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RIMS Risk Maturity Model (RMM) Webinar with RIMS Chapter Officers. A Mutual Opportunity. A Virtual Presentation for Your Chapter. Randy Besse – Saskatchewan Chapter Carol Fox – RIMS Steven Minsky – LogicManager. Answering the basic questions. A “Win-Win” Proposition. Chapter Wins.
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A Mutual Opportunity
Greater use of the RIMS Risk Maturity Model
Encourage “friendly competition” through regional benchmarking
Build more mature risk management practices overall
Delivers on its mission to make your organizations more successful
Yes, multiple times
Yes, one time
Started once, but did not finish
Never heard of it before today
Used with permission per RIMS license agreement with The Official Dilbert Store
Source: RIMS and The IIA Risk Management and Audit: Forging a Collaborative Alliance 2012
Expanding organizational risk management competencies
What stands in the way of successful ERM at your organization?
Shape the risk principles and policies of the company, track the capital risk capacity of the company, define who is responsible for managing the specific risks within the organization, and provide a framework for judging the effectiveness of risk-taking
Make sure that there is a risk management system in place in each business that includes effective risk-control mechanisms as well as information systems that flow up to senior management
Quote Sources: Spencer Stuart
Source: RIMS Executive Report: An Overview of Widely Used Risk Management Standards and Guidelines, 2011
determine Your RMM Score
RIMS Risk Maturity Model
ERM assessment (example)
Factor: Executive ERM support
RIMS RMM indicators provide context for review
Partially Ad Hoc
Select each of the 25 Factors
Select a score for each of the 3 evaluation criteria
Risk competency measurement
Assessment describes the next level
Each attribute is assigned a level
Audit & Proactive Management
Financial Reporting Compliance
+1 (617) 649-1321
Carol Fox, ARM
Director of Strategic and Enterprise Risk Practice