Our research (which won an award) is published in the Spring 2012 Management Accounting Quarterly, Vol 13, No 3. The implications from that empirical paper state:
"The results suggest that an ERM framework and an ERM implementation can help companies improve performance by enabling executives to manage the company better. From a practical standpoint, companies ask how ERM adds value. Our results show that value comes from implementing the process, which then enables the company to make better decisions. Given that implementing the components takes time, compa- nies should be patient with finding immediate value. "