A recent survey of actuaries and other risk experts found that 46 percent of the respondents' organizations have assumed less risk following the recent economic crisis, while 37 percent made no change in their risk approach. Just six percent of the respondents, however, said their organizations had taken on more risk.

The survey was conducted in conjunction with the 2009 Enterprise Risk Management Symposium held in Chicago in late April. It was hosted by the Society of Actuaries, Casualty Actuarial Society, Canadian Institute of Actuaries and Professional Risk Managers' International Association. The symposium highlighted the importance of anticipating and managing risk in uncertain economic times.

Nearly 94 percent of the survey respondents said ERM is embraced by their senior leadership, but that support may be relatively soft. Of that group, only 26 percent strongly agreed that senior leadership embraces ERM. And while 70 percent of respondents said ERM was deeply integrated within their corporate culture, only 18 percent of them strongly agreed with that assessment.

The survey results also found that 56 percent of respondents ranked financial risk as the most severe concern for their company or clients. Strategic and operational risks were the next two risks of most concern. So what actions are risk professionals taking to mitigate risks? In the financial risk category, they are hedging, improving analytics, stress testing and enacting internal controls. To alleviate strategic risks, businesses are incorporating a higher level of strategy review and adapting or expanding ERM capabilities. They are also acquiring companies or expanding their own business, as noted by the survey respondents.