The development of enterprise risk management (ERM) has led organizations to adopt an integrated approach to risk management that aims to recognize risks as both opportunities and threats and focus on optimizing their risk. This paper compares ERM implementation in firms that are government-affiliated and those that are not, finding that publicly affiliated organizations on average are less prepared to appropriately manage risk and seize opportunities related to their objectives. This study also finds that there are significant differences in ERM implementation between industries, firms that face competition are associated with higher risk maturity whether government-affiliated or not, and government entities on average have lower risk maturity.