PHILADELPHIA, Dec. 4, 2019 /PRNewswire/ -- The Risk Management Association (RMA) and FCInsight are launching a survey to establish the maturity of integrated risk management (IRM) in financial institutions and other industries.
IRM is a process that improves decision making and enhances business value by integrating risk intelligence into activities across the enterprise, such as strategic planning and strategy execution, investment decision making, project portfolio management, enterprise performance management, third-party performance management, and information governance.
The RMA/FCInsight survey will gauge the maturity of IRM at participating financial institutions and make clear what's needed to prioritize and improve IRM initiatives that can deliver the most business value.
The survey questions will assess the maturity of the integration of risk intelligence into important business activities, including strategic planning and strategy execution, investment decision making, project portfolio management, enterprise performance management, third-party performance management, and information governance.
"Integrated risk management takes risk management to the next level by stressing the enterprise-wide business value of risk intelligence, and the opportunities for improving critical decision making," said French Caldwell, Founder and Chief of Research, FCInsight. "Given the large investments that financial institutions are already making in risk management and GRC technology, IRM initiatives can ensure those investments not only enable better risk management and compliance, but also drive real top-line business returns."
Edward J. DeMarco, Jr., RMA's Chief Administrative Officer and Director of Operational Risk, urged financial institutions to participate in the survey. "Finance, IT, risk management, compliance, audit, third-party risk, and other GRC leaders are encouraged to register," he said. "The thoughtful questions will prompt a productive evaluation of their own organizations, and the subsequent survey report will provide a benchmark to see how they compare to others in the industry."
Participants who complete the survey will receive FCInsight's report, 2020 GRC Planning Guidance, and a complimentary copy of the IRM survey report to share with their organizations.
Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,900 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 individuals located throughout North America, Europe, Australia, and Asia/Pacific.
FCInsight, a Member of The Analyst Syndicate (https://fcinsight.com), is an independent market research and advisory firm specializing in governance, risk, and compliance (GRC), public policy and regulatory developments, regtech, integrated risk management, and emerging trends, technologies and risks. The firm is led by Dr. French Caldwell, DLP, who has over 15 years of research and practical experience in GRC technology and services markets.
SOURCE The Risk Management Association