In 2020, The Risk Management Association and FCInsight conducted a survey of risk management, compliance, audit, and other business and GRC leaders on the state and maturity of integrated risk management (IRM).  272 risk management, compliance, audit, IT, GRC and business professionals qualified for the survey.  Of those, 180 were in banking and financial services and 171  or those were members of the Risk Management Association.  92 respondents were from industries other than banking and financial services.  

Download a full copy of the report

Considering the potential for different perspectives on IRM, the findings and results were reported in separate sections for the banking and financial services vertical and other industries.

Key findings for banking and financial services

• 74% of respondents report they are integrating risk intelligence into business activities
• Strategic planning and strategy execution are top objectives for IRM
• Most respondents spend 25% or more of their time on ERM – true for all seniority levels
• Respondents rated IRM as relatively mature, but only 12% were optimizing IRM
• Business intelligence applications are more commonly used than GRC technology in IRM initiatives

Key findings for non-financial services industries

• 66% of respondents report they are integrating risk intelligence into business activities
• 80% report strategic planning as a top objective for IRM, but only 45% report strategy execution as one
• Most respondents spend 25% or more of their time on ERM – true for all seniority levels
• Respondents rated IRM as relatively mature, 16% claim to be optimizing IRM
• Business intelligence applications are just as likely as GRC technology to be used in IRM initiatives 
• The use of BI and GRC tools did not correlate to greater IRM maturity