As anyone who has ever tried knows, implementing an ERM program is easier said than done. And getting one to yield any quantifiable results is even tougher.

It is not surprising, then, that more than a third of risk professionals recently surveyed by Aon categorized their ERM programs as “initial/lacking and basic.” For those folks, however, Aon has some advice.

Here are the nine hallmarks of any successful ERM program.

1. Board-level commitment to ERM as a critical framework for successful decision making and driving value
2. Dedicated risk executive in a senior-level position, driving and facilitating the ERM process
3. ERM culture that encourages full engagement and accountability at all levels of the organization
4. Engagement of stakeholders in risk management strategy development and policy setting
5. Transparency of risk communication
6. Integration of financial and operational risk information into decision making
7. Use of sophisticated quantification methods to understand risk and demonstrate added value through risk management
8. Identification of new and emerging risks using internal data as well as information from external providers
9. A move from focusing on risk avoidance and mitigation to leveraging risk and risk management options that extract value

How does your program stack up?

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