Enterprise risk management (ERM) has evolved from an interesting discussion to a critical requirement for many companies. While ERM has become far more prevalent, different companies are at different stages in the maturity of their ERM strategy.

An empirical analysis of where different companies are in their ERM maturity, and how they got there, can prove useful for risk managers as they chart their own company’s way forward.

This Milliman Risk Institute report contains the result of a survey sent to more than 1,000 CFOs, CROs, and ERM directors in the first quarter of 2012, and uncovers interesting findings around ERM challenges, risk appetite utilization, growth of the CRO title, and ERM benefits.