Is Enterprise Risk Management Losing Ground?
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Companies have grown in their attitudes toward enterprise risk management as a strategic tool, but few have integrated it into practices and culture. It takes five years for a company to implement ERM fully, to establish a common language for risk and corporate-wide risk tolerance levels, and to calibrate the effects of ERM on business outcomes. North American companies are behind those in Europe and elsewhere on this continuum. Across industries, companies in financial services, energy, and utilities tend to be further along in the process of making ERM a tool for analysis and insight.