Announcements

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.

The risk of not adopting some form of artificial intelligence (AI) can be much greater than the potential risks of implementation according toRIMS Professional Report: Making Sense of Artificial Intelligence and Its Impact on Risk Management.

 

Authored by RIMS Strategic and Enterprise Council member and director, Microsoft Enterprise Risk Management Tom Easthope, the report explores forms of AI available to organizations, common implementations scenarios for risk professionals to consider, as well as opportunities for those professionals to advance their careers in light of the emergence of AI technologies.

 

“While the discussions about the long-term impacts of artificial intelligence on society are important to understand and track, the more pressing issue is to understand the impacts on your industry, your organization and, ultimately, your career,” said Mr. Easthope. “Risk professionals should find ways to participate in strategic discussions around AI and educate themselves on the world of possibilities it offers them and their organizations.” 

 

RIMS Strategic and Enterprise Risk Management Council (SERMC) is organized to provide leadership on strategic and enterprise risk management (SRM and ERM) research, practices, topics and issues, in alignment with RIMS’ vision, affiliations and partnerships. SERMC comprises RIMS members, academics, strategists, consultants and other practitioners who are experienced with strategic and enterprise risk management and related issues.

 

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.

Velocity is often associated with emerging and technological risks, referencing the speed at which they can impact our organizations. But, that same word can be linked to opportunities and, in my first month as RIMS president, the velocity with which this Society has produced new resources has been eye-opening.

First, a new chapter. I would like to officially welcome RIMS’ 80th chapter, the New Zealand and Pacific Islands Chapter of RIMS. Building off the success of the RIMS Australasia Chapter, our newest chapter is destined to continue to engage a passionate community of risk professionals and create opportunities for them to advance professionally. Congratulations to chapter’s first group of officers and a special thank you to RIMS Australasia Chapter for their invaluable guidance and support in its formation.

In January, RIMS held its fifth annual Leadership Forum in St. Petersburg, Florida. The Forum brought together RIMS committee, council and international leaders, as well as Board Directors and staff to discuss the future of risk management and the Society. We gained valuable insight from meetings with these passionate volunteers, preparing us to better serve our members in the year ahead. These attendees were reminded that the power of RIMS has been shaped by its volunteers, and that they held the power to make changes going forward.

Just one of these areas where RIMS is focused is regulatory awareness and the increasing challenge of navigating the legalization of marijuana, as well as the introduction of marijuana-focused companies. Our External Affairs Committee allows us to remain at the forefront of these topics and, this month, unveiled its latest Legislative Review. Available on RIMS Risk Knowledge library, the report explores cannabis laws and their impact on business, insurance, real estate and risk management.

Another “hot button” issue that is impacting organizations with velocity is diversity and inclusion. Continuing the great work of the 2018 Diversity and Inclusion Task Force, RIMS Board approved recommendations to establish a Diversity and Inclusion Advisory Council. Chaired by RIMS Ex-Officio Robert Cartwright, Jr., the Council will work together to identify relevant diversity and inclusion goals for the Society, as well as provide guidance on how best to achieve them. Applications will be accepted for Council volunteers until February 15. You can apply here.

Perhaps the most notable of RIMS events, there are less than 100 days until RIMS 2019 Annual Conference & Exhibition scheduled for April 28 – May 1 in Boston. Each year, the conference’s 100+ educational sessions and 400 exhibitors offer a range of solutions, strategies and best practices for professionals in all industries and at career stages. There are many exciting new offerings this year as well, and I hope to see you all there.

We are excited to announce tennis legend Billie Jean King as the Society’s Conference Finale keynote speaker. Ms. King has not only achieved greatness on the court, but has also paved the way for others to follow in her footsteps. It will be great to learn from her wins, her losses and her well-documented fight for equality.

In addition to welcoming Ms. King, the 2019 Anita Benedetti Student Involvement Program grant recipients have been announced.  RIMS will bring 36 exceptional risk management students from five countries – United States, Canada, India, China, Colombia – to attend RIMS 2019. These students always bring great energy and enthusiasm and will surely benefit from a thought-provoking agenda built specifically for them. RIMS has created the RIMS Rising Risk Professional Network website for those who fall into this demographic.

Through chapter involvement, content, resources and events, RIMS continues to provide exceptional value to its members and the world’s risk management community. 2019 is shaping up to be an amazing year and I look forward to sharing each and every new opportunity with you.

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

RIMS, the risk management society™, presented 36 students with a 2019 Anita Benedetti Student Involvement Program grant. The program, sponsored by The Spencer Educational Foundation, recognizes the achievements of outstanding undergraduate and graduate risk management students, providing them with funds for travel expenses, complimentary hotel accommodations and registration to RIMS 2019 Annual Conference & Exhibition schedule for April 28 – May 1 in Boston.

 The ABSIP continues to recognize elite risk management and insurance undergraduates from outside of North America. The international group includes students from:  Birla Institute of Management technology (BIMTECH) in India, National Insurance Academy in India; Universidad EAFIT in Colombia; and Peking University in China.

 “The commitment, determination and genuine excitement for risk management demonstrated by our Anita Benedetti scholars is contagious,” said RIMS CEO Mary Roth. “Each year, we invite an accomplished group of students to attend the conference and each year they continue to impress with a mature grasp of complex risk management concepts and an evident desire to advance in this field.  We look forward to welcoming the 2019 class of ABSIP students to Boston and learning from their unique perspective.”

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

·         Claire Anderson, University of Calgary

·         Deepanshi Arora, Birla Institute of Management technology (BIMTECH)

·         Ashley Atwater, New Mexico State University

·         Harrison Cameron, Appalachian State University

·         Alexandra Cummins, Eastern Kentucky University

·         Jules Ebwele Mpako, Georgia State University

·         Alisha Elhassan, The University of Texas at Dallas

·         Paria Esmaeelzadeh, University of Georgia

·         Jacqueline Fernandez, East Carolina University

·         Christian Ferrara, Appalachian State University

·         Anna Geist, Butler University

·         Christopher Graman, Indiana State University

·         Sarah Henley, University of North Carolina - Charlotte

·         Rochelle Hubbart, University of Colorado Denver

·         Isabel Jaraba, Universidad EAFIT

·         Evan Leitch, University of Wisconsin - Madison

·         Rudy Martinez, St. Mary's University

·         Jennie Lynn Martino, St. John's University

·         Jorge Mejia, Universidad EAFIT

·         Rachel Mermelstein, Temple University

·         Amanda Mills, Florida State University

·         Megan Moore, University of Southern California

·         Lauren Morell, LaSalle University

·         Piotr Parol, Butler University

·         Varun Sivakumar, Temple University

·         Erika Sreenan, Illinois State University

·         Eric Sutliff, University of Georgia

·         Supragya Tripathi, National Insurance Academy

·         Tina Valdez, St. Mary's University

·         Hollan Vander Hey, Troy University

·         Adrian Villa, Illinois State University

·         Pranav Warhady, National Insurance Academy

·         Brandon Wright, Virginia Commonwealth University

·         Kevin Yaholnitsky, University of Calgary

·         Leonardo Zamproni Sverzut, British Columbia Institute of Technology

·         Zhang Fuyu, Peking University

 Initiated as a pilot program at the 1978 RIMS Annual Conference, the program recognizes exceptional students involved in the study of risk management, and has grown into a differentiating part of the RIMS Annual Conference and Exhibition. The program became known as the Anita Benedetti Student Involvement Program in 1997 to honor Ms. Benedetti's commitment to developing the next generation of risk professionals. RIMS, the risk management society™, presented 36 students with a 2019 Anita Benedetti Student Involvement Program grant. The program, sponsored by The Spencer Educational Foundation, recognizes the achievements of outstanding undergraduate and graduate risk management students, providing them with funds for travel expenses, complimentary hotel accommodations and registration to RIMS 2019 Annual Conference & Exhibition schedule for April 28 – May 1 in Boston.

 The ABSIP continues to recognize elite risk management and insurance undergraduates from outside of North America. The international group includes students from:  Birla Institute of Management technology (BIMTECH) in India, National Insurance Academy in India; Universidad EAFIT in Colombia; and Peking University in China.

 “The commitment, determination and genuine excitement for risk management demonstrated by our Anita Benedetti scholars is contagious,” said RIMS CEO Mary Roth. “Each year, we invite an accomplished group of students to attend the conference and each year they continue to impress with a mature grasp of complex risk management concepts and an evident desire to advance in this field.  We look forward to welcoming the 2019 class of ABSIP students to Boston and learning from their unique perspective.”

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

·         Claire Anderson, University of Calgary

·         Deepanshi Arora, Birla Institute of Management technology (BIMTECH)

·         Ashley Atwater, New Mexico State University

·         Harrison Cameron, Appalachian State University

·         Alexandra Cummins, Eastern Kentucky University

·         Jules Ebwele Mpako, Georgia State University

·         Alisha Elhassan, The University of Texas at Dallas

·         Paria Esmaeelzadeh, University of Georgia

·         Jacqueline Fernandez, East Carolina University

·         Christian Ferrara, Appalachian State University

·         Anna Geist, Butler University

·         Christopher Graman, Indiana State University

·         Sarah Henley, University of North Carolina - Charlotte

·         Rochelle Hubbart, University of Colorado Denver

·         Isabel Jaraba, Universidad EAFIT

·         Evan Leitch, University of Wisconsin - Madison

·         Rudy Martinez, St. Mary's University

·         Jennie Lynn Martino, St. John's University

·         Jorge Mejia, Universidad EAFIT

·         Rachel Mermelstein, Temple University

·         Amanda Mills, Florida State University

·         Megan Moore, University of Southern California

·         Lauren Morell, LaSalle University

·         Piotr Parol, Butler University

·         Varun Sivakumar, Temple University

·         Erika Sreenan, Illinois State University

·         Eric Sutliff, University of Georgia

·         Supragya Tripathi, National Insurance Academy

·         Tina Valdez, St. Mary's University

·         Hollan Vander Hey, Troy University

·         Adrian Villa, Illinois State University

·         Pranav Warhady, National Insurance Academy

·         Brandon Wright, Virginia Commonwealth University

·         Kevin Yaholnitsky, University of Calgary

·         Leonardo Zamproni Sverzut, British Columbia Institute of Technology

·         Zhang Fuyu, Peking University

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

RIMS is happy to announced that immediate Past President, Robert Cartwright, Jr. will participate in an upcoming webinar, "Now Is The Time" hosted by the National African American Insurance Association. The webinar, which will be held on February 13 at 1:00 PM EST, features "industry giants and pioneers whose work has impacted our past, present and our future!"

To register for this webinar, please visit: https://naifa.zoom.us/webinar/register/3915493991357/WN_YqCgTKhSSuij961KrBgK8g

According to “RIMS Legislative Review: The Risk Management Implications of Conflicting Federal and State Cannabis Laws,” risk professionals representing cannabis businesses, as well as landowners and landlords can face a range of issues as a result of the disconnect between state and federal cannabis laws.

 

Developed by RIMS External Affairs Committee, the new report provides a brief background on the current state of cannabis laws in the United States. It also explores banking and insurance challenges for businesses in marijuana industries, as well as property owners’ and managers’ rights, language considerations for tenancy agreements and critical insurance requirements that should be enforced.

 

“Until the Controlled Substances Act is amended to remove marijuana as a Schedule I Narcotic, there is always some risk that shifting political winds or other factors in the area where the business is located may result in prosecution, even where marijuana has been legalized or decriminalized,” the report states. “Careful due diligence and legal advice from counsel familiar with this area of law is always a wise choice.”

 

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 is excited to introduce the creation of the Diversity & Inclusion (D&I) Advisory Council—part of the Society’s larger initiative to create a highly inclusive environment for all identity groups to thrive in the global risk community.

Who should apply? RIMS is seeking D&I experts and those familiar with D&I programs, to help identify relevant D&I goals for the Society to pursue, and provide guidance on how best to achieve them. This opportunity is open to all RIMS members.

Review the advisory council description to learn more and select "apply now" if you are interested in volunteering.

If you have any questions, please contact me at jlamangan@rims.org

RIMS, the risk management society™, has announced the formation of its Diversity and Inclusion Advisory Council. At its January meeting, RIMS 2019 Board of Directors approved the addition of the new council and its scope: to continue to identify relevant diversity and inclusion (D&I) goals for the Society to pursue, as well as providing guidance on how best to achieve them.


Chaired by RIMS Ex-Officio Robert Cartwright, Jr., the council’s duties will include examining policies, programs and services related to D&I activities, developing relevant content, interpreting and sharing D&I benchmarking from both inside and outside of the industry, as well as surveying RIMS’ risk professional network to better assess expectations and needs.

 

“For any diversity and inclusion program to be successful, there has to be a plan with actionable items that’s driven by passionate individuals who share a belief in the value of inclusiveness,” said Mr. Cartwright, Jr. “RIMS continues to strengthen its D&I programming and has created greater opportunity for our diverse network to share their experiences. Our council’s goal will be to continue this momentum, build a stronger Society and present new opportunities to engage our global community.”

 

The Diversity & Inclusion Advisory Council is currently accepting applications for volunteers. The opportunity to join the 12-person council is open to all RIMS members. Those interested in joining RIMS Diversity & Inclusion Advisory Council can visit, www.RIMS.org/volunteer.

 

In late 2018, the then RIMS Diversity & Inclusion Task Force developed the following Vision Statement: 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.

 

Additionally, the Task Force was integral in developing webinars, conference programming, networking opportunities, surveys and establishing important relationships with industry partners who shared similar D&I objectives.

 

For more information about RIMS, visit www.RIMS.org or contact the Society’s Client Services Team by email at CST@RIMS.org.

RIMS is excited to introduce the creation of the Diversity & Inclusion (D&I) Advisory Council—part of the Society’s larger initiative to create a highly inclusive environment for all identity groups to thrive in the global risk community.

Who should apply? RIMS is seeking D&I experts and those familiar with D&I programs, to help identify relevant D&I goals for the Society to pursue, and provide guidance on how best to achieve them. This opportunity is open to all RIMS members.

While the time commitment averages four hours each month, the experience is priceless, and your skills and insights will make a difference.

Review the advisory council description to learn more and select "apply now" if you are interested in volunteering.

Please complete the council volunteer form by Friday, February 15. (Login required)
If you have any questions, please contact Josh Lamangan at jlamangan@rims.org.

RIMS, the risk management society™, has announced the addition of its 80th chapter, the New Zealand and Pacific Islands Chapter of RIMS. At its first Board Meeting of 2019, the Society’s Board of Directors reviewed the formal application, submitted by local risk professionals, and voted unanimously to establish the chapter effective immediately.

 

The New Zealand and Pacific Islands Chapter of RIMS inaugural Board of Directors includes: President - Teressa Betty, Risk Management Consultant at ASB Bank; Vice President – Kate Beddoe, Chief Risk Officer at Vector; RIMS Delegate – Kerry Bakkerus, Risk and Privacy Manager at Counties Manukau Health; Treasurer – Darren Evans, General Manager Safety & Medical for Air New Zealand; Secretary – Greg Lazzaro, Global Health, Safety, Resilience & Risk Director at Fonterra.

 

“Risk management in New Zealand and the surrounding region continues to gain momentum with business leaders realizing our limitless potential to support growth and innovation,” said Chapter President Teressa Betty. “As an official RIMS chapter, we are excited to build upon what we started as part of RIMS Australasia Chapter. As our own unique community of passionate risk professionals, we aim to build a strong and engaged network, focused on supporting our members’ organizational and career development goals, as well as enabling diversity, equity and inclusion within the risk profession.”

 

The New Zealand and Pacific Islands Chapter of RIMS creation was a result of the success experienced as part of RIMS Australasia Chapter. Exceptional participation from risk professionals in New Zealand, strong leadership and the region’s diverse geographic landscape were among the factors considered by RIMS Board of Directors.   

 

“Risk professionals in New Zealand have already demonstrated tremendously sophisticated programs that continue to pave the way for their organizations’ success,” said RIMS CEO Mary Roth. “Guided by a dynamic group of former RIMS Australasia Chapter leaders, our newest chapter is poised to deliver exceptional resources, educational opportunities and will undoubtedly foster the exchange of ideas and best practices.” 

 

With the addition of the New Zealand and Pacific Islands Chapter of RIMS, the Society now has 80 official chapters. Sixty-six of those chapters are located in the United States, 10 in Canada and one each in Japan, Mexico, Australasia and New Zealand/Pacific Islands. In addition to its chapters, RIMS provides support and resources for risk professionals around the world. For a complete listing of RIMS chapters, visit https://www.rims.org/membership/Pages/ChapterWebsites.aspx.

I’m so very proud – and honored – to serve as the 2019 president of RIMS. In the past year, this Society has made significant strides in so many areas. That success is a credit to strong leadership, exceptional volunteers and an engaged risk management community that is focused on advancing the profession.

 

First and foremost, my goal is to build on the successes of my predecessors and to ensure RIMS’ strategies continue to serve our diverse and global community.

 

But, that is no easy task. Expectations have never been greater for our organizations. Each day they are challenged to quickly adapt and implement emerging technologies; to proactively address cyber exposures; to brace for political change; to uphold ethical and social standards; among many, many others.

Global business executives are leaning on their risk management teams for enterprise-wide intelligence and dynamic strategies. So, I ask this question: Are we ready to meet these great expectations?

 

Today’s risk professionals are expected to be strong communicators; to have a global lens; to be aware of the regulatory landscape; to be strategic thinkers and ready to support innovation.

 

From the very beginning, RIMS has been integral in helping me build my risk management career. The Society has shown me the value of mentoring and is responsible for building my personal risk management network. It has shown me the value of collaboration and, at our chapters, has introduced me to local professionals who are just as passionate about this discipline as me. It’s given me access to a wealth of knowledge and content – covering almost every facet of business risks – and has allowed me to apply these best practices within my organization. 

 

While it seems as though risks are becoming more and more complex, preparing for and managing emerging risks is not a new challenge for risk professionals.  For many of us, this is an important part of our jobs. And, while each emerging risk might require a different strategy, for decades, risk professionals have continued to access one common resource: each other.

 

We learn from each other’s experiences, from each other’s successes and from each other’s challenges. Together, we’ve developed best practices, frameworks and processes that have enabled our organizations to turn negative situations into positive ones.

 

I am excited for the year ahead, and I look forward to sharing my presidential journey with you. My priority as RIMS 2019 President is to ensure that the Society provides a path for the world’s risk management community to meet and exceed these great expectations.

 

Sincerely,


Gloria Brosius

RIMS 2019 President

Many of you contacted us saying that you were scrambling to get your data submitted by the 12/31 deadline. We don’t want you to miss out on your free copy of the Survey, so we’re giving you more time.

Is your company part of the 65% that purchase cyber insurance? Do you know what industries saw a rising TCOR in 2018? What will 2019 bring? Contribute your insurance data and find out.

RIMS, the risk management society™, today announced that Gloria Brosius, RIMS-CRMP will lead the Society as president for the 2019 term, effective January 1. 

 

Ms. Brosius is Director, Risk Management and Insurance for Pinnacle Agriculture Distribution Inc. based in Loveland, Colorado. She has been a member of RIMS for 22 years and joined RIMS Board of Directors in 2014. Ms. Brosius held many Board positions with the RIMS Rocky Mountain Chapter (Denver), including serving as president from 2005-2006. She also volunteered on the Society’s Member and Chapter Services Committee and was its Vice-Chair in 2013 prior to joining the Society’s global Board.   


“Expectations have never been higher for risk professionals,” said Ms. Brosius. “Business leaders are turning to their risk management teams to deliver enterprise-wide intelligence and dynamic strategies that support organizational goals. My presidency will focus on ensuring that RIMS provides a path for the world’s risk management community to meet and exceed these great expectations.

   

“I’m excited to lead this global association, to build on the successes of my predecessors and to continue to create opportunities for risk professionals to make brave decisions, both personally and professionally.”

 

Officers on RIMS 2019 Board of Directors:

President: Gloria Brosius; Director, Risk Management and Insurance, Pinnacle Agriculture Distributions, Inc.
Vice President: Steve Pottle, CIP, CRM; Director, Risk Management Services, Thompson Rivers University.
Treasurer: Laura Langone, JD, MBA; Senior Director, Global Risk Management and Insurance, PayPal, Inc. Holdings.
Secretary: Barry Dillard; Director, Risk Strategies, Insurance and Compliance, Walt Disney World Resorts.
 

New Board Members:

·         David E. Arick, ARM; Assistant Treasurer, Global Risk Management, International Paper Company.

·         Gary A. Nesbit, CPCU, CSP, ARM, AIC, ALCM, SPHR; Senior Director of Risk Management, Young Life.

 

Incumbent Board Members:

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

·         Susan Hiteshew, RIMS-CRMP, ARM; Senior Director, Insurance-Americas, Marriott International, Inc.

·         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.

·         Jennifer Santiago, RIMS-CRMP, ARM; Director, Risk Management, Novartis Pharmaceutical Corporation.

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

·         Robert Zhang; China Risk and Compliance Manager, IKEA (China) Investment Co., Ltd.

Ex Officio: Robert Cartwright, Jr., CRM, BSB/OP; Division Manager, Northeast Region, Environmental, Health, Safety and Sustainability, Bridgestone Retail Operations, LLC.
           

For more information about RIMS leadership, visit www.RIMS.org. RIMS, the risk management society™, today announced that Gloria Brosius, RIMS-CRMP will lead the Society as president for the 2019 term, effective January 1. 

 Ms. Brosius is Director, Risk Management and Insurance for Pinnacle Agriculture Distribution Inc. based in Loveland, Colorado. She has been a member of RIMS for 22 years and joined RIMS Board of Directors in 2014. Ms. Brosius held many Board positions with the RIMS Rocky Mountain Chapter (Denver), including serving as president from 2005-2006. She also volunteered on the Society’s Member and Chapter Services Committee and was its Vice-Chair in 2013 prior to joining the Society’s global Board.   


“Expectations have never been higher for risk professionals,” said Ms. Brosius. “Business leaders are turning to their risk management teams to deliver enterprise-wide intelligence and dynamic strategies that support organizational goals. My presidency will focus on ensuring that RIMS provides a path for the world’s risk management community to meet and exceed these great expectations.


“I’m excited to lead this global association, to build on the successes of my predecessors and to continue to create opportunities for risk professionals to make brave decisions, both personally and professionally.”

 

Officers on RIMS 2019 Board of Directors:

President: Gloria Brosius; Director, Risk Management and Insurance, Pinnacle Agriculture Distributions, Inc.
Vice President: Steve Pottle, CIP, CRM; Director, Risk Management Services, Thompson Rivers University.
Treasurer: Laura Langone, JD, MBA; Senior Director, Global Risk Management and Insurance, PayPal, Inc. Holdings.
Secretary: Barry Dillard; Director, Risk Strategies, Insurance and Compliance, Walt Disney World Resorts.
 

New Board Members:

·         David E. Arick, ARM; Assistant Treasurer, Global Risk Management, International Paper Company.

·         Gary A. Nesbit, CPCU, CSP, ARM, AIC, ALCM, SPHR; Senior Director of Risk Management, Young Life.

 
Incumbent Board Members:

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

·         Susan Hiteshew, RIMS-CRMP, ARM; Senior Director, Insurance-Americas, Marriott International, Inc.

·         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.

·         Jennifer Santiago, RIMS-CRMP, ARM; Director, Risk Management, Novartis Pharmaceutical Corporation.

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

·         Robert Zhang; China Risk and Compliance Manager, IKEA (China) Investment Co., Ltd.

Ex Officio: Robert Cartwright, Jr., CRM, BSB/OP; Division Manager, Northeast Region, Environmental, Health, Safety and Sustainability, Bridgestone Retail Operations, LLC.
           

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

Despite being extended through May 31, 2019, RIMS, the risk management society™, warns members that the Federal Emergency Management Agency (FEMA) will operate the National Flood Insurance Program (NFIP) at limited capacity during the government shutdown.
 
The appropriation of FEMA’s funds earmarked for flood insurance policies expired on December 22nd along with many other government agencies and programs. While claims processes will proceed to function normally, the NFIP will carry the following limitations during the government shutdown:
·      no new policies will be issued
·      no changes can be made to existing policies
·      renewal policies will not be issued
 
Additionally, NFIP insurers are not permitted to collect premiums for the issuance, renewal, or monetary endorsements of NFIP policies. Such actions would violate the Anti-Deficiencies Act.
 
“Limitations on the NFIP can have serious repercussions, but it is RIMS hopes that the government shutdown concludes quickly and that FEMA remedies this situation as soon as it is able,” said RIMS CEO Mary Roth. “Until that time, RIMS External Affairs Committee will continue to monitor developments in Washington, D.C. and share pertinent information, enabling our membership to prepare their organizations to the best of their ability.”
 
A long-term reauthorized NFIP bill would provide critical financial support to a wide-range of businesses experiencing flood emergencies and continues to be a RIMS legislative priority. The NFIP was the focus of the Society’s 2018 Legislative Summit held in October in Washington, DC. Additionally, this November, RIMS signed a joint letter with other insurance, real estate and banking organizations, urging Congress to take immediate action to avoid a lapse in the program.
 
RIMS’ Political Action Committee (RISK PAC)has been soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit www.riskpac.org. 

Throughout this year and in my many interactions with risk professionals from around the world, I have heard and witnessed the challenges impacting our profession as we continue to transition into 21st Century risk management. The transition from traditional risk management into the digitalization of identifying and defining risk has streamlined processes but, at the same time, still presents unknowns. We have emerging technology that will impact how we see the world and must vigilantly monitor how those technologies will protect both the end user and the provider, and change our daily jobs.

 

What a risk professional “looks like” is also transitioning. As a result, RIMS Board of Directors convened a Task Force to further the Society’s approach on Diversity and Inclusion initiatives. The Task Force has recommended forming an official Council that will be finalized at the January Leadership Forum next month. I am very excited about the progress being made as it has been part of my platform this year and I look forward to continuing to work on this going forward.

 

You can see our progress on the website as we have expanded into India and Singapore, especially the through the success of our first Risk Forum 2018 India. We continue to provide content through our relationship with BIMTECH (Birla Institute of Management Technology) who opened “The RIMS Corner” publication center and will soon offer risk management courses. Our goal is to provide content and networking to meet the needs India corporate so that the risk community can better serve their businesses and communities.

 

Another example of us heeding the call of “ships being safe in the harbor, but that’s not what they’re built for” was demonstrated in November, as RIMS introduced its new Young Associate Membership category.  Many risk professionals get their start on the Associate side of the business. We are proud to make this category available, at a reduced rate, to this dynamic group of professionals. We also reduced the rate for Young Professional Members to make it even easier for them to join RIMS.

 

Additionally, after a thorough and deliberate assessment, RIMS Board of Directors announced a policy revision that now allows our Associate Members to serve on Chapter Boards. The opportunity for them to serve on Chapter Boards is OPTIONAL for each individual chapter, and is accompanied by RIMS Board issued parameters. It is without question that Associates provide an important industry perspective and are valuable members of our community.  For more information, Chapter Leaders can contact RIMS Client Services at cst@rims.org.

 

Being a premier risk organization, these decisions reflect a measured and calculated risk, one that will require our Chapter Leaders’ feedback to ensure that it accurately addresses our members’ needs.

 

My last President’s Corner Message is bittersweet for me. We began with the challenge of identifying “What’s Your Plan,” to the importance of mentoring the next generation. Looking ahead into the 21st Century, we confidently anticipate steady chapter growth and international members. My opportunities to travel and connect with our members will forever stay with me. They have allowed me to maintain old friendships and established new ones.

 

I always end by thanking our members for their support but there are specific groups that routinely go above and beyond. To our committee, council, advisory group and task force volunteers, our chapter leaders, the speakers at our events, those who contribute content, RIMS staff and, of course, my fellow Board of Directors – thank you!

 

Without your support and without our desire to work in unison to advance this global risk management community, we would not be where we are today. As we transition into 2019, I am very excited about our next President Gloria Brosius and the 2019 Board. All I will say is, get ready for some very exciting things to come next year!

I want to wish you all a happy and healthy holiday season and New Year.  And, I’d like to wish you the ultimate in professional success. Thank you for allowing me to serve as your 2018 President and for choosing RIMS as your go-to source for risk management knowledge.

Let’s stay connected!

 

Cheers,

Robert Cartwright, Jr.

RIMS 2018 President

RIMS, the risk management society™, has opened registration for RIMS 2019 Annual Conference & Exhibition, the world’s premier risk management and insurance industry event. Scheduled for April 28 – May 1 at the Boston Convention & Exhibition Center, the four-day event will feature more than 300 speakers, 400 exhibitors and approximately 10,000 attendees from over 70 countries. Visit www.RIMS.org/RIMS2019 to register.

 RIMS General Session event held on Monday, April 29th will feature keynote speaker Erin Meyer. Erin is the author of The Culture Map: Breaking Through the Invisible Boundaries of Global Business and a professor at INSEAD, one of the world’s leading international business schools. Her work focuses on how the world’s most successful global leaders navigate the complexities of cultural differences in a multi-cultural environment.

 WHAT’S NEW AT RIMS 2019

 To continue to provide attendees with a superior experience, RIMS conducts a

comprehensive analysis of previous conferences and has announced these additions to the 2019 program:

 ·         START-UP STADIUM – This new Marketplace feature will showcase emerging risk management solution providers whose products and services are supporting risk professionals as they take on today’s most complex risks.

 ·         CATEGORY CORRIDORS – With four-days filled with countless learning opportunities, RIMS has designated corridors and session rooms for the duration of the conference to focus on one area of risk management.

 ·         RIMS-TV LIVE STUDIO – Now located on the Marketplace floor, the RIMS-TV Live Studio aims to increase opportunities for participation and the exchange of ideas and professional experiences.

 ·         SUPERCHARGED RIMS MARKETPLACE – In addition to its 400 exhibitors and extended hours, the addition of the Innovation Hub and the RIMS Global Studio to the Marketplace floor gives attendees greater access to a wealth of risk management knowledge in one centralized location.

 ·         NETWORKING ON-THE-GO – Upgrades to the RIMS 2019 Mobile Application now gives our risk management community the opportunity to build meaningful professional relationships and engage other attendees from their mobile device.

 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 2019, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

 Educational sessions are confirmed for RIMS 2019.  Confirmed speakers who have questions may contact speakers@RIMS.org.

With the National Flood Insurance Program (NFIP) set to expire on November 30th, RIMS, the risk management society ™, signed a joint letter with other insurance, real estate and banking organizations, urging Congress to take immediate action to avoid a lapse in the program.

 

In November 2017, both the U.S. House of Representatives’ and the Senate reached a bipartisan agreement to temporarily extend the NFIP program for one year.  With recent changes to the administration, mounting concern from a range of corporate entities has escalated prompting the issuance of joint letter addressed to House Speaker Paul Ryan, Majority Leader Mitch McConnell, Minority Leader Nancy Pelosi, and Minority Leader Chuck Schumer.

 

“A lapse in NFIP coverage would be devastating for thousands of businesses across the United States,” said RIMS CEO Mary Roth. “For too long, the program has received temporary extensions. RIMS encourages Congress to consider the millions of Americans at risk, the resounding impact a lapse would have on flood recovery efforts and the disruption caused by the countless real estate contracts that would immediately become void. Our Society will continue to demonstrate its commitment to a reauthorized NFIP and will work with government officials to ensure they have the tools and support to reach this goal.”

 

The NFIP is a priority of RIMS and was the focus of the Society’s 2018 Legislative Summit held in October in Washington, DC. At the Summit, RIMS members participated in more than 50 meetings with House and Senate offices to discuss the risk management community’s concerns regarding the NFIP.

 

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

Dear Chapter Leaders,

 

At its October 20, 2018 meeting, the RIMS Board of Directors amended the Society’s policy concerning the ability of Associates to serve on Chapter Boards. Please see below for background information on this issue, details regarding the revised policy and recommendations for implementation.

 

Background:

In recent years, some chapters have voiced their concerns about filling their board positions.  As a result, these chapters are either relying on the same, small group of volunteers to govern each year, are failing to fill all of their Board positions, or have already engaged Associates to serve on their boards, resulting in non-compliance with RIMS policy. 

 

Over the past 18 months, the RIMS Board, the Member and Chapter Engagement Committee and RIMS staff have conducted surveys, held in-depth discussions and analyzed the benefits and challenges of revising the 2013 decision to restrict Associates’ ability to serve on Chapter Boards. The RIMS Board also addressed the need to support those chapters in favor of this change, while protecting the interests of those chapters opposed to the change.

 

The RIMS Board understands the challenges facing our chapters, and after much consideration has determined that there is an opportunity for Associates to deliver great value as chapter directors. Chapters will gain access to a larger volunteer pool, as well as additional insight and expertise. Many of RIMS most experienced Professional members began their careers as service providers, and allowing current Associate members to serve on chapter boards creates opportunities for younger members to share their perspectives, contribute and gain valuable skills as their careers progress. This may help to enhance the chapters’ and the Society’s sustainability, building a pipeline for future Professional member volunteers.

 

Revised Policy:

Any RIMS chapter may amend its bylaws to permit its Associate Members to stand for election to the chapter’s board of directors; provided, however, that no more than two Associates may serve on the chapter’s board simultaneously, and further provided that an Associate may not be elected to – or otherwise serve as – a chapter officer.

 

To implement this policy revision, chapters should take the following steps:

1.       Update bylaws

2.       Notify chapter membership

3.       Send updated bylaws to RIMS

4.       Address Conflicts of Interest

5.       Communicate with Board Liaison

 

Updating Bylaws:

Please note, this policy change is optional for chapter boards. For those RIMS chapters that wish to implement this change, chapter bylaws must be updated. This will require implementation of the amendment process outlined within each chapter’s bylaws. Chapter membership must be notified and new bylaws must be submitted to RIMS Chapter Services upon completion.

 

Conflicts of Interest:

To address concerns about conflicts of interest, Associates, like all elected volunteers, are strongly encouraged to execute a conflict of interest agreement. This agreement should clarify that every elected officer and director owes fiduciary duties to the chapter, and may be removed from his/her leadership role for violating these duties. The full Chapter Board should monitor and address any perceived (or actual) conflicts before they become significant. RIMS will provide all chapters with access to a conflict of interest form that they may use for this purpose.

 

While chapter leadership will always remain amongst the local risk professional volunteers, the RIMS Board will be closely monitoring the impact of this policy change to ensure the overall integrity of the Society’s leadership. Chapter leaders are encouraged to reach out to your Board Liaisons to share your success stories and/or any related challenges you may experience.

 

If you have any questions regarding this policy change, or the implementation thereof, please contact RIMS Member Relations Manager Will Gilchrist at wgilchrist@RIMS.org or 212-655-6031.

 

 

Sincerely,

 

RIMS Board of Directors

Registration is now open for all RIMS members for the 2019 RIMS Annual Conference and Exhibition in Boston, MA. To learn about RIMS 2019 and to register, please visit: www.RIMS.org/RIMS2019.

Birla Institute of Management Technology (BIMTECH) Chairperson Dr. Abhijit K. Chattoraj and Deputy Director and Dean – Academics Dr. Anupam Varma welcomed RIMS Board Director Robert Zhang and RIMS CEO Mary Roth to officially open “The RIMS Corner” publication center. The dedication event also included a ceremonial Memorandum of Understanding signing to further support the advancement of BIMTECH’s risk management and insurance curriculum.

 

As part of the working relationship, RIMS and BIMTECH will develop preparatory courses for BIMTECH students that will cover the content and knowledge required to achieve the RIMS-Certified Risk Management Professional certification (RIMS-CRMP). In late 2017, the certification received official accreditation by the American National Standards Institute under ISO/IEC 17024:2012, signifying its accordance with requirements defined in International Standards.
 

Photo gallery from the dedication event: http://images.rims.org/2018-RIMS-BIMTECH/index.html

 
“More than delivering thought-leading content to India’s flourishing risk management community, RIMS aims to facilitate the exchange ideas and best practices, as well as other opportunities for professionals to advance their programs and careers,” said Mary Roth. “We are excited to work with BIMTECH and collaborate on this initiative, to share our resources and support the future of risk management in India.”

 

At the event, Robert Zhang addressed the audience, delivering a presentation titled, “Role of Risk Management in a Changing Environment,” followed by RIMS Vice President Strategic Initiative Carol Fox who presented to students and faculty on “Risk Management Frameworks: Theory to Practice.” 

 

RIMS’ Global Initiatives are led by Senior Director 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.

 
About BIMTECH

BIMTECH was established in 1988 under the aegis of the Birla Academy of Art and Culture and supported by Birla group of companies with the vision of developing ethical leaders with entrepreneurial. Located in National Capital Region, BIMTECH is one of the top MBA Institutes in India, providing a highly conducive academic environment.

For its outstanding efforts to deliver enterprise-wide risk management solutions that address dominant risks while uncovering financial savings, RIMS, the risk management society™, presented SBI Life Insurance Co. Ltd. with the 2018 India Enterprise Risk Management Award of Distinction. The award was accepted by SBI Life’s EVP, Chief of Risk, Information & Cyber Security Management NKV Roopkumar at RIMS Risk Forum 2018 India in Mumbai.

 

SBI Life’s enterprise risk management (ERM) initiatives have improved processes that identify patterns and indicators to recognize fraudulent claims. Additionally, the risk management team’s efforts support cross-departmental collaboration that allows for a more accurate assessment of customer insurability. Inspired by the catchphrase “ERM: Everyone is a Risk Manager,” between April 2017 to March 2018, these initiatives contributed to over $15 Million (USD) in savings.

 

“Aligning SBI Life’s ERM program with its mission and vision has allowed our risk management team to deliver invaluable insight that enhances both operational and strategic decision-making,” said Mr. Roopkumar. “We are humbled to receive this honor from RIMS and look forward to sharing our experiences with the Society’s global risk management community.”

 

This is the first 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.

 

“SBI Life’s risk aware business culture has spread across the enterprise, facilitating greater operational efficiency and quantifiable cost savings opportunities,” said RIMS Vice President of Strategic Initiatives Carol Fox. “RIMS is proud to present its inaugural India ERM Award of Distinction to SBI Life and recognize its risk management team for its accomplishments.”

 

For more information about RIMS Risk Forum 2018 visit, www.RIMS.org/RFIndia. To access RIMS International Center for Risk Management, visit www.RIMS.org/international.

In an increasingly complex, volatile, and interconnected world, risk management has assumed greater significance. Technological advancements have revolutionized business practices but, at the same time, are posing new sets of challenges.

In India, risk management teams are now expected to take on a greater role not only in terms of leading risk governance and compliance, but also actively influencing strategic growth decisions by addressing new and emerging risks. Consequently, risk managers are constantly looking at avenues to expand their knowledge base, hone their skillsets and gain access to best practices, tools and technology.

At this unique juncture, Marsh and RIMS, the risk management society™ decided to collaborate and produce this joint study which sheds light on the maturity of risk management functions within corporate India, along with the top risk concerns for corporate India. This study, Marsh RIMS Excellence in Risk Management – State of Risk Management in India, addresses the following areas of interest:

What are the top risks Indian corporates faces?
How mature is risk management in organizations?
What are the key areas of risk management that require improvement?
What are the risks of adopting emerging technologies?
Key recommendations for risk executives.
Some Key Learnings and Takeaways

Large scale cyberattacks and massive incidents of data fraud or theft continue to be perceived as top risks for corporate India. India’s growing dependencies on data and digitization efforts have increased the risk of cyberattacks. Cyber risk management also emerged as a key focus area for risk executives with 70% of respondents expecting an increase in investment, which is aligned to cyberattacks being chosen as the top critical risk.
Extreme weather events on the back of recent events continue to be perceived as one of the top risk concerns for corporate India. According to a report by Lloyd’s, India has one of the largest insurance gaps globally for natural catastrophes with a penetration rate of less than 1%, highlighting the vulnerability businesses face when extreme weather events occur.
Severe energy price shock and failure of major financial mechanism or institution also emerged as some of the other top risk concerns highlighted by corporate India.
The interconnected dynamics of geopolitics, technological advances, global economic integration, social instability and climate change mean that the manifestation of one risk is increasingly likely to influence others. This interconnectivity and interaction of longstanding and emerging risks, is creating even more unique and unpredictable risks making it even more difficult for organizations to identify risks.          
Most risk professionals, C-suite executives, and finance professionals generally agree that forecasting critical business risks is more difficult today than before and won’t get any easier in the next three years
Highly crucial for organizations is also to ensure that risk management integrates with the strategy and values of the organization and then setting it in stone by implementing risk management processes within the day-to-day business.
About This Report

This report is based on 123 responses to an online survey with C-suites, executives, and risk professionals from leading firms across 19 industries conducted by Marsh and RIMS in September 2018, along with expert input from MMC and RIMS.

Hello RIMS Members!
We are in the process of designing a new www.RIMS.org website for the global risk community. We have some questions we'd like your input on regarding the current website and how you use it, what you like, what you don't like, what you'd like to see in the future, and so on. It is anonymous, should take less than 10 minutes and we would greatly appreciate your participation. Thank you!

If there is one valuable skill that every risk professional must have, it’s the ability to listen. To best understand the risks our organizations are facing, we must be able to listen to senior leaders, to operations managers and to our customers. RIMS, too, has to listen so that we can continue to deliver solutions and content that addresses our members’ evolving needs.

 

Listening to our members, the Society saw an opportunity to deliver risk management knowledge in a convenient format that fits their busy lives. RIMS proudly introduced RIMScast, our new podcast series. The series has received a tremendous response, offering risk management insight, on-the go.

 

Additionally, realizing that many of our members have limited time to focus on professional development, the Society launched The Weekend Read. This weekly update features a sampling of risk management articles, RIMS reports, surveys and interviews – as well as a Members Only report. Lookout for these emails each Saturday morning.

 

Listening is a major component of any diversity and inclusion initiative, and we can’t express enough how appreciative we are for those who have taken an active role in this RIMS priority. This week’s Advancing the Dialogue Around Race for the Insurance Industry webinar featured Alex Amonett, Global Diversity and Inclusion Leader, Marsh; Margret Redd, National Executive Director, NAAIA; Anthony Walker, Senior Vice President, North Central Partnership Claim Leader, Marsh; Diedre Wright, ARMe, Director of Engagement & Marketing, Diversity & Inclusion Institute; and myself. I want to thank Marsh for taking the lead on this webinar, our panelists for sharing their perspectives and encourage those who missed it to listen to the replay on Opis-Ed.
 
We acknowledge good listeners at RIMS ERM Conference in Montreal with our Global ERM Award of Distinction. By engaging leaders across their organization, winner Marathon Petroleum and honorable mentions IBM, City of Vancouver and Dallas Fort-Worth Airport have successfully created risk-aware corporate cultures and value-adding programs.  
 
This past month, RIMS welcomed its first group of 65 RIMS-CRMP-FED credential holders. Launched earlier this year, the FED micro-credential was developed in tandem with the Association of Federal Enterprise Risk Management (AFERM) in response to U.S. government’s pursuit of stronger risk management capabilities. In 2019, the exam will be available online and U.S. Federal risk professionals can learn more about it on the RIMS-CRMP certification website.

 

Finally, RIMS first-ever Risk Forum India will commence in just over a week. The agenda is complete and it features an impressive lineup of expert speakers with a range of experiences, backgrounds and responsibilities. We’re excited to learn from keynote speaker V Ragunathan’s perspective on human behavior in India, and to present the India ERM Award of Distinction. Registration RIMS Risk Forum India is still open.

 

Information is key. By developing opportunities for dialogue about risk management trends – whether that is through networking at a conference, a webinar or new content – RIMS is committed to listening to its members and providing them with the support they need to succeed.

Sincerely,

Robert Cartwright, Jr.

RIMS 2018 President

With its revamped ERM program, Marathon Petroleum Corporation (MPC) gains insights that enhance its decision-making processes and optimizes strategic initiatives. To recognize its accomplishments, RIMS, the risk management society™, presented its 2018 Global Enterprise Risk Management Award of Distinction to MPC at the Society’s ERM Conference in Montreal. 

 

Establishing value creation as the ERM program’s top priority, MPC moved away from a “risk-focused” approach to an “objectives-focused” one to address enterprise and strategic risks in the context of the business. With this shift in approach, the organization’s cross-functional risk committee is successfully integrating risk management throughout the organization. MPC demonstrates value-adding competencies in risk management communication, in processes for identifying gaps and opportunities, as well as in achieving greater clarity for shared, cross-departmental operational risks.   

 

“Marathon Petroleum is pleased to be an active member of the risk management community represented by RIMS,” said Marathon Petroleum Corp. Senior Vice President and Chief Financial Officer Timothy T. Griffith. “It has helped to inform our approach to ERM, which has led to a more intuitive way to present and understand the most important risks facing our company. The approach has allowed us to effectively communicate these risks to both internal and external stakeholders, better align with our internal audit organization, and create a framework that enhances our ability to identify risks impacting our strategic objectives. We appreciate RIMS recognizing our team’s work in this area.”

 

Honorable mentions for this year’s Global ERM Award of Distinction went to the City of Vancouver, Dallas-Fort Worth Airport (DFW) and IBM. The City of Vancouver developed an ERM program that promotes cross-enterprise collaboration and has enabled the public entity to identify new opportunities and achieve its strategic objectives. DFW’s ERM initiatives have successfully driven a risk-aware corporate culture to gain insights and results through its risk management program. IBM’s innovative ERM program continuously demonstrates its value by enabling the organization to successfully identify and manage emerging risks throughout its global operations.

 

“Every day risk management professionals are tasked with communicating and consulting on risk-related issues that may affect the organization’s mission and objectives,” said RIMS CEO Mary Roth. “Executives and boards around the world expect and demand that organizations demonstrate more mature risk management capabilities. We congratulate Marathon Petroleum, IBM, the Dallas-Fort Worth Airport, and the City of Vancouver for their achievements in creating programs that add value in their respective organizations. These companies are inspiring to all of us who are engaged in raising awareness about the importance of risk management and, in turn, elevate the profile of risk management professionals.”

 

Judging criteria for the Global ERM Award of Distinction includes the scope of the ERM program; how effectively the program engages 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.

RIMS, one of the leading risk management associations in the world, has announced the agenda for its inaugural RIMS Risk Forum India. Scheduled for November 13 and 14 at the ITC Grand Central in Mumbai, the two-day forum will feature a wide-range of educational opportunities presented by risk management leaders from around the world.  Presentations will explore:

·         Diversity in Corporate India

·         Artificial Intelligence

·         Natural Disasters

·         Business Continuity

·         Data Storage and Privacy

·         Regulatory and Tax Challenges for Multinational Companies

·         Risk Management in Manufacturing, as well as

·         Other Emerging Risks

 “India’s risk management community continues to demonstrate remarkable sophistication, implementing best-in-industry practices that address some of the business world’s most complex challenges,” said RIMS CEO Mary Roth. “RIMS is proud to join this dynamic network and share our resources and opportunities for risk professionals to further support innovation and growth activities within their organizations. We look forward to welcoming risk professionals to our first RIMS Risk Forum India and learning from their experiences.” 

 At the Forum, the Society will present the RIMS India ERM Award of Distinction to honor an Indian organization that has created value through its ERM program. In acknowledging the continuing evolution of risk management and advancing its mission, the Society seeks to recognize and share best practices and success stories from across India. For more information about award, visit www.RIMS.org/RFIndia.

 RIMS Risk Forum India proudly welcomes support from key regional partners including:

·         BIMTECH Birla Institute of Management Technology – Academic Partner

·         RM Next – Knowledge Partner

·         Risk Management Association of India – Risk Community Partner

·         The Insurance Times – Media Partner

 RIMS, the risk management society™, identified India, China and the ASEAN region to focus its global development efforts. Last month, the Society successfully held an invite-only summit in Mumbai, bringing together more than 30 risk professionals to discuss best practices and challenges. RIMS recently formed a Regional Advisory Group in India provides insight on the country’s risk management needs and evolving business trends.

 For more information about RIMS Risk Forum India or to register, visit www.RIMS.org/RFIndia. To learn more about, visit RIMS Global Initiatives or the Society’s homepage at www.RIMS.org.

To continue delivering valuable risk management content in a variety of formats, RIMS, the risk management society™, launched RIMSCast, the Society’s official podcast resource. RIMSCasts will address a range of global risk management topics including industry trends, essential skills and capabilities, discussions with industry leaders, as well as Society updates.

 

RIMSCasts are available for download on the RIMS website, through Opis, iTunes, Google Play and Stitcher. The platform offers a blend of members-only content and content available to the greater risk management community.

 

“Risk professionals thrive on insight,” said RIMS CEO Mary Roth. “RIMSCast offers our global risk community access to the best and brightest minds in the field, highlighting the Society’s dynamic professional network. We are excited to deliver these thought-provoking, on-the-go conversations to our audience.”

 

Currently available RIMSCast episodes include:

·         Trends and Critical Components to the Risk Management Professional with Goodell Award Winner Ward Ching

·         Risk Management Trends with RIMS CEO Mary Roth

·         RIMSCast Live at RIMS Legislative Summit 2018 with Government Affairs Director Whitney Craig

·         Reputational Risk with Nir Kossovsky

·         Florida Congressman Dennis Ross at the RIMS Legislative Summit (Members-Only)

 

RIMSCast is available at www.RIMS.org/RIMSCast. To submit podcast ideas and to learn about other contributed content opportunities, contact content@RIMS.org.

Listen now to the first two episodes of RIMS' new podcast, RIMScast. Hosted by RIMS Business Content Writer, Justin Smulison, RIMScast takes a closer look at the latest news in risk management and the Society. These episodes are available only to RIMS members. Give a listen to our first two episodes! More information on each episode is below:

1. Florida Congressman Dennis Ross at the RIMS Legislative Summit Sept 13th, 2018

2. Jason Brown, Chair of ISO TC 262, discusses ISO31000 updates in October 2018

This episode of RIMSCast is available only to RIMS members and features special guest Jason Brown. Jason is the chair of the technical committee that oversaw the updates to the ISO31000 standard, which is widely used in risk management and ERM frameworks. He is also the national security director for Thales Australia & New Zealand, a defense contractor for the Australian defense force. 

He discussed with RIMSCast:
The most important changes that were made in the ISO 31000;2018 standard.
The key elements that were retained.
Other projects the ISO Technical Committee on risk management will be working on in the near future.
Advice for risk management professionals interested in standards and how they can get involved in the committees.​
And more.

To welcome newcomers to the island of St. John’s Canada, tradition insists that visitors take part in a fun “Screech-In” ceremony and kiss a codfish.  Let’s just say, I was officially welcomed to the RIMS Canada Conference in St. John’s, Newfoundland this past month – and have pictures to prove it.

Once again, the annual conference provided the country’s risk professionals with ideas, best practices and resources to excel back home.  But, also, set in one of Canada’s most beautiful scenic regions, the conference was eye-opening. Not only were attendees introduced to a very vibrant and unique way of life, but it reinforced the diversity of the RIMS network. 

As the Society’s leadership visits with our chapters and participates in global industry events, we are constantly learning about each community, the local business environment and the challenges risk professionals are facing.

Recently, I was invited to be the keynote at the National African American Insurance Association’s annual conference in Atlanta, as well as at Gallaudet University in Washington, D.C.  Each of these opportunities is a chance for me to share my experiences with energized audiences and the resources this Society offers to support their 21st Century goals.

This week, Mary Roth and I have been asked to contribute to the Institute of Risk Management South Africa’s (IRMSA) Annual Conference in Johannesburg and Cape Town. We are very excited to support IRMSA, who has designed their conference program around the seven attributes of RIMS Risk Maturity Model. While our presentations cover the future of the risk management profession, the impact of disruptive technologies and the value of a root cause analysis, we are there to learn. We are excited to collaborate further with IRMSA as we aim to support the advancement of risk management around the globe.

Our global education continues later this year in Mumbai. Building off the success of RIMS Risk Summit in Mumbai in September, the Society has announced the dates (November 13 and 14) and opened registration for RIMS Risk Forum India. The Mumbai Summit brought together 30 risk management professionals to discuss top concerns for organizations in the region. With the insight we gained, we’re excited to develop a valuable and engaging program for India’s risk management community next month. We are also proud to announce RIMS India ERM Award of Distinction, to be presented at the Forum.

In addition to our international initiatives, recently, RIMS held its pilot exam for the RIMS-CRMP-Fed, the micro-credential that supports risk professionals in U.S. government positions. Next week, the Society will open its annual call for committee volunteers and the nomination process for its annual awards program. For additional information about the RIMS-CRMP certification and micro-credential, visit here.  Details about awards RIMS will present next year can be found here.

We sincerely thank those of you who routinely share with this community and encourage others to get involved. Your perspectives, cultures and professional skills allow RIMS to deliver a truly diverse sampling of risk management knowledge in a wide-range of formats. Together, we have the power to advance this profession and create a legacy of greater opportunities for tomorrow’s business leaders.

Sincerely,

Robert Cartwright, Jr.

RIMS 2018 President

RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to Michel Rodrigue, Director, Risk Management and Insurance for Montreal-based Cirque du Soleil. 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 celebrates Canadians who have made outstanding contributions to the risk management profession.   

“You can probably imagine that no two days at Cirque du Soleil are the same,” said Mr. Rodrigue. “Captivating audiences around the world, employing hundreds and partnering with thousands of vendors presents a wide-range of challenges, but there are also countless opportunities to be creative, to contribute to the success of new ventures and have a lot of fun. I am humbled to receive this prestigious award and thank everyone who has supported me through my risk management journey.”

Mr. Rodrigue is responsible for implementing strong and reliable risk management practices across the international organization that has entertained more than 100 million spectators in over 300 cities around the world.  To successfully identify and assess all of Cirque du Soleil’s worldwide operational risks, his work engages both internal and external partners, supports strategic planning and delivers efficient contractual, claims and insurance processes that align with the corporation’s business core and projects.

“Michel has successfully created a corporate culture at Cirque du Soleil that realizes risk management’s true value and its ability to support innovation,” said ORIMS President Valerie Fox, Corporate EHS Manager at NPL Canada, a Division of Centuri Construction Group, Inc. “His career is marked with many outstanding achievements and includes his commitment to giving back to Canada’s risk management community. We proudly present him with this honour and thank him for all that he has done to support RIMS.”

Mr. Rodrigue has been a member of RIMS and QRIMA (RIMS Qu bec Chapter) since 2000. He joined QRIMA's Board of Directors in 2000 and held various board positions including serving as its president from 2002-2004. Mr. Rodrigue also served on RIMS Canada Council (RCC) from 2005 to 2008. In line with RIMS’ commitment to continuing education, he has delivered numerous presentations at RIMS Canada Conferences and at his local chapter that explore a range of topics including workers’ compensation, contractual risk transfer and business continuity planning.

He holds an undergraduate degree in Actuarial Sciences from Quebec City’s Laval University where he came back, 20-years later, to promote the risk management profession to  students. In December 2015, Mr. Rodrigue was honoured by QRIMA with the Excellentia Award for promoting the advancement of risk management.  

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 Ann Marie Gillingham, Head of Risk – Vanguard Investments Canada.

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).

Throughout my presidency, I’ve challenged risk professionals to think about the mark they’ll leave on the Society, on the profession, in their organizations and with their colleagues. And, while the challenge was made, the path to find those impact opportunities is not always easy to identify.  RIMS is proud to give members opportunities to contribute and take an active role in shaping this profession and their careers.

 

Those opportunities can come by sharing your expertise and contributing to the development of new publications. Just this month, RIMS published two new reports. I would like to thank RIMS Members David J. Young, Christine Novotny and Julie Cain who collaborated on the “Communication with the C-Suite and Board” report, as well as the authors of the “Guide to Cyber Insurance.” Both reports are available for members in RIMS Risk Knowledge library. If this is how you’d like to make an impact, email content@RIMS.org with your ideas.

 

Another way to make an impact is by becoming actively involved in the advocacy process, especially when it comes to regulation impacting our organizations and the profession. On September 12 – 13 in Washington D.C., RIMS Legislative Summit 2018 will commence. At the two-day event, we will take a closer look at cyber regulation, the looming expiration of the National Flood Insurance Program and the Terrorism Reinsurance Act (TRIA). We’re excited to welcome keynote speaker Congressman Dennis Ross (Florida) and present you with this opportunity.

 

Whether it is as an attendee, an exhibitor or a speaker, our global network’s contributions enable us to deliver the best risk management events in the world. In September, RIMS’ regional events kick into high gear.  RIMS Australasia Summit was held in two cities last week, with programs in Sydney and Auckland. RIMS Western Regional is in Portland and will feature thought-leading, globally relevant risk management content, as well as insight on topics that are a priority to local community. Rounding out the month is RIMS Canada Conference.  Much like the theme suggests, our Canada Conference offers “Oceans of Opportunities.” It is the biggest risk management event in the country and the setting couldn’t be more spectacular in St. John’s, Newfoundland & Labrador.

 

We’re calling on our global members to make an impact as well.  Last week, we began accepting presentation submissions for RIMS India Forum 2018 scheduled for November 13 – 14 in Mumbai. This will mark RIMS’ first Forum in the country and we’re excited to meet with our already extremely engaged risk management community there. 

 

RIMS is proud to offer so many different resources to so many different types of professionals. Most importantly, we’re proud to offer opportunities for them to get involved, to make an impact and to leave a mark on this amazing profession for years and years to come.

 

Sincerely,

Robert Cartwright, Jr.

RIMS 2018 President 

 

Attend complimentary chapter educational events to advance your risk management expertise and connect with your local community of risk professionals. Learning Labs are free for RIMS members who belong to their local chapter. Our program will include networking and refreshments, RIMS Newsflash Updates and valuable insight from keynote speakers.

*Non-members can attend this event for $50.00 USD. 

Agenda:

8:30-9:00 AM: Light breakfast and networking 

9:00-10:15 AM: RIMS' Newsflash and Keynote, The Future of Enterprise Risk Management in a Rapidly Changing Environment by Steve Pottle
10:15-10:30 AM: Q & A 

Keynote Speaker:
Steve Pottle, Director - Risk Management Services, Thompson Rivers University                  

Steve's responsibilities include: the formation and implementation of the University's enterprise risk management strategy, overseeing the insurance portfolio, directing security services, design and development of Thompson Rivers' emergency preparedness policies and procedures, as well as oversight of the University's Occupational Health and Safety unit. 

Steve holds the Canadian Risk Management (CRM) and the Canadian Insurance Professional (CIP) designations. He is an active member of RIMS, currently serving on the RIMS Board of Directors as the Society's Treasurer. He is a Past President of the Ontario Chapter and Past Chair of the Communications and External Affairs Sub Committee of the RIMS Canada Council. 

Location Information: 

Toronto Region Board of Trade
Room KOMB, 3rd Floor

Address: Toronto Region Board of Trade
 First Canadian Place, Suite 350
77 Adelaide Street West
Toronto, ON M5X 1C1

With many traditional insurance policies no longer responding to or outright excluding cyber events, risk professionals must understand their options to ensure the organization is protected when a data breach inevitably occurs, according to the newly released RIMS Professional Report titled, “A Guide to Cyber Insurance.”

 

The report provides a reference for risk professionals who are exploring options to effectively manage cyber risks that are uncovered or not addressed by the organization’s existing risk management program. It addresses the cyber insurance application process, the procurement of insurance, the management of cyber claims, litigation strategies and other best practices to respond to cyber events.

 

“While cyber risk management policies are necessary for every organization, reducing a category of risk to zero is impossible. Cyber insurance can help cover the gaps between a robust risk management program and any remaining risks,” the report notes.

 

A Guide to Cyber Insurance is co-edited by Katherine J. Henry and Brendan W. Hogan from the law firm Bradley Arant Boult Cummings. Their fellow colleagues Dylan C. Black, A. Kate Margolis, G. Benjamin Milam and Emily M. Ruzic co-authored the report.

 

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.

With mounting global uncertainty and the accelerating pace of change impacting business on many levels, expectations for improved risk management and information reporting have significantly increased, according to RIMS’ new professional report “Communication with the C-Suite and Board: Visualizing Enterprise Risk Management Information.”

 

The RIMS report emphasizes enterprise risk management’s (ERM) ability to steer risk professionals through the challenging task of determining what information should be presented to decision-makers and how it should be communicated. Additionally, the report highlights the significance of an ERM program’s maturity, the systems for delivering risk information, as well as sources for monitoring and collecting risk intelligence.

 

The report is co-authored by Julie Cain, senior strategic advisor, information and technology risk management at the Educational Testing Service; Christine Novotny, ARM, RIMS-CRMP, manager risk and insurance for PeaceHealth; and David J. Young, lecturer at the Risk Management and Insurance Program, University of Colorado Denver Business School. The group also presented on this topic at RIMS 2018 Annual Conference & Exhibition in San Antonio.

 

The report notes that, “Ensuring that the most effective methods are used to inform senior management of critical ERM information is the surest path to organizational success, stability and resiliency.”

 

Communication with the C-Suite and Board professional 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.

 

About RIMS

As the preeminent organization dedicated to educating, engaging and advocating for the global risk community, RIMS, the risk management society™, is a not-for-profit organization representing more than 3,500 corporate, industrial, service, nonprofit, charitable and government entities throughout the world. RIMS has a membership of approximately 10,000 risk practitioners who are located in more than 60 countries. For more information about the Society’s world-leading risk management content, networking, professional development and certification opportunities, visit www.RIMS.org.

To build a more resilient network that embraces the many cultures, backgrounds and experiences of risk professionals from around the globe, we must be ready to identify emerging trends, understand them and quickly take action. To that effect, your RIMS Board of Directors has also been busy planning for the future. The Board met last month in New York City to discuss and validate the Society’s strategic plans. The strategy is based on our members’ needs and the resources required to address them.

So, I encourage you to get involved with your chapter and share your ideas and the opportunities you see for RIMS to advance. Our chapter leaders always welcome these contributions. If you need help connecting with your local chapter, please don’t hesitate to email chapterservices@RIMS.org.

Benchmarking is one of the ways RIMS enables risk professionals to build effective risk management programs for their organizations. Compiling the Total Cost of Risk expenses for nearly 600 organizations, the RIMS Benchmark Survey aims to help us design smart and efficient risk financing programs. The “book” is now available in the RIMS online store and, for our members, be sure to get your discount when ordering.

Diversity and Inclusion efforts continue to be a focus for RIMS. The task force has utilized an inclusion index to gauge the Society’s current diversity and inclusion standing. With this information, you can expect to see new programming and opportunities to ensure all of our members’ voices are welcomed and heard.  

RIMS-CRMP certification continues to gain traction internationally. I would like to congratulate Roop Kumar Nagumantry and David Cui, our first RIMS-CRMP holders in India and China, respectively. The RIMS-CRMP is changing the risk management game around the world. These trailblazers saw its value and can proudly confirm their commitment to this profession, as well as their knowledge and expertise with this globally recognized mark of achievement.

 

It’s official. RIMS Mentor Match is now available on Opis. With the new platform, RIMS members from around the world can now log-in and instantly connect with others. Since this is one the platforms of my presidency, I am already using this to continue mentoring others. Whether you’re interested in becoming a mentor or finding one, the resource supports the exchange of ideas and experiences across borders, generations and industries. I can’t think of anything more rewarding than mentoring a colleague, seeing their success and taking an active role in strengthening risk management’s future.

 

Finally, your feedback is key for us to continue delivering relevant educational programming, events and opportunities for the global business community. I can’t express enough how much we value your enthusiasm and participation. Your continued support is greatly appreciated.

 

Thank you,

 

Robert Cartwright, Jr.

RIMS 2018 President

Learn how to build a world-class claims administration program by identifying risks in a timely manner, preventing incidents and eliminating fraudulent claims at our Claims Management workshop on August 20 and 21 in San Diego. This interactive workshop includes practical and sure-fire methods to improve your claims management process and ways to increase your return on this significant investment. Learn more at http://go.rims.org/EHUO2JDUBF.

To further support the exchange of ideas, experiences and best risk management practices, RIMS, the risk management society™, has launched Mentor Match. The online, members-only platform connects those interested in becoming mentors with professionals seeking guidance from the Society’s global community of seasoned risk management leaders.

Available via Opis, Mentor Match is a career development tool that can connect mentors and mentees based on the individual’s profile and preference settings. Mentor Match relationships can be built on criteria including: interests, career level, location, background, RIMS involvement, professional credentials and communication preferences.

“There is nothing more rewarding than being a mentor,” said RIMS President Robert Cartwright, Jr. “Sharing professional insight and experience with another can have a lasting impact but initiating that mentor, mentee relationship is not always easy. Mentor Match brings risk professionals together, strengthening the risk management profession for years to come.

“I encourage RIMS members to follow in the footsteps of the risk professionals before them, to give back to this professional community and get involved with the Mentor Match program.”

To complete a Mentor Match profile, visit https://community.rims.org/mentor. The platform gives enrollees the option to select Mentor or Mentee, as well as access to the Mentor Program Directory.  For questions about the Mentor Match platform, email Opis@RIMS.org.

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

 

ASBPE presented the following awards to Risk Management magazine for front cover and article design: 

·         National Gold Award and Northeast Regional Gold Award – Front Cover Design – “The Year in Risk,” published December 2017;

·         Northeast Regional Silver Award – Front Cover Design – “Arson Dogs,” published in April 2017;

·         National Bronze Award and Northeast Regional Silver Award – Article Design – “Worked to Death: The Fatal Consequences of Japan’s Overtime Culture,” published May 2017;

 

The following awards were presented for editorial content:

·         National Gold Award and Northeast Regional Gold Award, “Arson Dogs” published April 2017;

·         Northeast Regional Gold Award, “Ransomware Ready” published July/August 2017.

 

“With each issue of Risk Management magazine, we remain focused on delivering highly informative content that is complimented by thought provoking design,” said RIMS Director of Publications Morgan O’Rourke. “It is truly rewarding to have our work recognized by ASBPE, affirming our mission to provide RIMS’ audience with the ultimate reading experience.”

 

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

 

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

Despite record-setting natural catastrophes and an ever-evolving risk environment, the average total cost of risk (TCOR) trended lower for the fourth year in a row – a 3 percent decrease. According to the newly released 2018 RIMS Benchmark Survey, TCOR decreased from $10.07 per $1,000 of revenue in 2016 to $9.75 per $1,000 of revenue in 2017.

The marginal decline was driven by decreases in property, liability, workers compensation, management liability, and professional liability costs, as well as overall risk management administration costs.

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. It tracks changes in insurance policy renewal prices as reported by North American corporate risk managers.

As the insurance market becomes increasingly competitive, risk managers are turning to TCOR benchmarking as an important strategy to design and evaluate their organizations’ risk financing programs. For more than two decades, the RIMS Benchmark Survey has been offering insurance professionals a wealth of statistical information that allows them to compare their program to similar companies.

The Key Findings of the 2018 RIMS Benchmark Survey are:

·         Total cost of risk per $1,000 of revenue fell 3 percent in 2017 as compared to 2016.

·         TCOR fell despite record high natural catastrophe losses.

·         A significant driver of lower TCOR was an 8 percent drop in liability costs.

·         While TCOR per $1,000 of revenue fell for most industries, four – Healthcare, Government & Nonprofit, Information Technology, and Consumer Staples – saw rising TCOR in 2017.

·         The percentage of companies buying cyber insurance has increased from 35 percent in 2011 to 65 percent in 2017.

 

David Bradford, Co-founder and Chief Strategy Officer, Advisen, commented: “Market conditions are favorable for insurance buyers. A competitive insurance market resulting from a chronic overabundance of risk capital strongly contributed to TCOR decreasing steadily since 2013. Not even record catastrophe losses in 2017 could derail the downward trend.”

 

Bradford added that the traditional cycle of insurance price increases and decreases seems broken. “For many decades the property/casualty insurance industry followed a relatively predictable cycle of price increases and decreases. However, for more than a decade, the overall trend has been downward. Rate levels have fluctuated over the years, but the last genuine hard market was in the early years of the 21st century.”

Bradford noted that the traditional insurance pricing cycle may seem broken, but ‘broken’ is more likely a new normal resulting from a more efficient insurance market. “The factors contributing to this more efficient market are varied and complex, but the upshot is that a hard market like that last seen in 2001-2002, when commercial insurance rates shot up 50 percent, may simply never occur again. Prices may rise, but most likely they will be quickly beaten down by fresh capital flowing into the market. That is good news for risk managers.”

“As the tools, resources and technologies that facilitate the exchange of ideas and experiences continue to improve, risk management professionals have become better equipped to strengthen their risk financing programs and apply cutting-edge, cost-cutting strategies,” said RIMS CEO Mary Roth. “The year-over-year data available in the RIMS Benchmark Survey allows professionals to accurately set expectations, and achieve goals while designing competitive but fair insurance programs for their organizations.”

To order a copy of the 2018 RIMS Benchmark Survey, visit www.advisenltd.com/media/reports/rims-benchmark-survey/ or www.RIMS.org/book.

This month, RIMS released a new Executive Report titled, “Enterprise Risk Management’s Wakeup Call: 10 Years After.” Focusing on the evolution of ERM ten years after the 2008 financial crisis, the report had me thinking about my presidential theme “Your Legacy, Our Legacy.”  The financial crisis had a tremendous impact on the way business is conducted today. Similarly, our actions today could have a lasting impact on our careers and the future of risk management.

To answer the question “how do we ensure that risk management professionals are ready for whatever might come next,” RIMS has remained focused on creating opportunities to facilitate the transfer of knowledge – from one generation to the next, from one expert to the other.   

One tool, set to debut in July, is RIMS Mentor Match, exclusively for RIMS members. Through Opis, RIMS members in search of mentors or who are willing to volunteer as a mentor will have a forum to connect.

Not only will the platform eliminate geographic limitations, the customizable resource allows professionals at all levels to link up with others in similar industries, who share interests, backgrounds and more.

Next is RIMS Learning Labs, another vehicle the Society has launched to deliver thought-leading knowledge at the chapter level. In its pilot year, the Society has called on business experts to deliver cutting-edge insight at select chapters. We are getting ready to expand the program and offer this no cost member-benefit to an even wider group of RIMS chapters in 2019.

On another note, RIMS regional events continue to be outstanding opportunities for members to exchange ideas and share best practices.  I had the privilege to attend the RIMS Florida Educational Conference and am thrilled to see it continue to grow. The sessions were fantastic and its overall success is a testament to the volunteers in our seven Florida chapters. In September, I will be at the Western Regional in Portland, as then the RIMS Canada Conference on September 23-26 in beautiful St. John’s, Newfoundland. Registration has opened and we hope to see you there.

All it takes is one connection, one learning point or one new idea. Every day, resources like those mentioned here can create that spark that changes our future. Additionally, the unquestionable value of mentorships can help make sure we don’t miss that opportunity to make a difference. I encourage you all to get involved with your local chapters, to take part in RIMS dynamic programming of events and education, to find your risk management passion and seize your opportunity to contribute to this great profession.  

Thank you for all of your support.

Sincerely,

Robert Cartwright, Jr.

RIMS 2018 President

If organizations do not actively embrace and integrate sound risk management practices, another financial crisis could occur, according to a new RIMS Executive Report titled, Enterprise Risk Management’s Wakeup Call: 10 Years After.

 

Reflecting on changes since the financial crisis of 2008, the RIMS report chronicles the diffusion and evolution of enterprise risk management (ERM), identifies new challenges for risk professionals to deliver solutions that create and protect value, and offers recommendations for integrating ERM in today’s sophisticated business environment.

 

“The evidence shows that risk management has evolved from a promising but somewhat perfunctory exercise into a strategic management competency,” said RIMS Vice President of Strategic Initiatives Carol Fox. “Even so, given increasingly uncertain times, risk management professionals would be unwise to declare victory or become complacent.”

 

The report features insight from executives from a wide-range of industries who share their perspectives on where ERM stands today, as well as what the next ten years might hold. The report also examines recent literature and studies to better understand the risk management issues that are important to organizations and what is impactful about ERM. The report, then, challenges risk professionals to deliver programs that create as well as protect value.

 

Mary Roth, RIMS CEO, notes “As a core organizational competency, risk management has the opportunity to play a key role in successfully dealing with a broad spectrum of risks that can impact more than just the organization, but economies, societies, environments and industries as well.”

 

Additionally, the report addresses actions taken by regulators and rating agencies in the past decade. Complementary to the report, RIMS’ Risk Management Monitor blog recently published the Compliance in 2018: Q&A with James Reese of the SEC that highlights how the SEC views organizational risk management.

 

Enterprise Risk Management’s Wakeup Call: 10 Years After currently is 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.