Whitepaper
Enhanced enterprise risk management and strategic decision-making
June 9, 2025 · Authored by John Romano, Corey Parker, John A. Rogula, Audrey Lindquist
ERM collaboration
Baker Tilly, in collaboration with the Institute of Internal Auditors (IIA) Foundation, conducted a robust survey to gain valuable benchmarking data on the current state of enterprise risk management (ERM) practices across a variety of organizations and uncover common shortcomings in connecting ERM and internal audit to improve collaboration and strategic decision-making. In this report, we explore key insights from the survey data and strategic risk management recommendations to enhance ERM at your organization.
Executive summary
The growth of ERM has been impressive. The percentage of organizations claiming to have complete ERM processes in place jumped from 9% in 2010 to 34% in 2023.[1] Driven by growing risk complexity and interconnectivity and increased regulation, the global risk management market is expected to grow from a $9 billion industry in 2025 to more than $32 billion in 2033.[2] Yet, even as more organizations embrace ERM’s promise of enhanced risk management and strategic decision-making, relatively few reap its full benefits.
A survey[3] of professionals by Baker Tilly and the Internal Audit Foundation found 6 in 10 ERM programs connect with their organization's strategic planning, but many fail to connect information and insights provided by ERM with their strategic decision-making processes. Among the survey's other key findings
