Announcements

RIMS, the risk management society®, and the Hong Kong Federation of Insurers (HKFI) have agreed on a multi-year program to design and deliver advanced risk management training for the Hong Kong market.

 

The two entities will collaborate on the development of education modules, and RIMS risk management experts will teach the online courses. Aligned with guidelines set forth by the Insurance Authority of Hong Kong, the three courses will focus on enterprise risk management (GL21-ERM), ORSA guidelines for insurers (GL10-ORSA) and the risk management domains covered by RIMS-Certified Risk Management Professional certification (RIMS-CRMP).

 

HKFI was established in 1988 to advance and promote the development of the insurance industry in Hong Kong. Today, HKFI enjoys full recognition by the Government of the Hong Kong Special Administrative Region as the representative body of an important industry.

“One of our key missions is to strengthen professional training across the insurance sector,” said HKFI CE - Selina Lau. “We are proud to partner with RIMS and introduce such a high quality programme to Hong Kong when we are transitioning into the RBC regime.  We are confident that the programme will help equip our member insurers with the requisite knowledge of performing the own risk and solvency assessment.”

 

“Globally, more and more organizations and government authorities recognize the value of strong risk management and are adopting guidelines, standards and best practices to ensure economic resiliency,” said RIMS CEO Mary Roth. “The risk management profession thrives on collaboration and we are proud to work with HKFI to share our community’s collective knowledge and advance this profession together.” 

 

The RIMS-CRMP Certification is the only risk management certification in the world to hold an accredited status. It received official accreditation by the American National Standards Institute (ANSI) under ISO/IEC 17024:2012 in 2017. The certification explores the following five risk management tenants: analyzing business models; designing organizational risk strategies; implementing the risk process; developing organizational risk competency; and supporting decision-making.

 

For additional information about RIMS global initiatives, resources and educational programming, visit www.RIMS.org.  For information about the products and support HKFI offers the insurance community in Hong Kong, visit www.hkfi.org.hk.

For the past 30 years, enterprise risk management (ERM) programs have helped organizations proactively identify and address risks, however, many times it provides limited insight into strategy and strategic risks, according to a new RIMS report titled “Pivoting from ERM to SRM.”

 

To deepen that alignment between risk management and strategy, members of RIMS Strategic and Enterprise Risk Council explored opportunities and best practices for risk leaders to successfully accelerate ERM into a well-designed and executed Strategic Risk Management (SRM) program. With supporting detail from the previously published RIMS SRM Implementation guide, the report examines: why pivoting is necessary; SRM’s relationship to ERM; gaps between ERM and SRM; game-planning to pivot; identifying strategic risks; and techniques and tools.

 

Additionally, the report highlights these key drivers for risk leaders to shift from ERM to SRM:

1.     SRM reframes risks, positioning them as opportunities rather than impediments;

2.     SRM links executives who are accountable for strategy with operations leaders;

3.     SRM assigns and establishes ownership to effectively manage strategic and emerging risks.

 

“Every organization’s ‘pivot’ or journey from ERM to SRM will take on a different form,” according to the report. “Strategic risk considerations are core to informed risk-taking in pursuing opportunities and anticipated rewards. Risk professionals have a unique perspective and insight into the organization that allow them to provide additional value through SRM.”

 

“Pivoting from ERM to SRM” is available in RIMS Risk Knowledge library. To access RIMS thought-leading ERM and SRM content, resources and tools, visit RIMS Strategic and Enterprise Risk Center. 

 

On November 4 and 5, the Society with host the virtual RIMS ERM Conference, bringing together ERM leaders from around the world to share their experiences implementing and elevating their programs. Sessions will cover a range of ERM, including the relationship between ERM and SRM, as well as best practices, opportunities and Board expectations. To register or view the full agenda for the RIMS ERM Conference, visit www.RIMS.org/ERM2020. To learn more about event sponsorship opportunities, contact RIMS Exhibitions and Sponsorship Sales Manager Matt Whyte at mwhyte@RIMS.org.

Manipal Global Education Services and RIMS, the risk management society®, have entered into an agreement to strengthen risk management education opportunities in India. The collaboration offers the only accredited risk management certification in the world, RIMS-Certified Risk Management Professional (RIMS-CRMP) certification courses and resources, to practicing risk professionals, business leaders, and students who want to pursue risk management as a career.  

 

The ongoing pandemic has caught most companies off-guard and compelled them to evaluate the importance of robust risk management strategies. Developed by leaders in the risk management profession, the courses aims to strengthen professionals’ ability to analyse business models, design organizational risk strategies, implement risk processes, develop organizational risk competencies, and support decision making more effectively. Learners can choose between online self-paced or instructor-led learning. The duration of the course is five weeks which prepares candidates to take the exam to the earn the RIMS-CRMP certification.

 

Speaking on the partnership, Sujatha Kumaraswamy, Vice President – Strategy & Business Excellence, Manipal Global Education Services, said, “After witnessing the disruption brought on by Covid-19, it is imperative for organizations to invest in risk management teams to identify possible risks and prepare for unprecedented scenarios. Our partnership with RIMS aims at addressing this by empowering organizations to anticipate, manage, and respond to strategic and operational risks in real-time. We are committed to providing professionals with the tools, resources, and education they need to be successful. The expert-led courses will equip risk managers with practical knowledge and enable them to address pressing issues and protect their organizations, both today and in the future.”

 

The risk management courses will not only assist learners in gaining the valuable RIMS-CRMP certification, but also aid them in comprehending how to build a framework for overseeing risk in an organization. Post completion of the program, they will be able to create a resilient business model and design a risk strategy for businesses seamlessly. The program will also provide a platform to the learners for opportunities to build a strong network by interacting with risk management professionals globally.

 

“In an ever-changing risk landscape – from cyber threats, to natural disasters and global health pandemics like the one we are experiencing today – risk management education, resources and content has never been more coveted,” said RIMS CEO Mary Roth. “Manipal has a long tradition of providing superior educational opportunities to learners around the world. We are excited to embark on this journey with them and deliver world-leading risk management curriculum and career-advancing opportunities to their professional network.”

 

The risk management program can be attended by practicing risk professionals looking to upskill and certify themselves, chartered accountants, company secretaries, auditors, actuaries, compliance officers, IT and information security professionals, insurance brokers, business analysts, risk engineers/surveyors, analytics’ professionals, departmental risk officers, risk champions, risk SPOCs, and management students who want to make a career in risk management.

 

For more information on the risk management program and how to enroll, visit https://www.manipalprolearn.com/EnterpriseRiskManagement. For additional information about the RIMS-CRMP certification, visit www.RIMS.org/certification.

As I engage and reconnect with risk professionals around the world and we begin to reflect on the past several months, we all agree: there is nothing more valuable than time. In addition to the time we devote to prepare, assess and adapt to risks for our organizations, we must also devote equal time to ourselves and our professional journeys.   

September was an exceptionally busy month and, before I share what lies ahead for the RIMS community, here is a quick recap.

RIMS Advocacy Week and RIMS Risk Forum Australasia were both fantastic virtual experiences. Advocacy Week welcomed RIMS members from over 30 states and was centered on a regulatory answer for pandemic risk. It was awesome to see this group’s passion as we met with Congressional offices and shared the risk management perspective.  Our colleagues in Australasia, once again, did a remarkable job developing a program that explored some of the most urgent risks facing our organizations. It was a privilege to share my experiences at Airbnb and be a part of the excitement.

RIMS Board Director Patrick Sterling spoke on a Congressional roundtable about PRIA. Lorie Graham, vice chair of RIMS Strategic and Enterprise Risk Council, addressed regulators and C-Suite executives in Hong Kong as they work to understand and eventually implement Own Risk Self Assessment (ORSA) mandates. Lorie’s participation was part of our partnership with the Hong Kong Federation of Insurers that will include future training workshops in the months ahead. The Society announced a new strategic relationship with JB Boda and RIMS CEO Mary Roth spoke at a Confederation of Indian Industry event about ERM’s advantages.

Last month, the Society released two new executive reports.  The first, “Closing the Gaps on Reputational Risk Management” is a collaborative effort between RIMS, Airmic and RepTrak Company. The second report was authored by Teressa Betty, president of RIMS New Zealand and Pacific Islands Chapter, with contributions by members of RIMS Diversity and Inclusion Advisory Council titled, “Understanding and Adapting to Your Remote Workforce.” A very timely paper that addresses team dynamics and inclusiveness in this new remote working environment.

On the horizon, we have two of RIMS most prestigious events. While the look and feel might be different, the content and experience will be just as inspiring.  This month we opened the submission process for speaking sessions at RIMS Annual Conference & Exhibition. And, RIMS ERM Conference is just around the corner on November 4 – 5.

RIMS ERM Conference will be unlike any other virtual conference experience you’ve joined. We have built in those essential networking opportunities, as well as set a stage for leading solution providers to interact with attendees. The agenda is now available and registration is open. Don’t miss this occasion to hear from ERM leaders and learn practical and tangible strategies that have helped lead to their success.

 

While we’re still living in a mostly virtual world, I wanted to share some outstanding results from our revamped – and now digital – resources.  In the absence of those in-person meetings, interaction on Opis, the Society’s online networking forum, has really picked up. Conversations about day-to-day risk management challenges and strategies are exceeding numbers from 2019 and we only expect this trend to continue. Attendance for the Society’s new lineup of educational programs continues highlight the demand for executive-level content. And, our efforts to enhance the accessibility of the RIMS-CRMP certification program to virtual audiences has resulted in close to 600 global risk professionals entering our pipeline of future certification holders. 

 

Whether it is the development of a report, education, a conference or any of our other RIMS resources, know that risk professionals, like yourself, are behind it all. Our global community drives these initiatives. I encourage you to get involved and take action. There is no time like the present to focus on you. And, you can trust that RIMS stands ready to support you along the way.

Sincerely,

Laura Langone
RIMS 2020 President

Right now, there is a lot of uncertainty about 2021. One thing we know for sure, RIMS will be hosting RIMS 2021! We've extended the deadline to submit sessions ideas until Friday, October 9!   We’re looking for great risk management ideas and success stories. Speakers at RIMS 2021 get exposure at the premier industry event of the year. This is your opportunity to grow your network and demonstrate your mastery of risk management topics. We’re looking for a range of presenters and subjects.   We all want to hear from risk management innovators, disruptors and practitioners!

SUBMIT YOUR SESSION

RIMS continues to explore all options to provide a safe and enjoyable learning environment for RIMS 2021. The conference is scheduled to be hybrid; however, circumstances may force RIMS to pivot to an entirely digital event. We pledge to keep our community updated as we work through the decision process.

To maximize remote workers’ potential it is critical that business leaders acknowledge that employees are different, that they require different support and that their work style might differ online from in-person, according to RIMS new executive report, “Understanding and Adapting to the Needs of Your Remote Workforce.”

 

Authored by Teressa Betty, an ERM, strategy, governance and culture advisor and independent director, president of RIMS New Zealand and Pacific Islands Chapter and vice chair of the Society’s Diversity & Inclusion Committee, the report shares the perspectives of risk professionals and their experiences managing teams during these unprecedented times. The report also explores the tendencies of introverts and extroverts, team dynamics, personas, as well as steps to more effectively embrace a remote workforce.

 

“The unanticipated fallout of the COVID-19 global pandemic has seen a monumental shift in work environments and team dynamics,” said Ms. Betty. “Much like our organizations adapt strategies during times of crisis, business leaders must do the same with their workforces. Demonstrating flexibility and expressing a genuine interest in your team’s well-being is critical to maintaining engagement during this unique time in our global history.”

 

The report is available for download in RIMS Risk Knowledge libraryat www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

Traditionally, risk is dealt with by risk experts, while reputation tends to be managed by the corporate affairs or corporate communications teams. When those two teams work in silos risks to reputation can develop and remain undetected until it is too late, and an organisation can find itself as unplanned headline news.

Airmic, The Risk and Insurance Management Society (RIMS) and the RepTrak Company commissioned interviews with over 40 leading risk professionals in Europe and the US to discuss how reputational risk management can be improved.

Furthermore, professors and industry thought leaders were brought together in working groups to discuss challenges and best practices. The resulting report,  “Closing the Gaps on Reputational Risk Management”, provides guidance to help close the gaps on reputational risk management.

Six Challenges

Risk professionals face six challenges to understanding and addressing risks to reputation, according to the report:

1. Unclear definition of reputation.
2. Confusion on the categorization of risks to reputation.
3. No commonly agreed upon, consistent measurement of the business impact from specific risks to reputation.
4. No framework for linking the strategic, operational, and tactical aspects of reputational risk management.
5. An absence of integrated ownership and accountability across organizations.
6. Slow development of solutions for risk transfer including insurance.

 

At a Crossroads

The report’s release coincides with Airmic Fest, held September 22-24, 2020, marking Airmic’s first virtual conference and the first such event of its kind for risk management and insurance professionals in the UK. The theme of Airmic Fest is “Working together in a time of accelerated change” – echoing the message that collaboration is crucial to close the gaps on reputational risk management. The conversation will continue at the RIMS ERM Virtual Conference 2020, held November 4-5, 2020 with a discussion of the results.

The report states that risk professionals today are at a crossroads, where they can follow one of two paths: the first, where they have the responsibility but no influence and control; or the second, where they can contribute value to the organization by leading implementation of a structured, data-driven and systematic approach to reputational risk that draws the whole organization together around a common framework.

Julia Graham, Deputy CEO, Technical Director, Airmic, said: “We hope this guide to reputational risk will encourage and help more risk professionals to travel the second path. We are delighted to have worked with RIMS and The RepTrak Company on this paper, which puts forward a guide for risk professionals to work strategically with others within their organizations, to measure and tackle reputational risks today.”

Hoe-Yeong Loke, Research Manager, Airmic, added: “As organizations manage issues arising from the Covid-19 pandemic, they face increasingly interconnected and complex risks. Reputational risk takes on even greater importance. Previous studies from Airmic and RIMS suggest that the risk community continues to struggle with reputational risk, and with reputation as an intangible asset. There is a gap between what senior executives and risk professionals know is important to manage and the work that is being done.”

Carol Fox, VP Strategic Initiatives, RIMS, continued: “During our research journey with Airmic and RepTrak, we learned from our collective focus group participants that unlocking reputational value is as important as closing reputational gaps. Greater collaboration between risk and corporate communications professionals in using data to detect reputational risk early on helps unlock reputational value as well as produce an agile and decisive crisis management response.”

Kasper Ulf Nielsen, RepTrak Chief Strategy Officer, Co-founder, noted: “Most organisations deal with reputational risk at the operational level only. This is not out of choice, but because they lack the data and framework to bring the operational and the strategic together. Frameworks such as the RepTrak® reputationalrisk framework with its use of the seven drivers of reputation, provides a basis for measurement, monitoring and collaboration between different functions within an organization.”

About Airmic

The leading UK association for everyone who has a responsibility for risk management and insurance for their organisation, Airmic has over 450 corporate members and more than 1,300 individual members. Individual members include company secretaries, finance directors, internal auditors, as well as risk and insurance professionals from all sectors. Airmic supports members through training and research; sharing information; a diverse programme of events; encouraging good practice; and lobbying on subjects that directly affect our members. Above all, we provide a platform for professionals to stay in touch, to communicate with each other and to share ideas and information.

 

About RIMS

As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, non-profit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of 10,000 risk management professionals who are located in more than 60 countries.

 

About The RepTrak Company

The RepTrak Company™ is the world leading reputation data and insights company. We provide the only global platform for data-driven insights on Reputation, Brand, and ESG. Our proprietary RepTrak® model is the global standard for measuring and analyzing the sentiment of the world using proven data science models and machine learning techniques across industries and geographies.

RIMS Board Director Patrick Sterling, who is the senior director of Legendary People and Risk Management at Texas Roadhouse, joined Congresswoman Carolyn B. Maloney (D-NY) and stakeholders from the small business community and the insurance industry to emphasize the urgent need for Congress to pass the H.R. 7011, the Pandemic Risk Insurance Act (PRIA).

 

On June 4^th, RIMS officially announced its support for a PRIA solution. Introduced by Rep. Maloney on May 26, PRIA would create a framework for insurance companies to offer business interruption insurance policies that cover pandemics, and would create a reinsurance program with a federal backstop to ensure the insurance industry has enough capacity to insure losses caused by pandemics. The Federal backstop will make sure that these business interruption policies are both widely available and affordable for small businesses, and maintain marketplace stability.

 

“As the risk management lead for Texas Roadhouse, my industry peers, and many others, are continuing to struggle to manage the complexities of the COVID-19 pandemic - as many of our existing policies fail to cover its impact,” said Sterling. “RIMS does not agree with those who say that pandemics are not insurable. As a united front, carriers and the federal government can develop a solution to share the financial risk of future pandemics. RIMS members believe a public-private program will establish a viable insurance market and create certainty for businesses across the country. This collaboration makes sense and that is why we support the Pandemic Risk Insurance Act of 2020 – HR 7011.”

 

In a press release issued by her office, Congresswoman Maloneysaid, “As we saw during today’s roundtable, there is broad consensus that we need a program like the one created by PRIA – to provide business owners and our economy with better stability in the event of any future pandemics. A forward-looking, public-private partnership like this, one supported by a federal backstop, will help businesses keep their employees on payroll and weather the storm that a public health emergency brings. Congress needs to be proactive in helping businesses protect themselves from economic losses as a result of pandemics, which, as we’ve seen, can be devastating to businesses of all sizes — from the mom and pop grocery down the street to institutions like Lord & Taylor.”

 

This week, RIMS is hosting Advocacy Week, giving risk professionals the opportunity to meet and discuss regulatory matters, such as PRIA, directly with Congressional leaders. The virtual event features remarks from Florida Insurance Commissioner and NAIC President-Elect David Altmaier and Geoffrey Skelley, election analyst for political website FiveThirtyEight.  To learn more about RIMS’ advocacy efforts or Advocacy Week, visit the Society’s Advocacy Center.

 

For more information about RIMS, the risk management society®, its online learning opportunities and resources, visit www.RIMS.org

In a whirlwind of unpredictability, risk professionals around the world continue to see enterprise risk management (ERM) as a catalyst for successfully navigating today’s volatile risk landscape. Join RIMS and the global risk management community as we explore best practices, strategies, challenges and opportunities to deliver value at the now virtual RIMS ERM Conference 2020 on November 4 – 5.

 

No matter what stage of ERM your organization is in – from those just considering ERM to risk professionals who manage fully integrated programs -- RIMS ERM Conference 2020: Catalyzing (Y)our World is set to offer world leading insight. Expert speakers will share their experience managing some of the greatest risks facing organizations and the power of ERM to emerge stronger.

 

“ERM continues to grow in importance and has enabled organizations to proactively develop and implement strategies that support a changing business and consumer landscape, innovation and critical decision-making,” said RIMS CEO Mary Roth. “The stage is set for a powerful and insightful virtual learning and sharing experience for the risk management community.”

 

KEYNOTE SPEAKERS:

 

Dr. Andrea Bonime-Blanc

From Gloom To Boom: Creating Strategic Resilience
Thought leader and author, Dr. Andrea Bonime-Blanc will explore five key megatrends of our turbulent times; takes us on the environmental, social, governance, and technology (ESGT) journey we must travel to get from Gloom to Boom and risk to value. Her remarks will offer practical roles that risk professionals can play at every step of building strategic resilience.

 

James Lam

From Risk Manager to the C-Suite and Boardroom
James Lam is widely noted as an early advocate of ERM and the first-ever Chief Risk Officer. He has taken his own career all the way to the boardroom of an S&P 500 company. Along the way he has coached other risk managers who ascended to the C-suite and boardroom. James will share why boards need risk experts to join their ranks and what skills risk professionals need to be a corporate director.

 

For more information about RIMS ERM Conference 2020 or to register, visit www.RIMS.org/ERM2020. Sponsorship queries can be sent to RIMS Exhibition and Sponsorship Sales Manager Matthew Whyte at Mwhyte@RIMS.org.

 

To learn more about ERM, visit the Society’s Strategic and Enterprise Risk Center. And, for more information about RIMS, the risk management society®, visit www.RIMS.org

As we continue to untangle the chaos that COVID-19 and so many other catastrophic events have inflicted on our organizations in 2020, we all have learned a few valuable lessons: be proactive, be nimble, and be engaged.

 

Now more than ever before, risk management is crucially important to an organization’s ability to successfully shift gears, change strategies, enter new markets and exit old ones. Board and Executive leaders, are leaning on us to navigate the organization through unchartered waters and RIMS is ready to help.

 

Enhancing our digital engagements has been our priority and we remain committed to delivering the best digital experience for our 10,000 global members and the world’s risk management community. 

 

Not to be missed – especially during an election year – is RIMS Advocacy Week (September 14-17), the Society’s first multi-day digital conference. With the pandemic stifling businesses both big and small, there are so many critical issues, like PRIA, that must be addressed. With the feel of RIMS Legislative Summit, this online event will give risk professionals the opportunity to meet and discuss regulatory matters directly with Congressional leaders. We’ve adjusted the schedule to better fit your virtual day. So join us as Florida Insurance Commissioner and NAIC President-Elect David Altmaier and Geoffrey Skelley, election analyst for political website FiveThirtyEight, share their perspectives on the current regulatory landscape. Let’s make sure risk professionals’ voices are heard.

 

RIMS ERM Conference is also going virtual. Whether you are navigating risks like pandemics, climate change or industry specific issues, or whether you are just considering ERM or already have a mature program, this conference has something for everyone. Our keynotes Andrea Bonime-Blanc, CEO and Founder of GEC Risk Advisory, and James Lam, an independent director and chairman of the Audit Committee for RiskLens and the Risk Oversight Committee for E*TRADE Financial, will share their ERM journeys and the board’s perspective on risk management. Do not miss this opportunity to take your game to the next level and register today.   

OPIS, the Society’s online networking forum, has been a life-line, especially during this time void of in-person networking. Without a playbook, we are being asked to manage a world of new challenges but OPIS ensure we don’t have to do it alone. Whether solving issues on 300% rate increases in D&O or Umbrella markets to strengthening crisis management, Opis has been buzzing with conversations. It truly is a great forum to learn from others and share personal experiences. I strongly encourage you to log-in and give this incredible member benefit a shot.

We continue to see a huge appetite for risk management knowledge – which is a good thing – and have updated the Society’s online learning hub with information about upcoming digital workshops, webinars and RIMS-CRMP prep courses. To deliver those prep courses to local markets, we continue to partner with educational institutions – most recently the University of Hartford and University of Southern California. Yes, you can achieve your RIMS-CRMP certification during this time. In fact, I would argue that now is the perfect time to take action and make your career a priority.  

 

RIMS continues to make outstanding progress globally. Recently, we have announced plans to collaborate with two key players in India’s insurance and risk management arena: J.B. Boda and Manipal Global Education Services. We are currently collecting data for the 2020 RIMS MARSH State of Risk Management in India report and, most importantly, we continue to gain tremendous support from the local risk management community and hope to formally announce a chapter soon.

RIMS Australasia Chapter continues demonstrate the awesome commitment and sophistication of risk professionals in the region. RIMS CEO Mary Roth and I will join the chapter for its, now virtual, annual forum (September 14-17) to share opportunities for risk professionals to succeed amidst these challenging times.

I would be remiss if I didn’t comment on the social injustices that continue to plague our world. I encourage each risk professional to reflect on these travesties. As a community, we must continue to dissect these events and explore solutions to be better and impact change. As professionals, we must influence change in our organizations and in our networks.  And, as moral citizens, we must drive positive change in our communities and neighborhoods. We can and we must continue to do better.

 

On behalf the Society, I want to thank all of you for your continued commitment to RIMS, to our profession and more. I want to thank our volunteers and our engaged community for always sharing and taking an active role in our community. It is this dedication that makes us all more versatile, more dynamic, more strategic and more valued. Let’s elevate this profession together.

 

Sincerely,

Laura Langone

RIMS 2020 President

The RIMS Global ERM Award of Distinction honors organizations that create value through their ERM programs. Do you know of a program that deserves this recognition? We want to hear about it!

 

RIMS is looking for ERM excellence that:

• Demonstrates ERM innovation in creating and preserving organizational value.
• Provides measurable, tangible, and sustainable results for their organization.
• Is transferable to other organizations.

 

Nominations are due to ERMaward@rims.org by Friday, August 21, 2020.

 

Learn about the award process and download the application: https://www.rims.org/events/erm/erm-conference-2020-awards

 

 

We are carefully watching all travel and health issues surrounding COVID-19, specifically in the Western Region, and recommendations from health officials.  Our immediate priority is the well-being of the risk community. Our thoughts are with you, your colleagues, families and friends.

After weighing all the information and concerns, the RIMS Western Regional Planning Committee has made the decision to reschedule the 2020 RIMS Western Regional Conference to August 30 – September 1, 2021.

We understand this is a challenging time as we navigate unprecedented health concerns related to COVID-19.  Please see our FAQs below.  We hope these will answer the questions you may have.  We recognize  the timing of this may significantly inconvenience some of you; however, this decision was made out of deep concern for the health and well-being of our members, attendees, and all of our stakeholders as you are always our top priority.

We want to thank all our members, colleagues, speakers, sponsors and exhibitors for their support, open communication and encouragement. We appreciate that the RIMS Western Regional Conference is valued by so many.

Please stay safe!

RIMS Western Regional Planning Committee

During the RIMS Taking Action: Confronting Racial Biases in Risk Management webinar, attendees asked important questions. After the webinar, the panelists, RIMS D&I Advisory Council, and the Society’s leadership took time to review each question and provide thoughtful answers. Please take a moment to read the responses.

Read the Q&A Here

Watch the Webinar

This month, global citizens and businesses, big and small, found themselves trying to grapple with the damaging effects of racial biases, again. As a united community, we continue to try to understand, empathize, express our emotions and hold meaningful dialogue so that we can learn and be better.   

I want to applaud the leadership of RIMS Diversity & Inclusion Advisory Council (DIAC), who helped the Society respond to this injustice but, more importantly, for their commitment to outlining a path for action.

The Society held the RIMS TAKING ACTION: Confronting Racial Biases in Risk Management webinar, an inspiring conversation that garnered nearly 900 registrants. A heartfelt thank you to Denise Campbell, Robert Cartwright, Jr., Brendan Francis and Dr. Leroy Nunery II for sharing their stories and perspective. If you were not able to join, the webinar is now available on RIMS Diversity & Inclusion webpage.

The DIAC has been proactive, setting a new D&I vision statement for RIMS, developing reports that explore the makeup and future of the risk management profession, as well as examining our events to ensure they are inclusive and welcoming.

But, there is still much work to be done. I look forward to their upcoming work that will address D&I initiatives at the chapter level and in our local communities. Work that will look at advocacy and how RIMS can address legislation that impacts our lives. These efforts will include education and reports about best practices and strategies, as well as measurement to ensure we are making progress. We can and we must do better, and I am confident the RIMS community will.

RIMS 2020 Annual Conference & Exhibition was set to have our first-ever D&I education track for risk management professionals.  While we regretfully canceled the conference, your RIMS team is working diligently to plan for RIMS 2021 in Chicago. There is no doubt that we will see that first D&I track there and we look forward to announcing more conference attractions as we get closer.

In the midst of the COVID-19 pandemic, 23 university teams competed in the Spencer-RIMS Risk Management Challenge. As the competition moved into a virtual format, the final question of this year’s case study focused on the pandemic and risk management strategies for re-opening a college campus. For the second year in a row, St. Joseph’s University was named our champion and you can watch their presentation here. Our student members always impress and we could not be more proud to welcome them to our global community.

For some, these challenging times reminded us that we could use a little extra help. This month, RIMS launched Ask a Peer, a professional advisory program that links highly-qualified, recognized and vetted risk management leaders with professionals seeking support. This is a great example of how risk professionals can – and should – tap into the knowledge of RIMS vast network. Information about the Ask a Peer program is available here or you can contact RIMS Client Services Team at CST@RIMS.org.  

Finally, with a focus on social change it is important to recognize RIMS commitment to advocacy.  The Society’s External Affairs Committee continues to act as a voice for risk professionals, supporting legislative change that impacts our work. The committee announced RIMS support for the Pandemic Risk Insurance Act (PRIA), legislation that would allow insurers to confidently write pandemic coverage in the future, while ensuring organizations’ enterprises are financially protected. The development of a final PRIA solution is ongoing, and we encourage you to get involved in our grassroots effort and engage Congressional leaders on this matter.

Current events have made it abundantly clear that our work cannot be limited to protecting assets. Risk professionals must be strategic thinkers, dynamic communicators and motivators. We have the power to confront racial biases that might exist within our organizations, among our employees and peers, with our partners and other stakeholders. And, while I am confident that our global community will continue to develop remarkable risk management strategies for our organizations, I know that we can take positive action and make a real social impact.

Sincerely,

Laura Langone

RIMS 2020 President

Prudent Insurance Brokers Private Limited (PIBL) and Risk and Insurance Management Society (RIMS), today, announced a multi-year strategic partnership to support the Indian risk management community. The alliance is set to deliver thought-leading content around risk and insurance management to India’s thriving business community.

 

Effective immediately, PIBL and RIMS will begin the development of a series of webinars and Masterclasses that address the country’s most pressing business risks, challenges, as well as opportunities for risk and insurance managers to support organizational growth, innovation, and strategic decision-making. Additionally, the two entities will publish market analysis reports, white papers, and collaborate on future in-person events.

 

“We placed more than $250M premiums and have grown at a CAGR of 30%+ in the last 10 years purely based on thought leadership, risk-based advisory, and differentiated service delivery. As next level strategy, we have envisioned to take the risk & insurance ecosystem to next level through this partnership with a respectable institution like RIMS” said Pavanjit Singh Dhingra, Director, Prudent Insurance Brokers. “We are aiming to leverage our industry-leading and client-centric distribution network towards channelizing offerings from RIMS-Prudent partnership” he further added.

 

“Prudent has valued knowledge and expertise since inception and it is our focus on quality and excellence that makes our clients repose their trust in us.  We have always admired the great work RIMS does for the risk management profession and industry and we are proud to be associated with them” said Ajit Singh Dhingra, Managing Director, Prudent Insurance Brokers

 

In addition to developing education, content, and events, RIMS and PIBL will also work to introduce and promote the RIMS-CRMP certification to the local market. The RIMS-CRMP Certification is the only risk management certification in the world to hold an accredited status (ANSI under ISO/IEC 17024:2012).

 

“For organizations to remain resilient, they must be proactive and ready to adapt to rapid changes in our business and social environments,” said RIMS CEO Mary Roth. “For risk professionals, education and knowledge sharing are critical components of strong risk programs and decision-making. RIMS is proud to continue to support India’s growing risk management community and, with PIBL, deliver a wide-range of learning experiences”, she further added.

 

About Prudent Insurance Brokers Private Limited:

Prudent Insurance Brokers Pvt Ltd is country’s leading commercial lines insurance broking company with strong capabilities around risk & insurance consulting, broking & administration for mid to large multinationals in India & Internationally with capabilities in 120 countries. Prudent is one of the largest commercial lines broker with 700+ quality professionals delivering quality services to its 3500+ corporate clients through nine offices across India.

 

About RIMS:

As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of approximately 10,000 risk management professionals who are located in more than 60 countries. Founded in 1950, the Society represents more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world.

 

For additional information about RIMS global initiatives, resources, and educational programming, visit www.RIMS.org.  For information about PIBL, visit www.prudentbrokers.com

Top insurance and risk management executives are coming together in a new way to support the Spencer Educational Foundation via its inaugural Funding Their Future campaign, which runs June 15 through the end of September.

 

The Funding Their Future Campaign is being held in lieu of Spencer’s annual gala, one of the industry’s most successful fundraisers.  The multifaceted campaign celebrates the bright and talented students entering the profession and recognizes longtime industry leaders and community supporters. The $1 million Spencer hopes to raise through this campaign will enable the Foundation to continue offering grants, scholarships, and internships to foster the next generation of risk management and insurance professionals.

 

In 2019 alone, Spencer invested more than $1.5 million into the industry through 92 scholarships, 42 internships, and over 40 grants to support initiatives and experiential learning via universities and professional institutions.  While an in-person celebration is not possible this year, the need to raise funds to underwrite future programs is more critical than ever, as Spencer intends to honor all funding commitments in 2020 despite the pandemic.

 

“Spencer remains very committed to standing up and being a change agent,” said Marya Propis, Chairperson of Spencer and SVP, Director of Distribution & Broker Partnerships at All Risks, Ltd. “We will continue leading with action by supporting the future of our diverse group of risk management and insurance students.  This new campaign enables prominent organizations and individuals to stand with us in support of our future industry leaders.”

 

Spencer hopes you will join with them and contribute to the Funding Their Future campaign as the Foundation provides dynamic updates on its website, www.spencered.org/funding-their-future.  Featured content will include a powerful lineup of remarks and storytelling from board leaders, high-profile industry professionals, and our talented scholarship recipients. The Foundation will also celebrate past Gala honorees and Spencer Scholars, recognize generous and loyal sponsors, and provide program updates on investments in the industry’s innovative and bright future. 

 

To Our Community:   We are deeply saddened by the tragic events that have unfolded in the United States over the past week. To the Black members of our community, we cannot fully appreciate how pained you must be by not only this most recent act – but by all acts that reflect bigotry and hatred in our nations’ communities. What we can do is accept the responsibility to ensure that RIMS community reflects something different.   Let us be clear: RIMS does not tolerate any form of racism or discrimination in our global community. And we will always look for ways to improve, which is why we created our Diversity and Inclusion Advisory Council in 2018. We wanted a dedicated group of RIMS members and non-members who were committed to making RIMS a more diverse, welcoming, and inclusive community.   Risk professionals are strategic thinkers, motivators and dynamic communicators who are routinely called on to help shape and change corporate cultures. Earlier this week, the Council met to discuss what RIMS should do in these challenging times and agreed, “it’s time for us all to move beyond D&I dialogue and it is time for us to take action.”   The Council will issue some very tangible opportunities and ideas for us all to advance as a Society. This crucially important endeavor will engage the RIMS community and embrace feedback and perspectives along the way.   While the current social climate may seem insurmountable, we are confident that we will continue to find ways for the RIMS community to make an impact.   Today, more than ever before, we must listen, we must learn, we must act, and we must do better. Mary Roth                      Laura Langone RIMS CEO                      RIMS 2020 President

RIMS, the risk management society®, has announced its support for H.R. 7011 the Pandemic Risk Insurance Act of 2020 (PRIA) that was introduced by Congresswoman Carolyn Maloney (D-NY) in May. The introduced bill is available here.

 

Reviewed by RIMS External Affairs Committee, the proposed legislation will effectively create a Federal program that provides a transparent system of shared public and private compensation for business interruption losses resulting from a pandemic or outbreak of communicable disease. The inclusion of a Pandemic Risk Reinsurance Program (PRRP) within the Department of the Treasury will also help to create a realistic market for pandemic insurance.

 

“PRIA is crucially important to the road to economic recovery, especially as businesses examine both the short- and long-term impacts of COVID-19 on business strategies,” said RIMS CEO Mary Roth. “RIMS applauds the efforts of our Congressional leaders to recognize the importance of creating a solution that addresses business interruption and strengthens future resilience. We look forward to continuing to contribute to the PRIA discussion and hope the Senate moves swiftly to introduce similar legislation.”

 

According to an April letter from RIMS to Congress and the Trump Administration supporting PRIA, the Society indicated that the legislation would provide greater access to capital from lenders and establish a viable insurance market with sufficient, affordable capacity. Additionally, it would create certainty for businesses and organizations of all sizes across the United States and ensure that businesses can meet future pandemic events with greater resilience.

 

RIMS has launched a grassroots effort calling on the risk management community to contact their member of Congress to support the proposed bill. To cosign the legislation, RIMS has issued this form to its U.S. members.

 

RIMS provides risk management professionals from around the world with access to resources and educational programming to help them navigate COVID-19’s impacts, as well as many other business risks. The Society’s External Affairs Committee continues to monitor legislative and regulatory issues that impact organization’s ability to protect employees, property and data and reach their respective strategic goals.

 

For more information about RIMS advocacy initiatives and its Risk PAC, visit www.RIMS.org/advocacy.

The 2020 Florida RIMS Conference Committee has been monitoring the status of the COVID-19 pandemic.  We are deeply saddened to announce that we have made the difficult decision to cancel the 2020 Florida RIMS Conference.  Due to the current health concerns, the committee does not feel we can safely accommodate a conference of this size.  We want to assure you that we have evaluated all available options to make this incredible conference happen this year but due to the many uncertainties, we feel this is the appropriate decision.  

 

If you have already registered for the conference, you will receive an email from Eventbrite advising you of the options available.  In the meantime, the committee will be making BIG plans for the 2021 conference, scheduled for July 27-30, 2021!  

 

We hope that you and your families remain safe and healthy. Please let a committee member know if you have any questions or concerns. Thank you for your continued support of our conference!  

 QUESTIONS? – PLEASE CONTACT

floridarims@gmail.com

To further support the world’s risk management community, RIMS, the risk management society®, launched Ask a Peer, a professional advisory program that links highly-qualified, recognized and Society vetted risk management leaders with professionals seeking support and guidance.

 

The RIMS Ask a Peer process starts with a personal conversation to discuss the level of support needed and desired goals. Once completed, RIMS will assign a qualified advisor and develop an outline that sets expectations and a timeline. The service is customizable and flexible to each arrangement and intends to complement existing risk management initiatives and teams.

 

RIMS Ask a Peer advisors possess diverse backgrounds and are prepared to address wide-ranging risk management and insurance-related matters. Each recruited advisor undergoes a group vetting process – conducted by RIMS – to assess their qualifications and areas of expertise.

 

Advisors are available for a variety of risk management issues and specialties, such as:

• Establishing a risk management function
• Effectiveness of risk management programs
• Enterprise Risk Management (ERM) program review  
• Strategic Risk Management (SRM) integration tactics  
• Risk assessment programs and methodologies
• Developing business disruption and resiliency program
• Mergers and acquisitions risk management
• Insurance and alternative risk financing program reviews
• Claims and safety management programs
• Contractual risk transfer reviews

 

“With the weight of their organizations resting on many of their shoulders, the world’s risk management community must come together, share their experiences and do their part to help advance the profession,” said RIMS CEO Mary Roth. “RIMS is fortunate to have a growing network of risk management thought-leaders who have demonstrated excellence throughout their careers and stand ready to support their fellow practitioners. We are excited to launch this advisory program and deliver this valuable resource to businesses of all sizes and in all industries.”

 

RIMS Ask a Peer program costs vary depending on the scope of the project and the risk professional assigned to assist. The service is available to both RIMS members and nonmembers. Advisory can be conducted virtually, via telephone or in-person depending on the terms of agreement. For more information or to arrange the initial conversation, executives can visithttps://www.rims.org/resources/ask-a-peer, email rimsadvisor@rims.orgor call 212-655-6221.

For the second year in a row, Saint Joseph’s University was named the champion of the Spencer-RIMS Risk Management Challenge. This year’s case study, provided by the University of Dayton, was centered on risks facing the higher education space, with a final question focused on the COVID-19 pandemic and risk management strategies for re-opening the campus in Fall 2020.

 

The Saint Joseph’s team, comprising four risk management students, competed against 23 other universities and delivered the award-winning risk management presentation, virtually to a panel of industry leaders. Presentations from the three finalists are available here (https://rims.org/community/students/spencer-rm-challenge).

 

Members of the Saint Joseph’s winning team included:

• Joseph Angelina
• Kayla Cecchine
• Nicholas Myers
• Brendan Tarte
• Academic Advisor: Michael Angelina

 

“Even in our challenging environment, Spencer is proud to say that we have never stepped away from our commitments to risk management and insurance students, and the risk management challenge is a great example of our continued support,” said Spencer Chairperson Marya Propis. “Thanks to all the students and advisors for their hard work this year. Our judges, RIMS, and the risk management team at the University of Dayton is also to be commended for creating an outstanding virtual experience.”

 

“As COVID-19 has left business leaders with many questions to answer, our Spencer-RIMS Risk Management Challenge students took on the biggest one – how do we re-open for business – and demonstrated an extraordinary command of complex risk management practices and the creativity needed to support decision-making,” said RIMS CEO Mary Roth. “St. Joseph’s University, our participating teams and our student members continue to show great promise and we are proud to welcome them to RIMS’ global community.”

 

The challenge began with 23 universities, eight months ago but, as a result of the global COVID-19 pandemic, the program evolved to reflect current events. The final round of the competition asked the teams to assess the ongoing COVID-19 crisis and uncertainty regarding return to work schedules and develop a strategy to bring students back to the University of Dayton for the Fall semester.Normally awarded at RIMS Annual Conference, the final rounds of this year’s competition were conducted virtually.

 

Second place in this year’s Challenge was Florida State University and the third place team was Butler University.

RIMS is adapting its educational offerings to meet your needs remotely. This includes the launch of our new Claims Management Virtual Workshop (beta version) from May 27-29. Attendees can earn up to 13 hours of CE and 13.2 hours of CPE credits. Members may attend at the reduced rate of $300 USD (a 50% discount.) Offer ends May 15. http://go.rims.org/UR339JSQZ0

Each day seems like a week and each week seems like a month. 

I want to start off this President’s Corner Message wishing you all good health and resilience as we work together to understand, manage and persevere past this pandemic. While it is our jobs to manage uncertainties like COVID-19, this pandemic has presented us with a great opportunity. It’s up to us to contribute at all levels of the organization, to lead and drive strategy and manage operational recovery so that our organizations emerge on the other side stronger.

However, we understand that many of our members have been hit hard by COVID-19. In addition to the RIMS COVID-19 Resource Center, the Opis online networking forum continues capture some really fascinating conversations about managing this new risk and the Society also has an active Career Center for those who have lost employment during the crisis. RIMS Client Services (CST@RIMS.org) team remains available to answer any membership questions, including Transitional Membership options, as well as provide information about the Society’s latest initiatives.

Last week we would have hosted RIMS 2020 in Denver. For decades, our Annual Conference has been an industry mainstay. It always delivers the best-of-the-best in risk management insight and solutions. However, this year, I think we all recognize the importance of meeting face-to-face and how special the conference interactions really are.

While the in-person meetings were missed, our chapters have risen to the occasion and are producing exceptional resources to engage our communities. RIMS Dallas Fort-Worth Chapter, Los Angeles Chapter and Chicago Chapter have teamed up to offer a series of panel discussions, as have our chapters in the Southern California region. Many of our other chapters are also offering great programming while some have gone the extra mile to focus on charitable giving.  I want to commend them all – and especially the volunteers who run them. I encourage risk professionals far-and-wide to follow them on social media and check out their individual websites for upcoming activities.

Many of our industry partners are following suit. Sedgwick, Origami Risk, Gallagher, Spencer and many others would-have-been exhibitors held virtual RIMS events featuring the content they had planned to share in Denver. RIMS Risk Knowledge library is continuously updated with reports from our partners, RIMS Risk Management Magazine’s May issue captures the latest trends and, overall, the Society has ramped-up its online learning opportunities.

The pandemic has also emphasized the importance of advocacy. RIMS continues to work with government officials and industry partners to ensure risk professionals’ voices are heard during the legislative process. RIMS External Affairs Committee successfully issued this letter to Congress stating our position on a Pandemic Risk Insurance Act. We have started a grassroots effort, streamlining the process for you to engage your local elected officials on the matter. The committee is also reviewing trends in workers’ compensation, business interruption and other liability issues. RIMS advocacy page is kept up-to-date with the Society’s most recent initiatives.

Finally, RIMS continues to plan optimistically for future events. This week, we will send out our call for session submissions for RIMS ERM Conference 2020 (November 3 and 4). Additionally, planning for RIMS 2021 is underway with the session submission process ready to begin mid-June and the exhibition booth selection process starting July 14th.

As we continue to learn from this global health pandemic, one thing has become abundantly clear, the RIMS community is strong, nimble and is genuinely dedicated to supporting others in the field and advancing the profession. This Society will continue to advocate for you and work hard to help you expand your risk management network. Day-by-day, week-by-week and month-by-month, we will grow and we will learn. And, while these days feel long, I am absolutely confident that we will emerge stronger.   

Sincerely,

Laura Langone
RIMS 2020 President

Next month, RIMS will launch its new "Ask a Peer" risk advisory services. The RIMS "Ask a Peer" advisors work with clients to navigate business risks and opportunities that support and guide critical risk management challenges and projects. Our advisory services focus on delivering value for clients and supporting their strategic and operational foundations. This service is open to all professionals in the United States, and contracts range from short to long term. For more information, please email us at Info-RIMSAdvisor@RIMS.org.

We hope that in the time since the announcement of RIMS 2020’s cancellation you remain in good health and that you’ve adjusted to your new routines as we attempt to navigate this crisis together.

 

Your RIMS team remains dedicated to developing and sharing the world-class resources that you’ve come to expect. The Society is super-charging its virtual professional development offerings, adding new online workshops and webinars, as well as digitizing our publications and integrating technologies to support its 79 chapters located around the globe.

 

Now, more than ever, RIMS needs your ongoing support. As we work to unwind all of our RIMS 2020 financial obligations, we ask that you consider the future of the risk management profession, and the impact that you can have on it.

 

We would like to offer you the opportunity to defer your registration and receive a credit for RIMS 2021 in Chicago. The advantages of the deferral credit are two-fold. As companies’ professional development budgets could fall under greater stress, having the majority of your RIMS 2021 registration paid would lessen next year’s budgetary ask. Secondly, this opportunity allows you to lock in 2020 conference rates for RIMS 2021.

 

Recognizing the importance of this profession’s future, we are also offering you the opportunity to donate your RIMS 2020 fees to the Spencer Educational Foundation. By allocating your fees to Spencer you will directly impact its ability to deliver scholarships, grants, internship programs, and other learning experiences. For decades, these opportunities have given RIMS members access to a highly talented pool of aspiring risk management students who day-after-day impress and inspire us with their unique risk management perspective.

 

A third option would be a refund of your 2020 registration fee. We certainly understand the financial hardships that many organizations are experiencing, and will honor any refund request we receive.

 

To streamline the process, we have developed a form to capture your RIMS 2020 registration fee allocation decision. Our goal is to complete the allocation of all attendee registration fees by July 31st.

 

We sincerely thank you for your patience, for carefully considering each opportunity, and for your unwavering commitment to the future of our profession and RIMS.

RIMS, the risk management society®, issued a letter to the U.S. Department of the Treasury, Congress and the Office of U.S. President Donald J. Trump requesting the creation of a pandemic risk insurance program to accelerate economic recovery. The full letter can be found here.

 

According to RIMS’ letter, a pandemic risk insurance program would provide greater access to capital from lenders and establish a viable insurance market with sufficient, affordable capacity. Additionally, it would create certainty for businesses and organizations of all sizes across the United States and ensure that businesses can meet future pandemic events with greater resilience.

 

RIMS is calling on the risk management community to support this initiative by contacting their local Congress member via this briefform.

 

Prior to the letter, the Society administered a survey to U.S. risk professionals to ascertain their perspective on a federal pandemic insurance backstop.  Key findings from survey included:

• 67% of risk professionals anticipate direct business interruption losses due to COVID-19;
• 77% expect the losses to be over $1M. Included in that group was 36% who estimate losses to be more than $25M;
• 91% are supportive of a TRIA-type federal loss-sharing program for insurance claims relating to losses resulting from a pandemic or epidemic;
• 65% of risk professionals would be willing to pay up to 5% more in premium.

 

“From our homes and our local communities to the boardrooms of some of the world’s largest corporations, COVID-19 has highlighted the need for strong risk management strategies to address interruptions resulting from a global pandemic,” said RIMS President Laura Langone. “Congress has done exceptional work by quickly introducing the CARES Act but there is still much work to be done. We look forward to the opportunity of collaborating with them to develop a sound pandemic program that instills confidence in businesses and reinvigorates the economy.”

 

RIMS provides risk management professionals from around the world with access to resources and educational programming to help them navigate COVID-19’s impacts, as well as many other business risks. The Society’s External Affairs Committee continues to monitor legislative and regulatory issues that impact organization’s ability to protect employees, property and data and reach their respective strategic goals.

 

For more information about RIMS advocacy initiatives and its Risk PAC, visit www.RIMS.org/advocacy.

RIMS, the risk management society®, today announced the winners of its series of industry awards. Details about the Society’s 2020 award winners are available in RIMS Risk Management Magazine’s Award Issue.

 

RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Audrey Rampinelli, CEO and co-founder of OnRamp Risk LLC. 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 Roxsann Wilson, Vice President of Risk Management for Cardinal Health. RIMS Risk Management Honor Roll inducted Jane Sandler, Vice President, Global Risk Management for McKennon Corp.

 

The Ron Judd “Heart of RIMS” Award pays tribute to the legacy of Ron Judd, who served as the RIMS Executive Director for 22 years. Individuals are nominated by chapters for outstanding performance in furthering risk management at the chapter level. This year’s Heart of RIMS recipient is Larry Glasser, an active member and leader of RIMS Broward County Chapter in Florida and the Director, Risk Management at Amerijet Holdings, Inc.

 

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, Katherine Dawal, Manager, Risk & Insurance at K+S Potash Canada, was honored for demonstrating exceptional initiative, volunteerism, professional development, achievement and leadership potential.

 

The Richard W. Bland Memorial Award was presented to Mark Humphreys, Vice President, Litigation & Risk Management for Watt Companies. The award was created by RIMS Kansas City Chapter in 1974 to recognize a member’s dedicated commitment in the area of legislation or regulation.

RIMS, the risk management society®, has announced Roxsann Wilson, Vice President of Risk Management for Cardinal Health, as the 2020 RIMS Risk Manager of the Year. The 2020 Risk Management Honor Roll inducted Jane Sandler, Vice President, Global Risk Management for McKennon Corp.

 

“Global business risks are driving organizations to place greater emphasis on fostering robust risk management strategies that not only identify cost-saving opportunities but also contribute to the successful implementation of innovative processes, technologies and revenue-generating initiatives,” said RIMS CEO Mary Roth. “Roxsann Wilson’s accomplishments embody this and personify the ingenuity, expertise and tenacity required of today’s risk professional. We are proud to announce her as the 2020 RIMS Risk Manager of the Year.

 

“Roxsann and our Honor Roll inductee Jane Sandler are, without question, risk management leaders that have broken down barriers and elevated the risk management narratives within their organizations. This Society is so fortunate to learn from their tremendous success and thrilled to be able to share their experiences with our global risk management network.”

 

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

 

Any full-time professional who administers risk management programs for a corporation, 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 comprising prior honorees and other risk management and insurance industry leaders. 

March 16, 2020

 

To Our Community,

For the first time in the Society’s 70-year history, it is with a heavy heart that RIMS regretfully must cancel its 2020 Annual Conference & Exhibition. We can’t express enough how grateful we are for your patience as we explored every viable option.

As we moved through our own risk management process, assessed the facts, analyzed the data and carefully calculated the outcomes of a range of scenarios, it became abundantly clear that this was the best decision for our members, our conference participants, and our employees. At the end of the day, your health and safety remained our number one priority. 

There is still much work to be done. In the coming weeks, RIMS is committed to addressing the hundreds of agreements, policies and commitments, as well as the concerns of thousands of attendees. Connections Housing will administer cancellations for reservations within our hotel blocks on your behalf and we are working through the refund process. RIMS has created an FAQ to answer many of these questions but, again, we ask for your patience as we navigate this complex process.  

As you manage the impacts of this global health pandemic for your organizations, please know that, although we could not meet in Denver, the RIMS community is here for you. Our “Risk Professionals” online community on Opis continues to be active, our RIMS COVID-19 Information Center offers resources and articles, and we will be developing other virtual opportunities to support you during this challenging time.

We want to thank the insurance brokers, carriers and industry partners whose senior-most-leaders came together to offer their guidance and support for RIMS and our community. It is truly amazing what this united front can accomplish.

We also commend the leadership of our Board of Directors, RIMS staff, Annual Conference Programming Committee and volunteers for their contributions to this team effort, as well as our chapter and advisory group leaders who have been our advocates on the ground, across the globe. And, we certainly acknowledge the support of our business partners in Denver who will unavoidably feel the impact of this decision. Most importantly, we would like to thank you for being a part of our global community and for your commitment to advancing this remarkable profession.

Today is a historic day in RIMS legacy.  It will be a day that marks the undeniable value of strong risk management and its ability to scale adversity with tact and precision, enabling organizations, like RIMS, to implement informed strategies for future success.

Please be safe, be well and we look forward to engaging with you throughout the year.

Wishing you all good health and resilience in the days to come,

  Mary Roth                   Laura Langone

  RIMS CEO                    RIMS 2020 President

 

hile Foreign Voluntary Workers Compensation (FVWC) stand-alone policies still originate from the United States, it is important to note that this necessary coverage is not just for U.S. travelers, according to RIMS new professional report titled,“Demystifying Foreign Voluntary Workers Compensation.”

 

The report provides an overview and advantages of FVWC policies, as well as key considerations for risk professionals to more effectively manage FVWC rates, employee jurisdiction, cross-over coverage challenges and claims management.

 

Report Takeaways:

• In addition to U.S. workers traveling abroad, FVWCs can cover expatriates on long-term assignments.
• The policy can alleviate the arduous task of understand individual country jurisdictions and limitations.
• The procurement process should include a review of Business Travel Accident and other related policies to identify duplication or gaps in coverage.
• The organization is best served when human resources, legal and risk management all work together to protect their most important asset – the workforce.

 

The report is authored by Tina Cameron, global insurance manager at World Vision International. Insurance underwriters from Chubb, Zurich and AIG and brokers from Lockton and Marsh provided commentary and input. The content provided in the report is not intended as legal or other professional advice.

 

“Demystifying Foreign Voluntary Workers Compensation” is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library atwww.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

With RIMS 2020 due to take place in early May (two months away), the RIMS Team continues to plan confidently for the show. We are excited to welcome the risk management community to Denver on May 3-6 for the profession’s most anticipated event.

 

Our immediate priority is the well-being of the risk management community. Our thoughts are with you, your colleagues, families and friends as they attempt to navigate the impact of COVID-19.

 

RIMS is actively monitoring the situation, working with local agencies and partners, and making necessary enhancements to RIMS 2020 to ensure that we deliver a safe and productive environment.

 

Our Efforts…

 

The RIMS Team remains in close contact with our partners in Denver, as well as the relevant health authorities and transportation hubs to ensure our attendees’ safety.

 

The Colorado Convention Center and Visit Denver have pledged to do their part to keep our attendees healthy. The Center is ramping up disinfectant procedures to align with the CDC and the WHO guidance, as well as increasing hand sanitizing stations and the availability of disinfectant wipes.

 

RIMS 2020 will also have trained medical professionals on-site, direct links to local healthcare facilities and have coordinated with local hospitals to ensure our attendees receive first-class care.

 

Representing the risk management profession, RIMS has a responsibility to employ the knowledge, expertise and power of our exceptional network. Just as many of our members are experiencing within their organizations, RIMS too must confidently identify, assess and implement strategies that support our collective goals, while protecting assets and people.

 

While COVID-19 presents the business events and travel industries with an unprecedented global challenge, your RIMS Team will remain focused on facts, will act with common sense, make informed decisions and will lean on the advice of authorities.

 

We can’t express enough how grateful we are for the ongoing support of our sponsors and exhibitors who continue to register and plan for the show. To date, we have not experienced any effects of the virus on the production of the show.

 

RIMS has created a COVID-19 Update page located on the RIMS 2020 website. Here is a direct link to the page: www.RIMS.org/2020. Please continue to check it for weekly updates leading up to the event. Questions regarding RIMS 2020 can be sent toRIMS2020@rims.org.

 

We wish you all good health and look forward to welcoming you to Denver.

The Board of Directors of the Spencer Educational Foundation has pronounced the last Monday of February as Spencer Day. The purpose of this designation is to showcase Spencer scholarship recipients, the companies who hire them, and the myriad ways that Spencer supports industry education. 

This announcement follows a significant sustaining gift just received from the FM Global, one of the world’s largest commercial property insurers. FM Global’s generous $650,000 gift is the largest single pledge received in Spencer’s 41-year history, and will enable Spencer to eclipse their 2019 high water mark of giving away close to $1.5M to fund industry education. 

Marya Propis, SVP and Director of Distribution & Broker Partnerships at All Risks, Ltd. and Spencer Board Chair, commented, “The mission of Spencer is simple; we are helping to manufacture talent for the entire industry, and as our support grows, our capacity to generate more results increases, too.  We are excited to call upon all Spencer Scholars – and the companies who employ them – to stand up today and be acknowledged. We also want to shine a bright spotlight on standout industry partners like FM Global on our Spencer Day.”

What is the Spencer Day call to action? TODAY, via social media, industry professionals are encouraged to promote #SpencerScholars whom they mentored, advised, and assisted, and employers can make clear that they place a value on hiring and supporting #SpencerScholars. Currently, Spencer relies on annual, recurring support from hundreds of donor companies and industry professionals, and is so grateful for these ongoing partnerships. Of course, if you’re a Spencer Scholar – past or present – we want to salute you, too, and encourage you to identify yourself via social media or on our website.

Over 1,000 P&C insurance professionals have benefited from Spencer’s philanthropic efforts since the first three scholarships were granted in 1980. By gathering at annual events such as the Gallagher Spencer Golf event on Sat May 2 and the Spencer & Sedgwick FunRun on Tues May 5 at the RIMS Annual Conference in Denver, as well as the Spencer Gala Dinner on Thurs Sept 17 at the Sheraton Times Square in New York, insurance professionals can support Spencer’s ability to propel careers by removing financial obstacles.

Innovation is the new frontier for strategic risk management and presents an opportunity for strategic risk practitioners to support teams engaged in creating value, according to RIMS new executive report titled,“Innovation and Strategic Risk Management.”

 

The RIMS report the explores strategic approaches and techniques for productively managing uncertainty when innovating. It includes examples and best practices, highlighting the contributions that strategic risk practitioners can offer leadership. Additionally, the report discusses common challenges posed by rapid innovation, as well as the skills and traits required of today’s risk professional. It is broken up into seven sections including:

·         Linking Innovation and Strategic Risk Management

·         Understanding Innovation

·         Exploring the Innovation Mix

·         Steps in the Innovation Process

·         Approaches for Managing Uncertainty When Innovating

·         Skills and Attributes Supporting Innovation

·         Contributions of the Strategic Risk Practitioner

 

“The need for innovation as a key engine for driving sustained growth is increasing for many organizations,” wrote Monica Merrifield, the report’s author. “Strategic risk management can offer the kind of creativity and rigor needed to support the exploration of new models for growth and greater impact while building an advantage for any organization wishing to imagine and achieve what is possible.”

 

Monica Merrifield is the Strategic Risk & Innovation Advisor to YMCA and NFP Leaders and the Chair of RIMS Strategic & Enterprise Risk Council. “Innovation and Strategic Risk Management” is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

I’m honored to take the reins from Gloria Brosius to serve as your RIMS President for 2020. As we enter a new decade, we find ourselves on the precipice of massive global transformation.

The coming decade will demand more of us than ever before. Excellence in our profession will increasingly be measured by our ability to anticipate and meet rapid-fire strategic challenges with critical and fluid skills like resilience, creativity, and boots-on-the-ground tactical thinking. More and more, we will be called upon to balance propositions of long-term growth with the need to recalibrate to the wild pendulum swings of a volatile and often unpredictable marketplace and world.

In the face of all this, the risk management role continues to mature. We are relevant to the highest level or corporate critical thinking like quantifying and mapping initiatives to business critical mega-trends and designing creative, opportunity-oriented solutions too difficult to anticipate market changing events. Given the demands of a world in transition with massive disruptions on a previously unimagined scale, clearly risk management has become change management.

It’s time for risk management professionals to become the architects and senior editors of their company’s long-term value creation stories. Keeping pace will require continually honed skills and embracing the new tools of a transforming business landscape.

Our past presidents have left a well-defined and auspicious legacy which I intend to honor and uphold. But together we must dare to move into this new decade armed with bold visions and big intentions. And we must ensure that we have the capacities this changing world is demanding of us now. 

In this process, let’s keep at the forefront how valuable we are to one another. For years, I’ve turned to my RIMS peers to sharpen skills, explore strategies, and advance professionally. RIMS has built a longstanding tradition of superlative professional development offerings and opportunities for the risk management community.

Thanks to RIMS and our collective willingness to connect and collaborate for the good of our community, we stand on well-defined, solid ground as risk management professionals. But, as the world around us shifts, we can’t stand still. In today’s climate, risk management is about creating and optimizing a whole spectrum of business value. Elevating risk as a strategic value-creating function elevates all of us and puts risk management in the c-suite where it belongs.

We must have the confidence and courage to step forward into this decade willing to do what it takes to embrace and grow into our evolving potential. During my tenure, I’ll be challenging corporate leaders everywhere to reimagine and re-value the role of risk management to increase our stature and strategic leadership. As the c-suite and boardroom doors begin to open, our thinking, approaches, and skills will need to evolve. RIMS will continue to support you by exploring and delivering innovative business ideas and training designed to launch a new business era for our profession.

I’m tremendously proud to join you on this journey as we set out together to make an indelible impact on the businesses we work for, the world we live in, and the people we serve.

Sincerely,

Laura Langone

RIMS 2020 President

From businesses’ digital transformation, to the innovation journey and the significance of social equality and awareness, RIMS 2020 Annual Conference & Exhibition keynote speakers Debra Jasper, Kai Kight and Ronan Farrow will captivate attendees’ minds and hearts with their powerful and inspiring stories.

 

The most anticipated risk management and insurance event of the year, RIMS 2020 brings together more than 10,000 professionals at all experience levels from over 70 international destinations. Scheduled for May 3-6 in Denver, the conference will feature over 150 educational sessions and 400 exhibiting solution providers.

 

About RIMS 2020 keynote speakers:

 

Debra Jasper, Founder and CEO, Mindset Digital

Opening Keynote - Monday, May 4 - 8:00-9:30 a.m.

As founder and CEO of Mindset Digital, Debra Jasper, PhD, applies her deep passion for powerful storytelling to helping professionals capture attention in a digital age. As part of her work, Debra is immersed in studying mega trends, micro trends, and culture shifts, as well as leading digital transformations that move legacy workforces from reluctance to relevance. In this time of short attention spans and hyper-distraction, she also teaches leaders how to write and present with clarity and impact.

Debra’s Full RIMS 2020 Bio

 

Kai Kight, Classical Violinist and Innovative Composer

RIMS Awards and Recognition Luncheon - Monday, May 4 – 12:00–1:15 p.m.

As a classical violinist turned innovative composer, Kai Kight uses music as a metaphor to inspire individuals and organizations across the world to compose paths of imagination and fulfillment. Inspired by his own mother who, when diagnosed with cancer, revealed regrets of not bringing her ideas to the world, Kai is on a mission to spark a global mindset shift in which ingenuity is the norm, not the exception. Kai translates these insights into takeaways that audiences can easily infuse into their own lives and work environments.

Kai’s Full RIMS 2020 Bio

 

Ronan Farrow, Pulitzer Prize–Winning Investigative Reporter

RIMS Conference Finale – Wednesday, May 6 – 3:00-4:00 p.m.

Ronan Farrow is a contributing writer to The New Yorker, where his investigative reporting has won the Pulitzer Prize for public service, the National Magazine Award, and the George Polk Award, among other honors. His latest book, Catch and Kill is a New York Times bestseller and the companion podcast has topped the Apple Podcast charts. Before his career in journalism, he served as a State Department official in Afghanistan and Pakistan. He is also the author of the New York Times bestseller War on Peace: The End of Diplomacy and the Decline of American Influence.  Farrow has been named one of Time Magazine's 100 Most Influential People and one of GQ's Men of the Year.

Ronan’s Full RIMS 2020 Bio

 

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 2020, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

 

Educational sessions are confirmed for RIMS 2020.  Confirmed speakers who have questions may contact speakers@RIMS.org.

Risk professionals at all levels and responsibilities in the United States experienced an average 1.7% base salary decrease in 2019 compared to 2017, while Canadian practitioners experienced an average 4.0% decrease in the same time, according to the RIMS 2019 Compensation Survey. The bi-annual survey is now available in the RIMStore at rims.org/resources/bookstore.

 

The 93-page survey provides detailed compensation analysis by industry, location, and position for virtually all risk professional positions. The survey also explores the impact of education, experience, and demographical data on compensation, as well as benefits and additional cash compensation programs available to practitioners.

 

Compared to the RIMS 2017 Compensation Survey, key findings include:

• CRO salaries in the United States increased 4% to $198,900;
• The pay gap between male and female risk professionals was 14% in 2019, whereas the gap was 17% in 2017;
• 66% of risk management professionals in the U.S. are over the age of 45; and 64% are in that age bracket in Canada.

 

“While overall compensation remained relatively stable, increases in pay for chief risk officers and directors responsible for Strategic Risk Management and Enterprise Risk Management highlight the profession’s evolution,” said RIMS CEO Mary Roth. “Organizations are realizing the importance and value of compensating high-level risk professionals who are prepared to contribute to the organizations’ strategy and growth. This benchmarking tool gives senior business leaders the insight to make informed decisions to develop sustainable risk management departments and capabilities.”  

 

The survey was conducted by email and disseminated to qualified RIMS professional members and non-members. It comprises data from 1,467 completed surveys submitted by full-time risk professionals and offers findings for seven different risk management job titles. The RIMS 2019 Compensation Survey incorporates data from 999 risk professionals in the United States and 196 in Canada.

  

The RIMS 2019 Compensation Survey is available to both members and non-members. To order a copy, visit rims.org/resources/bookstore. Survey contributors are entitled to a complimentary copy of the survey’s Executive Summary. The full survey is $30 for contributors; $250 for non-contributor members; and $500 for non-contributor non-members.

Welcome to a special episode of RIMScast.

To further the discussion around the California Consumer Privacy Act of 2018 (CCPA), host Justin Smulison discusses how the new law will impact risk professionals involved in real estate (commercial and residential). He is joined by Lisa Stanley, the CEO of OSCRE International, a collaboration of organizations and individuals focused on the development and implementation of real estate standards. With privacy, data governance and collection at the heart of the CCPA, Lisa certainly has her ear to the ground and lends her insight as to how businesses with clients and offices in California can comply or catch up with the newly-enacted law. 

For more information about CCPA be sure to check out the Jan. 14, 2020 episode of RIMScast with Teri Cotton Santos, who authored the RIMS Professional Report, Understanding the California Consumer Privacy Act of 2018.

RIMS, the risk management society®, today announced that Laura Langone, JD, MBA will lead the Society as president for the 2020 term, effective January 1. 

 

Ms. Langone is Head of Insurance Operations at Airbnb, Inc. based in San Francisco. She has been a member of RIMS for 22 years and joined its Board of Directors in 2016. Ms. Langone held many Board positions with the RIMS Silicon Valley Chapter, including serving as president for four years. She also volunteered on several RIMS committees and chaired the Society’s Enterprise Risk Management Committee in 2015.   

Prior to Airbnb, she was the Head of Insurance and Risk Management at PayPal, Inc. and Juniper Networks. Throughout her more than 20-year career in risk management, other prominent positions have included: Director of Risk Management and Assistant Treasurer, Genentech, Inc.; West Coast Life Science Leader, Marsh; Director of Risk Management, Oracle Corporation; and insurance defense practice member, Gordon & Rees, LLP.

 

“Today’s risk professional can’t afford to be complacent,” said Ms. Langone. “While the world around us evolves, especially with the introduction of new technologies, we must be ready to embrace different perspectives, different strategies and dare ourselves to be different.

“Stepping outside of our comfort zone can be intimidating, but those who are ready for the challenge will find greater opportunities to strengthen their risk programs and elevate their careers. I am beyond excited to serve as RIMS 2020 President and to help ensure this global risk management community offers the tools, resources and support that allows us all to dream bigger, aim higher and be different.”

 

Officers on RIMS 2020 Board of Directors:

• President: Laura Langone, JD, MBA; Head of Insurance Operations, Airbnb, Inc.

• Vice President: Ellen R. Dunkin, Esq.; Senior Vice President, General Counsel & Chief Risk Officer, Amalgamated Life Insurance Company.

• Treasurer: Patrick Sterling, SPHR, SHRM-SCP; Senior Director, Legendary People and Risk, Texas Roadhouse.

• Secretary: Jennifer Santiago, MBA, RIMS-CRMP, ARM; Assistant Vice President & University Risk Officer.

 

New Board Members:

• Twane Duckworth; Chief of Risk Management, City of Jacksonville.
• Tina Gardiner; Manager, Risk Management Services, The Regional Municipality of York (Ontario).

 

Incumbent Board Members:

• David E. Arick, ARM; Assistant Treasurer, Global Risk Management, International Paper Company.
• Barry Dillard; Director, Risk Strategies, Insurance and Compliance, Walt Disney World Resorts.
• Gary A. Nesbit, CPCU, CSP, ARM, AIC, ALCM, SPHR; Senior Director of Risk Management, Young Life.
• Soubhagya Parija; Senior Vice President and Chief Risk Officer, New York Power Authority.
• Kristen Peed, CPCU, RPLU, CRM, ARM-E, CIC, AAI; Director of Corporate Risk Management, CBIZ, Inc.
• Robert Zhang; Business Risk & Compliance Manager, INGKA China.

• Ex Officio: Gloria Brosius, RIMS-CRMP; Director, Risk Management and Insurance, Pinnacle Agriculture Distributions, Inc.

           

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

RIMS, the risk management society®, commends Congress for their efforts in authorizing a seven-year extension of the Terrorism Risk Insurance Act (TRIA). The Society has advocated for the latest bill since the last iteration expired in 2017:

 

RIMS leadership offered the following comments in reaction to TRIA’s reauthorization:

 

RIMS 2019 President Gloria Brosius:

 

“TRIA’s reauthorization allows risk professionals to continue to be proactive, to take measures to mitigate risks before they manifest and allocate resources more effectively. And, while the unpredictability and catastrophic nature of terrorism will, unfortunately, remain a grave concern for global business leaders, RIMS welcomes this critical financial backstop and looks forward to working with United States Congressional leaders on future regulatory matters that impact our work.”

 

RIMS External Affairs Committee Chair John Burkholder:

“Positive news about terrorism is hard to come by, however, TRIA’s reauthorization is a major win for businesses with operations in the United States and the overall economy. TRIA will allow our businesses to recover from an act of terrorism faster, to get people back to work and demonstrate the true resiliency of our economy. I would like congratulate the RIMS members who contributed to this effort and the men and women in Congress who had the foresight to move this important bill forward.”

 

The reasons we join RIMS and the value we get from membership may vary, but the journey and the ultimate goal for many of us is virtually the same. Career advancement, professional development, organizational growth, networking and knowledge drive member engagement and allow RIMS to deliver the best resources for risk management professionals around the world.

In the waning days of 2019, RIMS headquarters could not be busier. Educational events, programming and planning for 2020 initiatives are in full throttle as we continue to innovate to meet your expectations.

In its second year, RIMS Risk Forum India attracted more than 100 attendees and delivered cutting-edge content to support India’s thriving risk management community.  Several big announcements from the event included the presentation of the India ERM Award of Distinction honor to Cognizant Technology Solutions, as well as two important personnel announcements. The first, we proudly appointed of N.K.V. Roop Kumar to Chair of RIMS Regional Advisory Group India. Second, due to the outstanding demand for RIMS resources in the country, the Society hired its first overseas full-time staff. Gopal Krishnan, based in Mumbai, joined as the Associate Director / Head of RIMS India Operations this November.  We look forward to continued success under their leadership and direction.  

This week, RIMS will host a webinar that will explore the challenges of quantifying risks and best practices for working with your actuarial team. Webinars are a fantastic opportunity to gain insight and strategies at times that fit your schedule. The Quantifying Risks: The Actuarial Perspective webinar and 15 other RIMS webinars – which are all free for members – are archived on the Opis-Ed platform. 

RIMS Risktech Forum is next week.  Registration numbers are exceeding all expectations. While there are many insurtech conferences out there, this one is centered on the risk professional’s perspective.  Just as technology will change the future of our profession, so will the next generation of risk leaders.  We are so grateful to the Spencer Educational Foundation for their sponsorship that has paved the way for more than 30 students to attend.   

Once again, the RIMS-CRMP certification continues to show great promise with more than 30 new holders in the last two months. Our congratulations to: Lindsey Adams (North Carolina), Ronaldo Dy-Liacco (Texas), Janelle Adrianne Graf (Colorado), Christopher William Johnson (New York), TJ Scherer (Arizona), Jeffrey Strege (Texas), William Ryan Talmage (Colorado), Timshel Tarbet (Oregon), Cher Ann Trentini (Virginia), Bonnie Winters (New Mexico), Zeeshan Arif (Dubai, UAE), Mark Benedict (Virginia), Christopher D. Boehm (Illinois), Yanis D. Fernandes (Colorado), Yuerong Ji (New York), Cory Reid Mangum (Texas), David Stone (Utah), Chittaranjan Sahoo (Bangalore, India), Yogesh Babanrao (Pune, India), Felix Cheng (Illinois), John MacDonald Gordon (Alberta, Canada), Charles Tineyi Washoma (Bulawayo, Zimbabwe). New RIMS-CRMP-FED holders include: Jerold Gidner (Virginia), Hugh Livengood (Washington DC), Mary-jean Buhler (Washington DC), Karen Hardy (Washington DC), Christopher Calfee (Washington DC), Joie Hayes (Virginia).

Finally, as I reflect on my year as president of this extraordinary Society, I can’ begin to tell you how grateful I am for the support of the Board of Directors, the RIMS staff, and the RIMS members.  I had some amazing experiences this year and met some truly wonderful people.  To those chapters that I had an opportunity to visit with this past year, thank you for welcoming me into your chapter community.  To those members that I was able to speak with one-on-one, I hope you know that I enjoyed our conversations immensely.  Thank you all – please reach out to me if I can help you in any way.  May each of you enjoy safe and Happy Holidays and may your risk management journeys continue to be rewarding.

It's that time of year again! Risk managers are renewing their insurance policies, and RIMS is collecting data for the RIMS Benchmark Survey. The market has changed quite a bit since last year, and we want to track the progress. 

 The 2019 Survey showed:

• The P/C industry had a profitable 2018.
• TCOR was higher in 2018, largely due to rising insurance rates.
• For casualty lines, higher TCOR is in part a response to a higher frequency of very large losses.
• Property TCOR rose despite a significant decrease in catastrophe losses in 2018.
• Cyber insurance remains a major success story for insurers.

The RIMS Benchmark Survey provides a unique window into the commercial insurance market. Seen against the backdrop of industry economic data, change in TCOR offer insights into the forces at work in the insurance industry. Armed with this information, insurance buyers are better positioned to design their risk financing programs, budget insurance costs, report more effectively to senior management, and negotiate with carriers. It offers risk managers, insurance brokers and underwriters the first and only real-time window into the commercial insurance market-unbiased by brokers or insurers involved. How do you use the RIMS Benchmark Survey?

The RIMS Benchmark Survey is a single source of benchmark statistics based on 15,000+ insurance and represents more than $2.9 billion in premium. What trend will we see in 2020? Submit your data now, and get your copy of the 2020 RIMS Benchmark Survey free! Get started at www.RIMS.org/Benchmark.

Risk professionals from around the world can now register for RIMS 2020 Annual Conference & Exhibition scheduled for May 3 – 6 in Denver, Colorado.  The most anticipated risk management and insurance event of the year brings together more than 10,000 professionals at all experience levels from over 70 international destinations.

 

The four-day event held at the Colorado Convention Center will feature over 150 educational sessions that cover the widest range of risk management trends, strategies and opportunities that enable attendees to advance their programs and careers. RIMS Marketplace – one of the largest exhibition showcase in the industry – will host 400 solution providers, ensuring risk professionals have the tools and resources to meet today’s evolving global risk landscape.

 

RIMS 2020 BY THE NUMBERS

 

10,000+ … Attending Risk Management Professionals

400 … Exhibiting Solution Providers

300 … Expert Speakers

177 … Education Sessions

70 … Countries Represented

42 … Area Hotels to Choose From

15 … Student Education Sessions & Programs

8 … Thought-Leading Education Tracks

4 … Exclusive RIMS Marketplace Networking Events

3 … Keynote Presentations

1 … Global Risk Management Community

 

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 2020, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

 

Educational sessions are confirmed for RIMS 2020.  Confirmed speakers who have questions may contact speakers@RIMS.org.

For the second year running, large scale cyber-attacks have emerged as the top risk for corporations across India, according to a joint study conducted by Marsh, the world’s leading insurance broker and risk adviser, and RIMS, the risk management society®.

 

According to the report, Excellence in Risk Management – State of Risk Management in India 2019, around 62% of the 179 survey respondents – including c-suite executives and senior risk professionals across 23 industries – identified cyber attacks as the top risk facing their organizations. Extreme weather events (17%), data fraud or theft (10%), and fiscal crises (9%) were highlighted among the other top risks for Indian businesses.

 

This year’s Excellence in Risk Management report also examines the maturity of the risk management function across the country’s leading organizations. Survey findings show that while firms have been slow to change their cybersecurity strategies and make further investments, an increasing number recognize the importance of implementing a comprehensive risk management framework and the potential for good risk management to be a competitive advantage.

 

More than 68% of the respondents listed integrating risk management into strategic planning as the top investment priority when it comes to strengthening the risk management function in 2020. Another 15% ranked upgrading risk management technology as a key investment goal. However, approximately 11% of respondents indicated that building risk management capabilities is not a significant investment focus for their organization.

 

“India, like other countries, has been susceptible to malicious cyber attacks and there is growing awareness among corporates of the need to ensure they have appropriate cybersecurity controls,” said Sanjay Kedia, Country Head and CEO, Marsh India. “Firms need to keep up with the evolution of cyber threats if they are to capitalise on technology-based opportunities. This will require organizations to make additional investment to ensure they have adequate protection.

 

“Quantifying cyber risk can help organisations make better informed capital allocation decisions, enable better performance measurement, and put cyber risk in the same economic terms as other enterprise risks.”

 

The report, which was launched at RIMS’ Risk Forum 2019 India, aims to equip established and aspiring risk management professionals in the country with key insights on India’s rapidly evolving corporate risk landscape. Marsh and RIMS have a long history of collaborating to advance knowledge and best practices in risk management. The Excellence in Risk Management series is published annually in several countries across the globe.

 

“Global business leaders who have ingrained risk management into the fabric of the organization’s strategic planning processes have become better equipped to make informed, proactive, and rewarding decisions,” said RIMS CEO Mary Roth. “India’s risk management community continues to demonstrate its strength, as well as its passion for developing advanced capabilities that support growth and innovation. We are proud to work with Marsh on this important report, to gain insight from professionals in the region, and deliver valuable resources that support their future endeavours.”

For its achievements in developing and implementing Enterprise Risk Management (ERM) strategies that proactively identify risks, enhance mitigation efforts, and help achieve business objectives, RIMS, the risk management society®, presented Cognizant Technology Solutions with the 2019 India Enterprise Risk Management Award of Distinction. Cognizant’s Assistant Vice President & Head - Enterprise Risk Management, K.S. Dinesh, accepted the award on company’s behalf, at RIMS Risk Forum 2019 India in Mumbai.

 

With a changing digital landscape and a need to deliver superior solutions to meet clients’ expectations, Cognizant’s ERM program ensures that risk issues are explicitly considered in decision-making, thereby minimizing negative surprises and ‘predictable’ failure. The acceptance of ERM across the organization has strengthened Cognizant’s ability to identify and proactively address issues, increase the velocity of implementation of mitigation actions, and institute rigorous risk measurement, risk reporting, and governance.

 

“Cognizant’s ERM program has grown to be a source of competitive advantage for the organization, with valuable support from the leadership team and the Board. It has enabled our business leaders to make swift yet well-informed decisions,” says John Brennan, SVP and Chief Audit Executive - Cognizant, who oversees the ERM program. K.S. Dinesh adds, “We continue to drive a risk-aware culture with a clear tone at the top that supports risk embedded processes, informed decision making, and innovation. We are honored to have our work recognized by RIMS and to share our experiences with its global risk management community”.

 

This is the second year that the Society has awarded the RIMS India ERM Award of Distinction. For the award, programs are judged on the scope of the ERM program; how effective it is at engaging people throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.

 

“As India’s risk management landscape continues to evolve, ERM can be a valuable asset that paves the way for businesses to improve processes, unify business areas and successfully identify and leverage emerging risks,” said RIMS Regional Advisory Group, India Chair N.K.V Roop Kumar. “Cognizant’s ERM program is best-in-class. We are proud to present the India ERM Award of Distinction to them and welcome their experience to RIMS’ expansive collection of risk management insight.”

 

For more information about RIMS Risk Forum 2019 India visit, www.RIMS.org/RFIndia. To access RIMS Global Center, visit www.RIMS.org/international. 

RIMS greatest asset is its network. The Society’s passionate risk management community generously shares strategies and professional experiences that sparks powerful dialogue that benefits us all.

Sharing was certainly the theme of RIMS Legislative Summit. It was exciting to discuss RIMS’ and the risk management profession’s priorities with U.S. government leaders. This year, over 70 meetings were held with members of Congress from 20 states. Our group was highly successful in delivering risk management’s perspective on cyber legislation, ADA compliance issues, flood insurance and the reauthorization of TRIA.

RIMS learning experiences continue as we move into the fourth quarter of 2019. The year will end on a high-note with a selection of RIMS events, each one designed for risk professionals from different backgrounds, from different parts of the world and who have different responsibilities within their organizations.  

RIMS 9^th annual ERM Conference is underway right now in New Orleans. Registration numbers have exceeded all previous years, highlighting the growing number of organizations that now recognize ERM’s value. Keynote speaker Gretchen Anderson will address corporate culture and how critical it is to driving innovation. In addition to Gretchen’s remarks, the Conference is featuring a stellar lineup of risk professionals who are ready to share their ERM journeys. 

Immediately following RIMS ERM Conference, we will host a RIMS-CRMP workshop in New Orleans and registration is still open. The RIMS-CRMP certification continues gain global recognition as the must-have mark of achievement for all risk professionals.

Our certification team has been working diligently with universities and entities around the world to expand these in-person learning experiences. This month, National Insurance Academy in Pune, India is hosting its first RIMS-CRMP workshop and approximately 40 risk professionals have already registered to attend.

Additionally, I’d like to congratulate RIMS Ontario Chapter on celebrating their 60^th Anniversary and acknowledge them for their 60-in-60 Challenge. The Chapter is committed to getting 60 RIMS-CRMP holders in 2020 and it will all start with a two-day prep course on November 25 -26 taught by former RIMS President Nowell Seaman. To learn more about the course in Ontario or to register, visit RIMS Ontario Chapter’s calendar here.

RIMS is ready to make a splash in India. The agenda for RIMS Risk Forum 2019 India is set and we are excited to welcome risk management leaders from across the country to explore opportunities for businesses to more confidently and effectively address dynamic risks. There is no question that the sessions will be world-class, and I know many are looking forward to the findings from RIMS Excellence in Risk Management 2019 report (released at the conference with Marsh) and celebrating the winner of the RIMS 2019 India ERM Award of Distinction. Details about the event, scheduled for November 22 in Mumbai, and other resources and content relevant to India’s risk management community can be found here.

In the spirit of sharing, RIMS has created a new forum for risk professionals to voice their challenges and needs as it relates to risk management technology. Registration for RIMS Risktech Forum is now open. Scheduled for December 9 in New York, the Forum differentiates itself from others in the space by approaching risktech from the risk professional’s point of view. We hope you will be able to join us.

Risk management is all about planning. Planning for the now and planning for the future. Each time we implement those plans we gain valuable insight as to what works well and where we might have to alter those plans. RIMS is proud to be at the center of it all, creating the opportunity for our global community to effectively plan, implement, share and succeed. Thank you so much for sharing.

Sincerely,

Gloria Brosius, RIMS-CRMP
RIMS 2019 President

Susan Hiteshew, RIMS board member, presented Recology Inc. with the RIMS 2019 Global Enterprise Risk Management Award of Distinction at its ERM Conference in New Orleans.  The award recognizes Recology for its outstanding integration of ERM with governance and strategy to achieve sustainable, long-term value across the organization.

 

The San Francisco-based resource recovery company successfully implemented a unique ERM program in just over a year, while demonstrating value creation related to an acquisition. Recology leadership’s commitment and risk committee guidance provided a foundation for the ERM team to develop a training program for employees, establish a common risk database and deploy several other initiatives to build risk awareness into the culture. Additionally, Recology adopted new risk-driven metrics to address dynamic risks, such as global pricing of recycled materials, which have resulted in more efficient allocation of resources.

 

“I was amazed at how quickly our staff gravitated to this project,” explained Michael J. Sangiacomo, President and CEO of Recology. “The implementation of our ERM program has been an exceptionally successful initiative. When we launched the program in early 2018 we had no formal risk management infrastructure aside from insured risk. Now, ERM has a strong presence throughout the organization. All of our employee owners are increasingly aware of their responsibilities regarding communicating and managing risks, and we possess multiple tools for managing risks effectively and minimize unexpected outcomes.”

 

Honorable mentions for this year’s Global ERM Award of Distinction were presented to Dubai Roads and Transit Authority, The Regional Municipality of York and ON Semiconductor. Dubai RTA’s program is awarded for using ERM as a performance enabler which has proven highly effective in reducing emergencies and crises events that affect Dubai’s transportation infrastructure. The Municipality of York is recognized for its ERM playbook, leveraging ERM in cyber and climate analytics, and instilling a strong culture of risk awareness across all levels and business areas of the organization. ON Semiconductor’s ERM program is acknowledged for its disciplined application of risk appetite parameters, and integration of emerging and interactive risk workshops.

 

“Organizations increasingly are customizing ERM programs to address unique needs and build risk strategies and competencies that align with long-term goals,” said RIMS CEO Mary Roth. “Recology, and all of our award winners, have successfully integrated ERM programs that link to their organizations’ respective missions, strategies and performance. RIMS is proud to honor them with the Global ERM Award of Distinction and share their successes with our community.”

 

Judging criteria for the Global ERM Award of Distinction includes measurable, tangible and sustainable results; unique program strengths; ERM innovation that links risk with strategy or performance; and the program’s ability to build sustaining risk management capabilities.