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  • Strength in Community

    RIMS is filled with exceptional members from all parts of the world. In recent weeks, many of our peers have been called to respond to immense challenges caused by natural disasters. As a profession that takes pride in preparing our organizations for uncertainty, we hope that losses will be mitigated for those in afflicted regions.  Our thoughts are with you, and we wish you all strength and a speedy return to normal.

    The risk professional’s role during natural disasters – such as Hurricanes Harvey and Irma – is often critical. Many of us play a significant role in developing strategies to help ensure safety, health and business continuity.  Insurance has always been a fundamental piece of such plans but, in some regions, it isn’t enough.

    That’s why RIMS advocacy efforts have focused on the reauthorization of the National Flood Insurance Program (NFIP). Although the NFIP was given a temporary, 90-day extension, without a permanent solution, thousands of organizations will be susceptible to devastating financial losses resulting from floods. The Society has initiated a grassroots effort to remind congressional leaders of the importance of this legislation. Its permanent reauthorization will be a top priority at the RIMS Legislative Summit scheduled for October 18 – 19 in Washington, D.C.

    In August, a very successful RIMS Risk Forum Australasia once again highlighted the leadership of risk programs and practitioners in the region. With excellence and passion, presenters and attendees came together as a community to consider current and future trends and best practices in risk management. It was a privilege to be a part of it.

    RIMS’ continued its momentum in China. This month, we met with industry partners in Beijing to discuss risk management trends and needs, as well as how the Society’s resources can benefit the region’s practitioners. The trip culminated at one of the country’s largest universities – Peking University. There, the School of Economics Dean, Professor Sun Qixiang, and the department of Risk Management and Insurance welcomed us and announced the RIMS Corner in their library, which will provide students and faculty with access to RIMS publications. We look forward to continuing this relationship and we are excited about the future for risk management in China.

    RIMS chapters continue to offer valuable support to practitioners. In the coming months, our chapters will hold several regional conferences including the RIMS Canada Conference that will bring professionals from across Canada and other parts of the world to Toronto for a four-day event. In September we will also host the Southeastern RIMS Conference in Charleston and the RIMS Western Regional Conference in San Francisco. And then, in October, our Northeast Ohio Regional Conference will take place in Cleveland and we will host the Chicagoland Risk Forum. Regional conferences are a great opportunity for practitioners to connect with local colleagues. All of RIMS events can be found here.

    This week, we celebrated the future of risk management at the Spencer Educational Foundation’s Annual Gala Dinner in New York. Spencer, our affiliate that provides crucial funding to support risk management and insurance students, honored XL Catlin’s Joseph Tocco and JLT Specialty’s Michael Rice. It’s always exciting to hear from our aspiring scholars and, with our industry partners, take part in this very important fundraiser.

    Finally, I want to congratulate the Committee of Sponsoring Organizations of the Treadway Commission (COSO) for the recent updates to its Enterprise Risk Management (ERM) Framework: Integrating with Strategy and Performance. I would like to thank COSO for reaching out to RIMS for our input, and thank our members who drafted responses to influence one of the industry’s major guidance documents. As the business environment changes, so must our risk management frameworks. It’s an exciting time for risk management, and we’re thrilled to contribute to its evolution.

    In the upcoming weeks, you can expect to see some new Executive Reports from RIMS, as well as our Compensation Survey that is slated for publication later this Fall.  Thank you again for your commitment to this profession and your contributions to RIMS. 

    Sincerely,

    Nowell R. Seaman

    RIMS 2017 President

  • RIMS Welcomes Revision of COSO ERM Framework

    RIMS, the risk management society ™, announces its support for the recent revision of The Committee of Sponsoring Organization of the Treadway Commission (COSO) Enterprise Risk Management Framework: Enterprise Risk Management-Integrating with Strategy and Performance. The new publication serves as an update to its 2004 Enterprise Risk Management – Integrated Framework, recognizing the evolution of enterprise risk management over the past decade and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment.

    “This revision highlights the importance and value of enterprise risk management when setting and carrying out an organization’s strategy,” said Carol Fox, RIMS Vice President of Strategic Initiatives and invited participant on COSO’s advisory council on this issue. “We appreciate COSO’s inclusiveness in seeking feedback from risk management professionals, and applaud our volunteer members who took advantage of this unique opportunity to influence one of risk management’s major guidance documents.”

     Developed by PwC under the direction of the COSO Board, the framework’s five-component structure considers various viewpoints and operating structures while stressing the importance of considering risk in decision-making, in the strategy-setting process and in driving performance. The revision presents ways to view risk to set and achieve objectives in the context of greater business complexity.

     Enterprise Risk Management: Integrating with Strategy and Performance is available in printed form, e-book, on-line subscription and pdf licensing for large organizations, accounting and consulting firms. Additionally, COSO is planning for the framework to be translated into several languages, including Chinese, Japanese, Spanish and French.

    Visit www.coso.org for purchase information and for a link to the framework’s executive summary.

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