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Meeting Topic & Overview:
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The State of Enterprise Risk Management
Although initially considered just another busy trend and buzzword, Enterprise Risk Management (ERM) is well past the fad stage since it has been around for almost 15 years. A May 2014 study, “The Valuation Implications of Enterprise Risk Management Maturity”, released by the Journal of Risk and Insurance, has found that organizations exhibiting mature risk management practices realize a value growth potential of up to 25%. In spite of this finding, a large percentage of organizations have yet to take advantage of the potential value of a fully integrated ERM approach. . As more information becomes available, the onus is on the risk professional to communicate the benefits of ERM to gain critical buy-in and resources from leadership.
The two most popular ERM frameworks, ISO 31000:2009 developed by the International Organization for Standardization and the COSO ERM Framework 2004 under the auspices of the Committee of Sponsoring Organizations are both are undergoing revision reviews at this time. The overall slow implementation of ERM coupled with changes to these frameworks could continue to delay full integration of ERM.
Carol Fox, RIMS Vice President Strategic Initiative at RIMS will discuss the work currently being completed on updating the ERM frameworks as well as other research that makes the proposition of enterprise risk management value link between ERM quite clear. Carol will also discuss how organizations can take advantage of the RIMS Risk Maturity Model to improve their risk practices and, in turn, create additional enterprise value.
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Speakers:
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Carol A. Fox, ARM. Vice President, Strategic Initiatives, RIMS
Carol has served the Risk and Insurance Management Society, Inc. (RIMS), a not-for-profit association dedicated to advancing the practice of risk management, as a member of its board of directors, as vice president of Professional Development and as vice president of Governance and Secretary. She’s held a number of other positions with the organization, including chair of the membership, governance, enterprise risk management development and standards and practices committees. Carol has served as a board member on the nonprofit Spencer Educational Foundation. She was selected as a Risk Manager in Residence by the University of Hartford, and has hosted three Spencer interns.
Carol has authored and contributed to articles and whitepapers on numerous risk management topics, which have been published by organizations such as Forbes, the Alfred P. Sloan Foundation, RIMS, the National Underwriter, the Center for the Advancement of Risk Management Education (CARME) and the Disaster Recovery Journal. She contributed to the development of the RIMS Risk Maturity Model, and is a regular presenter at risk management conferences and forums.
A graduate of Miami University in Oxford, Ohio, she currently serves on the advisory board of its Center for Business Excellence. She serves as vice chair of the U.S. Technical Advisory Group for ISO 31000 risk management standards. She earned an Associate in Risk Management (ARM) designation from the Insurance Institute of America. In 2009, Carol was presented with RIMS most prestigious recognition, the Harry & Dorothy Goodell Award, for her outstanding achievements in advancing the risk management discipline. In 2011, she was acknowledged by Treasury & Risk as on of its 100 Most Influential People in Finance.
Prior to joining RIMS, Carol was senior director, risk management of Convergys Corporation - a $2.8 billion, publicly traded (NYSE: CVG) company headquartered in Cincinnati OH that employed 75,000 employees in over 80 world-wide locations in providing outsourced customer care, human resources and billing services to Fortune 50 and other clients in many industries. She directed the development and execution of risk management strategy and business continuity support with respect to the company’s business plans.
Prior to her position with Convergys, Carol was director of risk management for Cincinnati Bell, one of the nation's best performing local exchange and wireless providers.
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