Enterprise Risk Management Initiative Releases the 2020 State of Risk Oversight
NC State’s Enterprise Risk Management (ERM) Initiative released its eleventh edition of the State of Risk Oversight Report in collaboration with the American Institute of Certified Public Accountants (AICPA). The annual report overviews the current state of risk oversight in organizations of all types and sizes to obtain an understanding of the rapidly changing risk landscape.
The 2020 edition highlighted over 500 organizations in its findings and found that there is significant room for improvement in risk oversight key processes in a number of organizations. With the evolving COVID-19 crisis, many executive teams are now seeing the implications of not being prepared to manage enterprise-wide risks triggered by a large scale root cause.
“While it is encouraging to see some signs of gradual ERM maturity for some organizations, our eleventh annual State of Risk Oversight Report suggests that there is significant room for improvement in risk oversight across many organizations,” said Mark Beasley, professor of accounting and director of the ERM Initiative. “It is our hope that the ongoing pandemic crisis will convince more executives of the strategic importance of having rich insights about risks facing the organization as they make key strategic decisions.”
Beasley is among the contributing authors including Bruce Branson, professor of accounting and associate director of the ERM Initiative, and Bonnie Hancock, professor of practice and executive director of the ERM Initiative.
Read the full online version of the 2020 State of Risk Oversight here.