Most Global Organizations Lack Fully Integrated Enterprise Risk Management Strategies: Aon Global Risk Consulting Survey
15 Novembre 2007 - 3:30PM
PR Newswire (US)
Aon's ERM report underscores culture, strategy, resources drive
success CHICAGO and LONDON, Nov. 15 /PRNewswire-FirstCall/ -- Even
as government regulators and corporate stakeholders demand
companies do more to address and mitigate enterprise-wide risks,
only one in 10 companies in the Americas and Europe has fully
integrated an enterprise risk management (ERM) strategy, according
to Aon Global Risk Consulting's survey of global ERM practices. Aon
Global Risk Consulting is a unit of Aon Corporation (NYSE:AOC).
(Logo: http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO) At
the heart of ERM is a comprehensive understanding of the global
risks facing an organization, the design of strategies to mitigate
those risks and the building of a corporate culture focused on risk
management. Fully 83 percent of respondents say they are reasonably
familiar or very familiar with ERM and its implementation and
purpose, but significant challenges still exist when organizations
set out to execute an ERM strategy. Meanwhile, while many companies
are taking an enterprise-wide look at their risks, only one in four
organizations say that developing ERM programs is part of their
strategic planning process. Aon Global Risk Consulting identified
corporate culture, strategy and resources as the three key elements
of successful ERM programs, based on feedback from chief risk
officers, risk managers and other senior executives surveyed from
among the world's largest firms. "Companies need clear and
consistent ERM frameworks in place to appropriately assess and
respond to the collective risks that may impact their organizations
today," said Stephen Cross, chief executive officer of Aon Global
Risk Consulting. "ERM provides the insight investors, management,
ratings agencies and other stakeholders need to fully assess a
company's risk profile." Marrying corporate culture with ERM
increases the likelihood programs will be effective. Those
organizations with the most mature ERM programs say corporate
culture was entirely or significantly taken into account in its
development. Performance-driven companies are more advanced in
developing the strategy necessary to support ERM programs, and
those that have a dedicated ERM function are also seeing greater
results. Currently, 50 percent of organizations have a formalized
ERM team; an additional 20 percent say they are planning to
establish one in the future. In many companies, implementing an ERM
program is at an early stage. One in four respondents said the
organization is aware of risk but has not implemented a structured
response. "For businesses to appropriately deal with the risks they
face, it is imperative that they communicate the ERM message
through all levels of their organizations," said Andrew
Tunnicliffe, AGRC's head of global business development. "Our
survey suggests companies are behind: just one in seven say their
ERM function is good at communicating that message." Geographic
differences with regard to ERM also exist. There is slightly
greater familiarity with ERM in North America; organizations based
in the region are less likely than those in Europe to have a
dedicated ERM function. Full survey results, the report and a
series of case studies that illustrate how companies are tackling
the issue of incorporating ERM into their corporate culture are
available at http://www.aon.com/. About the Survey The Enterprise
Risk Management practice within Aon Global Risk Consulting
partnered with David Burton Associates to conduct an online survey
in which Aon's clients and key contacts drawn from 1500 leading
global organizations were invited to participate. The survey was
conducted in July 2007. About Aon Global Risk Consulting As part of
Aon Global, Aon Global Risk Consulting offers a fully integrated
range of services from risk identification and control to
assessment and risk financing. These services include enterprise
risk management, actuarial and analytical services, risk finance,
risk control and engineering, accelerated claims closure services,
and (re)insurance company/captive management. Aon has brought all
its global capabilities together in a single unified structure
aimed at providing world-class service to the largest and most
complex organizations. With more than 1700 staff globally, AGRC is
already one of the largest risk consulting organizations in the
world and is in an excellent position to deliver distinctive value
to companies that have to deal with the largest and most complex of
risks. About Aon Corporation Aon Corporation (NYSE:AOC) is the
leading global provider of risk management services, insurance and
reinsurance brokerage, human capital and management consulting, and
specialty insurance underwriting. Through its 43,000 professionals
worldwide, Aon readily delivers distinctive client value via
innovative and effective risk management and workforce productivity
solutions. Our industry-leading global resources, technical
expertise and industry knowledge are delivered locally through more
than 500 offices in more than 120 countries. Aon was ranked by A.M.
Best as the number one global insurance brokerage in 2007 based on
brokerage revenues, and voted best insurance intermediary, best
reinsurance intermediary, and best employee benefits consulting
firm in 2007 by the readers of Business Insurance. For more
information on Aon, log onto http://www.aon.com/. CHICAGO LONDON
Rahsaan Johnson James White 312.381.2684 +44 (0)20 7086 0067
http://www.newscom.com/cgi-bin/prnh/20041215/CGW049LOGO
http://photoarchive.ap.org/ DATASOURCE: Aon Corporation CONTACT:
CHICAGO, Rahsaan Johnson, +1-312-381-2684, , or LONDON, James
White, +44 (0)20 7086 0067, , both of Aon Corporation Web site:
http://www.aon.com/
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