Announcements

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.

Twenty-eight students from nine universities were awarded Spencer Educational Foundation grants to attend RIMS ERM Conference 2019 in New Orleans on November 4^th and 5^th.  The funding – which is intended to cover travel, accommodations and event registration – will give these up-and-coming risk management and insurance professionals access to RIMS world-renowned education and networking.

 

With enterprise risk management (ERM) programs continuing to gain traction as a critical strategic and operational capability for organizations around the world, the two-day RIMS conference will feature business and ERM leaders who will share their experiences implementing and sustaining this value-creating risk management approach. To learn more about the RIMS ERM Conference 2019 or to register, visit http://www.rims.org/events/erm/erm-conference-2019.

 

“Spencer identified RIMS ERM Conference as an incredibly valuable learning experience that exposes students to next-level risk management practices,” said Spencer Executive Director Megan Miller. “Our Foundation prides itself on creating opportunities to prepare students for real-world risks and real-world expectations. We are thrilled to provide financial support to these exceptional students.”

 

Established in 1979, Spencer continues to fund the education of tomorrow’s risk and insurance leaders by helping to promote the industry to the next generation. Since our founding, we have awarded 1,141 scholarships totaling approximately $7.35 million, and $4.1 million in grants to universities and professional institutions for educational programs and conferences. The Foundation has touched more than 44,000 students through its programs. For more information, visit www.spencered.org.

 

Grant recipients include the following universities and students:

 

Appalachian State

Devon Goolsby

Megan Moreno

Florida State University

Alex Factor

Rachael Gunter

Georgia State University

Analucia Pajares

Victoria Trainer

St. John’s University

Catherine Caracappa

Dylan Hawxhurst

Aba Dane Joseph

Chul Hyung Lee

Juan Carlos Merlo

Wei Qian

St. Mary’s University

Olivia Bachelet

Bianca Hernandez

Julia Kheiv

Fernanda Sandoval

Temple University

Kushal Parikh

Divya Pawar

University of Georgia

Anna Baker

Natalie Hirsch

University of Southern California

Austin Gumins

Jasmine Klein

University of Wisconsin-Madison

Aina Athirah Ab Latip

Nakul Arora

Sarah Arshad

Will Brown

Marissa Fowler

Jonathan Korger

 

With nearly 70 percent of Indian professionals in agreement that forecasting critical risks is not getting any easier,* collaboration and the exchange of risk management best practices has never been more important. RIMS, the risk management society®, has announced the agenda for RIMS Risk Forum 2019 India (22 November in Mumbai) that will explore opportunities for businesses to more confidently and effectively address dynamic business risks in the country.

 

Co-emceed by RIMS CEO Mary Roth and RIMS India Regional Advisory Group Chair Nagumantry Roopkumar, the one-day event will bring India’s risk management community together, providing attendees with access to thought-provoking insight and valuable networking opportunities. The Forum will cover a broad range of business risks that impact corporate decision-making, as well as innovative risk management strategies addressed in sessions titled:

• Building a Risk Culture in India
• Marsh / RIMS Excellence in Risk Management: State of Risk Management in India 2019
• Cultural Imperatives to Mitigate Fraud Risk
• Alternate Risk Transfer
• Emerging D&O Liability Risks
• Is Regulation the Biggest Risk to Emerging Business Models in India?

 

Featured speakers include:

• Nagumantry Roopkumar, Executive Vice President, Chief of Risk, Information & Cyber
  SBI Life Insurance Company Ltd.
• Harshit Baxi, Head - Internal Audit and Risk Management, Firstsource Solutions Ltd.
• Amber Gupta, Head Legal and Company Secretary, Aditya Birla Sun Life Insurance;
• Mrunal Pandit, Insurance Leader, Tata Global Beverages

 

“India’s business economy continues to experience tremendous growth that has opened doors to countless opportunities for organizations to innovate and explore new strategies,” said Roopkumar. “But, for success, organizations must embrace strong risk management practices and risk-aware corporate cultures that support important strategic decisions. RIMS Risk Forum 2019 India will showcase the Society’s internationally recognized risk management thought leadership, offering a valuable experience for business leaders and risk management professionals from across the region.”

 

At the event, RIMS will present the India ERM Award of Distinction. The award honors an organization for outstanding achievement in developing and applying enterprise risk management practices. Judging criteria includes 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.  Last year, the inaugural award was presented to SBI Life Insurance Co. Ltd.

 

Registration for RIMS Risk Forum 2019 India is now open: register here.  For questions about sponsorship opportunities, contact RIMS Account Manager George Schwimmer at gschwimmer@rims.org or +1-212-655-6033.

 

*RIMS and Marsh Excellence in Risk Management: State of Risk Management in India 2018 Report asked respondents “How much easier/more difficult is it to forecast critical risks to your business today…”  Sixty-seven percent were in the “Significantly More Difficult,” “More Difficulty” and “The Same” categories.

While risks and challenges might vary globally, RIMS worldwide community shares a vision for the future of this profession and the future of this Society.  It is this unified perspective that drives RIMS, its Board of Directors, chapter leaders, volunteers and staff, to pursue new resources and opportunities that align with our common goals.

At RIMS’ regional conferences, at the RIMS Canada Conference and our summits hosted by the Australasia and New Zealand and Pacific Islands Chapters, this shared vision was on full display. The common theme was the evolution of risk, the speed of risk and its inevitable impact. But, the conversation didn’t end there and I was fascinated by the innovative strategies and practices our community has already employed to act, embrace and transform. 

The 2019 RIMS event calendar is far from over. We welcome you to join our upcoming forums and be a part of these conversations. Upcoming events include:  RIMS Legislative Summit (Oct. 16 – 17 Washington, D.C.); RIMS ERM Conference (Nov. 4-5 New Orleans); RIMS Risk Forum India (Nov. 22 Mumbai); RIMS Risktech Forum 2019 (Dec. 9 New York).

There is also a shared vision when it comes to diversity and inclusion in the risk management profession and insurance industry. Earlier this year, RIMS Diversity and Inclusion Advisory Council developed a D&I Vision Statement for the Society:

 

RIMS strives to provide a highly inclusive environment for all identity groups to thrive in the global risk community, and to facilitate and encourage open dialogue for a more inclusive and resilient future.

 

This sentiment was overwhelmingly captured in RIMS Risk Management Talent 2025 Report.  According to the report, 92 percent of respondents believe that a diversity of perspectives is vital to risk management decision-making today, as well as by 2025. In addition to exploring D&I perspectives, the report highlights the glaring need for risk management education, as well as the concerns business leaders have about future risks.  The full report is available in the Risk Knowledge library and I would like to thank Chubb, The Hartford and Willis Towers Watson for their efforts in its development.

 

Our Annual Conference Programming Committee take these findings, as well as the discussions, themes and ideas shared in our conferences to heart.  This group of dedicated volunteers successfully reviewed more than 700 education session submissions, evaluated their relevance focus and selected 170 for RIMS 2020 Annual Conference & Exhibition (May 3 – 6 in Denver). RIMS 2020, and all of our events, are renowned for excellence in risk management education and it is a testament to the hardworking individuals on our committees, as well as the contributions of our engaged community.

 

Join them. I encourage you to become one of our outstanding volunteers and take an active role in shaping the future of RIMS.  Recently, we launched our global call for volunteers to serve on our committees and councils. Participating in our committee and council system is an outstanding opportunity to gain leadership skills and can pave the way for successful service in similar roles within your organizations.

 

Finally, I’m happy to announce that we have 15 new RIMS-CRMP certification holders, three of whom now hold the RIMS-CRMP-FED and our first risk professional from Trinidad and Tobago. Our congratulations to: Jesus Flores (Texas); Robert M. Marshall (New Jersey); Jeffery Telford (Pennsylvania); Shawn Greg Isaac (Trinidad and Tobago); Carlos Javier Contreras (Maryland); Joie Hayes (Maryland); Shant Jain (Alberta); Jack Jennings (New Jersey); Peter Leland (Ontario); Mark W. Middleton (Oklahoma); Robert Pettit (Utah); Byron M. Lawrence (Maryland). RIMS-CRMP-FED holders: Jason Bruno (Washington, D.C); Madeline E. Ciesielski (Virginia); and Justin Fang (Washington, D.C.).

 

Exchanging ideas and sharing experiences is how this Society was built. Whether through our online networking forum Opis, at conferences or forums or at one of our chapters’ events, I encourage you to get involved. It is your insight and perspective that us allows to focus on our shared vision and continue to advance this profession into the future.

 

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

 

 

RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to Jim Swanson, Director, Insurance and Risk Management for the Province of Manitoba (retired). Presented each year at RIMS Canada Conference, the Donald M. Stuart award is widely recognized as Canada’s highest honour within the risk management field. Since 1979, the annual award has celebrated Canadians who have made outstanding contributions to the risk management profession.   

“Throughout my career, I have focused on being a strong communicator, embracing varying perspectives and ideas, and promoting the invaluable potential of a collaborative, enterprise-wide approach to risk management,” said Mr. Swanson. “As a volunteer and an educator, I continue to be amazed by the new strategies implemented by my fellow professionals and am so proud to be a part of this outstanding business community. I can’t express enough how honoured I am to be this year’s Donald M. Stuart Award recipient.”

 

During Mr. Swanson’s 30 years with the Province of Manitoba, he played a critical role in the development of insurance and risk management policies for its 12 departments and 39 agencies. His contributions led to the development and implementation of enterprise risk management practices, as well as the creation of an adaptable Business Continuity Plan and Fraud Reporting and Prevention Policy. Additionally, during his tenure, he built one of the most comprehensive centralized records of physical assets held by any Provincial government in Canada.

 

“In addition to his remarkable achievements with the Province, Jim Swanson continues to generously donate his time and experiences to help advance the profession,” said ORIMS President Valerie Fox. “Jim is a tremendous RIMS Canada Council volunteer, a mentor to so many up-and-coming risk professionals and a role model for us all. The RIMS Ontario Chapter is proud to recognize his career.”

Mr. Swanson is an active member of RIMS. He has held several positions on the RIMS Manitoba Chapter Board of Directors including serving as the chapter’s president from 1992 to 1994. He was a member of RIMS Canada Council’s advisory committees and chaired the RIMS Canada Conference in 1994, 2004 and 2014. Mr. Swanson successfully incorporated risk management into the Red River College certificate program and was a part of the National Education Committee, a group responsible for updating risk management textbooks and course curriculums. He is also a Canadian Risk Management designation (CRM) instructor.

 

Mr. Swanson holds a degree in Psychology from the University of Manitoba, as well as the FCIP, CRM and RF risk management and insurance designations.

 

Fred H. Bossons Award

Also presented at RIMS Canada Conference was the Fred H. Bossons Award. Each year, the award honours the risk management professional who earns the highest average mark on the three examinations required to attain the Canadian Risk Management (CRM) designation. This year’s winner is Ronnie Yuen, Underwriting Assistant at Starr Technical Risks Canada Inc.

 

The CRM designation provides risk professionals a foundation of knowledge and skills needed to identify, assess, monitor and limit risks. The award is recognized by RIMS and awarded by the Global Risk Management Institute (GRMI).

 

About RIMS Canada Council

The RIMS Canada Council (RCC) is a standing committee of the Risk and Insurance Management Society, Inc. (RIMS).  The RCC addresses the strategic initiatives of RIMS and risk management issues in Canada.

 

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, nonprofit, 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 more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org.

IT and risk management professionals must speak the same language to more effectively incorporate the benefits and uncertainties associated with data and technology into the organizations’ overall strategy and to add value, according to a newly published, complimentary white paper from ISACA and RIMS, “Bridging the Digital Risk Gap: How Collaboration Between IT and Risk Management Can Enhance Value Creation.”  The white paper can be found on ISACA’s website: here and RIMS website: here.

 

The “Bridging the Digital Risk Gap” white paper outlines how the changing digital risk landscape, new regulatory requirements, and greater understanding of commonalities between IT and risk management make a strong case for aligning the two in order to realize significant benefits.

 

Additionally, the report highlights ISACA’s Risk IT Framework and how it integrates both IT and risk management, as well as demonstrates how risk management can be incorporated into the technology life cycle. The resource also points out how both IT and risk management professionals can integrate the frameworks that each uses—including the U.S. National Institute of Standards and Technology (NIST) Cybersecurity Framework, the risk process from the American National Standards Institute (ANSI) risk assessment standard RA.1—as well as integrate roles and methods of assessment.

 

“When enterprises examine the evolving risk environment and the benefits that can come from integrating risk management and IT, it becomes very clear that this collaboration is important to the overall business-risk portfolio,” said Paul W. Phillips, III, CISA, CISM, technical research manager at ISACA and a contributing author to the white paper. “This kind of strategic coordination can bring many positive outcomes, including better incident response and improved information protection.”

 

The report also includes RIMS’ Enterprise IT Risk Management Responsibility Assignment Matrix that shows organizations how they can visualize the roles within the IT ecosystem and the cross-functional expertise required, as well as a map for ISACA’s Risk IT Framework and the RIMS Maturity Model (RMM). The map emphasizes the alignment between each domain in ISACA’s Risk IT Framework and the seven attributes of the RMM.

 

“Collaboration between IT and risk manage­ment professionals facilitates strategic align­ment of resources and promotes the creation of value across an enterprise. Understanding one another’s world is the first step for building a constructive and symbiotic relationship,” stated Carol Fox, RIMS VP of strategic initiatives and contributor. “In doing so, IT and risk management professionals can leverage their knowledge and resources to better inform decision makers on how business strategies and objectives can benefit from IT capabilities, and spur investment in new technology.”

 

To read the free white paper, visit www.isaca.org/digital-risk-gap or RIMS Bridging the Digital Risk Gap. More information about IT and risk management can be found at www.isaca.org/Knowledge-Center/ and https://www.rims.org/resources/strategic-enterprise-risk-center.

 

About ISACA

Now in its 50th anniversary year, ISACA^® (isaca.org) is a global association helping individuals and enterprises achieve the positive potential of technology. Today’s world is powered by information and technology, and ISACA equips professionals with the knowledge, credentials, education and community to advance their careers and transform their organizations. ISACA leverages the expertise of its 460,000 engaged professionals—including its 140,000 members—in information and cyber security, governance, assurance, risk and innovation, as well as its enterprise performance subsidiary, CMMI® Institute, to help advance innovation through technology. ISACA has a presence in more than 188 countries, including more than 220 chapters worldwide and offices in both the United States and China.

 

Twitter: www.twitter.com/ISACANews

LinkedIn: www.linkedin.com/company/isaca

Facebook: www.facebook.com/ISACAHQ

Instagram: www.instagram.com/isacanews/

 

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, nonprofit, 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 more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org.

 

Twitter: www.twitter.com/rimsorg

LinkedIn: www.linkedin.com/company/rimsorg

Facebook: www.facebook.com/rimsorg

Instagram: www.instagram.com/rimsorg

 

Contact:

Emily Van Camp, +1.847.385.7223, evcamp@isaca.org

Kristen Kessinger, +1.847.660.5512, communications@isaca.org

Josh Salter, +1.212.655.6059, jsalter@rims.org

While excecutives overwhelmingly view risk management as a highly valuable business function, only 32 percent surveyed in the newly released RIMS Risk Management Talent 2025 Report confidently believe their risk management teams are prepared to meet future challenges. The report is a joint initiative of RIMS, the risk management society®, Chubb®, The Hartford and Willis Towers Watson.

 

The RIMS Risk Management Talent 2025 Report aims to provide a better understanding of who comprises the profession today and where skills and experience can be strengthened. Additionally, the report highlights opportunities for building a talented pipeline of risk management professionals who are ready to deliver exceptional results that support growth and innovation for years to come.

 

Other key findings from the report include:

• 92% believe that a diversity of perspectives is vital to risk management decision-making today, as well as by 2025;
• 94% agreed that new skills will need to be developed to meet business challenges by 2025;
• Only 16% agreed that there will be a sufficient number of risk management graduates to meet 2025 demands;
• 92% agreed that universities must substantially alter their curricula to meet future risk management challenges;
• 78% of risk management professionals anticipate that functions such as IT and supply chain will also incorporate risk goals in five years.

 

Data analyzed in the RIMS Risk Management 2025 Report was generated in a survey administered by RIMS, Chubb, The Hartford and Willis Towers Watson. More than 1,170 surveys were completed, 845 were by risk management professionals. To download the RIMS Risk Management 2025 Talent Report, visit www.RIMS.org/RMTalent2025Report.

 

STATEMENTS FROM THE PARTICIPATING ORGANIZATIONS

 

RIMS:

 

“The risks impacting our organizations and the profession have undergone a major transformation over the past five years,” said RIMS President Gloria Brosius. “This collaborative report offers great insight as to where we are today and where we need to be tomorrow. Through education, training and by embracing diverse perspectives we can ultimately create a talented risk management pipeline that’s primed to drive organizational success into the future.”

CHUBB®:

“Our sustained business success is inextricably linked to the industry's talent pipeline,” said Ivy Kusinga, Senior Vice President, Chief Culture and Talent Officer. “Risk Management is a vibrant practice which offers a multitude of career tracks reflecting the complexity of what we do, and yet there are some lagging perceptions about the field. This collaborative study illuminates how and where we can act to build towards the future.”

 

THE HARTFORD:

 

“The Hartford is proud to partner with industry leaders to better understand the future challenges businesses are facing,” said The Hartford’s Chief Diversity & Inclusion Officer Susan Johnson. “The survey results are key to helping us address the talent needs impacting risk management professionals, as we continue to build a diverse and innovative workforce that will meet the needs of tomorrow’s economy.”

 

WILLIS TOWERS WATSON:

 

"The industry has to continue to evolve at a pace that can keep up with changing demographics, a dynamic environment with emerging risks, and resource constraints," said Imran Qureshi, Managing Director and Midwest Region Leader for Willis Towers Watson. "The business imperative of harnessing the power of an inclusive and diverse workforce is more clear today than it's ever been."

 

"Today, the risk management profession has a unique opportunity to take action in developing and attracting talent from diverse backgrounds to solve for the ever increasing complex risks of today and tomorrow," said Kim Waller, Practice Leader, Willis Towers Watson Diversity Solutions.

 

About Chubb

Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.

 

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.

 

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.

 

About Willis Towers Watson

Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world realize their path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets.

 

We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance.

Together, we unlock potential. www.willistowerswatson.com

 

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, nonprofit, 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 more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org.

Throughout the year, I’ve spoken about the expectations for our organizations to be resilient and successful, and for risk professionals to take the initiative to advance professionally. Well, now it’s time to transform.

In early September, I will head north to RIMS Canada Conference 2019 in Edmonton. The conference theme is centered around the concept “transform” and the need for risk professionals to be strategic-thinkers who support their organizations through these volatile times. ERM continues to be a great equalizer, allowing professionals to guide their organizations through new initiatives, challenges and opportunities. To that end, immediately following the conference, we have added an ERM workshop that will include best practices and case studies to develop a strong program. Registration for the conference and workshop are open and we are looking forward to a great experience.

When we talk about “transformation,” risk professionals also have to think about themselves too. The RIMS-CRMP certification continues to gain interest from several universities around the world, most recently, from University of Southern California (USC). On October 5 and 6, as part of its USC Executive Education Program, the university will host a two-day RIMS-CRMP workshop open to all professionals. We’re excited to announce this new relationship and invite our growing community to learn more here.

Even traditional risk management is undergoing a transformation. After several years of decline, the Total Cost of Risk (TCOR) increased by two percent in 2018. According to RIMS Benchmark Survey 2019, that increase was a direct result of increases in premium. I want to thank all of the risk professionals who shared their programs’ data, enabling RIMS to deliver this exceptional resource. While contributors’ copies are complimentary, others can purchase the Benchmark Survey in the RIMStore.

I also want to thank the invaluable RIMS volunteers who met last week in Denver to review and select the educational sessions for RIMS 2020 Annual Conference & Exhibition.  Each year, the group selects sessions that cover the most relevant and most impactful risks and risk management trends.  It is a testament to the hardworking members of RIMS Annual Conference Programming Committee and their tremendous experience and expertise.

Finally, the members of RIMS External Affairs Committee continue to do a remarkable job identifying regulation – and transformations in those regulations – that impact the risk management community. The committee is calling on members to engage their local political leaders to support the ACCESS Act, a bill that aims to reduce frivolous lawsuits, address ADA compliance issues while protecting the rights of the disabled. There is still time for members to get involved. To learn more, visit RIMS Advocacy Center.

At times, it can seem as though risks are coming at us from every direction. And, to some, that might sound like a bad thing. But, for risk professionals, these risks are an opportunity to shine. As a community we are stronger and better equipped to achieve the unthinkable. I want to thank you for all of your contributions to RIMS, for helping us to successfully navigate these exciting transformations and for keeping this Society moving in the right direction.  

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

 

Congratulations to three new RIMS-CRMP certification holders in August: Jesus Flores (Texas); Robert M. Marshall (New Jersey); and Jeffery Telford (Pennsylvania).

 

RIMS, the risk management society®, is urging members to engage their local Congressperson to support the newly introduced ADA Compliance for Customer Entry to Stores and Services Act – ACCESS Act.  The legislation (H.R. 4099) was recently introduced by Congressman Ken Calvert (CA-42). 

 

The ACCESS Act says that any person aggrieved by a violation of the ADA would have to provide the owner or operator with a written notice of the specific violation and identify the barrier to their access. Businesses would then have 60 days to respond to this notice and 120 days to make improvements before a suit is filed.

 

“It’s imperative that individuals with disabilities are afforded access to businesses and facilities that adhere to prudent ADA regulations,” said RIMS President Gloria Brosius. “However, the recent rise of frivolous, and sometimes baseless lawsuits have led to legislation such as the ACCESS Act to be necessary to protect both business owners and the disabled.”

 

According to Congressman Calvert, “The ACCESS Act will protect small business owners and disabled Americans through critical reforms to the ADA that ensure it continues to protect access for the disabled and not abusive lawsuits. The ACCESS Act simply ensures they (small businesses) have time to make necessary improvements before being subjected to costly lawsuits.”

 

The bill also develops educational programs and training for State and local government and property owners on effective and efficient strategies for promoting access to public accommodations for the disabled. 

 

RIMScast, RIMS podcast series, featured the Society’s External Affairs Committee vice chairman Mark Humphreys. In the podcasts he discusses the ACCESS Act, H.R. 4099 and its impact on businesses. To listen to the interview, visit RIMScast with Mark Humphreys. 

 

Additionally, ADA Compliance and the ACCESS Act will be one of the main issues covered at RIMS Legislative Summit 2019 scheduled for October 16 - 17 in Washington, D.C.  The Summit is a strategic vehicle for the Society’s members in the U.S. to get involved in the legislative process and advocate for priorities pertinent to the risk management community. For more information about the Summit and other RIMS advocacy initiatives, visit www.RIMS.org/advocacy.

Businesses and organizations paid nearly two percent more in 2018 than they did in 2017 to cover the total cost of risk (TCOR), according to the 2019 Risk & Insurance Management Society (RIMS) Benchmark Survey.

 

Reversing the trend of falling average TCOR per $1,000 of revenue seen from 2013 to 2017, average TCOR rose from $9.75 per $1,000 of revenue in 2017 to $9.95 in 2018. The marginal increase in TCOR was driven primarily by slightly higher liability, property, and workers compensation costs.

 

Liability costs, the largest component of TCOR, increased by nearly two percent, while total property costs, the second largest component, was up five percent. Workers compensation costs, the third largest component of TCOR, also rose three percent from $2.64 to $2.72 per $1,000 of revenue. Higher risk management department costs also pulled average TCOR slightly upward.

 

The key findings of the 2019 RIMS Benchmark Survey are:

• 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 as it continues to grow faster than the overall P&C market.

 

David Bradford, Chief Strategy Officer and Director of Strategic Partnership Development of Advisen Ltd. commented: “The P/C insurance industry is well-capitalized, growing, and profitable. While some classes of business experienced rate increases, the robust health of the P/C industry helped to keep rate hikes in most lines – and therefore increases in TCOR – in check. Some insurers are trimming capacity in troubled lines, but overall the P/C industry is very well-capitalized and able to assume more risk on its balance sheet.” He added that “the strong capital position, combined with overall positive results once investment income is taken into consideration, creates an environment where rate increases may be in conflict with a desire to remain competitive and to increase writings to put excess capacity to work.”

 

“An effective risk financing program does much more than just protect assets,” said RIMS Vice President Steve Pottle. “Understanding Total Cost of Risk (TCOR) allows organizations and their risk management professionals to successfully allocate resources and more accurately prepare for fluctuations in the insurance market. The ability to benchmark your organization’s risk program against your peers through TCOR is a valuable tool both to your senior management and when marketing your risk at renewal time. The RIMS Benchmark Survey continues to be a valuable resource used by hundreds of organizations, helping them to develop dynamic and highly-relevant risk financing strategies.”

 

The annual RIMS survey, produced with Advisen Ltd., is a single source of benchmark statistics with industry data for thousands of insurance programs from hundreds of organizations – including the programs of hundreds of Fortune 500 companies.

 

The 2019 RIMS Benchmark Survey provides a unique window into a market in transition. Seen against the backdrop of industry economic data, changes 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.

 

To order a copy of the 2019 RIMS Benchmark Survey, visit https://www.rims.org/resources/benchmark-survey.

With an overwhelming 88 percent of risk professionals indicating that their organization’s enterprise risk management (ERM) programs are either fully or partially integrated into operations, South Africa might rightly claim to be one of the most risk-aware countries in the world, according to the 2019 Enterprise Risk Management Report: South Africa.

 

A collaborative effort between RIMS, the risk management society®, and IRMSA, The Institute of Risk Management South Africa, the Executive Report highlights the maturity of ERM programs in the country, the value proposition of such programs, acceptance, reporting, as well as opportunities for ERM programs to have an even greater impact on operations and strategy.

 

Key takeaways:

• 88% report either having fully or partially integrated ERM programs in operation;
• 53% said that ERM is being used to inform and influence strategy;
• 81% of risk executives report to their board (committee) on a quarterly basis;
• 31% said ERM’s implementation was ordered by the board.

 

“Global business leaders recognize that ERM’s value goes well beyond just reducing and avoiding risks,” said RIMS Vice President of Strategic Initiatives Carol Fox. “ERM is integral for proactively identifying major risks, enhancing business processes and, most importantly, keeping operational and strategic objectives relevant and within reach. We are proud to team up with IRMSA and share this informative overview to RIMS’ global risk management community.”

“Collaborating with RIMS gave IRMSA the opportunity to benchmark risk management in South Africa against a global platform,” said Christopher Palm, chief risk advisor for The Institute of Risk Management South Africa. “The critical importance of improving risk management within South Africa and South African industries has been highlighted by some recent spectacular corporate failures and represents a key element of IRMSA’s vision for 2019 and beyond - #Impact: A year of risk activism!”

 

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.

Ask any risk professional and they will tell you that relationships are critical to their work. They are the key to identifying and understanding risks and are essential for workingwith those outside of our companies – brokers, insurers, solutions providers and others – who allow us to strengthen our efforts, protect our organizations and support new and exciting initiatives.

In the past month, RIMS made significant headway, forging new relationships – and building on others – that expand ourcollective body of knowledge and allow us to better understandglobal risk management trends.

We continue to make progress advancing the reach of the RIMS-CRMP certification. Twenty-one risk professionals earned their RIMS-CRMP or RIMS-CRMP-FED certification in June and July. Congratulations goes out to this ambitious group listed below.

Today, more than 20 universities in seven different countries are building a curriculum to offer this exceptional learning opportunity. We are pleased to announce that the University of Southern California will be offering their inaugural class on October 5-6 at their Los Angeles campus.     

Abroad, RIMS and Tata AIG General Insurance Company Limited in India have also agreed to team up and develop a RIMS-CRMP prep course. Delivered through the Tata AIG Academy, the course is expected to be available for students in the fourth quarter of 2019.

Also in India, RIMS hosted a summit at Infosys headquarters in partnership with RMNext. The summit focused on digital disruption risk, and the proceedings were led by Infosys co-founder Nandan Nilekani, the architect of India's Aadhaarbiometric identification system. The participation wassensational and the information shared was even more impressive. I’m looking forward to learning more at our Risk Forum India later this year.

Another exciting relationship of ours with IRMSA, The Institute of Risk Management South Africa. Together, we published the 2019 Enterprise Risk Management Benchmark Survey: South Africa. The report highlights the maturity of ERM programs in the country, their value, the opportunity for advancing practices and much more. The report is now available in RIMS Risk Knowledge Library.

For risk professionals engaged in ERM initiatives or thinking about implementing them, they will be excited to learn that the agenda is set for RIMS 2019 ERM Conference. Scheduled for November 4 and 5 in New Orleans, the Society is proud to welcome representatives from some of the world’s largest companies – IBM, Microsoft, Oracle, Paychex to name a few. The Society is now accepting submissions for the Global ERM Award of Distinction that recognizes outstanding, value-drivingprograms that support growth and innovation.  To submit a nomination, risk professionals can visit this link.

Finally, in the spirit of building those all-so-important local relationships, RIMS Houston Chapter held a very successful Learning Lab event in July. With more than 50 local risk management professionals in attendance, Kevin Sisk, senior vice president from the Lockton Companies, presented on emerging contractual risks.  RIMS is continuing to encourage chapters to take advantage of the free Learning Lab programs and select from a variety of risk management topics, or even build their own presentation. Interested chapters should contact RIMS Education Manager Heather Lewis at hlewis@RIMS.org.

As we continue in our mission to educate, engage and advocate for the global risk community, relationships will undoubtedly bea critical ingredient to RIMS’ success. We can’t express enough how appreciative we are to all of our members and especially for those who continue to dedicate their time as volunteers. Your invaluable contributions broaden the Society’s reach and allow us engage and learn from others around the world.  Thank you!

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

 

In June and July, RIMS welcomed 21 new RIMS-CRMP and RIMS-CRMP-FED certification holders. Congratulations to:  Hagay Ben-gigi (Israel), Arthur Burkham (Arizona), Samantha Butler (Illinois), Pacchanya Chutimawong (Thailand), Patrice Corder (Ohio), Karthick Dalawai (Pennsylvania), David Dugan (California), Robert Flinchem (Illinois), Norris James (Illinois),Paulette Kaffee (Maryland), Leslianne Leslie (Florida), Jacqueline Love (Florida), Arjun Madra (California), Richard Meszen (Washington), Heidi Much (Michigan), Edward Padula(Virginia), Jonelle Pianta (Washington D.C.), Michael Simone (Massachusetts), Joseph Simons (Maryland), Scott Striebeck(Texas), and Janet Yienger (Florida).

RIMS, the Risk Management Society®, and Tata AIG General Insurance Company Limited (‘Tata AIG’) have agreed to jointly develop a RIMS-CRMP Certification prep course to be administered by the Tata AIG Academy, learning wing of Tata AIG  in Mumbai, India.

 

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 ANSI Accreditation of RIMS-CRMP signifies that the Institute recognizes the competence of RIMS to carry out certification activities in accordance with requirements defined in the International Standards and confirms approval by government and peer review assessments.

 

Through their learning wing Tata AIG Academy, Tata AIG facilitates insurance learning for employees, insurance intermediaries, risk and insurance managers, in line with Tata AIG’s firm belief in the holistic development of a risk management culture in the Indian insurance market through imparting risk and insurance expertise that strengthens technical and functional capability and builds a talent pool of exceptional risk and insurance leaders.

Tata AIG will work very closely with RIMS to deliver the RIMS-CRMP program which includes:

 

1. Analyzing the Business Model
2. Designing Organizational Risk Strategies
   3. Implementing the Risk Process
3. Developing Organizational Risk Competency
4. Supporting Decision Making

 

The course is scheduled to be available in 2019.

 

“Organizations around the world are realizing the importance of strong risk management capabilities and are investing in their people to drive this critical business area,” said RIMS President Gloria Brosius, RIMS-CRMP. “We are proud to gain the support of such an important leader in India’s risk management community and, with Tata AIG, deliver this exceptional educational opportunity.”

 

“We are extremely happy and excited of our association with RIMS as it reinforces the importance of risk management which has become a cardinal requirement of the corporate world,” said Sushant Sarin, Executive Vice President & Head, Commercial Lines & Reinsurance, Tata AIG General Insurance Company Ltd.

 

To learn more about the RIMS-CRMP certification, to view eligibility requirements, for details about existing prep opportunities or to register for an exam, visit www.RIMS.org/certification or contact RIMS Client Service Team at cst@RIMS.org.

With enterprise risk management (ERM) programs continuing to gain traction as a critical strategic and operational capability for organizations around the world, RIMS, the risk management society®, proudly announces the program for one of its signature events - RIMS ERM Conference 2019.

 

Scheduled for November 4 – 5 at The Roosevelt New Orleans hotel, the two-day conference features business and ERM leaders who will share their experiences implementing and sustaining this value-creating risk management approach. Some of the featured sessions are:

 

• From Risk Management to Value Management presented by Dr. Douglas Webster, Former CFO of the S. Department of Education;
• When Worlds Collide, Value is Created presented by Tom Easthope, Enterprise Risk Management, Microsoft Corporation; Grace Crickette, Vice Chancellor for Administrative Affairs and Ethics Officer, University of Wisconsin-Whitewater; and Carol Fox, RIMS Vice President of Strategic Initiatives;
• Is Three a Crowd in GRC (Governance Risk and Compliance)? presented by Dr. Lianne Appelt, Director of Risk Management, Oracle Cloud Solutions;
• Digital Disruption and Transformation Risks presented by Dr. Paul Walker, the James J. Schiro Zurich Chair of Enterprise Risk Management, John's University; and Stuart Horn, Director, Director of Enterprise and Financial Risk Management, IBM;
• Finding That Crystal Ball: Identifying and Managing Emerging Risks presented by Lorie Graham, Chief Risk Officer, American Agricultural Ins. Co.; and Frank Fiorille, Vice President, Risk, Compliance, and Data Analytics, Paychex Inc.

 

Registration for RIMS ERM Conference 2019 is now open: register here.  For questions about exhibiting or sponsorship opportunities, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

First impressions set expectations for the future of the business relationship. For risk professionals this is crucial as those opportunities to make first impressions often come in a boardroom, with business leaders from across the enterprise and with our brokers and insurers. Key to making a great first impression is knowledge and confidence. RIMS endeavors to deliver the insight and opportunities needed to not only make a great first impression, but also build lasting professional relationships.

RIMS NextGen Forum is a great example of a Society resource that supports rising risk professionals. RIMS welcomed up-and-coming professionals from across U.S. and Canada to New York for a full-day Forum and featured an inspirational keynote address that encouraged attendees to go beyond the numbers when proactively addressing risks. We hope that the important conversations that transpired there continue in Opis – RIMS online networking forum. Also, the RIMS blog – the Risk Management Monitor – featured a great recap of the event.

In just a few weeks, RIMS will be making a first impression of its own. RIMS Vice President Steve Pottle and I were invited to address a group of 50 risk management interns from AON. The goal of the meeting is introduce these aspiring professionals to our rewarding profession, to provide an overview of a day-in-our-lives, highlight our biggest challenges, as well as the significance of the risk manager-broker relationship.  

Women continue to make invaluable contributions to the risk management profession. I am so excited to join RIMS Canada Conference’s Women in Leadership Panel in Edmonton this September. The conference theme is Transform and, through a wide range of session topics, our team in Canada is ready to share a program filled with innovative new strategies to help risk professionals transform the way we approach risks and the way our organizations think about them. Registration for the conference is open and we are looking forward to another amazing experience.

Another way risk professionals and our industry partners can make a strong first impression is by participating at one of our RIMS events.  Planning for RIMS 2020 Annual Conference & Exhibition in Denver on May 3 – 6 is well underway. We are now accepting session proposals for the Annual Conference, as well as for RIMS Risk Forum Latin America in Bogota on October 8 – 9 and RIMS Risk Forum India on November 22^nd in Mumbai.

Finally, I want to congratulate RIMS External Affairs Committee for their persistence, pushing for a long-term National Flood Insurance Program extension. A bipartisan agreement for a 5-year extension was passed in the House and we are awaiting one last hurdle – approval from the Senate.  With positive signs that an agreement will be reached soon, RIMS Legislative Summit will shift gears this year and focus on the reauthorization of TRIA, ADA compliance issues and newly introduced cyber legislation. The Summit concludes with opportunities to meet and discuss these legislative priorities with your local Congressman. We hope you will be able to join us October 16 - 17 in Washington, D.C.

There is no question that risk professionals play an important role within their organizations. We connect business areas, protect assets, support innovation and strategic initiatives and much, much more. Relationships are vital to our work, and perhaps more important are the first impressions we make. Thank you so much for your continued support and for turning to RIMS for all of your risk management needs.

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

Discover new strategies and gain the skills you need at the RIMS ERM Conference 2019 from November 4 – 5 in New Orleans. This leading educational event will offer valuable interaction with experienced speakers, practical presentations and knowledge sharing opportunities with your peers. Reduced member rates are available.

Do you have a great risk management idea or success story that you want to share with 10,000 of your colleagues from around the world?  

If so, we invite you to submit your session proposal for RIMS 2020 Annual Conference & Exhibition in Denver from May 3-6. This is your opportunity to showcase your expertise and facilitate conversations about innovative best practices in risk management.  

RIMS encourages subject matter experts to develop diverse education sessions. We are actively seeking a range of presenters and subjects to contribute to RIMS 2020. 

Submission Deadline: Friday, July 19, 2019

Stepping into the role of RIMS President, I knew my agenda would be full. I knew that it would include invitations to global risk management events, a focus on chapter strengthening initiatives and the development of new opportunities for the Society’s members. As a longstanding member, I also knew – and was looking forward to – my role at RIMS 2019 Annual Conference & Exhibition. Boston far exceeded my expectations and the memory will last a lifetime.

RIMS 2019 was an overwhelming success. Near record-breaking attendance, industry-leading education and revolutionary solutions in the Marketplace, once again, made the conference a can’t-miss-event.

At the conference, RIMS introduced two new reports that focus on the future of risk management. RIMS Executive Report: Identifying and Evaluating Emerging Risks, and the RIMS Marsh Risk Excellence Report XVI: Strategic Risk Finance in the Era of Big Data. Both reports are now available in our newly designed website’s Risk Knowledge library.

Learning from our Risk Manager of the Year and Goodell honorees in the General Session, announcing our first RIMSTech competition winner in the Start-Up Stadium and sitting down with and having (what felt like) a one-on-one conversation with sports icon Billie Jean King all made the conference a truly unbelievable experience.

I want to thank everyone for sharing their knowledge and perspectives, and doing their part to make the Annual Conference the world’s premier risk management event.

Inspired by the memories and excitement, your RIMS team left the Annual Conference & Exhibition energized and ready to deliver yet another wave of opportunities that support your risk management journey...

On June 14 in New York, RIMS will host its fourth annual NeXtGen Forum. Designed for “rising risk professionals,” the event’s education will focus on relevant practices and strategies, as well as career development opportunities for these emerging leaders.

Registration has now opened for RIMS Canada Conference set for September 8-11 in Edmonton, Alberta. Addressing the complexity and impact of today’s risks, the conference theme this year is “Transform” – how we must transform the way we approach risks, the way we employ new technologies, how we communicate and think. We hope to see you there.

As risks change, so must risk professionals. RIMS Risk Talent 2025 Survey aims to provide valuable insight on the risk professional of the future – the background, skills, experience and viewpoints necessary to sustain the profession, and successfully navigate the evolving business environment. We are currently accepting responses and I encourage you to take the less than five-minute survey. Use the password: rims2025.

Finally, as we look toward the future of risk management, it is critical that RIMS remains active in its advocacy efforts to ensure that regulations reflect the best interests of our members. Just last week, the National Flood Insurance Program – a RIMS legislative priority – was granted another short extension. While our External Affairs Committee has addressed the importance of the NFIP’s reauthorization, the group would have a preferred a more stable long-term resolution.  This, along with the reauthorization of the Terrorism Risk Insurance Act (TRIA) will be the focus of RIMS Legislative Summit later this year. I hope many of your will be there with us to move these priorities forward.

Volunteers are so important for us to achieve our goals. RIMS committees and councils play a big role in the Annual Conference, reviewing hundreds of education submissions and exhibitor applications. They develop reports and surveys that set benchmarks and inspire new ways of thinking. They look at legislation and, also, ensure that this Society remains welcoming to professionals from all backgrounds and experiences. I encourage you to volunteer, to get involved with RIMS and make your own professional memories that will surely last a lifetime.

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

After nearly 12 months in development, RIMS, the risk management society®, proudly unveiled a brand new website for the Society. With an emphasis on delivering relevant content and resources, the site features simplified navigation and an improved user interface and functionality meant to support risk management professionals around the world.

 

Navigation on the new RIMS website highlights the key tools that RIMS is committed to providing for risk professionals: resources and content, connections, certification, education and events. Website visitors can easily navigate to a variety of resources, or scroll down the new landing page to access Risk Management magazine and find new publications, events, communities and updates about the Society.


“The newly envisioned RIMS website allows the Society to better connect the world’s risk management community with curated content and resources,” said RIMS CEO Mary Roth. “Access to the knowledge, expertise and other online assets that our members expect is now front-and-center, supporting them as they navigate challenges and advance in this rewarding profession.”

 

Recognizing that RIMS members and other visitors to the site have different needs and interests, or are at different points in their careers, RIMS has designed new landing pages for its largest resources, including:

 

·         Risk Knowledge: A centralized hub for all RIMS content, including white papers, research reports, archived webinars, podcasts, articles, videos and more.

·         Strategic and Enterprise Risk Center: A one-stop shop for content, case studies, templates and more, all focused on strategic and enterprise risk management topics.

·         RIMS Global: RIMS hosts members from over 60 countries, and here they can find globally-focused content and access to regional landing pages.

·         Student Resource Center: Supporting the next generation of risk professionals, here students can find career support, scholarship information, membership access, mentoring and the latest news most relevant to them.

·         Certification: All information related to applying for, attaining and maintaining the RIMS-CRMP certification.

·         Online Member Community: RIMS members can access Opis, the members-only digital community where members can interact directly with one another, ask questions, share information and ideas and connect across geographical boundaries.

·         RIMS Chapters: Members involved at the local level (or those looking to get involved) can find the chapter directory, award information, volunteering opportunities and support in this centralized location. Chapter leaders may also access this site for chapter management tools and resources.

 

RIMS will continue with enhancements in the coming months, such as deeper personalization, more members-only content, a new Risk Management magazine website and more.

At RIMS 2019 Annual Conference Exhibition, Pillar Technologies was announced as the winner of the inaugural RIMS Tech, the Insurtech Competition. Pillar Technologies competed against five other up-and-coming insurance technologies presented by the following exhibitors: Aclaimant, Chronwell, Cybernance, Maptycs and TrustLayer.

 

Led by CEO Alex Schwarzkopf, the Pillar Technologies team presented its award-winning solution that delivers real-time data regarding eight different environmental metrics for construction site managers. The team demonstrated its “pod” technology to an expert panel of risk professionals hosted by Audrey Rampinelli, CEO and co-founder of OnRamp Risk LLC.

 

“We recognized that the technologies available to organizations that keep people and property safe were lagging,” said Mr. Schwarzkopf. “Our sensors act like a nervous system for a site and are allowing businesses to reduce losses and improve safety on jobs all across the country. Winning RIMS inaugural Insurtech competition is an honor and we look forward to being a part of next year’s conference in Denver.”  

 

“Each company that took part in this year’s Risk Tech, the Insurtech Competition were outstanding and reinforced the undeniable impact technology is having on the risk management and insurance professions,” said Ms. Rampinelli. “Congratulations and thank you to Pillar Technologies and all of our contestants for participating in this fun yet extremely informative event.”

 

“As we speak to risk professionals around the world, there is great interest in new technologies, their impact on organizations and their ability to enhance risk management capabilities,” said RIMS CEO Mary Roth. “Insurtech will remain a key focus area for RIMS as the Society explores resources, content and tools that enable our members to effectively leverage these new technologies. We cannot express enough how grateful we are to this year’s participants for sharing their solutions with our attendees.”

 

The judging panel for the inaugural competition included:

·         Barry Dillard; Director, Risk Strategies, Insurance and Compliance; Walt Disney World® Resorts

·         Alan Gier; Global Director, Corporate Risk Management & Insurance; General Motors Company

·         Anja Rittling; Risk Manager; Ocean Spray Cranberries, Inc.

·        Lori Seidenberg, ARM; Global Director Real Assets Insurance; BlackRock

·         Liz Walker; Director, Enterprise Risk & Global Insurance; Groupon

 

Companies interested in having a presence in the RIMS 2020 Start-Up Stadium or competing in the RIMS Tech, the Insurtech Competition should contact, Matt Whyte at mwhyte@RIMS.org.

At the Spencer Educational Foundation reception, case-study provider Robert Zhang, RIMS Board Director and IKEA China’s Risk and Compliance Director, announced Saint Joseph’s University student team as the winners of the 2019 Spencer-RIMS Risk Management Challenge. The team, comprising four risk management students, competed against 28 other universities and delivered the award-winning risk management presentation in front industry leaders at RIMS 2019 Annual Conference & Exhibition in Boston.

 

Members of the Saint Joseph’s winning team included:

·         Joseph Angelina

·         Katherine Branson

·         Ashley Myers

·         Daniel Tan

·          Academic Advisor: Michael Angelina

 

“Spencer is committed to delivering educational opportunities, like the Spencer-RIMS Risk Management Challenge, that create a pathway to rewarding risk management and insurance careers,” said Spencer Chairperson Marya Propis. “The Spencer Board could not be more proud of this year’s winner Saint Joseph’s University and all of our 2019 university teams.”

 

“Beyond the remarkable presentations delivered by each university team, our Spencer-RIMS Risk Challenge students continue to demonstrate the highest-degree of professionalism and an exceptional grasp of sophisticated concepts,” said RIMS CEO Mary Roth. “Congratulations to Saint Joseph’s University, our 2019 winner, our runner-ups and all who participated. We look forward to welcoming these aspiring professionals to the RIMS community in the very near future.”

 

The challenge began with 28 universities, eight months ago, who were each presented with a risk management case-study, provided by IKEA.  Asked to identify the top five risks of integrating new physical and digital commerce opportunities for IKEA’s customers, the teams developed solutions and nine of the teams were selected to attend RIMS 2019. During the conference, the field was narrowed to three and those finalists presented one last time in front of risk professionals at the conference.

 

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

Although they are new and often not well understood, emerging risks can be identified, evaluated and response plans can be implemented to create a competitive advantage for the organization, according to RIMS new executive report titled, “Identifying and Evaluating Emerging Risks.”

 

The report explores emerging risk research and discovery processes, evaluation strategies, response planning, steps to integrate emerging risks into the known risk portfolio, as well as helpful tips to address and overcome expected challenges to enhancing capabilities.

 

The report is authored by the following members of RIMS Strategic and Enterprise Risk Management Council: Frank Fiorille, vice president of risk management, compliance and data analytics, Paychex; Lorie Graham, chief risk officer and senior manager, insurance services, American Agricultural Insurance Co.; and Christy Kaufman, risk analytics and insights director, and chief compliance officer, AmFam Ventures.

 

Key takeaways:

·         By focusing on trends that are just beginning to surface, organizations can identify potential shifts in strategy ahead of competitors;

·         Understanding plausibility of emerging risks will help the organization determine which risks are most deserving of their limited resources;

·         Changes to the organization’s strategy can create new blind spots;

·         The tone in which a risk professional delivers information about an emerging risk to leadership matters;

·         While one person might be responsible for strengthening emerging risk capabilities, that person must form a cross-functional team to develop the response plan.

 

The report 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.

RIMS, the risk management society®, and American International Group, Inc. (AIG) today announced Deborah M. Luthi and William L. Mather as the 2019 inductees into the Risk Management Hall of Fame (RMHF).  The RMHF maintains the history of the field of risk management and recognizes risk practitioners who have made significant contributions to advancing the discipline. The honors were presented at RIMS 2019 Annual Conference & Exhibition in Boston.

 

The RMHF Selection Committee considers the following criteria for induction into the RMHF: considerable contributions to the field; significant achievements, innovation and trend setting; demonstrated leadership, character and service; and the highest caliber of ethical and professional conduct.

 

“Risk management has evolved into an essential, strategic business discipline due to the crowning achievements of exceptional leaders like our Risk Management Hall of Fame inductees Deborah Luthi and William Mather,” said RIMS CEO Mary Roth. “Both selflessly devoted their careers to the betterment of this profession, demonstrating the value of strong risk management practices within their organizations and paving the way for others to follow in their footsteps.”

 

“AIG is proud of our continued partnership with RIMS to recognize outstanding careers and achievement in the risk management community,” said David McElroy, Chief Executive Officer of Lexington Insurance. “Across their long, distinguished careers, Deborah and William made great contributions to their companies and to the industry. Their leadership, character, and talent helped develop and shape risk management into the essential discipline it is today.”

 

The 2019 inductees to the RMHF are:

 

DEBORAH M. LUTHI, ARM

Throughout her more than 35-year career practicing risk management, Deborah Luthi delivered forward-thinking programs that encapsulated her passion, energy and excitement for the profession.

Deborah developed and employed strategic-level processes and frameworks for identifying potential risks that may adversely affect organizational success, as well as facilitating the transformation of those risks into opportunities that advance missions and achieve strategic objectives.

She was the Enterprise Risk Manager for the San Francisco Public Utilities Commission (SFPUC) that, at the time, served 2.5 Million people in the Bay Area with high quality, reliable water and waste water services and provided clean, green power to San Francisco's municipal operations. While there, she successfully established a fully-functioning traditional risk management program including pre- and post-loss initiatives. She matured this program to an advanced risk management program, incorporating Total Cost of Risk and allocation of costs; as well as implementing an Enterprise Risk Management program that strategically viewed risk across the organization, that prevented losses and optimized risk-taking as a competitive advantage.

Prior to that, she served as the Director, Enterprise Risk Management at Matheson, a national transportation carrier, and was the Director, Risk Management Services at the University of California - Davis for 21 years.

At the university, Deborah was responsible for a diverse portfolio of risk management, benefits and human resource services to enable faculty, staff and students to strategically identify and manage enterprise risks. She initiated the first campus-wide enterprise risk assessment resulting in organizational agreement on significant risks, probability and impact on strategic objectives and actions to leverage risks. Most notably, she helped turn a hazardous scenario involving the campuses' olive tree lined streets that created slippery walkways for pedestrians, into a lucrative olive oil and olive product business that continues to generate revenue for the university today.

 

And, in her “reinvention” years, unable to kick the risk management habit, she continues to lend her risk management perspective. Most recently, as a volunteer, she has facilitated a risk assessment for her urban-located church identifying the risks associated with the “unsheltered” population occupying the campus. Turning the identified risks into opportunities to continue serving both this population and mindful of the safety and security of the congregation, the church discontinued serving daily take-away bag lunches and instead, partnered with other community churches to offer rotating sit-down hot lunches. The assessment also resulted in the development of an Emergency Response Team which recently participated in active shooter training in houses of worship. Deborah also provided leadership to the church’s Board of Directors helping them formulate a vision for the future of the church and the strategies needed to get them there.

 

Deborah was president of the Risk and Insurance Management Society, Inc. (RIMS) in 2012, a member of RIMS Golden Gate Chapter, as well as RIMS Sacramento Valley Chapter which she helped to co-found in 1991. As a dedicated RIMS volunteer, Deborah also served as the director of the RIMS External Affairs Committee, board liaison to the Professional Development Committee and Member and Chapter Services Committee. Additionally, she served on RIMS' Technology Advisory Council, Executive Council, Nominating Committee, Strategic Planning Taskforce and was chair of the Member & Chapter Services Committee.

 

Deborah was recognized for her contributions to the risk management profession as a 2009 recipient of Business Insurance Magazine's "Woman to Watch" Award.  She also holds an Associate in Risk Management designation.


A graduate of the University of Kansas in art education, she has focused her creativity and innovation for over 35 years on the art - and science - of risk management.

WILLIAM L. MATHER, ARM (1933-2017)

William (Bill) Mather was a dedicated, committed, passionate and influential risk management leader for over three decades.

 

Bill joined The Gillette Company in 1963 and would work within its insurance and risk management practice for the next 35 years. He held numerous positions within the Fortune 500 company, culminating as Administrator of Risk Management in 1971 – a position he held until his retirement in 1996. At Gillette, he was responsible for insurance and security, including development of a consolidated and refined risk management program to protect Gillette’s assets, its people, property, as well as sales and operations located around the world.

 

Navigating the insurance capacity and affordability crisis experienced in the 1980’s, Bill successfully implemented risk management techniques that kept the company’s cost of risk consistent. His program reassessed product liability losses, examined earthquake coverages, negotiated more favorable D&O rates and, among other initiatives, leveraged its captive to generate profit. He oversaw a wide range of complex risks including the dangers of aerosol, properties in remote locations like the Amazon jungle and an increase in fraud and theft attempts as Gillette gained international notoriety. 

 

Bill served as president of the Risk and Insurance Management Society, Inc. (RIMS) during the 1986-1987 term.  Before his presidency, he had been active in the RIMS community since 1968, including his volunteer service as president of RIMS Massachusetts Chapter, a member of RIMS International Cooperation Committee, as well as a member of Risk Management Magazine’s Editorial Advisory Board.

 

His RIMS’ presidency focused on advocacy and government affairs efforts. Under his leadership, the Society pressed for the reintroduction in the U.S. Congress of tax equity legislation to permit self-insurance reserves to qualify as tax deductible, a push for the expansion of the Risk Retention Act to include pollution liability risks, as well as other legal reforms. 

 

Bill believed strongly in risk management education, mentoring and the value of sharing professional experiences. He taught courses on the fundamentals of insurance and risk management at Northeastern University and Bentley College. He was an active member of the Manufacturers Alliance for Productivity and Improvement, wrote numerous papers and delivered presentations on topical interests and issues facing the risk management profession. 

 

Bill’s accomplishments at Gillette and his contributions to the profession earned him the 1988 Business Insurance Risk Manager of the Year Award that recognized outstanding achievement in the profession.

 

He earned his B.A. in economics from Bowdoin College and his M.B.A in finance from Babson College.

 

Bill passed away in 2017. He is survived by his wife, Marcia, his two daughters Pamela Mather O’Neil and Suzanne Mather Stanton and their families.

RIMS, the risk management society®, today announced the winners of its series of industry awards presented during RIMS 2019 Annual Conference & Exhibition Awards and Recognition Luncheon in Boston.

 

RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Debra Rodgers, retired Senior Vice President, Global Risk Management at Aramark Corporation. 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 Luke Figora, Senior Associate Vice President and Chief Risk and Compliance Officer at Northwestern University. RIMS Risk Management Honor Roll inducted David Stills, Vice President, Global Risk Management for Walmart Inc.

 

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 Gordon Adams, an active member and leader of RIMS Orange County Chapter.

 

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, Keesa Garcia, Risk Manager at NALS Apartment Homes, was honored for demonstrating exceptional initiative, volunteerism, professional development, achievement and leadership potential.

 

The Risk Management Hall of Fame is a joint venture of RIMS and AIG, and was created to preserve the history and tradition of the profession. This year’s inductee into the Hall of Fame include former RIMS presidents Deborah Luthi and William Mather.   

 
The Richard W. Bland Memorial Award was presented to Gary Raymond, Lead, Risk & Insurance at FedEx Ground. 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.

 
The Cristy Award was presented to Jessica Robb, Senior Financial Analyst at Nissan North America. This award acknowledges the individual who earned the highest marks on the three exams required to earn the Associate of Risk Management designation.
 

The J.D. Power 2018 Large Commercial Insurance StudySM conducted in association with RIMS, the risk management society®, has named XL Catlin now AXA XL as the top-performing insurer for 2018.  

 

RIMS also recognized the exceptional work of its chapters for their outstanding chapter programming and resources, as well as member engagement initiatives. Details about chapter award recipients are available at www.RIMS.org/newsroom.  

 

Stay current with all the news from RIMS 2019 Annual Conference & Exhibition at www.RIMS.org/RIMS2019.

Risk managers are operating in an environment rich in data that when combined with growing alternative risk solutions can result in more robust risk finance strategies and more resilient organizations, according to a new report published today by Marsh, the world’s leading insurance broker and risk advisor, and RIMS, the risk management society®.

 

However, a general lack of understanding of available alternative risk solutions and effective use of data and analytics are hindering many risk professionals from harnessing the opportunities, the 16th Annual Excellence in Risk Management report found.

 

According to the report, most risk professionals (47%) rank improving the use of data and analytics as their top priority for improving risk management capabilities. Such improvement has ranked as the top priority since the Excellence survey began asking the question in 2013, prompting one to wonder: “Why isn’t the needle moving?”

 

At the same time, despite growing interest in a number of alternative risk solutions such as structured risk programs and parametrics, many respondents remain unfamiliar with the concept and what they offer. For example, 33% of risk professional respondents and 53% of the C-suite respondents said they need to learn more about alternative solutions before making a decision whether to use one. Data-driven modeling is thus critical as companies need to compare traditional insurance against alternative solutions to clearly understand the value each provides, the report notes.

 

“By effectively marshalling data and risk modeling tools, organizations can better understand changes in their risk profiles and risk bearing capacity allowing them to access the opportunities presented by the growing levels of capital available for risk finance,” said Brian Elowe, North American Chief Client Officer, Marsh. 

 

Carol Fox, Vice President of Strategic Initiatives, RIMS, added: “Expectations for risk management professionals to deliver strategic solutions has never been greater. Now is the opportune time to integrate new technologies for accessing ‘real time’ data to inform business and risk-taking decisions, as well as lead in the development of innovative finance solutions to transfer risk.”

 

Other highlights from the report include:

 

Financing hard-to-insure exposures was the top benefit of alternative risk solutions cited by survey respondents (38%).
Cost and explaining the benefits to others in the organization were cited as the two main obstacles to using alternative solutions by 31% and 30% of respondents, respectively.
Risk professionals and C-suite respondents differ on how they think their organization would best benefit from improved use of data and analytics. Risk professionals cited informing decisions on specific risks, while C-suite respondents cited informing the overall business strategy.
 

The Excellence report, Strategic Risk Finance in the Era of Big Data, is based on more than 600 responses to an online survey and a series of focus groups with leading risk executives in January and February 2019.

 

Findings from the report were released today at the RIMS 2019 Annual Conference & Exhibition.

Will risk management professionals be prepared to meet business challenges by 2025? Take the RIMS Risk Talent 2025 Survey*

 

The RIMS Risk Talent 2025 Survey will provide insight on the risk professional of the future – the background, skills, experience and viewpoints necessary to sustain the profession, and successfully navigate the evolving business environment.

 

http://Risktalent2025.com

Password: rims2025

 

Brought to you by RIMS, with the support of Chubb, The Hartford and Willis Towers Watson

 

*All responses will be anonymous, any data will be shared in the aggregate. Data collection for this survey closes May 31, 2019.

RIMS 2019 Community Service Project will give more than 10,000 conference attendees the opportunity to actively enhance the quality of life for thousands of the Boston area’s most vulnerable children. Sponsored by ESIS, a Chubb business unit, the project benefitting Cradles to Crayons includes the assembly of hygiene kits for children and a letter writing campaign aimed at empowering them and their families.

 

Founded in 2002 in Massachusetts, Cradles to Crayons has become a national organization focused on creating a future where childhood poverty no longer exists. The not-for-profit provides children, from birth through age 12, living in homeless or low-income situations, with the essential items they need to thrive – at home, at school and at play. Since its founding, Cradles to Crayons has engaged more than 400,000 volunteers, and has served 1.5 million children.

 

“More than generously sharing their professional experiences and knowledge, year-after-year our conference attendees unselfishly take time out their schedules to participate in our Community Service Project,” said RIMS CEO Mary Roth. “This endeavor was created to show our gratitude to our host city and to remind us how these small acts of kindness can mean so much to so many people. I want to thank Cradles to Crayons for allowing RIMS to contribute and wish them continued success.”

 

“We are so grateful that RIMS has chosen us as their community service project partner this year,” said Jenn Askjaer, Executive Director at Cradles to Crayons Boston. “We appreciate their commitment to helping local families who need a helping hand.T his effort will go a long way in helping local children who are in need.”  

 

“ESIS has a long tradition of helping organizations in the communities where our employees work and live,” said ESIS President, Keith Higdon. “We are honored to partner with RIMS to sponsor Cradles to Crayons. The important work Cradles to Crayons does in helping children in need succeed in learning and in life makes a real difference for so many.”

 

In 2007, RIMS was one of the first entities to host a large convention in post-Katrina New Orleans. RIMS first Community Service Day was held at that conference to support local families and rebuild infrastructure devastated by the natural disaster. Now, in its 13th year, RIMS Community Service Projects have become a RIMS Annual Conference & Exhibition tradition.

 

About Cradles to Crayons

Cradles to Crayons launched in Boston in 2002 and has operations in Boston, Philadelphia, and Chicago. The nonprofit provides children from birth through age 12 living in homeless or low-income situations with the essential items they need to thrive—at home, at school, and at play. The organization supplies these items free of charge by connecting communities and mobilizing them to collect and donate new and gently used high-quality children’s items. Cradles to Crayons engages tens of thousands of youth and adults each year in tangible service activities that benefit local children facing the challenge of Clothing Insecurity.  For more information, please visit www.cradlestocrayons.org/boston/.

Risk professionals must be proactive, anticipating disruptions and identifying opportunities to keep their organizations moving in the right direction. This month, RIMS honored two individuals who have successfully implemented forward-thinking risk management programs and who have delivered exceptional results for their organizations. RIMS proudly presented the 2019 Risk Manager of the Year Award to Luke Figora, senior associate vice president and chief risk and compliance officer at Northwestern University, and awarded David Stills, vice president, global risk management for Walmart Inc., the RIMS Risk Management Honor Roll. We are all looking forward to learning about their programs and celebrating their achievements at RIMS 2019 Annual Conference & Exhibition.

As a member of RIMS for over 20 years, I’ve had the privilege to attend a number of RIMS Annual Conferences – in fact, this year marks my 20th conference! Each one is special. The conferences are always filled with the most-cutting edge solutions in the RIMS Marketplace, sensational educational programming, as well as invaluable opportunities to network with 10,000 like-minded professionals. RIMS Board of Directors and staff are ready to welcome you to Boston for RIMS 2019 - the biggest and best risk management and insurance event in the world.

RIMS 2019 has a couple of new twists to keep the content relevant, opportunities plentiful and the experience valuable.

There are over 200 education sessions this year exploring everything from Blockchain and cyber security to global supply chains and, even, human trafficking.  The sessions are delivered in a variety formats: workshops, long-form sessions, quick presentations in the Thought Leader Theater, Innovation Hub and Global Studio intended to fit into our attendees’ jam-packed schedules. 

Because of the speed at which new risks are surfacing, RIMS Annual Conference Programming Committee added 17 new “Trending Now” sessions in just the last few weeks. The additions will touch on a wide-range of breaking risk management issues, delivered by experts from around the world. The list of all of our educational programming and Trending Now sessions is available here.

RIMS Tech, the Insurtech Competition will debut in Boston. Held in the Start-up Stadium – a section of the RIMS Marketplace dedicated to emerging start-up exhibitors – competitors will have the chance to demonstrate their technologies in a “Shark Tank”-styled showdown. The presentations will be judged by an expert panel of risk professionals hosted by Audrey Rampinelli, CEO and co-founder of OnRamp Risk LLC.

RIMS Community Service Project is always an important part of the conference as it allows our attendees to give back to the host city and a local charity.  We are all looking forward to packing supplies for the homeless children and low-income families served by Cradles to Crayons. 

Conference news and session recaps will be captured by RIMS-TV and will feature interviews at our new RIMS-TV Live Studio.  And, if you’re looking for minute-by-minute updates on conference happenings and session handouts you can download the RIMS mobile app.  

In addition to our RIMS 2019 work, the Society continues to make excellent progress globally. RIMS held its first Singapore Masterclasses focused on cyber resiliency, business continuity and enterprise risk management this month. We also announced our agreement with the National Insurance Academy in India to help enhance its risk management curriculum, aligning it with RIMS-CRMP certification. I had the wonderful experience of meeting with our chapter in Japan and I can’t thank them enough for their hospitality. Finally, just after RIMS 2019, I will be presenting this May at a risk management event in Shanghai on the topic of Women in Risk Management.

A lot of excitement.  A lot of anticipation.  This fun and highly-anticipated time of year is only possible because of the hundreds of exhibitors, speakers, volunteers, staff and attendees. Your contributions are critical to the future of this great profession. I look forward to seeing you in Boston!

Sincerely,

 

Gloria Brosius

RIMS 2019 President

Trending Now sessions address game-changing ideas that offer risk professionals an educational experience that they'll want to share. These innovative and thought-provoking sessions provide attendees with strategies and information to take back to their employers. Here are some sessions you might want to consider attending! 

 Leveraging D&I to Uncover a Gold Mine of Talent, Growth and Profit Opportunities

April 29 3:00 -4:00 PM

The National African American Insurance Association (NAAIA) aims to empower and celebrate African American professionals in the insurance industry as well as attract new African American talent. Examine their efforts to change unacceptable levels of representation of African Americans in insurance and attract and retain talent in the industry. Explore the significance of these challenges and the solutions required for mission success.

Learning Objectives:

Discuss ways to attract, develop and retain African Americans at all levels of the industry
Ideate on strategies to build fluency and safe space dialogue and relationships with senior leaders
Pinpoint how the industry can improve its position as an attractive field in which to work
 

Getting Ahead of ADA Accessibility Lawsuits, TRIA, NFIP and Other Current Legislative and Regulatory Issues

April 30th – 11 AM - Noon

Take a deep dive into the legislative and regulatory concerns that will affect you and your organization in 2019. Tackle the rise of frivolous Americans with Disabilities Act (ADA) lawsuits and examine the legislation aimed to curb these—including suits involving web site accessibility. Discuss the Terrorism Risk Insurance Act (TRIA), which Congress is looking to reauthorize, the reauthorization of the National Flood Insurance Program (NFIP) before the May 30 deadline and cyber security issues.

Learning Objectives:

Trace and characterize the exponential increase in ADA lawsuits
Dissect current legislative and regulatory responses to issues that affect risk management
Prepare to educate Congress on the concerns of risk professionals
A Ticking Time Bomb: Understanding Your Intangible Assets

April 30th – 11 AM - Noon

As the value of intangible assets continues to grow, intangible asset risk will also increase. Become aware of the confidential information becoming increasing vulnerable in today’s digital age. Look at how your company protects its rights through litigation. Consider how shareholders can hold directors to account if they neglect their fiduciary duties regarding intangible assets. Understand why you need to take these risks seriously.

Learning Objectives:

Characterize intangible assets and calculate their importance
Take steps to identify and leverage your organization’s intangible assets for a competitive edge
Choose techniques to protect your organization’s key intangible assets
 

If you would like to learn more about our Trending Now sessions, please visit: https://www.rims.org/RIMS2019/Pages/Trending-Now.aspx

National Insurance Academy (NIA) Director Shri G. Srinivasan, RIMS Board Director Jennifer Santiago and RIMS Vice President of Global Development Steven Chou met in Pune, India to officially execute a Memorandum of Understanding on behalf of the two entities. The agreement officially confirms a joint effort to develop enhanced risk management educational opportunities for NIA students that align with the global RIMS-Certified Risk Management Professional (RIMS-CRMP) certification.

 

Ms. Santiago, who holds the RIMS-CRMP certification, said, “The RIMS-CRMP is gaining recognition throughout the world’s risk management community as a highly-regarded mark of achievement that demonstrates the individual’s expertise, industry knowledge and commitment to professional growth.

 

“We are proud to be here in Pune, to meet with the National Insurance Academy’s leadership and to initiate this important relationship that aims to achieve our shared goal of advancing the practice of risk management in the country.”

 

The RIMS-CRMP certification is the only risk management certification in the world to hold accredited status. It received official accreditation by the American National Standards Institute (ANSI) under ISO/IEC 17024:2012 in late-2017. The ANSI Accreditation of RIMS-CRMP signifies that the Institute recognizes the competence of RIMS to carry out certification activities in accordance with requirements defined in International Standards and confirms approval by government and peer review assessments.

 

The enhanced risk management program at NIA will align with the five domains tested on the RIMS-CRMP exam. Those domains include:

1. Analyzing the Business Model

2. Designing Organizational Risk Strategies
3. Implementing the Risk Process

4. Developing Organizational Risk Competency

5. Supporting Decision Making

 

RIMS’ Global Initiatives are led by Vice President Steven Chou (schou@rims.org) and Associate Director Jhelum Bagchi (jbagchi@rims.org). For more information about RIMS international activities and resources, visit www.RIMS.org/international.  For additional information about RIMS-CRMP certification, visit www.RIMS.org/certification.

With industry changes and regulatory oversight increasing, 2019 will be another year of transformation and growth in the risk industry. Come hear speakers share their experiences on challenges affecting their ecosystem, regulatory expansion and best practices to managing risk. The Western Regional Conference focuses on risk managers and sessions that provide relevant tools to mitigate risk within their organization. With registration exceeding 350 industry executives, the WRC conference is THE way to educate, connect and network with the most influential and exclusive group of risk professionals in the industry. This event has SOLD OUT for the past 3 years, don’t delay and miss what this year's WRC has to offer!

Cyber Resiliency, Business Continuity and Enterprise Risk Management will be the focus of RIMS first-ever masterclasses in Singapore on the 5th of April at the One Farrer Hotel. RIMS, the risk management society®, in partnership with the Singapore Computer Society’s Business Continuity Chapter, will host a one-day event titled, Business Resiliency Exchange & Masterclasses, that will bring industry experts together to explore these three interlocking disciplines, deepen participants' domain expertise and strengthen corporate resilience all around.

 

The international lineup of speakers will address strategies for effectively implementing Business Continuity, Cyber Resiliency and Enterprise Risk Management programs to address cybersecurity risks and align with Singapore’s digital push to become a Smart Nation. Speakers include:

·         Jennifer Santiago, RIMS Board Director;

·         Julie Cain, Senior Strategic Advisor, Information and Technology Risk Management – Educational Testing Services;

·         Sigfried Ching, Managing Director – PWC;

·         Wolfram Hedrich, Executive Director – Marsh APAC;

·         Thomas Kok, Head of Group Technology Information & Cyber Risk – OCBC Group;

·         Sasanka Sahu, Business Continuity Consultant – Acclivis Technologies & Solutions.

 

Registration is currently open and can be completed online here. For more information about RIMS and to learn about its publications, educational opportunities, conferences and resources, visit www.RIMS.org.

With the rise of new, innovative Insurtech solutions that are creating opportunities for risk professionals to optimize their efforts, RIMS, the risk management society®, has invited up-and-coming start-up companies to compete in the inaugural “RIMS Tech, the Insurtech Competition” at RIMS 2019 Annual Conference & Exhibition in Boston.

 

Held in the Start-up Stadium – a section of the RIMS Marketplace dedicated to emerging start-up exhibitors – competitors will have the chance to demonstrate their technologies in a “Shark Tank”-styled showdown. The presentations will be judged by an expert panel of risk professionals hosted by Audrey Rampinelli, CEO and co-founder of OnRamp Risk LLC. The winner will be announced at RIMS Conference Finale on May 1st.      

 

“Technology is transforming and strengthening risk management practices around the world,” said RIMS President Gloria Brosius, RIMS-CRMP. “From thought-leading experts, to students and everyone in between, RIMS Annual Conference & Exhibition brings the world’s risk management community together. RIMS is proud to welcome and learn from this elite group of Insurtech companies.”

 

“Artificial intelligence, internet of things, mobile applications and other Insurtech technologies are allowing organizations to collect and analyze better data, identify trends and root causes and develop more efficient processes,” said Ms. Rampinelli. “In a competitive market, the RIMS Tech competition provides a platform for these start-up companies, as well as a valuable opportunity for risk professionals to familiarize themselves with potentially game-changing solutions.”

 

The judging panel for the inaugural competition will include:

·         Barry Dillard; Director, Risk Strategies, Insurance and Compliance; Walt Disney World® Resorts

·         Alan Gier; Global Director, Corporate Risk Management & Insurance; General Motors Company

·         Anja Rittling; Risk Manager; Ocean Spray Cranberries, Inc.

·        Lori Seidenberg, ARM; Global Director Real Assets Insurance; BlackRock

·         Liz Walker; Director, Enterprise Risk & Global Insurance; Groupon

 

Companies interested in having a presence in the RIMS 2019 Start-Up Stadium or competing in the RIMS Tech, the Insurtech Competition should contact, David Harkey at dharkey@RIMS.org.

 

To learn more about all of the educational and networking opportunities at RIMS 2019 Annual Conference & Exhibition or to register, visit www.RIMS.org/RIMS2019.

 

About RIMS Annual Conference & Exhibition

Launched in 1963, RIMS Annual Conference & Exhibition attracts some 10,000 risk and insurance professionals at all experience levels, business executives with risk management interests, brokers, insurers and service providers for the ultimate educational and networking experience. The four-day event offers more than 160 educational sessions, keynote presentations, special events and an expansive Marketplace Exhibit Hall with nearly 400 exhibitors. Following Boston, the event will be hosted in Denver in 2020. For more information, visit www.RIMS.org/RIMS2019.

 

About OnRamp Risk, LLC

Strategically positioning risk for opportunity. OnRamp Risk, LLC is a unique industry hybrid leveraging deep risk management expertise with an ever-expanding knowledge of the creative InsurTech ecosystem. A leading advocate for innovation in risk management, OnRamp Risk creates value through strategy by providing innovative solutions that bridge technology and risk. For more information, please visit www.OnRampRisk.com.

RIMS, the risk management society®, selected nine universities to compete in Boston for the 2019 Spencer-RIMS Risk Management Challenge top honor. Twenty-eight university teams entered the competition. Based on the solutions they developed for a case-study provided by IKEA, the top teams have been selected to present their findings at RIMS 2019 Annual Conference & Exhibition in Boston – April 28th – May 1st.  

 

The nine university teams chosen to compete at RIMS 2019 are:

·         Appalachian State University

·         British Columbia Institute of Technology

·         Butler University

·         Florida State University

·         Fudan University

·         Saint Joseph’s University

·         St. Mary’s University

·         Temple University

·         University of Georgia

 

The case study provided by Robert Zhang, RIMS Board Director and IKEA China’s Risk and Compliance Director, asks the university teams to identify the top five risks of integrating new physical and digital commerce opportunities for customers. A panel of risk management professionals will score the teams’ success in developing a Risk Assessment method, presentation skills, professionalism and innovation.

 

On April 29, the final three teams will be selected after the first round of presentations. The finalists will present one last time at the conference on April 30 and the winner will be announced at the Spencer reception later that evening.  

 

To learn more about the Spencer-RIMS Risk Management Challenge and other opportunities, resources and content for risk management and insurance students, visit RIMS Student Resource Center at www.rims.org/students.

 

About Spencer

Spencer was founded in 1979 and to this day remains the premier organization funding the education of tomorrow’s risk management and insurance leaders. Since its beginning, Spencer has awarded more than 1,050 scholarships totaling over $6.9 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences. To learn more about Spencer, visit www.SpencerEd.org.​ 

 

About RIMS Annual Conference & Exhibition

Launched in 1963, RIMS Annual Conference & Exhibition attracts some 10,000 risk and insurance professionals at all experience levels, business executives with risk management interests, brokers, insurers and service providers for the ultimate educational and networking experience. The four-day event offers more than 160 educational sessions, keynote presentations, special events and an expansive Marketplace Exhibit Hall with nearly 400 exhibitors. Following Boston, the event will be hosted in Denver in 2020. For more information, visit www.RIMS.org/RIMS2019.

The Agenda for the 2019 RIMS Western Regional conference is now live! With industry changes and regulatory oversight increasing, 2019 will be another year of transformation and growth in the risk industry. Come hear speakers share their experiences on challenges affecting their ecosystem, regulatory expansion and best practices to managing risk. The Western Regional Conference focuses on risk managers and sessions that provide relevant tools to mitigate risk within their organization. With registration exceeding 350 industry executives, the WRC conference is THE way to educate, connect and network with the most influential and exclusive group of risk professionals in the industry. This event has SOLD OUT for the past 3 years, don’t delay and miss what this year's WRC has to offer!

While my hometown of Denver, Colorado is still experiencing winter weather, RIMS is heating up. In our mission to deliver the best in risk management content and meet our members’ great expectations, already this year, the Society has delivered several new reports that touch on some of the hottest topics. We have taken the temperature of our global community and will soon release our “Trending Now” topics for RIMS 2019 Annual Conference & Exhibition in Boston. On top of many other new initiatives, RIMS is definitely blazing a trail for risk management success.  

RIMS committees, and the volunteers who work on them, deserve to be congratulated for their latest efforts. Our External Affairs Committee released a Legislative Review that examined the impact of varying marijuana laws throughout the United States. The Strategic and Enterprise Risk Management Council’s Tom Easthope authored a report titled, “Making Sense of Artificial Intelligence,” one of the hottest trends impacting our work. And, our Student Advisory Council worked in tandem with Spencer to design the “Spencer-RIMS Internship Manual for Organizations,” a step-by-step guide for getting approval for and developing meaningful risk management internships.

The heat wave of new content continued with another report titled, “Active Shooter Preparedness for Your Organization.” Highlighting opportunities for risk professionals and their organizations to identify warning signs of potential attacks, best practices in communication and pre-event training, the report also offers strategies to minimizes injuries, property damage and other uncertainties.

 

With RIMS 2019 just over a month away, the Society will announce its lineup of Trending Now sessions in the weeks ahead. Our Annual Conference Programming Committee – a team of risk professionals like yourself who are charged with selecting sessions for the conference – has identified 16 additional sessions that address issues we are managing right now. The sessions will include geopolitical risks and other global concerns, data, wearables, employment law, human trafficking and much more. Be sure to register for this can’t miss conference and the sessions you want to attend.

 

While, you can always count on RIMS Annual Conference to bring together experienced, highly-accomplished thought-leading professionals in this field, it also brings together a group of incredibly smart and dedicated students. We’re grateful to IKEA for providing the Spencer-RIMS Risk Management Challenge case study and excited to announce the nine university teams selected to compete in Boston.  Congratulations to the University of Georgia; British Columbia Institute of Technology; Florida State University; St. Mary's University; Temple University; Butler University; Saint Joseph's University; Appalachian State University; and all the way from Beijing, Fudan University. We’re looking forward to introducing this group of future leaders to this amazing conference, our engaged Society and hearing their presentations.

 

RIMS Chapters continue to bring the heat with fresh, innovative and empowering initiatives that support local members. The RIMS ECHO (Enhancing Chapter Outcomes) program honors chapters that have successfully aligned their programming with RIMS’ strategic priorities to Innovate, Develop, Engage and Advocate for the global risk management community. This year, we proudly honor RIMS Broward County Chapter as our Chapter of the Year; RIMS Ontario Chapter (ORIMS) for innovation; our RIMS Arizona Central Chapter for resource development; our RIMS Central Texas Chapter for engagement; and RIMS Oregon Chapter for advocacy. Chapters are such an important part of this Society and play a big role in delivering value to members at the local level.

 

Finally, global warming is not the only climate change risk impacting our organizations. My remarks at the RIMS Japan Chapter’s Annual Meeting next week will also review the impact of rising sea levels, natural resource dependency and mounting environmental regulations. I am excited to share strategies to help risk professionals prepare for these dynamic climate risks and meet with professionals in the region.

 

RIMS remains committed to meeting great expectations by blazing the way for risk professionals with new content that keeps them informed, educated and prepared for whatever might come next. You are integral to our success and we sincerely appreciate your contributions and support.

 

Sincerely,


Gloria Brosius

RIMS 2019 President

RIMS, the risk management society®, has announced Luke Figora, Senior Associate Vice President and Chief Risk and Compliance Officer at Northwestern University, as the 2019 RIMS Risk Manager of the Year. The 2019 Risk Management Honor Roll inducted David Stills, Vice President, Global Risk Management for Walmart Inc. Both individuals will be recognized at RIMS 2019 Annual Conference & Exhibition scheduled for April 28th through May 1st in Boston.

 

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.

 

“Building a strong risk management program demands a blended approach that effectively addresses exposures while also supporting new, value-generating initiatives,” said RIMS CEO Mary Roth. “Luke Figora masterfully captures this focus at Northwestern University. His accomplishments have resulted in tremendous cost-savings and have paved the way for many wonderful educational opportunities for its students. It is an honor to present Mr. Figora with the prestigious Risk Manager of the Year award.”

 

“Similarly, David Stills has embraced the evolving, more strategic role expected of today’s risk professional. Deservingly, we proudly welcome Mr. Stills to RIMS Risk Management Honor Roll and recognize him for his extraordinary success advancing Walmart’s robust risk management program.”       

 

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. 

 

ABOUT THE WINNERS

 

RISK MANAGER OF THE YEAR: Luke Figora

Luke Figora is the Senior Associate Vice President, Chief Risk and Compliance Officer for Northwestern University, a premier research university with approximately 33,000 students, faculty and staff that generates approximately $2.5 Billion in annual revenue.

 

Luke oversees a portfolio of risk governance operations, including risk management, internal audit, compliance, and environmental health and safety. He holds responsibility for the organization’s enterprise risk management (ERM) program and leads interaction with the Board of Trustees Audit, Risk, and Compliance Committee. Luke also manages a portfolio of business services, including procurement and payment services and auxiliary operations.

 

Luke’s innovation, opportunistic and forward-looking approach to risk finance and insurance has helped the university realize immediate success. He has demonstrated a focus on developing solutions and strategies that enable Northwestern’s business model, rather than impede.

 

Notable accomplishments include the risk management team’s role in the formation and ongoing success of Northwestern Prison Education Program at a local correctional facility, collaboration with athletic department leadership to ensure the safety of its student athletes, as well as the continuing rebuild of the University’s compliance program. Additionally, his command of Northwestern’s captive program solved an immediate grant-related issue that ultimately saved the university close to $1M.

 

Under his leadership, Northwestern’s ERM program combines risk awareness and transparency, with actionable operations on key risk issues. The program has helped make strides in the areas of athlete safety, minors on campus, venue security, crisis communications, conflict of interest, and Title IX. His ERM efforts are currently focused on embedding an expectation of escalation of key issues across a federated university, and improving the University’s process for handling investigations and issues that arise.

 

Luke strongly believes in mentoring. He continues to work with Northwestern Student Holdings NFP, helping its student members navigate risks associated with its business. Currently, Luke serves as the President of University Risk Management and Insurance Association (URMIA) and has served on its board of directors since 2014. 

 

RISK MANAGEMENT HONOR ROLL: David Stills

David Stills is the Vice President, Global Risk Management at Walmart Inc. He leads a team of over 550 risk management and risk finance professionals who collectively have responsibility for Walmart's Global Risk Management Division.

 

David’s responsibilities include global property insurance, global management liability insurance, global casualty and excess casualty insurance, global cyber insurance, aviation and FBO insurance, and all other global insurance programs. He also has responsibility for insurance claims impacting the globally-relevant policies and management of Walmart's captive insurance company. Annually, David’s team manages more than 180,000 casualty claims.

 

The risk management team at Walmart embraces the company’s focus on technology to improve productivity. Among its many accomplishments, the team has implemented processes for instant closed circuit television access in its stores and clubs, case manager Scorecards to better identify, emulate, teach and reward best practices, a mobile app for a more efficient accident intake, bot technology and more.

 

Collectively, these advancements will fuel more than $6 million in annual claims administrative cost savings, generate significant time savings at the store level and improve the quality of claims outcomes.

 

David and his team also created a dynamic Casualty Allocation System (CAS) that allows Walmart to allocate the ultimate costs of accidents to the stores faster. CAS is now utilized in the more than 5,000 Walmart, Sam’s Club and supply chain locations in the U.S. and Puerto Rico. In its first year, CAS has resulted in an over $90 million favorable and sustained actuarial adjustment.

 

David is Board Director for the Workers’ Compensation Research Institute, past chairman of the Association for Responsible Alternatives to Workers’ Compensation, a founding member of the Medicare Advocacy Recovery Coalition and a frequent speaker at RIMS events and conferences.  

 — RIMS, the risk management society®, has announced Luke Figora, Senior Associate Vice President and Chief Risk and Compliance Officer at Northwestern University, as the 2019 RIMS Risk Manager of the Year. The 2019 Risk Management Honor Roll inducted David Stills, Vice President, Global Risk Management for Walmart Inc. Both individuals will be recognized at RIMS 2019 Annual Conference & Exhibition scheduled for April 28th through May 1st in Boston.

 

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.

 

“Building a strong risk management program demands a blended approach that effectively addresses exposures while also supporting new, value-generating initiatives,” said RIMS CEO Mary Roth. “Luke Figora masterfully captures this focus at Northwestern University. His accomplishments have resulted in tremendous cost-savings and have paved the way for many wonderful educational opportunities for its students. It is an honor to present Mr. Figora with the prestigious Risk Manager of the Year award.”

 

“Similarly, David Stills has embraced the evolving, more strategic role expected of today’s risk professional. Deservingly, we proudly welcome Mr. Stills to RIMS Risk Management Honor Roll and recognize him for his extraordinary success advancing Walmart’s robust risk management program.”       

 

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. 

 

ABOUT THE WINNERS

 

RISK MANAGER OF THE YEAR: Luke Figora

Luke Figora is the Senior Associate Vice President, Chief Risk and Compliance Officer for Northwestern University, a premier research university with approximately 33,000 students, faculty and staff that generates approximately $2.5 Billion in annual revenue.

 

Luke oversees a portfolio of risk governance operations, including risk management, internal audit, compliance, and environmental health and safety. He holds responsibility for the organization’s enterprise risk management (ERM) program and leads interaction with the Board of Trustees Audit, Risk, and Compliance Committee. Luke also manages a portfolio of business services, including procurement and payment services and auxiliary operations.

 

Luke’s innovation, opportunistic and forward-looking approach to risk finance and insurance has helped the university realize immediate success. He has demonstrated a focus on developing solutions and strategies that enable Northwestern’s business model, rather than impede.

 

Notable accomplishments include the risk management team’s role in the formation and ongoing success of Northwestern Prison Education Program at a local correctional facility, collaboration with athletic department leadership to ensure the safety of its student athletes, as well as the continuing rebuild of the University’s compliance program. Additionally, his command of Northwestern’s captive program solved an immediate grant-related issue that ultimately saved the university close to $1M.

 

Under his leadership, Northwestern’s ERM program combines risk awareness and transparency, with actionable operations on key risk issues. The program has helped make strides in the areas of athlete safety, minors on campus, venue security, crisis communications, conflict of interest, and Title IX. His ERM efforts are currently focused on embedding an expectation of escalation of key issues across a federated university, and improving the University’s process for handling investigations and issues that arise.

 

Luke strongly believes in mentoring. He continues to work with Northwestern Student Holdings NFP, helping its student members navigate risks associated with its business. Currently, Luke serves as the President of University Risk Management and Insurance Association (URMIA) and has served on its board of directors since 2014. 

 

RISK MANAGEMENT HONOR ROLL: David Stills

David Stills is the Vice President, Global Risk Management at Walmart Inc. He leads a team of over 550 risk management and risk finance professionals who collectively have responsibility for Walmart's Global Risk Management Division.

 

David’s responsibilities include global property insurance, global management liability insurance, global casualty and excess casualty insurance, global cyber insurance, aviation and FBO insurance, and all other global insurance programs. He also has responsibility for insurance claims impacting the globally-relevant policies and management of Walmart's captive insurance company. Annually, David’s team manages more than 180,000 casualty claims.

 

The risk management team at Walmart embraces the company’s focus on technology to improve productivity. Among its many accomplishments, the team has implemented processes for instant closed circuit television access in its stores and clubs, case manager Scorecards to better identify, emulate, teach and reward best practices, a mobile app for a more efficient accident intake, bot technology and more.

 

Collectively, these advancements will fuel more than $6 million in annual claims administrative cost savings, generate significant time savings at the store level and improve the quality of claims outcomes.

 

David and his team also created a dynamic Casualty Allocation System (CAS) that allows Walmart to allocate the ultimate costs of accidents to the stores faster. CAS is now utilized in the more than 5,000 Walmart, Sam’s Club and supply chain locations in the U.S. and Puerto Rico. In its first year, CAS has resulted in an over $90 million favorable and sustained actuarial adjustment.

 

David is Board Director for the Workers’ Compensation Research Institute, past chairman of the Association for Responsible Alternatives to Workers’ Compensation, a founding member of the Medicare Advocacy Recovery Coalition and a frequent speaker at RIMS events and conferences.  

By customizing an active shooter plan that focuses on prevention, training, feedback and post-incident protocols, employees will be mentally and physically prepared to react to violent threats, according to RIMS new Professional Report titled, “Active Shooter Preparedness for Your Organization.”

 

Authored by RIMS Business Content Writer Justin Smulison and featuring insight from workplace violence and business continuity experts, the report highlights opportunities for risk professionals and their organizations to identify warning signs of potential attacks, best practices in communication and pre-event training, as well as strategies to implement a coordinated effort that minimizes injuries, property damage and uncertainties.

 

“Physical security measures are nothing more than deterrents,” said Steve Smith, founder and president of Guardian Defense and report contributor. “Every individual in the organization needs to know how to respond to an active threat in order to mitigate the situation. Risk professionals are well-positioned within their organizations to drive discussions, awareness and take a leading role in the development of a workplace violence prevention and response strategy.” 

 

The report 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.

The newly released Spencer-RIMS Internship Manual for Employers offers a roadmap for risk professionals to design a valuable internship program for their organization while creating exciting and rewarding opportunities for future professionals.  

 Authored by RIMS Student Advisory Council, the manual includes a justification worksheet for employers, strategies for designing an internship, a worksheet to define intern responsibilities, as well as potential activities and performance evaluation recommendations. Additionally, the manual provides directions for risk professionals to apply for a Spencer Internship Grant to fund the program.

 “Internships provide unquestionable opportunity for organizations and their risk management teams to maximize capabilities and support business activities,” said RIMS CEO Mary Roth. “Creating meaningful internships is crucial to the sustainability of this profession and we’re excited to build this bridge to rewarding risk management careers.”

 “Insurance industry and risk management learning must extend beyond the classroom,” said Spencer Chairperson Marya Propis. “To compliment the sensational curriculums that many colleges and universities now offer, real-world experience gives risk management and insurance students a competitive edge as they enter the workforce. Through scholarships, grants and internship programs, Spencer continues to support new opportunities for students to explore our profession.”

 To learn more about Spencer Internship Grant, visit www.spencered.org/professionals/internships.

 The report 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.