturity Model to your organization, assess your risk culture competency and develop an action plan to strengthen your risk management approach.

Reserve your place today at an upcoming workshop on the RIMS Risk Maturity Model for ERM by visiting www.RIMS.org/RMMcalendar.

You can also view the RIMS Risk Maturity Model for Enterprise Risk Management Webinar:

• RIMS Risk Maturity Model for ERM - View the Webinar for FREE! A simple registration is required to view.