A recent study by the Center for Excellence in ERM at St. John's University shows the state of ERM in one industry—energy. The study highlights the top risks in the industry and the ERM practices.
The good news:
- 73% have a formal ERM initiative or process, and
- 88% have risk maps.
The not-so-good news:
- 48% have been surprised by a risk event
- 38% have no clear risk accountability
- 56% do not know when to do a deep dive
- 52% do not look at the upside or opportunities
- 49% do not look at risks in an integrated approach
- 38% do not timely take risk information to the board.