Announcements

  • RIMS Warns of the Consequences of the National Flood Insurance Program Expiration

    RIMS, the risk management society ™, delivered a message to its U.S. membership of risk management and insurance professionals, calling on them to support the Society’s push for the reauthorization of the National Flood Insurance Program (NFIP). According to the Society, the program’s expiration on September 30, 2017 would leave many businesses with significant lapses in flood coverage, difficulty in procuring affordable coverage and uncertain of current and future flood regulation within their jurisdictions.

     Currently, the House and Senate have combined to introduce a number of bills intended to reauthorize and improve the program. However, differences in the bills must be agreed upon before the deadline is reached. RIMS is seeking a long-term solution that includes provisions that continue to allow organizations to effectively manage flood risk.

     “For thousands of organizations, the reality that access to affordable flood insurance might disappear and that their businesses would instantly become susceptible to destruction caused by flooding is unacceptable,” said RIMS Vice President Robert Cartwright, Jr. “RIMS has launched a grassroots effort to ensure that the commercial insurance buyer’s voice is heard and that legislators are reminded of the consequences of the NFIP’s expiration and the need for expedient action.” 

     

    Starting Wednesday, August 23, RIMS’ Political Action Committee (RISK PAC) will begin soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit www.riskpac.org.

  • RIMS Canada Council Embraces Nation's Diverse Risk Management Community at 43rd Annual Conference

    Canada’s thriving risk management community will convene at the 43rd annual RIMS Canada Conference scheduled for September 24 – 27 at the Metro Toronto Convention Centre. “Community,” this year’s conference theme, illustrates the importance of collaboration and its undeniable impact on risk professionals’ ability to achieve and exceed expectations.

     For the first time, RIMS Canada Conference will host the “Pride in Our Community” inclusion event sponsored by Marsh’s Pride Colleague Resources Group. The networking reception is aimed at bringing the risk management community together, fostering understanding and full inclusion of all people and cultures. The event is on Tuesday, September 26 at 9 p.m. at the Canyon Creek Chophouse. Registration is required.

     The four-day conference attracts more than 1,000 risk and insurance professionals at all experience levels, business executives with risk management interests, brokers, insurers and service providers for the ultimate educational and networking experience. Conference educational offerings will feature more than 25 concurrent sessions on topics ranging from enterprise risk management and cyber risks, to property, business continuity and social media risks.

     “Much like Canada’s risk management community, our host city Toronto is an amazing place built on the wonderfully diverse, intertwined and symbiotic cultures and relationships of its constituents,” said April Savchuk, conference co-chair, and the director of insurance and risk management for Yamana Gold. “Our conference theme ‘Community’ not only embodies the collaborative spirit of the surrounding city but it reflects the sharing culture that has allowed this profession to grow and prosper.”

    “Year-after-year, RIMS Canada Conference delivers a powerful agenda that is dependent on our exceptionally talented and informed network of volunteers and industry partners,” said Karin McDonald, conference co-chair and the director of risk and insurance at Hydro One Networks, Inc. “Together, we have, once again, created an exciting program that offers highly relevant content for practitioners of all experience levels, industries and backgrounds.”

     For more information about the conference agenda or to register for RIMS Canada Conference and the inclusion networking event, visit www.rimscanadaconference.ca. Follow the event by using #RIMSCanada2017.

  • RIMS President's Corner: The Driving Force

    One of the great rewards of volunteering with RIMS leadership is having the opportunity to contribute to planning and goals that help shape the future of our Society. Made up of risk professionals like yourself, I can attest that your RIMS Board of Directors is a passionate group, dedicated to making RIMS as great as it can be.  

    Two weeks ago, the Board met in New York for its annual planning meetings. In the course of lively discussions, we reviewed upcoming initiatives and the Society’s plans and objectives for moving forward. A key aspect was around RIMS’ global initiatives, and their importance for enhancing our ability to develop new and relevant content for members. We continue to see great value in initiatives to support and connect the world’s risk management community.

    Conferences and events were also a hot topic, and we are very pleased with the interest and support that our specialized and international events continue to receive throughout the year.

    On August 29-30, 2017, RIMS will host the fifth annual RIMS Australasia Forum in Sydney, Australia. The Forum brings together the Australasia region’s thriving risk management community with outstanding educational sessions to advance the profession. We are excited to welcome celebrity speakers including Michael Pascoe, one of Australia's most experienced finance and economics commentators, and Michael O’Loughlin, an Australian Football League hall of famer and one of the most celebrated players of all time. I’m looking forward to meeting with our Australasia Chapter and delivering welcome remarks to kick-off the Forum.  

    It seems like it is a long way off, but the RIMS ERM Conference scheduled for November 6-7 in Los Angeles will be here before you know it. Already, we’ve seen a great response to our registration kick-off, and we are delighted to welcome Professor Colin Coulson-Thomas as our keynote speaker. Just a quick reminder; submissions for RIMS ERM Award of Distinction – presented at the event – are still being accepted through August 15.

    Our in-person learning opportunities do not end with events. RIMS offers a full calendar of workshops, held in cities across North America. New to the lineup is our Pre-Loss Scenario Analysis course scheduled for October 19 in New York City. RIMS’ in-person workshops, as well as our wide selection of webcasts, offer you the opportunity to learn and interact with risk management leaders in a more intimate setting.

    RIMS’ strategy also includes advocacy efforts focused on potential and existing legislation that impacts our work. In July, we saw the U.S. Department of Treasury and the Office of U.S. Trade Representatives agree to sign the EU-US Covered Agreement – an issue that RIMS officially supported back in April. In addition, RIMS advocacy efforts will be focused on the reauthorization of the National Flood Insurance Program. If this program is not reauthorized by September 30th it will cease to exist.

    Finally, this month, RIMS added new membership categories, making the path for membership more accessible. The Society now offers new membership categories for international professionals, rising risk professionals, another for risk professionals in regions where chapters are not available or for those who unable to join with an organization. 

    RIMS’ Board of Directors and staff are excited to bring the Society’s strategic vision to life and offer the world’s risk management community an even greater variety of risk management resources and professional opportunities. Your contributions continue to be the driving force behind these initiatives and we truly appreciate your support. Thank you!

    Sincerely,

    Nowell R. Seaman

    RIMS 2017 President

  • RIMS 2018 Session Submission Deadline Extended

    The RIMS 2018 session submission deadline has been extended to July 28. Don’t miss this FINAL chance to speak in San Antonio next year on April 15-18.

  • Mounting Cyber Concerns Prompts RIMS to Unveil New Cyber Risk Forum

    Technology and Security Futurist Peter Singer to Keynote Inaugural Event

     ***RIMS CYBER RISK FORUM – LAS VEGAS – SEPTEMBER 7 – 8***

    With cyber concerns topping most organizations’ risk management priority list, RIMS, the risk management society™, has announced its first-ever Cyber Risk Forum. Scheduled for September 7 – 8 at the Four Seasons Hotel in Las Vegas, the inaugural event will feature a powerful lineup of industry experts from respected organizations who will cover trending risk management and cyber concerns.

     Topics at RIMS Cyber Risk Forum 2017 will include:

    ·         Collaboration between CISOs and Risk Management

    ·         Risk Management’s Cyber Responsibilities

    ·         Emerging Cyber Risks

    ·         Cyber Risk Mitigation Strategies; as well as

    ·         Cyber Insurance

     “To remain competitive, organizations must embrace new technologies and face cyber uncertainties head-on,” said RIMS CEO Mary Roth. “While business leaders are aware of the importance of cybersecurity, the challenge is in keeping pace with the evolution of new threats. RIMS Cyber Risk Forum will bring together leading minds in the cybersecurity space to provide risk professionals with the knowledge to successfully guide their organizations through this changing environment.”

     Peter Singer, the keynote speaker at this year’s RIMS Cyber Risk Forum, is a best-selling author described by the Wall Street Journal as "one of Washington's pre-eminent futurists." A consultant for groups that range from the CIA and the Chairman of the Joint Chiefs to Hollywood and the Call of Duty video game series, Singer will explore the key trends emerging today that will shape the world of technology and security tomorrow.​

     Leading up to RIMS Cyber Risk Forum 2017, the Society has released two new Professional Reports that address cyber risk management best practices. “Cyber Insurance – Considerations for Businesses” and “Cyber Protection: What to Do Before and After a Cyber Incident” reports are available in RIMS Risk Knowledge library at www.RIMS.org/Riskknowledge.

     For more information or to register for RIMS Cyber Risk Forum 2017, visit https://www.rims.org/RiskForum/Cyber17/ . Follow the event using #RIMSCyberRisk2017.

  • Webinar: Time for Change? Business Interruption and Time Element Coverage

    This new webinar will highlight the results of the recent RIMS Business Interruption study and the consequent report including challenges faced by risk managers in submitting and settling claims, the risk of co-insurance and the setting of appropriate policy limits, the development of more specific contingent, cyber, and supply chain cover, and expert recommendations around key pre-loss exposure assessment. Join us for this webinar on Thursday, June 22 at 1:00 pm EDT. RIMS members attend for free.

  • President's Corner: From All Directions

    The risk management profession can take a practitioner’s daily work and their career in many different directions. While it might be impossible to cover all of those “directions,” RIMS is doing its best to try. As we move into the second half the year, we are excited to share a wide range of events, education opportunities and global and advocacy initiatives that allow our members to reach and exceed expectations.   

    This past weekend, RIMS held its second NextGen Forum in Austin, Texas. Designed to meet the needs of new risk professionals, the two-day program focused on professional development, as well as risk management skills that are crucial to success. We were pleased with the turnout and proud to offer this opportunity for all of those just getting started in this rewarding field.

    Cyber concerns transcend industries and geographic borders, and RIMS is hard at work to make sure risk professionals are equipped to manage these uncertainties for their organizations.  On September 7-8 in Las Vegas, the Society will host its first-ever Cyber Risk Forum. The event will focus on enterprise risk management approaches to cyber threats, emerging trends, best-practices and insurance. Attendees will gain a unique perspective from keynoter Peter Singer, who was dubbed by the Wall Street Journal as “the premier futurist in the national security environment,” as well as from our other expert presenters.

    RIMS is also excited to welcome the Canadian risk management community to Toronto for the RIMS Canada Conference 2017. Personally, I’ve attended RIMS Canada for the past two decades, and continue to be amazed by the knowledge and insights of our presenters, and the energy and passion of our peers. We’ll be sure to keep you posted with updates about the conference’s agenda and hope that you’ll join us on September 24-27 for this ‘can’t miss’ regional event.

    As I talk about the lineup of upcoming RIMS conferences, we realize that not everyone is able to travel and attend all of them. With this in mind, we have amped up our online educational offerings through a new platform called Opis-Ed. Sessions and Thought Leader Theater presentations from RIMS 2017 Annual Conference & Exhibition are now uploaded and available – at no-charge – for conference registrants. If you didn’t attend the conference, you can still access the presentations for a nominal cost.

    Online learning continues to be a valuable resource for our members. In May, nearly 300 risk professionals tuned in for our “Bridging Strategy & Implementation with SRM” webcast presented by Monica Merrifield, vice president of risk intelligence for YMCA of Greater Toronto, and Roger Martin, institute director of the Martin Prosperity Institute and the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School of Management. If you didn’t get a chance to listen in, the webcast is now available on Opis-Ed.  On June 15th, we will host our next webcast on “China Cyber Security Law” presented by Chun Yin Cheung, partner at PwC China. Registration for it is open today.

    RIMS advocacy efforts remain an important part of our activities. It’s crucial that the risk management perspective is heard and considered when new policy is being set. Recently, the Society issued an official letter to the U.S. Department of the Treasury supporting the proposed U.S.-EU Covered Agreement on reinsurance. RIMS intends to monitor this legislation – and others – as it moves through the legislative process to ensure the best interests of the Society’s members are recognized.

    Organizations expect more from their risk professionals. RIMS prides itself on providing educational opportunities that quench the thirst for risk management knowledge and enhance your ability to support your organizations, regardless of industry or strategic direction.  We hope that you’re able to join us at our upcoming events and take advantage of the many opportunities we have in store for you in the months ahead.

    A quick note for chapter leaders: This week, we sent our chapter leaders a questionnaire to help provide the Board of Directors with essential input as we prepare for our Strategic Planning meeting in July. Your response is critical to the planning process, so please be on the lookout for this important message and return your form as soon as possible. If you do not receive it by June 8th, contact Will Gilchrist, RIMS Member Relations Manager, at wgilchrist@rims.org.

    Sincerely,

    Nowell R. Seaman

    RIMS 2017 President

  • Risk Management Magazine Snags 6 Honors from the American Society of Business Publications Editors

    Risk Management magazine, the official publication of RIMS, was presented with six Azbee Awards of Excellence by the American Society of Business Publications Editors (ASBPE) for the layout and design of two articles and a magazine cover. ASBPE is the professional association for full-time and freelance editors, writers, art directors and designers employed in the business, trade and specialty press.

     

    ASBPE presented six awards to Andrew Bass, Jr., RIMS Art and Production Manager, for the following articles:  

    ·         National Gold Award for opening spread design – “The Rise of the Economic Nationalism,” published May 2016;

    ·         National Silver Award for feature article design – “Tracking the Zika Pandemic,” published in May 2016;

    ·         Northeast Regional Gold Award for opening spread design – “The Rise of the Economic Nationalism,” published May 2016;

    ·         Northeast Regional Gold Award for feature article design – “Tracking the Zika Pandemic,” published in May 2016;

    ·         Northeast Regional Gold Award for overall magazine design;

    ·         Northeast Regional Gold Award for the front cover of the May 2016 issue.

     

    “Illustration and graphics bring stories to life,” said RIMS Director of Publications Morgan O’Rourke. “Effective art design grabs readers’ attention and enhances their ability to grasp complex issues. Andrew has masterfully captured the essence of what these articles are about, creating a visually stimulating presentation for Risk Management’s readers.”

     

    ASBPE’s Azbee Awards of Excellence program is one of the most competitive honors for business-to-business, trade, association and professional publications. The awards recognize outstanding work by magazines, newsletters and digital media — website, e-newsletters, digital magazines and blogs. The competition is open to all U.S.-based publications.

     

    Risk Management is the premier publication of analysis, insight and news for risk managers. Since 1954, Risk Management has explored the emerging techniques and concepts used by those tasked with protecting the physical, financial, human and intellectual assets of their organizations. Risk Management is published 10 times annually by RIMS, the risk management society™ and can be viewed at www.rmmagazine.com.

  • RIMS Backs U.S. Treasury Department's Proposed United States-European Union Covered Agreement

    RIMS, the risk management society ™, delivered an official letter to The Honorable Steven T. Mnuchin, Secretary of the Treasury, U.S. Department of the Treasury, that expressed the Society’s support for the recently proposed U.S.-EU Covered Agreement on reinsurance.

     

    The letter, submitted by RIMS President Nowell Seaman, cites the Covered Agreement’s propensity to benefit RIMS members – a constituency of approximately 11,000 risk management professionals – by:

    ·         Eliminating collateral requirements that would result in additional capital;

    ·         Increasing reinsurance capacity;

    ·         Requiring the appointment of insurance commissioners for service; and

    ·         Streamlining the dispute process by clarifying jurisdiction and payment of final judgements.

     

    “For risk professionals to support their organizations’ expansion into global markets, it is important that RIMS advocates for regulation that facilitates opportunities for our members’ to effectively achieve their objectives,” said RIMS President Nowell Seaman. “RIMS is encouraged by the U.S.-EU Covered Agreement on reinsurance and looks forward to working with the Department of the Treasury to help bring this agreement to fruition.”

    For more information about RIMS External Affairs initiatives, visit www.RIMS.org.

  • RIMS NextGen Forum Offers Specialized Learning Experience for New Risk Management Professionals

    RIMS, the risk management society™, has announced the agenda for the Society’s second annual NextGen Forum scheduled for June 4 and 5 in Austin, Texas. Designed to support new-to-the-field professionals meet expectations and successfully contribute to organizational success, this year’s agenda features an exceptional lineup of thought-leaders.

     

    Educational sessions will feature risk professionals from prominent organizations covering the most relevant topics including:

    ·         Cyber Insurance

    ·         Enterprise Risk Management and Risk Culture

    ·         Risk Finance

    ·         Strategic Risk Management and Relationship Development

    ·         Networking Strategies; as well as

    ·         Best Practices and Professional Perspectives

     

    “For the risk management discipline to continue to thrive, the next wave of practitioners cannot merely step into the roles that their predecessors have created,” said RIMS President Nowell Seaman. “At RIMS, it is our duty to support practitioners in the early stages of their careers and provide them with the resources to make their mark and advance their organization’s risk management capabilities. RIMS NextGen Forum is an outstanding opportunity for this group to get together, learn from others’ experiences and develop meaningful relationships that will last lifetime.”

     

    For more information or to register for RIMS NextGen Forum, visit www.rims.org/nextgen/2017.

  • A Welcome Disruption

    I trust that everyone has returned home from RIMS Annual Conference & Exhibition safely and energized with new perspectives and ideas to re-think the way risk management is being done within their organizations.

    RIMS 2017 was a huge success.  In four days, we welcomed over 10,000 risk professionals, hosted 409 solutions providers in the Marketplace Exhibit Hall and offered 168 educational sessions that touched on almost every aspect of risk management imaginable.

    This was the 22nd RIMS Annual Conference that I have had the privilege to attend, and witnessing it as president shed a new light on the experience. It was gratifying to see our attendees’ enthusiasm for this profession that we are passionate about.  The work of our volunteers and staff was clearly evident. The dialogue between chapter leaders, RIMS Delegates, RIMS leaders, existing and potential partners and other international risk management associations was invaluable.  

    We honored some amazing risk professionals in Philadelphia. The RIMS Risk Manager of the Year and Honor Roll, new inductees into the RIMS Risk Management Hall of Fame, the Society’s Harry and Dorothy Goodell Award, RIMS Ambassador Group award, the Rising Star Award, and awards to honor and recognize our outstanding chapters were presented at the conference.  

    And how could we leave out the many impressive college students who attended and competed in the Spencer-RIMS Risk Management Challenge. Congratulations to St. Joseph’s University for winning this year’s competition, and to all finalists and participants!

    Thank you all for being a part of RIMS 2017 and making it so special. Attendees can still download handouts from sessions in the Attendee Service Center. For those who were unable to attend, I encourage you to check out daily coverage of the conference in the RIMS Show Daily from Monday, Tuesday and Wednesday of the conference.   

    Please be sure to mark your calendars for RIMS 2018 Annual Conference & Exhibition on April 15 – 18 in San Antonio.

    Disruption can be positive. It is critical that we test and review traditional and sometimes outdated processes, and consider how we might change to improve and advance. Throughout the year, RIMS will continue to produce resources and professional development opportunities to help you challenge that status quo.

    At the conference, the Society released three new publications: RIMS Benchmark Survey 2017, RIMS MARSH Excellence in Risk Management XIV report and the Society’s first Business Interruption Survey. Also, we’ve updated RIMS Professional Growth Model and developed the RIMS Risk Management Professional Core Competency Model.  All of these great resources can be found in RIMS Risk Knowledge library except for the Benchmark Survey which is available at www.RIMS.org/book.

    At the RIMS NeXtGen Forum in Austin, June 4 and 5, we will be offering opportunities for rising risk professionals – risk professionals in the early stages of their careers – to meet industry thought-leaders, boost your knowledge-base and, perhaps, your professional standing. The RIMS Canada Conference, which will be in Toronto from September 24 to 27, also has opened its registration.  Hope to see you there.

    There is no question that our time in Philadelphia highlighted new strategies and best practices to enhance our work and our careers. Now it is time to implement them. RIMS stands ready to guide you in that process. We look forward to seeing you at our upcoming events, and sharing more resources throughout the year.

    Sincerely,

    Nowell Seaman

    RIMS 2017 President

  • RIMS BUSINESS INTERRUPTION SURVEY 2017

    By taking control of their data, establishing a team and developing plausible business interruption (BI) figures before losses occur, risk managers can do much to lessen the confusion and frustration common to these claims process, according to RIMS Business Interruption Survey 2017.

     

    Key findings from the recently published survey:

    ·       Only 17% of risk managers were “extremely confident” that their BI values and limits are adequate;

    ·       58% of risk managers who have been through a claim said that “difficulty quantifying loss” was the biggest challenge they faced;

    ·       39% of risk managers indicated that their existing BI policy provides either insufficient or no coverage for cyberrisk. 10% were unsure whether the policy covered cyberrisk.

     

    “With a world of emerging risks keeping business leaders up at night, risk professionals must prepare their organizations for the very real possibility that their business might suddenly come to a screeching halt,” said RIMS CEO Mary Roth. “The exchange of knowledge and best practices makes it easier for risk professionals to ensure that appropriate measures are taken before, during and after an interruption occurs.”


    RIMS Business Interruption Survey 2017 was developed by members of RIMS Business Interruption Working Group. The group comprises global business interruption experts from leading underwriters, accounting firms and brokerages including Ernst & Young, Marsh, Meaden & Moore and Vericlaim. The group oversaw the survey, providing analysis and case studies to further explain the findings.

     

    The survey was distributed to RIMS membership via internet link and was fielded between September 28 and November 17, 2016. Nearly 400 RIMS members participated in the survey. 

     

    The RIMS Business Interruption Survey 2017 is now available in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge.

  • ST. JOSEPH’S UNIVERSITY 2017 SPENCER-RIMS RISK MANAGEMENT CHALLENGE CHAMPIONS

    At the Spencer Educational Foundation reception, RIMS Board Director and Director of Global Risk Management and Insurance at PayPal Inc. Laura Langone announced St. Joseph’s University’s student team as the winners of the Spencer-RIMS Risk Management Challenge.  The team, comprised of four risk management students, competed against 23 other universities and delivered the award-winning risk management presentation in front industry leaders at RIMS 2017 Annual Conference & Exhibition in Philadelphia.

     

    Members of the St. Joseph’s winning team included:

    ·        Morgan Bui

    ·        Alyssa Cominsky

    ·        Nicholas D’Orazio

    ·        Andrew Grieco

    ·        Academic Advisor: Michael Angelina

     

    "We are delighted to continue the Foundation's support of Spencer-RIMS Risk Management Challenge and congratulate the team from St. Joseph’s," said Ron Davis, the chairman of the Spencer Educational Foundation, and EVP & Head of Customer Management for Zurich. "The competition showcases students' aptitude and allows them to apply their knowledge to practical risk management situations. Each team was highly prepared, thoughtful and diligent in their analysis and presentation of the case study. The work we have seen from all the teams this week emphasizes the important work we do to support tomorrow's risk management professionals."

     

    “RIMS ability to continue the momentum and further demonstrate the value risk management can bring to an organization will one day rest on the shoulders of the students who participated in our Challenge,” said RIMS CEO Mary Roth. “Their enthusiasm and fresh perspective are great indicators that the profession’s future is bright. Congratulations to St. Joseph’s University and all of our Spencer RIMS Risk Management Challenge teams for their outstanding work and risk management ingenuity.” 

     

    The challenge began with 23 universities, three months ago, who were each presented with a risk management case-study. The teams developed solutions and nine of the teams were selected to attend RIMS 2017. During the conference, the field was narrowed to three and those finalists presented one last time in front of risk professionals at the conference. This year’s Risk Management Challenge risk case-study was provided by PayPal Inc.

     

    Second place in this year’s Challenge was Appalachian State University and the third place team was Butler University.  The first place university received $4000, second $3,000 and third $2,000.

     

    About The Spencer Educational Foundation

    Spencer Educational Foundation is the premier organization awarding scholarships and grants in risk management and insurance industry. Since its founding in 1979, it has awarded approximately $6 million in student and part-time master’s scholarships and $3.25 million in grants to universities, corporations and professional institutions for educational programs, internships and conferences. Spencer is a registered 501(c)(3) charitable organization whose purpose is to fund the education of tomorrow’s risk management and insurance industry leaders.

  • AWARDS & HONORS: RIMS 2017 ANNUAL CONFERENCE & EXHIBITION

    RIMS, the risk management society™, today announced the winners of its series of industry awards presented during RIMS 2017 Annual Conference & Exhibition Awards Luncheon in Philadelphia.

     

    RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Scott B. Clark, Area Senior Vice President, Enterprise Risk Management Consultant at Arthur J. Gallagher & Co. Named in honor of RIMS’ first president, the award pays tribute to an individual who has furthered the goals of the Society and the risk management discipline through outstanding service and achievement.

     

    RIMS Risk Manager of the Year and Risk Management Honor Roll aim to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations. This year’s winner was Loren Nickel, Director of Business Risk and Insurance at Google. Inductees to the RIMS Risk Management Honor Roll were Benjamin Evans, Executive Director, Office of Risk Management and Insurance at the University of Pennsylvania; Juliana J. Keaton, Director of Insurance at CSX Transportation, Inc.; and Scot Schwarting, Director of Risk Management at Whirlpool Corporation.

     

    The RIMS Rising Star Award honors up-and-coming risk management professionals under the age of 35 or who have seven or less years of professional experience in the industry.  This year, William Lehman, Insurance Specialist at Cook Group Incorporated, was honored for demonstrating exceptional initiative, volunteerism, professional development, achievement, and leadership potential.

     

    The RIMS Ambassadors Group award recognizes individuals for their continued service with RIMS, going above and beyond to help strengthen and support the Society’s strategic initiatives. This year, the Society welcomed Debra Samuel, Manager, Insurance and Risk Management at Arconic Inc. to the group.

     
    The Risk Management Hall of Fame is a joint venture of RIMS and AIG, and was created to preserve the history and tradition of the profession. This year’s inductees into the Hall of Fame are P. Richard Hackenburg and Glen Frederick.

     
    The Cristy Award was presented to Michael Ratto, Risk Procurement Manager at Kraemer North America LLC. This award acknowledges the individual who earned the highest marks on the three exams required to earn the Associate of Risk Management designation.
     

    The J.D. Power 2016 Large Commercial Insurance Study,SM conducted in association with RIMS the risk management society,™ has named Lockton as the top-performing broker for 2016 and XL Catlin as the top-performing insurer for 2016.  

     

    RIMS also recognized the exceptional work of its chapters for outstanding chapter programming and conferences; advancing the risk management profession; outstanding member services; as well as membership growth. Details about chapter award recipients are available at www.RIMS.org/newsroom.  

     

    Stay current with all the news from RIMS 2017 Annual Conference & Exhibition at www.RIMS.org/RIMS2017.

  • Live Streaming: RIMS 2017 General Session and Awards Luncheon

    We are pleased to offer complimentary live streaming from the RIMS 2017 Annual Conference & Exhibition in Philadelphia on Monday, April 24 for members only. Watch the General Session and Opening Keynote at 8:30 am EDT with Derreck Kayongo, Business Visionary, Global Soap Project Founder and CEO of the Center for Civil and Human Rights. We will also live stream the Awards Luncheon and Leadership Keynote at 12:00 pm EDT with visual artist Allison Massari. Register now and watch live on April 24.

  • RIMS/Advisen: Competitive Market Spurs Continued Decline in TCOR for Third Year

    Despite rising uncertainty and increasingly more complex risk profiles, businesses saw a decline in the total cost of risk (TCOR) for the third year in a row, according to the 2017 RIMS Benchmark Survey. The Benchmark Survey, produced with Advisen, defines TCOR as the cost of insurance, plus the costs of the losses that are retained and the administrative costs of the risk management department.

    Key findings from this year’s RIMS Benchmark Survey:

    ·         Technological advances have caused a seismic shift in the risk landscape, creating new types of claims and forcing insurers to consider new products and solutions for customers.

    ·         Insurers ended 2016 with average capital and surplus at its highest level in 10 years. However, excess capacity is undermining profitability, as seen by falling net income and return on average equity.

    ·         The personal insurance space is in the midst of a consumer-centric revolution, offering customers new transaction platforms, better metrics and more flexible pricing and coverage options. Commercial insurance is expected to adopt a similar focus, transforming the way business is transacted.

    ·         Predicted rate increases for cyber, E&O and workers’ compensation failed to materialize across the board. Projections for 2017 are more moderate, with property and most liability lines flat to down 10%.

    ·         Emerging trends in the 2017 risk landscape include the tech revolution, security issues, natural catastrophes and political upheaval. 

    The annual RIMS survey, produced with Advisen Ltd., is a single source of benchmark statistics with industry data for more than 20,000 insurance policies from 759 organizations, 553 of whom contributed data in 2016. These insurance programs represent over $4 billion in premium. It tracks changes in insurance policy renewal prices, retained loss costs and administrative costs as reported by North American corporate risk managers. Advisen compiles policy information within 10 insurance coverage lines and reports on 14 distinct industry groups, in addition to aggregating a summary of all responses.

     

    “The RIMS Benchmark Survey chronicles the evolution of corporate risk management costs over time.  This year’s edition highlights how risk managers have effectively managed costs in a time of evolving risks and demands, enabling them to do more with less,” said Jim Blinn, Executive Vice President of Client Solutions at Advisen.

     

    “Organizations lean on their risk professionals to inform strategic decision-making,” said RIMS President Nowell Seaman. “The RIMS/Advisen Benchmark Survey puts valuable data in risk professionals’ hands. It allows them to see and understand where others in their industry have made significant risk management investments, where they have saved and highlights great opportunities to further enhance their risk programs.”

     

    To order a copy of the 2017 Benchmark Survey, visit the Advisen website or www.RIMS.org/book.

  • RIMS Serves Up Hope for Childhood Cancer Charity

    RIMS 2017 Community Service Day project, sponsored by ESIS, will focus on combatting childhood cancer. Throughout the convention center during RIMS 2017 Annual Conference & Exhibition, Alex’s Lemonade Stand Foundation (ALSF) – a local nonprofit with a national reach – will set up stands for risk professionals to refresh and contribute to the cause. Proceeds from lemonade sales will benefit the nonprofit’s array of services that support children and families fighting this affliction.

     

    Founded and inspired by a young girl named Alex who dreamed of a cure for the disease she battled every day, the charity has now raised more than $140 million, funding over 690 research projects nationally. Headquartered just outside Philadelphia in Bala Cynwyd, Pennsylvania, Alex’s Lemonade Stand Foundation aims to “fight cancer one cup at a time” by raising money and awareness for childhood cancer causes, research for new treatments and cures, and empowering others, especially children, to get involved and make a difference for children with cancer.

     
    “Who we are is not solely defined by our professional accomplishments but, also, personal qualities that certainly include generosity and compassion,” said RIMS CEO Mary Roth.  “While the world’s risk management community gathers in Philadelphia for the Society’s Annual Conference, it’s important for us to take a moment and give back to the community that has embraced us. Alex’s Lemonade Stand is a wonderful charity with a truly noble mission and we are so proud to make it a part our event.”

     

    “We’re honored to have the support of RIMS at their annual conference and on their Community Service Day Project,” said Liz Scott, co-executive director of ALSF and Alex’s mom. “We look forward to this new partnership and the amount of awareness it will bring to our cause, bringing us closer to finding cures for all kids with cancer.”

     

    On Tuesday, April 25th, RIMS and ESIS will host a second Community Service Day Project. Risk professionals attending the conference are asked to join the Society to assemble care packages for SuperSibs, an ALSF program that comforts, encourages and empowers siblings during their families’ battle against childhood cancer.  The program sends mailings to siblings, parent toolkits and newsletters, containing age-appropriate support resources and fun activities.

     

    “At ESIS, we are committed to giving back on a local and national level. That’s why we are proud to sponsor Alex’s Lemonade Stand Foundation in partnership with RIMS 2017,” said Joe Vasquez, President of ESIS. “All proceeds from the event will go towards the foundation, helping fight childhood cancer one cup at a time.”

     

    In 2007, RIMS was one of the first entities to host a large convention in post-Katrina New Orleans. RIMS first Community Service Day was held at that conference to support local families and rebuild infrastructure devastated by the natural disaster. Now, in its 11th year, RIMS Community Service Day projects have become a RIMS Annual Conference & Exhibition tradition.

  • President's Corner: All Together Now

    From Las Vegas to India to Canada to Japan. RIMS has been represented in every corner of the world in the first quarter of the year. Truth is, our Leadership Summit in January, our India Delegation last month and my visit to RIMS Japan Chapter events in Osaka and Tokyo were not only enlightening, but also inspiring to me.

    The global risk management community’s work continues to impress. It is a privilege to represent this Society around the globe, and to be able to share what I have learned with you.

    The presentation that I delivered in Japan focused on risk management’s role and ability to support organizational growth and innovation. Risk professionals are in a prime position to help their organizations leverage uncertainties and turn them into opportunities. This concept aligns with the advanced risk programs already in motion in Japan, and will be a leading theme as we ‘disrupt the status quo’ at RIMS Annual Conference & Exhibition in Philadelphia.

    RIMS Annual Conference is less than a month away, and the excitement is palpable. Philadelphia has such a rich history, especially in the insurance world, and will be the perfect backdrop for the industry’s biggest event.

    New to this year’s conference is the RIMS Risk Manager of the Year Award breakfast and panel discussion.  The winners have already been announced and congratulations are in order for Loren Nickel, Director of Business Risk and Insurance at Google, this year’s RIMS Risk Manager of the Year, as well as our Honor Roll inductees Benjamin Evans from the University of Pennsylvania, Juliana Keaton from CSX Transportation and Scot Schwarting from Whirlpool Inc. All attendees are welcome to honor the winners with us at breakfast on Tuesday, April 25th. The award presentation will be followed by the interactive “Risk Managers of the Year Talk High Performance Risk Management” panel discussion. You won’t want to miss it.  

    The Spencer RIMS Risk Management Challenge is another exciting RIMS 2017 program. Nine university teams – including our first from outside North America – will compete in Philadelphia, presenting their risk management solutions to a case study provided by PayPal Inc. Three teams will make it to the final round, and the champion will be announced on Monday evening at the Spencer Educational Foundation’s reception. Good luck to all of our student participants.

    If you haven’t yet, download the conference’s mobile app. RIMS EVENTS can be found in your app store and is a great guide for the RIMS 2017 experience. It gives you the layout of the Marketplace Exhibit Hall, a schedule of sessions and events, videos from RIMS-TV, shuttle bus information, connections with presenters, session handouts and more.

    In my travels it has been apparent that, no matter the country, cyber issues ranked among the greatest concerns for all risk professionals. There are countless ways to address these risks and insurance products continues to become a more viable option. I encourage you to check out RIMS’ new professional report titled, “Cyber Insurance: Considerations for Businesses” that is available in RIMS Risk Knowledge library.  

     Recently, your Board of Directors approved a series of amendments to the Society’s bylaws. The most significant changes include the creation of four new individual professional membership classes. These new categories are:

     ·         Individual Professional Member
    ·         Individual Young Professional Member (for new members age 25 and under)
    ·         Individual International Professional Member (Developed Countries)
    ·         Individual International Professional Member (Emerging Countries)

     As RIMS looks to expand its influence worldwide, it has become increasingly evident that new member categories are needed to address the needs of global organizations and practitioners, especially in regions where RIMS’ chapters are nonexistent. Additionally, is critical to the future of the Society to provide greater incentive to Rising Risk Professionals, and to allow practitioners to take their memberships with them as they transition between jobs. 

     These membership changes will make the path to a RIMS’ membership even more attainable. More information will be available soon. If you have any questions regarding these new categories, please reach out to RIMS Membership Development Manager Josh Lamangan at jlamangan@RIMS.org. 

     I look forward to meeting you in Philadelphia. With attendees that operate in all facets of risk management and from around the world – 60 countries to be exact – RIMS 2017 is a can’t miss event. I hope to see you there.

     Sincerely,

    Nowell R. Seaman
    RIMS President

  • Networking Opportunities for Diners at RIMS 2017

    Are you traveling to RIMS 2017 and want to network with your peers over dinner? RIMS is partnering with SignUp  to give attendees the opportunity to sign up for dinners while in Philadelphia. Just follow the link, pick your restaurant, and reserve your seat! A few days prior to your reservation, you will receive an email confirmation with more information on your dining guests.

  • RIMS Highlights Keys to Professional Growth and Success in Risk Management

    In keeping with its strategic goal of equipping risk professionals to succeed in an evolving environment, RIMS, the risk management society™, has released a revised RIMS Professional Growth Model and a newly expanded RIMS Risk Management Professional Core Competency Model. The two models provide risk professionals with guidelines and a deeper understanding of the skills and knowledge needed for developing and applying risk management competencies to advance professionally.

     RIMS PROFESSIONAL GROWTH MODEL

    The RIMS Professional Growth Model provides a guideline for risk management professionals – and the organizations that employ them – about the professional knowledge, skills and abilities that support career development and growth. It provides guidance for individual development and describes those accomplishments that distinguish professionals at each stage in a risk management career. With the understanding that individuals may demonstrate greater strength in some areas as opposed to others, this model is valuable for benchmarking, career planning, professional development and growth opportunities. 

     
    RIMS RISK MANAGEMENT PROFESSIONAL CORE COMPETENCY MODEL

    Used in conjunction with the RIMS Professional Growth Model, the RIMS Risk Management Professional Core Competency Model highlights expected proficiencies in seven areas: core competencies, attributes, organizational knowledge, business knowledge, risk management knowledge, technical skills and management skills. The model reflects the need for risk management professionals to be able to analyze their organizations, design effective risk strategies, apply robust risk processes, build organizational risk competency and support decision making - mirroring the competency domains developed for the RIMS-Certified Risk Management Professional certification (RIMS-CRMP).

     “Risk management professionals are constantly working to prepare themselves and their organizations to successfully manage uncertainty,” said RIMS CEO Mary Roth. “As greater responsibilities are placed on these professionals, it is important that clear guidelines exist to help them reach and exceed expectations. The RIMS-CRMP certification, these two models and other recent RIMS initiatives further highlight the Society’s commitment to advancing risk management professionalism, and enabling future generations around the world to maximize their potential.”

     The revised RIMS Professional Growth Model was developed by members of RIMS Enterprise Risk Management (ERM) Committee and Rising Risk Professional Group. The RIMS Risk Management Professional Core Competency Model was developed by members the Society’s ERM Committee. The models were created to support RIMS’ professional members’ career development, as well as enable organizational members to set expectations and measurements for risk management capabilities. The two models can be found in RIMS Risk Knowledge library, at www.RIMS.org/RiskKnowledge.

  • Hotels Added for RIMS 2017!

    Good news! If you haven't booked your hotel yet for RIMS 2017, we’ve added new hotels in Cherry Hill, including the Holiday Inn. The hotels are only 7 miles from the convention center. That's a short, 15-minute shuttle bus ride, even in rush hour (we know—we timed it!). 

    As always, there will be shuttle buses making the rounds from the official RIMS hotels to/from the convention center during all RIMS 2017 events. Cherry Hill is a well known shopping and dining destination, featuring the pedestrian-friendly Market Place at Garden State Park directly across from the RIMS hotels. This Market Place includes many restaurants and shops, just in case you have some down time.  

    If you still need a hotel, please visit our hotels page. For questions about hotels, contact Connections Housing at 844-212-7467 or RIMS@connectionshousing.com.

  • RIMS Professional Report: CYBER INSURANCE: CONSIDERATIONS FOR BUSINESSES

    Organizations considering stand-alone cyber coverage should carefully evaluate their risk profile and determine whether more traditional policies provide adequate coverage according to some of the tips offered in a newly released RIMS Professional Report titled, Cyber Insurance: Considerations for Businesses.

     

    Authored by Teri Cotton Santos, a member of RIMS External Affairs Committee and senior vice president, chief compliance and risk officer at The Warranty Group, the report explores the potential for traditional policies to cover cyber events, as well as first-party coverages, third-party coverages and additional needs. Additionally, the report provides a series of potential cyber insurance nuances that risk professionals must consider.

     

    “Insurance providers are challenged with trying to keep pace with the evolving cyber landscape and develop products that help clients protect their organizations,” said Ms. Cotton Santos. “Working closely with your broker can help insureds purchase coverage that addresses key risks to the organization that can result from a cyber event.”


    RIMS Professional Report Cyber Insurance: Considerations for Businesses is available in RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge.  For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit www.RIMS.org.

  • Nine Universities Selected to Compete at RIMS 2017 Annual Conference & Exhibition in Philadelphia

    RIMS, the risk management society™, selected nine universities to compete in Philadelphia for the 2017 Spencer-RIMS Risk Management Challenge top honor. Twenty-three university teams entered the competition. Based on the solutions they developed for a case-study provided by PayPal Inc., the top teams have been invited to present their findings at RIMS 2017 Annual Conference & Exhibition in Philadelphia – April 23rd – 26th.

    The top nine teams, including the challenge’s first university team from outside North America, are listed below:

    • Appalachian State University
    • British Columbia Institute of Technology (Canada)
    • Butler University
    • Florida State University
    • Nanyang Technological University (Singapore)
    • St. Joseph's University
    • St. Mary's University
    • Temple University
    • University of Wisconsin-Madison

    On April 23rd, the final three teams will be selected after the first round of presentations. The finalists will present one last time in front of risk professionals at the conference the following day. The winner will be announced at the Spencer Educational Foundation reception held during the conference.

  • President's Corner: Now We're Rocking

    CNN has ranked risk management #2 on its list of Best Jobs in America and, I can attest, the opportunities that are available and the increasingly positive reputation that risk professionals are earning for adding value to organizations transcends all geographic borders. 


    Last month, RIMS sent a delegation of Board Directors and staff to India to meet with prominent players in the country’s risk management and insurance industry.  We had the privilege of meeting with many risk practitioners, industry leaders, academics and students, and organizations such as the Insurance Regulatory and Development Authority of India and the Institute of Company Secretaries of India. At the Institute of Chartered Accountants of India, we delivered a webcast titled, “Gaining Value from ERM” to about 1,800 of their members. 


    As part of the trip, the delegation attended the Institute of Directors Global Convention on Corporate Ethics & Risk Management, held at the Bombay Stock Exchange in Mumbai.  There, I had the opportunity to deliver a keynote and share my thoughts on the intersection between risk management and ethics, and how ERM can help to drive and support an ethical corporate culture. 


    RIMS global initiatives continue this month.  I’m thrilled to be able to visit RIMS Japan Chapter and meet with our growing membership in Tokyo and Osaka.  The concept that risk professionals can play a major part in the organization’s ability to successfully innovate continues to gain momentum in Japan, and I’m honored to speak on this topic.  


    As you can imagine, the majority of our efforts are now focused on RIMS 2017 Annual Conference & Exhibition.  Just months away from the largest annual risk management event in the world, RIMS staff and volunteers are working around the clock to make this the best “RIMS” yet. 


    Scheduled for April 23rd – 26th in Philadelphia, this year’s conference program features 168 educational opportunities, presentations from nearly 350 subject matter experts, 400 exhibitors and countless networking opportunities with over 10,000 risk professionals from around the world. 

    A new addition in 2017 is the Executive Leadership Track.  The track is developed specifically for senior professionals that drive strategy throughout their organizations. We’ve enlisted some of the world’s leading business thinkers and strategists to present these high-impact sessions and have opened them up to all registrants. You can see the list of Executive Leadership Track speakers here.

    Other new additions to RIMS 2017 include the Technology and Risk education category with focus on innovation; RIMS Risk Manager of The Year and Risk Management Honor Roll Awards Breakfast on April 25th; and a Wellness ZENter located centrally in the Marketplace Exhibit Hall.

    The Anita Benedetti Student Involvement Program has been a longstanding initiative where we invite exceptional university students to experience the RIMS Annual Conference. This year, we have expanded the program and, for the first time, we will welcome students from universities outside of North America.  Jing Chen from Peking University (Beijing), Siming Fan from Peking University, Xinyi Huang from Fudan University (Shanghai) and Ashirwad Padhee from the National Insurance Academy (Pune, India) will attend RIMS 2017.

    Finally, I would like to call your attention to two new reports issued by RIMS this month. The Benefits of Developing an Own Risk and Solvency Assessment Report developed by members of a joint project team representing the ERM Committees of the Property Casualty Insurers Association of America (PCI) and RIMS, and A Risk Management Guide to Reservation of Rights report put together by members of RIMS Standards and Practices Council. These and many other useful reports and surveys are available in RIMS Risk Knowledge library.


    The first two months of 2017 has flown by, and RIMS is rocking and rolling. It is our priority to deliver the ultimate in risk management knowledge and opportunities to our members all year. And, for me, it has been more than rewarding to be a part of the action. Thank you.

    Sincerely,

    Nowell R. Seaman
    RIMS 2017 President

  • RIMS Awards Risk Manager of the Year to Google's Loren Nickel -- Honor Roll Winners Announced

    RIMS, the risk management society™, has announced Loren Nickel, Director of Business Risk and Insurance at Google, as the 2017 RIMS Risk Manager of the Year.  The award will be presented to Mr. Nickel at a ceremonial breakfast and panel discussion at RIMS 2017 Annual Conference & Exhibition on April 25th in Philadelphia.

     Benjamin Evans, Executive Director, Office of Risk Management and Insurance at the University of Pennsylvania; Juliana J. Keaton, Director of Insurance at CSX Transportation, Inc.; and Scot Schwarting, Director of Risk Management at Whirlpool Corporation were named to the 2017 RIMS Risk Management Honor Roll.

    Recently acquired by RIMS, The Risk Manager of the Year program aims to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations. The program was initiated in 1977 and the Risk Management Honor Roll was added in 1981.

     “Organizations have come to rely on risk professionals’ knowledge and ingenuity to navigate the rapidly evolving and increasingly more complex risk landscape,” said RIMS CEO Mary Roth. “This year’s RIMS Risk Manager of the Year and Honor Roll awardees have risen to the occasion and successfully turned uncertainty into great opportunities for their organizations. 

    “Loren Nickel’s success at Google exemplifies the invaluable role risk professionals can play in allowing their organizations to achieve strategic objectives. It is an honor and privilege for RIMS to recognize the achievements of these outstanding professionals.”

    Any full-time professional who administers risk management programs for a corporate, nonprofit institution or government entity is eligible for submission in the Risk Manager of the Year program. The nominations are judged by an independent panel representing prior honorees and other risk management and insurance industry leaders. 

    ABOUT THE WINNERS

    RISK MANAGER OF THE YEAR:  Loren Nickel

    Loren Nickel joined Google in 2015 and currently serves as its Director of Business Risk and Insurance. He is responsible for business risks that impact all Alphabet Inc. (formerly known as “Google”) companies worldwide – a company that has $90 billion in annual revenue, 72,000 employees and a current market cap of $579 billion.

    In his first year at the organization, he focused on building the foundation for future risk management efforts. Such efforts included the implementation of a Total Cost of Risk tracking system, an internal version of the Best Capital Adequacy Ratio used to rate its captive, a risk based monitoring system for emerging risks, a loss measurement system called the “actual versus expected” report, as well as creating a customized multi-line risk policy.

    Loren co-developed (along with Ward Ching from Aon) the theory behind an important strategic risk management effort, the Efficient Frontier. Used for insurance structure decision-making, the Efficient Frontier helped the organization simplify such decisions and demonstrated the opportunity to significantly reduce risk as measured by Total Value at Risk, all without an increase in spending.

    Because Google continues its rapid growth, insurance structures are often less applicable by the end of the contract. In the past 18-months, Loren and the risk management team have created five and ten-year risk management plans to compensate for this evolution. These plans allow them to focus on future placements during the current renewal process, ensuring that Google has better protections in place in future periods.

    Loren brings a wealth of educational experience to the role of risk manager. He is a qualified actuary, FCAS of the Casualty Actuarial Society and a CFA Charter holder of the Chartered Financial Analyst (CFA) Institute. He is also a board member of the University of California Santa Barbara actuarial program and the Insurance Thought Leadership organization. He was the President of the Casualty Actuaries of the Bay Area for more than six years.

    RISK MANAGEMENT HONOR ROLL: Benjamin Evans

    Ben Evans joined the University of Pennsylvania in 2008 as its Executive Director of Risk Management and Insurance. The University, which includes the University of Pennsylvania Health System, is the largest employer in Philadelphia with about 52,000 full-time equivalent employees. It has more than 24,000 students, risk and exposures in more than 80 countries, a fiscal operating budget of $7.7 billion (2016), revenue exceeding $8.5 billion, an endowment of more than $10 billion and it receives $940 million annually in sponsored research funds.

    Ben has transformed the University of Pennsylvania’s Office of Risk Management and Insurance into a strategic, global, enterprise-wide risk management practice that has reduced losses, improved safety and lowered the total cost of risk. He manages self-insurance programs, approximately 50 traditional commercial insurance policies, a fine arts insurance and risk management program, a portfolio of over 40 surety bonds, an international safety, security, and travel assistance program, and third-party administrators. He also serves as the president of two risk retention groups, is the president of a captive and has a board position on two other captives.

    The organization has expanded during Ben’s tenure in areas that have included the Penn Wharton China Center (Beijing) and the addition of two acute care hospitals to the UPenn Health System.  The new culture of risk management Ben has fostered has been a major contributor to understanding the risks that comes with such expansion and the treatment of the risks.

    Ben has devoted his entire 30-year career to risk management and is a strong advocate in not only giving back to the profession but also, advancing the knowledge and impact of the risk management profession. He is an active member of RIMS and the University Risk Management and Insurance Association and holds an Associate in Risk Management designation. He serves as an active council/board member on the International SOS East Coast Client Advisory Council and the AIG Higher Education Advisory Board. 

    RISK MANAGEMENT HONOR ROLL: Juliana J. Keaton

    As CSX’s Director of Insurance, Juliana Keaton is responsible for identifying, quantifying and determining the appropriate vehicles for mitigating current and emerging risks of this Fortune 250 transportation company, its numerous subsidiaries and affiliates.

    In addition to overseeing a complex and constantly evolving ERM program, Juliana is responsible for ensuring appropriate terms and conditions and placement of all of the enterprise’s insurance programs, consisting of hundreds of policies with more than 20 lines of coverage.

    Under her leadership, the three largest insurance programs – Property, Liability and D&O – achieved record premium reductions, while making enhancements to coverage to address the enterprise’s exposures. Since 2013, those three programs’ premiums have decreased 24 percent or nearly $10 million.  Additionally, she worked with her provider to create new products that specifically addressed catastrophic rail incidents that involve toxic chemicals, a Cyber Rail liability policy, as well as sabotage and terrorism coverage.

    As the President of CSX Insurance Company, she is responsible for managing CSX’s wholly-owned captive subsidiary, which issues 14 polices and writes more than $40 million in premium annually.  Over the past three years, Juliana and her team have reduced claim count by over 30 percent, legal spend by more than 60 percent and reserves by more than 20 percent.  This has allowed the captive company to pay nearly $70 million in dividends.

    Helping keep risk management at the forefront, she also has spoken at CSX’s Continuing Legal Education seminar, the Red Cross Summit, the South Carolina Captive Insurance Association’s annual conference and at Aon’s annual actuary conference.

    She is a past President and current officer of the Railroad Insurance Management Association, serves on the Board of the South Carolina Captive Insurance Association and is a former director of United Insurance Company.

    RISK MANAGEMENT HONOR ROLL: Scot Schwarting

    Scot Schwarting is the Director of Risk Management for Whirlpool Corporation, the world’s largest appliance company with over 70 manufacturing and technology centers and operations in 170 countries. Whirlpool has 97,000 employees in 74 countries and net sales of approximately $21 billion.

    Scot is responsible for market, organizational and strategic risks and insurance. Additionally, he is responsible for delivering ERM around the world. This requires him to interview international leaders to assess functional risks and the reporting of overall ERM successes and opportunities to the Executive Finance Committee.

    Since 2007, Scot and his team have successfully implemented substantial cost savings and program enhancements to Whirlpool’s risk transfer programs, as well as continually working to change the corporate culture from a reactive posture to a proactive one in dealing with risk management issues.  As a result, the organization’s Total Cost of Risk decreased from $1.87 per share in 2007 to $0.89 at the end of 2015. It was able to retain 97 percent of losses and, as a group, completed 252 projects allowing redeployment of $75 million in cash and reducing risk by $122 million.  

    Most recently, Scot has played a key role in several of Whirlpool’s strategic initiatives that included converting a banking based financial guarantee program for tax litigation in Brazil, consolidating and restructuring Whirlpool’s European operations, spearheading a sprinkler project throughout key facilities in South America, leading a comprehensive captive expansion study, among others.

    He is committed to developing talent inside and outside of Whirlpool’s Risk Management Department. Scot encourages and promotes opportunities to excel, challenging others to take responsibility of assigned programs and providing data and analytics guidance to help anticipate the market’s next move. He contributes to the risk management community through speaking engagements and by providing material used in RIMS textbooks and reports.

  • Thirty-four Risk Management Students Invited to Philadelphia for RIMS 2017

    RIMS, the risk management society™, presented 34 students with a 2017 Anita Benedetti Student Involvement Program grant.  The program, sponsored by The Spencer Educational Foundation, recognizes the achievements of outstanding undergraduate and graduate risk management students, providing them with funds for travel expenses, complimentary hotel accommodations and registration to RIMS 2017 Annual Conference & Exhibition scheduled for April 23 – 26 in Philadelphia.  

     In an effort to continue to strengthen RIMS’ global network, for the first time, the Anita Benedetti Program has been expanded to include four grants for international students (outside the United States and Canada). Jing Chen from Peking University (Beijing), Siming Fan from Peking University, Xinyi Huang from Fudan University (Shanghai) and Ashirwad Padhee from the National Insurance Academy (Pune, India) will attend RIMS 2017.

     “Just as organizations’ risk management needs and expectations evolve, the needs and expectations of risk management students continue to change as well,” said RIMS CEO Mary Roth. “The Anita Benedetti Student Involvement Program not only affords this bright and enthusiastic group of students the opportunity to experience RIMS Annual Conference and Exhibition but it also allows the Society to gain a better understanding of the future of risk management and engage the men and women who will one day lead this profession.”

     Below is a complete list of this year’s grant recipients:

    ·         Connor Aldridge – University of Mississippi

    ·         Casey Ballenger – Troy University

    ·         Garrett Bell – Temple University

    ·         Amanda Bill – University of North Carolina (Charlotte)

    ·         Parker David Chalmers – Butler University

    ·         Jing Chen – Peking University (Beijing)

    ·         Lolita Dukundane – University of Colorado (Denver)

    ·         Meredith Durden – Troy University

    ·         Siming Fan – Peking University (Beijing)

    ·         Sean Fitzgerald – Illinois State University

    ·         Andrew Grieco – Saint Joseph's University

    ·         Jessica Groenewegen – St. John's University

    ·         Sarah Hercules – Bowling Green State University

    ·         Sunmi Hirata – Georgia State University

    ·         Xinyi Huang – Fudan University (Shanghai)

    ·         Viet Huynh – The University of Texas (Dallas)

    ·         Madison Knowles – Florida State University

    ·         Meerie Lee – The University of Texas (Dallas)

    ·         Emma Leinweber – University of Georgia

    ·         Zheng Lyu – University of Wisconsin (Madison)

    ·         Ryan Mroz – Temple University

    ·         Ashirwad Padhee – National Insurance Academy (Pune, India)

    ·         Wesley Robinson – University of Calgary

    ·         Brianna Saylor – Eastern Kentucky University

    ·         Matthew Sease – University of Mississippi

    ·         Sydney Simpson – The University of North Carolina (Charlotte)

    ·         Meagan Stenger – Indiana State University

    ·         Lisa Sullivan – University of Colorado (Denver)

    ·         Vicki Villarreal – University of Wisconsin (Madison)

    ·         Alexis Wallace – Missouri State University

    ·         Shelby Weatherman – Appalachian State University

    ·         Ethan Witting – Illinois State University

    ·         Katherine Wrightam – University of Central Arkansas

    ·         Joshua Young – University of Hartford

     Initiated as a pilot program at the 1978 RIMS Annual Conference, the program recognizes exceptional students involved in the study of risk management, and has grown into a differentiating part of the RIMS Annual Conference and Exhibition. The program became known as the Anita Benedetti Student Involvement Program in 1997 to honor Ms. Benedetti's commitment to developing the next generation of risk professionals.

  • Executive Leadership Education Track to Debut at RIMS 2017 Annual Conference and Exhibition

    RIMS has announced a new Executive Leadership Education Track to debut at RIMS 2017 Annual Conference & Exhibition scheduled for April 23rd – 26th in Philadelphia.  The track is a new addition to this year’s conference program that now features 168 educational opportunities, presentations from nearly 350 subject matter experts, 400 exhibitors and countless networking opportunities with over 10,000 risk professionals from around the world.  

    The new Executive Leadership Track is developed specifically for senior professionals tasked with driving strategy throughout their organizations. The high-impact education sessions will be delivered by world-leading business thinkers and strategists, providing multidisciplinary insights found nowhere else. These sessions are open to all registered attendees.

    “RIMS continues to find ways to energize its annual conference and deliver impactful educational programming that empowers attendees to better serve their organizations and advance professionally,” said RIMS Vice President, Events and Education Stuart Ruff-Lyon, CMP, DES. “The Executive Leadership Track gives our attendees access to world business leaders and the strategies they use to achieve greatness. We are proud to add this feature to the RIMS 2017 experience.” 

    Sessions in the Executive Leadership Track include:

    ·         Green Beans and Ice Cream: The Recipe for a Culture of Commitment. Presented by Bill Sims, President of The Bill Sims Company.

    ·         Small Wonder: Bermuda’s Supersized Impact on the World of Risk.  Presented by The Hon. Michael Dunkley, JP, MP, Honorable Premier of Bermuda.

    ·         Managing Uncertain Terrain: The Intersection of International Strategic Planning and Enterprise Risk Management. Presented by Michael Zuckerman, Assistant Professor of Instruction, Temple University, and Roger Kashlak, Professor of international Business, Loyola University of Maryland.

    ·         Strategic Resilience: Taking Your Seat at the Table. Presented by Thomas Lawson, President and Chief Executive Officer, FM Global.

    ·         Brexit: A Threat or Opportunity?  Presented by John Lloyd, JLT Group.

    ·         How Risk Management Can Build Economic Human Resilience.  Presented by Bradley Kading, President of the Association of Bermuda Insurers and Reinsurers; Stephen Catlin, Executive Deputy Chairman of XL Catlin; and Joaquim Levy, Managing Director and CFO of World Bank Group.

    ·         Head of Risk: Your Personal Journey to Help Your Organization Win in a Changing World.  Presented by Martin Vilsoe, Director at the Implement Consulting Group.

    ·         Risk, Resiliency and Continuity: Survival of the Fittest. Presented by Dante Disparte, Founder and CEO of the Risk Cooperative and Lance Ewing, Executive Vice President, Global Risk Management & Client Services at Cotton Holdings Inc.

    ·         Following China’s Silk Road Economic Belt.  Presented by Donghe Zhang, China Risk and Compliance Manager, IKEA (CHINA) Investment Co., Ltd.
     
    Other new additions to RIMS 2017 Annual Conference & Exhibition include:

    ·         Technology and Risk education category – The new “Technology and Risk” session category will focus on technological innovations – such as 3D Technology, Driverless Cars, Space Technology, Wearable Technology, the Internet of Things and others – that keep business leaders up at night.

     

    ·         RIMS Risk Manager of The Year and Risk Management Honor Roll Awards Breakfast – The newest RIMS award and honor, The Risk Manager of the Year Award and Honor Roll, will be presented at this Tuesday morning breakfast. In addition to the awards, the breakfast will feature a lively panel discussion lead by industry superstars. Tickets are limited.

     

    ·         Wellness ZENter – Located centrally in the Marketplace Exhibit Hall, this designated area will offer attendees helpful tips, education sessions and other amenities to make their RIMS 2017 experience a healthy and productive one.

     

    To learn more about RIMS Executive Leadership Track, new additions to the conference or to register, visit www.RIMS.org/RIMS2017.

  • Register for RIMS 2017! Early Bird Rates Expire Friday 2/17

    If you're ready to learn more about risk management, advance your career, learn how to protect your company, save your organization money, or find a new vendor, RIMS 2017 is the place to be.

    RIMS 2017 Annual Conference & Exhibition has leading experts sharing their expertise, trends and strategies on all aspects of risk management. You’ll find 160+ sessions in 10 different categories, plus an Executive Leadership track.

    Need help gaining approval to attend? We’ve put together this handy guide that will walk you through the steps to “yes.”

    Network with and learn from thousands of risk professionals from around the world at RIMS 2017. Register by February 17 to receive the best rate. Also, be sure to review the hotel policy and reserve your room.

  • RIMS India Delegation

    The time has arrived for our delegation to India. We’re very excited and the RIMS team has put together a very full schedule of meetings and events starting in Mumbai, then Pune, Hyderabad and finally ending in New Delhi.  We’ll be participating in the Institute of Directors Global Convention on Corporate Ethics and Risk Management in Mumbai with our President, Nowell Seaman delivering the Keynote Address.  We have meetings scheduled with insurance companies, educational institutions, regulatory authorities and government agencies, consulting firms and BPOs and we’ll end the trip with a risk manager and media roundtable in New Delhi.

    We’re looking forward to sharing our knowledge of risk management and RIMS with the risk, insurance, government and education communities in India.

     
    Regards,

    Mary Roth
    CEO
    RIMS
     

  • RIMS President's Corner: Forward Together

    It is truly an honor to serve as your Society’s 63rd President. Throughout 20 plus years of involvement with RIMS, including nine on the board of directors, I continue to be amazed by the passion and dedication of risk management practitioners for advancing the profession.

    The value of RIMS is undeniable. RIMS connects the world’s risk community, and allows practitioners to share experiences, support their colleagues, sharpen their skills and advance their organizations’ risk programs.


    Today, risk management is becoming integral to setting strategy and value creation and, in most organizations, risk professionals are working closely with business functions such as legal, finance, human resources, information technology, compliance and others.


    And the best is yet to come. My presidency will focus on moving Forward Together. United, risk professionals can influence change and continue the momentum that has seen a deeper reliance and appreciation for strong risk management capabilities around the globe.


    Forward Together reflects my personal desire that RIMS will make big strides to execute its strategic plan and 2017 goals with excellence, and with all stakeholders – members, staff and industry partners – engaged, supportive and excited about the future of our profession.


    For the Society to move forward together, we will continue to:
    • Strengthen our skills and capabilities through leading content, resources and education.
    • Gain inspiration and knowledge by collaborating and learning with our global community of peers and thought-leaders.
    • Expand our risk perspective through worldwide events and conferences.
    • Set the standard for the profession through RIMS-CRMP certification.
    • Ensure that our voice is heard through our advocacy initiatives.
    • And, develop greater opportunities for more professionals to move forward together with RIMS.


    At our recent 2017 RIMS Leadership Forum, the chairs and vice chairs of our committees and councils, chapter leaders from around the world, the Board Directors and RIMS staff, met to discuss the future of the Society, its strategic direction and objectives for the year ahead. With input from this important group of stakeholders, we gained greater insight to refine our plans and develop resources to help our members reach and exceed their goals.

    I am looking forward to an exciting year, building on RIMS’ successes to further support the advancement of risk management.


    Sincerely,

    Nowell Seaman
    RIMS 2017 President

  • NOWELL SEAMAN NAMED 2017 PRESIDENT OF RIMS

    NEW YORK (January 3, 2017) — RIMS, the risk management society™, today announced that Nowell R. Seaman, RIMS-CRMP, FCIP, CRM will lead the Society as president for the 2017 term, effective January 1.

    Mr. Seaman is the Director of Global Risk Management for Potash Corporation of Saskatchewan Inc. He has been a member of RIMS for 21 years and on its Board of Directors for nine years. Previously, Mr. Seaman served as the Society’s Vice President. He also served as the Chair of the RIMS Canada Council in 2003-2005, a director of RIMS Saskatchewan Chapter from 1997-2007 and chaired the secretariat responsible for the creation of the McGannon Foundation.

    “The narrative is changing,” said RIMS 2017 President Nowell Seaman. “More organizations are recognizing the positive side of risk. They are witnessing the power of risk management and its ability to identify new resources, new processes and new strategies that can take the organization to new heights.

    “RIMS has positioned itself as a leader in the industry. For years, it has provided practitioners with the tools and resources to advance professionally. As president, it is my goal to ensure that the Society’s momentum continues forward and that, together, our global network is prepared for whatever may come next.”

    Officers on RIMS 2017 Board of Directors:
    • President: Nowell R. Seaman, RIMS-CRMP, FCIP, CRM; Director, Global Risk Management, Potash Corporation of Saskatchewan Inc.
    • Vice President: Robert Cartwright, Jr., CRM; Safety and Health Manager, Bridgestone Retail Operations, LLC.
    • Treasurer: Steve Pottle, CIP, CRM; Director Risk Management Services, York University.
    • Secretary: Gloria Brosius; Corporate Risk Manager, Pinnacle Agriculture Holdings.

    New Board Members:
    • Ellen R. Dunkin, Esq.; Senior Vice President, General Counsel & Chief Risk Officer, Amalgamated Life Insurance Company.
    • Soubhagya Parija; Senior Vice President and Chief Risk Officer, New York Power Authority.

    Incumbent Board Members:
    • Gordon L. Adams; Risk Management, SERVCO Pacific.
    • Emily Cummins, CPA, CPCU, CISSP, ARM, ARE; Managing Director of Tax and Risk Management, National Rifle Association.
    • Barry Dillard; Director, Claims Management, Walt Disney Parks and Resorts US.
    • Laura Langone, JD, MBA; Senior Director, Global Risk Management and Insurance, PayPal, Inc. Holdings.
    • Ex Officio: Julie C. Pemberton, RIMS-CRMP, ARM; Vice President, Risk Management, Diatom Ventures LLC.
    • Janet Stein; Director, Risk Management & Insurance, University of Calgary.
    • Robert Zhang; China Risk and Compliance Manager, IKEA (China) Investment Co., Ltd.

    For more information about RIMS leadership, visit www.RIMS.org.

  • RIMS President's Corner: A Beautiful Perspective

    Culture is an organizational attribute that risk professionals frequently discuss. An organization’s culture is pivotal to implementing and advancing risk management. Without a corporate culture that includes leadership’s support, our work can be futile.

    Culture is impacted by the customs, beliefs, traditions and, in our case, the business practices associated with different groups around world. As I stand here in the beautiful city of Dubai for RIMS’ second Risk Forum Middle East, and as our businesses continue to transcend borders, it has never been more apparent that to gain the recognition necessary for success in our profession, we must make this focus on culture a priority.

    It is hard for me to believe, but we are just few short weeks away from my final day as RIMS President and I have learned so much over this year and the six previous years I've served as a member of the RIMS Board. It has given me a new perspective of the passionate professionals who join RIMS and contribute to the advancement of our profession…and it’s truly inspirational. I’ve also gained a new outlook on risk management practices and challenges around the world. Expanding the Society's presence globally will allow us to share greater international insights with our current membership - and also allow RIMS to execute on its mission of advancing risk management abroad.

    And we have accomplished so much over the past year. The RIMS-CRMP certification took off this year and we confirmed our first 96 certification holders. We entered into new markets – China, Singapore, Colombia, South Africa – with hopes RIMS growth in these regions in the years ahead. The Annual Conference & Exhibition saw its highest attendance since 2003. On top of that, over 70 countries were represented by its attendees. We acquired the Risk Manager of the Year Award and are excited to continue honoring the best in class in the risk management profession with this award. All great accomplishments that add an inspiring perspective on just how great this Society is and will continue to be.

    It seems like just yesterday we were all in San Diego and yet, this month, RIMS launched registration for RIMS 2017 Annual Conference & Exhibition in Philadelphia on April 23 – 26. The conference will offer more than 160 education sessions, giving professionals a global perspective on a wide range of the most relevant risk management topics. Our keynotes are set – including the lovable, award winning actor Michael J. Fox – and the networking events are planned.

    Some of the new features for this year’s Annual Conference include an Executive Leadership Track, a new educational track titled, “Technology and Risk” that will focus on the business impact of new technologies, the first presentation of the RIMS Risk Management of the Year Award and a Wellness ZENter to make sure our attendees have the most rewarding, comfortable and healthy experience at RIMS 2017. To attend RIMS 2017, register at www.RIMS.org/RIMS2017.

    A big part of the conference is recognizing the great work that YOU do. The Society is currently accepting nominations for its chapter awards, individual honors and the Risk Management Hall of Fame by January 13th. The Risk Manager of the Year Award – our newest honor – requires nominations to be submitted by December 21st. To learn more about RIMS awards program or to submit a nomination, visit www.RIMS.org/awards.

    To gain better perspective on our work and the work of our peers, we proudly released the 2016 the J.D. Power Large Business Commercial Insurance Study. The annual report measures risk professionals’ satisfaction with commercial insurers and insurance brokers. Congratulations to Lockton and XL Catlin for receiving top honors. The complete survey is available through J.D. Power and the report’s highlights can be found in RIMS Risk Knowledge library.

    RIMS global initiatives remain a priority and are key to gaining new perspectives. While I spoke in front of a crowd of 400 attendees at RIMS Risk Forum Middle East just last week, RIMS Board Director Robert Zhang met with students at Peking University in China. During his lecture at Peking University, Robert had the opportunity to share his career experiences and the advantages of being a part of this Society. RIMS continues to lead the way. We continue to produce the highest quality and most relevant resources and conferences. We bring together the world’s risk management community, enhancing each of our perspectives and profoundly advancing our ability to achieve our goals.

    This year has also given me the opportunity to see first-hand RIMS staff's commitment to excellence in executing on the vision of the board. The work that RIMS CEO Mary Roth and her team do on a daily basis to ensure that RIMS remains the best in business is outstanding. Their passion for the Society and the profession is inspiring and I want to thank them for everything that they do.

    The Society’s Board of Directors is made up of some of the most dedicated professionals with whom I have had the privilege to work. I can’t express enough how amazing you all are and how important your support has been throughout my presidency.

    Finally, I’d like to thank YOU, our members. Thank you for sharing your experiences, your insight and, most importantly, your time. Your stories have provided RIMS and your fellow practitioners with invaluable perspective and are the reason the Society continues to thrive.

    We’re looking forward to bringing you more great opportunities in the year ahead. It has been my pleasure to serve as RIMS 62nd President - and I'm excited about what the next year holds as our new executive committee prepares for 2017!

    Happy and healthy holidays and New Year!

    Sincerely,
    Julie C. Pemberton
    RIMS 2016 President

  • RIMS 2017 ANNUAL CONFERENCE & EXHIBITION REGISTRATION NOW OPEN

    REGISTRATION OPEN:
    RIMS 2017 ANNUAL CONFERENCE & EXHIBITION
    ***April 23 – 26 – Philadelphia***

    RIMS has opened registration for RIMS 2017 Annual Conference & Exhibition, the world’s premier risk management and insurance industry event. Scheduled for April 23 – 26 in Philadelphia’s Pennsylvania Convention Center, the four-day event will feature more than 160 educational sessions, 400 exhibitors and is expected to draw more than 10,000 professionals. Visit www.RIMS.org/RIMS2017 to register.

    KEYNOTE SPEAKERS

    Derreck Kayongo – RIMS General Session – Monday, April 24
    Allison Massari – Awards Luncheon – Monday, April 24
    Michael J. Fox – RIMS Conference Finale – Wednesday, April 26

    WHAT’S NEW AT RIMS 2017

    To continue to provide attendees with a superior experience, RIMS conducts a
    comprehensive analysis of previous conferences and has announced these additions to the 2017 program:

    • EXECUTIVE LEADERSHIP TRACK – The Executive Leadership Track is designed for senior professionals tasked with driving strategy throughout their organizations. These high-impact education sessions will be delivered by world-leading business thinkers and strategists.

    • NEW EDUCATION CATEGORY – The new “Technology and Risk” session category will focus on technological innovations – such as 3D Technology, Driverless Cars, Space Technology, Wearable Technology, the Internet of Things and others – that keep business leaders up at night.

    • RIMS RISK MANAGER OF THE YEAR AWARDS BREAKFAST – The newest RIMS award and honor, The Risk Manager of the Year Award and Honor Roll, will be presented at this Tuesday morning breakfast. In addition to the awards, the breakfast will feature a lively panel discussion lead by industry superstars. Tickets are limited.

    • WELLNESS ZENter – Located centrally in the Marketplace Exhibit Hall, this designated area will offer attendees helpful tips, education sessions and other amenities to make their RIMS 2017 experience a healthy and productive one.


    For questions about registration, contact RIMS_registration@goeshow.com or U.S. callers can call +1-866-538-3858, international callers +1-847-620-4473.

    For questions about exhibiting or sponsorship opportunities at RIMS 2017, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

    Educational sessions are confirmed for RIMS 2017. Confirmed speakers who have questions may contact speakers@RIMS.org.

    About RIMS Annual Conference & Exhibition
    Launched in 1963, RIMS Annual Conference & Exhibition attracts some 10,000 risk and insurance professionals at all experience levels, business executives with risk management interests, brokers, insurers and service providers for the ultimate educational and networking experience. The four-day event offers more than 160 educational sessions, keynote presentations, special events and an expansive Marketplace Exhibit Hall with approximately 400 exhibitors. Following Philadelphia, the event will be hosted in San Antonio in 2018. For more information, visit www.RIMS.org/RIMS2017.

  • RIMS President's Corner: Empowering Strategic Decisions

    ​Just last week, I had the opportunity to join more than 300 risk management professionals at RIMS ERM Conference in Atlanta. This group of committed practitioners have been called on by their organizations to build a risk-aware culture, and enhance the business’ ability to achieve strategic objectives.

    The ERM programs that were shared were outstanding and highlighted the value that an ERM approach can add to the organization. Fourteen organizations were awarded for using RIMS Risk Maturity Model to reach a high-level of ERM maturity.

    Congratulations to Asia Cell, Argo Group, Centene Corporation, Greater Toronto Airports Authority, Honeywell, International Air Transport Association, Intuit, Lego Systems A/S, Lockheed Martin, Michigan Professional Insurance Exchange, Ooredoo Oman, Peoples Bancorp Inc., Radian Group Inc. and Wataniya Mobile Palestine.

    The Society recognizes that more and more organizations are leaning on risk professionals to be strategic advisors and, in the past couple of weeks, has produced several new executive reports to help them be just that.

    At the ERM Conference, the Society launched two new reports Improving Strategic Risk Management Using Macro Risk Analysis and Bridging Strategy and Implementation with Strategic Risk Management.

    For risk professionals building their cyber risk strategy, we encourage them to check out RIMS 2016 Cyber Survey for benchmarking information. And, to give our membership a better perspective of the risk management landscape in Latin America, the Society teamed up with Marsh to develop the 2016 Risk Management in Latin America report. The full report is in Spanish and the Executive Summary is in English. The full Risk Management in Latin America report in English will be available later this month. All of RIMS reports are available in the RIMS Risk Knowledge library.

    Continuing our work to strengthen our global network, on December 13rd and 14th RIMS will host the second annual RIMS Risk Forum Middle East in Dubai. The Forum has an impressive lineup of speakers including risk management leaders from New York University Abu Dhabi, Kuwait Petroleum Corporation, the Dubai Centre of Risk Management, Kerzer International, among others. For details about RIMS Risk Forum Middle East or to register, visit www.rims.org/RiskForum/Dubai16.

    Here in North America, specifically the United States, we are embarking on one of the most intriguing presidential elections of our time – two candidates with two polar opposite visions for the future of the country. We invite risk professionals to join RIMS for a special webcast on November 17th that will discuss the results of the 2016 United States Presidential and Congressional elections and how, based upon the outcome, practitioners may be affected.

    The webcast – Policy Issues in 2017: What the Election Means for Risk Managers – was developed by RIMS Government Affairs team and will be led by Seth Appleton, Chief of Staff for Congressman Blaine Luetkemeyer of Missouri, and Patricia A. Henry, the Global Government Affairs Officer for Chubb Group. To hear how the results of this U.S. election could impact your organization’s risk management strategies, practitioners can register here.

    Regardless of the practitioner’s experience level, their responsibilities within their organization, their geographic location or even their political leaders, RIMS stands ready to support all risk professionals’ understanding of the evolution of risk, enabling them to deliver valuable strategic direction to their organizations.

    Thank you for sharing your experiences with us and allowing RIMS to be the go-to source for all of your risk management needs.

    Sincerely,

    Julie Pemberton
    RIMS 2016 President

  • RIMS PROFESSIONAL REPORT: IMPROVING STRATEGIC RISK MANAGEMENT USING MACRO RISK ANALYSIS

    RIMS new Professional Report Improving Strategic Risk Management Using Macro Risk Analysis defines the macro risk analysis process and its ability to help organizations better understand economic trends.

  • RIMS EXECUTIVE REPORT: BRIDGING STRATEGY AND IMPLEMENTATION WITH STRATEGIC RISK MANAGEMENT

    NEW YORK (October 24, 2016) — While all strategy will entail some degree of risk, operating without a process to uncover and manage options and inform strategic choices is far riskier, according to a new RIMS Executive Report Bridging Strategy and Implementation with Strategic Risk Management.

    Released at RIMS’ sixth annual Enterprise Risk Management Conference in Atlanta, the new report provides practitioners, from all sectors, with an overview of some of the leading approaches to understanding strategy and enhancing strategy implementation and performance. The report features examples of frameworks, tools, real case techniques and approaches applied to address strategy and execution gaps.

    “When successfully deployed, a strategic risk management approach can evoke meaningful conversations that lead to enhanced performance and positive organizational changes,” said RIMS Vice President of Strategic Initiatives Carol Fox. “There has never been a better time or more compelling reason for risk professionals to embrace strategic risk management’s advantages and demonstrate our ability to unlock unrealized potential.”

    RIMS Executive Report Bridging Strategy and Implementation with Strategic Risk Management, authored by Monica Merrifield who is the vice-chair of RIMS Strategic Risk Management Council, is available in RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit www.RIMS.org.

  • RIMS Members Honored as Women to Watch

    RIMS would like to congratulate the recipients of the 2016 Women to Watch Awards announced by Business Insurance on Monday, October 17. Five RIMS members were recognized with this honor: Dorina Hertner of 7-Eleven Inc.; Angela Matherly of Snyder’s-Lance Inc.; Victoria Nolan of Clean Water Services; Kristen Peed of CBIZ Inc.; and Jennifer Saddy of American Airlines Inc. For a full list of honorees, visit http://www.businessinsurance.com/article/20161017/NEWS06/912310012/Business-Insurance-2016-Women-to-Watch-risk-management-insurance-agents-brokers-

  • RIMS EXECUTIVE REPORT: 2016 RIMS CYBER SURVEY

    NEW YORK (October 10, 2016) — Awareness, increased availability and contractual mandates are just some of the reasons that have contributed to the significant increase in organizations purchasing stand-alone cyber insurance – up 29 percent in 2016 – as noted by the 2016 RIMS Cyber Survey.

    Key findings from the 2016 RIMS Cyber Survey include:
    • Organizations with a stand-alone cyber insurance policy is up 29 percent from 2015;
    • Organizations transferring cyber risk to a third party is up 10 percent from 2015;
    • Organizations purchasing cyber insurance as a result of contractual obligations is up 17 percent from 2015;
    • One quarter of respondents are spending over $500,000 US on cyber premiums;
    • Only 27 percent of respondents did not think that the government should mandate cyber breach reporting, while 48 percent thought it should.

    “Failure to keep pace with technological advancements will leave an organization at a terrible disadvantage,” said RIMS President Julie Pemberton. “Embracing technology has enabled organizations to strengthen their performance, but, at the same time, has created many new exposures that risk management must address. The 2016 RIMS Cyber Survey allows practitioners to benchmark the management of cyber exposures.”

    This year’s RIMS Cyber Survey had 272 respondents with demographics regarding industry sector, organization revenue and number of employees holding close to 2015 results. The survey was distributed to RIMS membership via an internet link and was accepted between August 8 and September 9, 2016

    The 2016 RIMS Cyber Survey is available in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge.

  • RIMS President's Corner: Hono(u)red

    The creativity and the savvy of today’s risk professional has become critical to organizational success and, as such, the tradition of honoring their work annually must live on. RIMS has stepped in to continue to honor those deserving practitioners with the prestigious Risk Manager of the Year Award. The Society acquired the program from Crain Communications this September and we will be ready to celebrate this year’s winner at our Annual Conference & Exhibition in Philadelphia (April 23-26, 2017).

    Congratulations are certainly in order for the organizers of RIMS Canada Conference and our host, RIMS Southern Alberta Chapter. In addition to sitting in and learning from the conference’s outstanding program, I had the opportunity to join a lively panel discussion on the future of enterprise risk management. The conference was capped off by hono(u)ring Mark Day, one of the Government of Alberta’s leaders in risk management, with the Donald M. Stuart Award, Canada’s highest honor within the risk management field.

    Registration opened this month for RIMS second Risk Forum Middle East and we’re hoping to see the same success that we just experienced at our second Forum in Latin America. The Risk Forum Middle East is in Dubai on December 13 – 14 and we’re excited and honored to work, once again, with the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA) to help coordinate the event.

    And, while registration is just opening for one event, another one is about to commence. RIMS ERM Conference is just around the corner and I’m excited to join practitioners in Atlanta at the end of the month. RIMS has a long history of encouraging student involvement at its events and, with the support of the Spencer Educational Foundation, we’re proud to be able to provide funds to 16 students from seven universities.

    In-person networking at our events is just one of the ways we support the world’s risk management community. Online learning is another. In October, RIMS has two webcasts lined up, Workplace Violence and Active Shooter: Develop a Culture of Preparedness and How to Boost Company Valuation with the RIMS Risk Maturity Model for ERM. Joining the webcasts live allows participants the chance to interact with presenters, and all of RIMS webcasts are also available on our website after their completion.

    In print, the Society issued its very first RiskPAC Quarterly, a resource that allows us to deliver information to members about our government affairs initiatives, current risk management issues surfacing in government, as well as some helpful tips and best practices for engaging elected officials. The next edition is scheduled for December 2016.

    Also, the Society recently published a new executive report titled, “Risk Management’s Role in Mergers & Acquisitions.” The report shares the experiences of several risk professionals – including myself – and how we were able to add value to our organizations during complex merger and acquisition processes. It is now available in RIMS Risk Knowledge library, along with several other recently released publications and articles.

    As always, it is an honor for RIMS to promote the value of risk management and we look forward to doing so for years to come.

    Sincerely,

    Julie Pemberton
    RIMS 2016 President

  • In Case You Missed It: RIMS Doing Business in China Webcast

    In case you missed the RIMS September 14 webinar on Doing Business in China, you can still register and view it on demand: https://www.rims.org/education/webinars/Pages/Webinars.aspx
    Our well-attended webinar featured 3 speakers with extensive risk management experience who shared their insights on measuring and managing risks in China.

  • RIMS Acquires Risk Manager of the Year Award Program from Crain Communications Inc.

    NEW YORK (September 26, 2016) — RIMS, the risk management society™, is proud to announce the acquisition of the Risk Manager of the Year Award, an award program that was formerly administered by Crain Communications Inc.’s Business Insurance magazine. Moving forward, the Society will administer the nomination process and programming for both the Risk Manager of the Year Award and Risk Management Honor Roll that are scheduled to be presented at RIMS 2017 Annual Conference & Exhibition in Philadelphia.

    The Risk Manager of the Year program was initiated in 1977 and the Risk Management Honor Roll was added in 1981. Since their inception, the two honors have been bestowed in collaboration with RIMS in an effort to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations.

    “As the volatility and complexity of today’s risks continue to intensify, business leaders have increased their expectations of the risk management function,” said RIMS CEO Mary Roth. “The Risk Manager of Year program showcases the risk community’s ingenuity and the unquestionable value that strong risk management adds to an organization. RIMS is thrilled to be able to continue the tradition and recognize outstanding practitioners and the dynamic programs they have created.”

    Any full-time professional who administers risk management programs for a corporate, nonprofit institution or government entity is eligible for submission in the Risk Manager of the Year program. The nominations are judged by an independent panel representing prior honorees and other risk management and insurance industry leaders.

    RIMS is currently developing a web presence for the Risk Manager of the Year Award program that will contain additional information about the honor and an updated nomination form.

  • Risk Management's Role in Mergers & Acquisitions

    Risk practitioners' role in an M&A extends beyond uncovering financial savings. This report reviews the importance of understanding the strategy behind the deal, developing and maintaining productive relationships with stakeholders, effective processes for exchanging information and red flags.

  • RIMS 2017

    Good morning, the Risk Management only session that I had suggested for the 2017 RIMS conference in Philadephia has been accepted by the Annual Conference Programming Committee (ACPC),

    I gladly lead the session, perhaps someone of the team wants to co-chair? It is possible that I am not able to attend the RIMS conference. My company is merging with Tyco on September 2nd and there will be a lot of integration work. Can we please discuss who can take over from me if that would be the case.
    Thanks,
    Hans

  • Join the New RIMS Volunteer Community!

    Calling all current and future volunteers: join our new RIMS Volunteer Community! RIMS is fortunate to have members volunteer their time each year to serve on committees, as chapter officers, and on the RIMS Board. We are also grateful for the contributions members and constituents make towards writing articles, presenting sessions, and advocating on behalf of the RIMS mission.

    On this year's membership survey, a number of you indicated an interest in learning about and participating in additional volunteer opportunities, which is why we've created the RIMS Volunteer community forum. Join here.

    Here's how it works:

    RIMS will help you stay-in-the-know by posting about new volunteer opportunities.
    Questions? Just ask- RIMS will answer them for you.
    Sign-up for volunteer opportunities and make suggestions for future opportunities.
    Share your experience volunteering with others.
    Post your own opportunities for volunteers at your chapter or in your area.
    Click here for a full list of volunteer opportunities.

    THANK YOU TO ALL OF OUR CURRENT VOLUNTEERS FOR YOUR CONTRIBUTIONS! JOIN US IN WELCOMING NEW VOLUNTEERS TO GET INVOLVED!