Announcements

  • RIMS Introduces New Podcast Series

    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.
  • Available Now: RIMScast Episodes 1 & 2

    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.
  • RIMS President's Corner: Kissing the Cod

    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 Presents Michel Rodrigue with the 2018 Donald M. Stuart Award

    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).
  • RIMS President's Corner: Ready, Set, Impact

    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 

     

  • Sign Up Today! RIMS Toronto Learning Lab

    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
  • RIMS Professional Report: A Guide to Cyber Insurance

    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.
  • RIMS Professional Report: Communication with the C-Suite and Board

    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.
  • RIMS President's Corner: Our Future Plans

    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
  • Claims Management Workshop | August 20-21 | San Diego, CA

    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.
  • RIMS Launches Mentor Match Career Development and Networking Platform

    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.
  • RIMS' Risk Management Magazine Honored for Design and Content

    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.

  • RIMS/Advisen: TCOR Declines for Fourth Year Amid a Highly Competitive Market

    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.
  • RIMS President's Corner: 10 Years After- Continuing Legacy

    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
  • RIMS Executive Report: ENTERPRISE RISK MANAGEMENT’S WAKE UP CALL: 10 YEARS AFTER

    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.
  • RIMS Notice: We're Moving!

    The RIMS Headquarters office in New York will be moving May 31-June 1. During this time, our office will be closed and our website and member community will be suspended while we move our servers. We anticipate our systems will be back up and running by June 2nd. We apologize for any inconvenience this may cause.
  • Is Your Member Listing Correct - Email

    Hi All,

    Yesterday, you may have received an email asking you to update your contact information on rims.org. We received a few inquiring wondering about the legitimacy of the email but don't worry! That was us. Periodically, we ask that our members update their contact information on rims.org so that we have the most recent information, in case you move offices, positions, or just have a new email. So please, take a moment to log on to your RIMS profile to ensure your information is up-to-date so we can keep reaching you with our new content, events, and risk management news. 

    Thanks!
  • RIMS Stands Tall for Military Families and Veterans -- RIMS 2018 Community Service Project

    RIMS 12th Annual Community Service Project will give the more than 10,000 risk professionals expected to attend RIMS 2018 Annual Conference & Exhibition the opportunity to support local charity, Soldiers’ Angels. Sponsored by  ESIS, a Chubb business unit, the project will include crafting blankets, assembling care packages, meal preparation and a letter writing campaign for military personnel overseas, those in medical facilities, their families, as well as homeless veterans.

     

    Founded in 2003 by the mother of two American soldiers, Soldiers’ Angels provides aid and comfort to the men and women of the United States Army, Marines, Navy, Air Force, Coast Guard, their families and a growing veteran population. Since its inception, the charity has provided over $100 million in support. Annually, Soldiers’ Angels delivers over 150,000 volunteer hours to this in-need community each year.

     

    “The strength of a community is defined by our willingness to share, empathize and support each other,” said RIMS CEO Mary Roth. “It is without question that the men and women who serve in our armed forces are an important part of our communities. We honor their service and proudly welcome the opportunity to give back through this Community Service Project to Soldiers’ Angels.” 

     

    “We are honored to partner with RIMS and be a part of their annual Community Service Project,” said Amy Palmer, President and CEO of Soldiers’ Angels. “It’s easy to take for granted just how much our military service members, veterans, and military families sacrifice or have sacrificed in order to serve and protect our country. They spend months away from their families, miss holidays and birthdays, and some even give the ultimate sacrifice in order to protect our freedoms. That is why we at Soldiers’ Angels believe it is so important to provide support to these brave men and women- a small, but much-deserved ‘thank you’ for all that they do for us.”

     

    To be held in the main lobby of the Henry B. Gonzalez Convention Center, this year’s Community Service Project includes the following volunteer opportunities:

    ·         No-Sew Blankets – Monday, Tuesday and Wednesday: Risk professionals can stop by the Soldiers’ Angels center to help craft blankets. These comfortable gifts will be sent to military personnel overseas and those in medical facilities.

    ·         Letter Writing Campaign – Monday, Tuesday and Wednesday: Risk professionals are encouraged to share their well-wishes with military personnel overseas, those in medical facilities and their families.

    ·         Care Packages – Monday – Risk professionals can help pack care packages filled with ready-to-eat food, activities, games and other items to be sent to military personnel overseas.  

    ·         Box Lunches – Tuesday – To feed homeless veterans and military personnel in medical facilities, risk professionals can fill boxed lunches with a variety of non-perishable foods.

    ·         Hygiene Kits – Wednesday – Risk professionals can help assemble kits filled with travel-sized toiletries. The kits will be delivered to military personnel in medical facilities, as well as to homeless veterans.

     

    “ESIS is committed to giving back to communities in a meaningful way,” said Joe Vasquez, President of ESIS, a business unit of Chubb.  “Soldier’s Angels is such an important organization, and we are honored to partner with RIMS in supporting their efforts to provide for the men, women, as well as their families who have made tremendous sacrifices for our freedom.”

    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 12th year, RIMS Community Service Day projects have become a RIMS Annual Conference & Exhibition tradition.

    About Soldiers’ Angels 

    Soldiers' Angels is a national 501(c)(3) nonprofit that provides aid and comfort to the men and women of the United States Army, Marines, Navy, Air Force, Coast Guard, their families, and the growing veteran population. Founded in 2003 by the mother of two American soldiers, hundreds of thousands of Soldiers' Angels "Angel" volunteers assist veterans, wounded and deployed personnel and their families in a variety of unique and effective ways. (Tax ID# 20-0583415). Learn more at www.soldiersangels.org.
  • RIMS President's Corner: Mentoring and Next Gen

    Risk professionals at all experience levels, from a wide variety of industries around the world continue to turn to RIMS for thought-leading content and resources.

    The next generation of risk professionals is no different. We continue to see their interest in the profession grow. With a clear vision of what a career in risk management might look like, these aspiring executives not only have a plan but also access to the resources to reach their goals.

    With RIMS 2018 Annual Conference & Exhibition just a few short weeks away, the Society continues to offer opportunities that support this passionate group of up-and-coming professionals.

    Early numbers indicate a record number of student attendees headed to San Antonio for RIMS 2018. They continue to realize the value of the conference’s educational programming and, perhaps more importantly, the face-to-face networking opportunities.  

    Included in that group of students are the 37 Anita Benedetti Student Involvement Program grant recipients. These exceptional students from around the world displayed immense progress in their risk management studies and a tangible passion for careers in this profession. Spencer and RIMS are also welcoming the final eight Risk Management Challenge teams to compete in San Antonio. Universities from the U.S., Canada, Singapore and China are hard at work, getting ready to present their risk management solutions in front of an esteemed panel of judges.  

    All RIMS members play an important role in the future of the Society, the profession and these students’ risk management journeys. The RIMS Mentor Match resource will be unveiled at RIMS HQ in the Marketplace. RIMS staff will demonstrate the new Mentor Match platform that allows mentors and mentees to connect based on risk management specialties, preferences, experience and geography. There is nothing more rewarding than becoming a mentor. I encourage you to stop by RIMS HQ (booth 1337) and learn more about this new resource.   

    The support doesn’t stop in San Antonio. Registration for RIMS NextGen Forum, scheduled for June 24 and 25 in Chicago, is now open. The Society has also opened registration to its first international event of the year – RIMS Latin America Forum, in Mexico City on May 7 and 8.

    While I’ve highlighted some of the initiatives available to future risk professionals, RIMS Annual Conference offers something for everyone. I encourage you to check out all of the conference’s educational programming, networking events, including some new Diversity & Inclusion sessions, and the hundreds of solutions providers joining us in the RIMS Marketplace.

    The conference is always a great opportunity to share ideas and re-charge, to learn something new and then take it back home. We’re looking forward to welcoming everyone to San Antonio. For those of you who will not be able to make it, you’ll be able to tune in to parts of conference via our live-stream, read coverage in the Show Daily and watch videos on RIMS-TV all of which is available on the RIMS website.

    As always, thank you for your support and stay tuned for more from RIMS.

    Sincerely,

    Robert Cartwright, Jr.  

    RIMS 2018 President
  • Eight University Teams Selected for a Risk Management Show-Down in San Antonio

    RIMS, the risk management society™, selected eight universities to compete in San Antonio for the 2018 Spencer-RIMS Risk Management Challenge top honor. Twenty-six university teams entered the competition. Based on the solutions they developed for a case-study provided by the Sage Foundation, the top teams have been invited to present their findings at RIMS 2018 Annual Conference & Exhibition in San Antonio – April 15th – 18th.  

     The eight university teams chosen to compete at RIMS 2018 are:

     ·         British Columbia Institute of Technology (Canada)

    ·         Nanyang Technological University (Singapore)

    ·         Peking University (China)

    ·         Saint Joseph's University (US)

    ·         St. Mary's University (US)

    ·         Temple University (US)

    ·         University of Wisconsin – Madison (US)

    ·         Virginia Commonwealth University (US)

     On April 15, the final three teams will be selected after the first round of presentations. The finalists will present one last time in front of risk professionals at the conference the following day. The winner will be announced at the Spencer reception held during the conference.
  • RIMS Introduces Diversity and Inclusion Programming at Annual Conference

    To foster a welcoming environment for risk professionals from all backgrounds and with varying identities and perspectives, RIMS, the risk management society™, has formalized Diversity and Inclusion events and educational programming opportunities within the RIMS 2018 Annual Conference & Exhibition agenda.

    RIMS, in collaboration with Marsh, a global leader in insurance broking and innovative risk management solutions, will host a Diversity Meet-Up on Sunday, April 15 at 4:00 p.m. in San Antonio’s Henry B. Gonzalez Convention Center. The networking and educational session is open to all registered attendees who identify with a specific diversity group, those who support them, as well as others who want to learn more. The event will be led by a professional moderator and will feature structured conversations about issues, challenges and opportunities impacting the risk management profession. 

    In addition, Diversity and Inclusion programming will be offered at RIMS HQ in the Marketplace and the following conference sessions will explore these issues:

     ·         Diversity and Inclusion: The Risks and Opportunities

    Monday, April 16, 2018 – 1:30 p.m.

    ·         Diversity Training: How to Handle LGBTQ Issues with Cultural Sensitivity

    Tuesday, April 17, 2018 – 11:30 a.m.

    ·         The Journey of the African American Insurance Professional

    Tuesday, April 17, 2018 – 3:00 p.m.

    “RIMS Annual Conference & Exhibition welcomes 10,000 professionals with very different cultures and perspectives to its Annual Conference each year,” said RIMS VP of Events and Education Stuart Ruff-Lyon. “We are proud to add these opportunities to RIMS 2018 and offer everyone an inclusive environment for us all to learn together.”

     This year, RIMS Board of Directors formed the RIMS Diversity and Inclusion Task Force. The Task Force, comprising risk management professionals and RIMS staff, will explore RIMS’ resources and other opportunities to further embrace different cultures and perspectives.  

    “Diversity and inclusion should not just be a conversation. It must be woven into the fabric of the Society and assigned actionable steps to ensure progress is made,” said RIMS President Robert Cartwright, Jr. “The RIMS Diversity and Inclusion Task Force and the additions to our Annual Conference exemplify RIMS’ commitment to the very diverse and global risk management community.” 

    “Diversity of thought produces innovative solutions for clients, greater business performance for companies, and more nurturing environments for employees. Marsh is proud to partner with RIMS to advance this critical conversation about increasing diversity and inclusion within the insurance industry,” said Marsh US and Canada President Martin South.

     To register for RIMS 2018 Annual Conference, visit www.RIMS.org/RIMS2018.  To learn more about the Society’s resources, visit www.RIMS.org.
  • RIMS President's Corner: Building An Inclusive Society

    A simple phone call can go a long way. In the beginning of February, we held a Presidents Call that gave your chapter leaders the chance to hear about the Society’s strategic direction and, more importantly, ask questions and offer input. A month later, the conversations are still going and the exchange of ideas has been fantastic. Our second President’s Call is scheduled for March 29 and an invitation to chapter volunteers will go out shortly.

    The more feedback we receive from RIMS’ network of professionals, the stronger the Society and its resources become.

    Diversity and Inclusion initiatives are also a priority. And, RIMS 2018 Annual Conference & Exhibition is the perfect venue to celebrate our members’ different experiences, backgrounds and perspectives.

    At RIMS 2018, the Society will host a selection of Diversity and Inclusion opportunities, events and educational programming including:

    ·         RIMS Diversity Meet-Up on Sunday, April 15

    ·         Education sessions:

    o   The Journey of the African American Insurance Professional

    o   Diversity Training: How to Handle LGBTQ Issues with Cultural Sensitivity

    o   Diversity and Inclusion: The Risks and Opportunities

    ·         Programming specific for the multinational group of 37 Anita Benedetti student scholars

    ·         Our Risk Manager of Year and Honor Roll inductees will share their very different experiences and successes that led to this honor

     This month, RIMS also announced a RIMS-CRMP certification project aimed at supporting a very specific group of risk management professionals. Working with the Association for Federal Enterprise Risk Management, the Society announced plans to develop the RIMS-CRMP-FED. This micro-credential will addresses the breadth of risk management responsibilities and supports professionals in federal government.

     Right now, preparation for RIMS 2018 is in full-gear. We are very excited to welcome 10,000 professionals from more than 70 countries around the world to San Antonio. Thank you all for your continued support and we look forward to seeing you in April.

    Sincerely,

    Robert Cartwright, Jr.

    RIMS 2018 President

  • RIMS IDENTIFIES SEVEN EMERGING TRENDS TO ROUND-OUT EDUCATION PROGRAMMING AT RIMS 2018

    RIMS has added seven “Hot Topic Sessions” scheduled for RIMS 2018 Annual Conference & Exhibition on April 15th – 18th in San Antonio at the Henry B. Gonzalez Convention Center.  The “Hot Topic Sessions” are selected by RIMS Annual Conference Programming Committee and include educational presentations that explore emerging issues in risk management and best industry practices.

    This year’s “Hot Topic Sessions” are: 

    A GLIMPSE OF THE FUTURE: HOW ARTIFICIAL INTELLIGENCE WILL CHANGE EVERYTHING EVENTUALLY, INCLUDING INSURANCE

    Monday, April 16th   1:30 – 2:30 p.m.

    Take a look at the technology behind machine learning and artificial intelligence (AI) and its impact on manufacturing, transportation, retail and insurance. Sort through the implications for product liability, privacy and other emerging risk concerns. Learn the basic forms of what some are calling "the new electricity" as well as the potential legal and liability issues of AI. Presenters: Kate Browne, Senior Claims Expert, Swiss Re Corporate Solutions; Peter Roueche, Director, Enterprise Risk & Insurance, Eastman Chemical Company.

    CHINA’S BELT AND ROAD INITIATIVE: GROWTH AND OPPORTUNITIES

    Tuesday, April 17th   11:00 a.m. – 12:00 p.m.

    Underlining China’s push to play a larger role in the world economy, the Belt and Road Initiative (BRI) could affect 4.4 billion people worldwide with a collective GDP of US$2 trillion. It also brings risk to participants—banks, construction companies, infrastructure investors, exporters and equity managers. Discuss the political, credit and security risks and insurer partnerships to explore technology for ways to address those risks and enhance service and efficiency. Presenter: Tony McHarg, Head of Multinational & Network Management, Asia Pacific, AIG.

    THE JOURNEY OF THE AFRICAN AMERICAN INSURANCE PROFESSIONAL: PAST, PRESENT AND FUTURE

    Tuesday, April 17th   3:00 – 4:00 p.m.
    African American professionals are vastly underrepresented in the insurance industry— particularly in leadership roles—despite demographic and buyer expectation changes. Understand the opportunities and obstacles that African American insurance professionals have confronted and the legacies of the pioneers. Examine how you can enact transformative hiring, retention and advancement changes for African Americans and other executives of color. Presenters: Celeste Azubuike, Underwriting Specialist I, Aon Affinity, Affinity Nonprofits; Dr. Leroy Nunery, Founder/Principal, PlusUltré LLC; Alex Amonett, Global Diversity and Inclusion Leader, Marsh; Robert Cartwright, Jr., Division Manager – Environmental, Health, Safety and Sustainability – Northeast Division, Bridgestone Retail Operations, LLC.

    HOW MARIJUANA IS AFFECTING WORKERS’ COMPENSATION AND THE WORKPLACE

    Wednesday, April 18th   11:00 a.m. – 12:00 p.m.

    The future of federal marijuana policy and enforcement continues to be uncertain, so stay up to date on the laws and legal decisions, including their complexities and their rapid changes. Determine the value of legal assistance so that you can develop and communicate a sound policy for your organization, whether for the use and reimbursement of medical marijuana for workplace injuries or employee use of medical and recreational marijuana. Presenters: Darrell Brown, EVP & Chief Claims Officer, Sedgwick Claims Management Services, Inc.; Denise Algire, Director, Risk Initiatives, National Medical Director, Albertsons Safeway Inc.

    NEW PERSPECTIVES ON SEXUAL HARASSMENT CLAIMS AND RISK MANAGEMENT
    Wednesday, April 18th   11:00 a.m. – 12:00 p.m.

    A tidal wave of sexual harassment claims has been unleashed across news and social media with related discrimination, hostile work environment, retaliation and sexual assault allegations also coming to the forefront. Determine the long-term economic and brand damage that could result from the consequent business disruption and marred reputations. Explore the risk from insurance, legal and corporate perspectives as well as transfer and mitigation opportunities. Presenters: Carrie Curzon, National EPLI Product Leader, The Hartford; Meredith Cavallaro, Partner, Paduano & Weintraub LLP; Kelly Thoerig, Senior Vice President, Marsh.

    WHAT ERM PRACTITIONERS CAN LEARN FROM THE INTELLIGENCE COMMUNITY: A CEMEX CASE STUDY

    Wednesday, April 18th   11:00 a.m. – 12:00 p.m.
    Get an inside look into the development of an advanced enterprise risk management (ERM) program influenced by the intel world. Learn from the leaders of the risk management group for a Mexico-based global construction materials company about shaping its intelligence pedigree into an asset and how you can apply similar tactics to your program. Presenters: Adrian Castillo Cisneros, Enterprise Risk Manager, CEMEX CENTRAL SA de CV; Enrique Alanis, Enterprise Risk Director, CEMEX CENTRAL SA de CV.

     OPIOID LAWSUITS: A TSUNAMI OF LITIGATION AND ASSOCIATED COVERAGE ISSUES

    Wednesday, April 18th   1:30 – 2:30 p.m. 

    Well in excess of 300 lawsuits have been filed—most consolidated as multidistrict litigation (MDL)—against pharmaceutical companies, distributors and pharmacies by states, counties and cities seeking to recover costs from the U.S. opioid epidemic. Examine how liability insurance policies—product liability, general liability and professional liability—could respond. And determine whether you would be prepared should similar suits be brought against your industry. Presenters: John Denton, Managing Director, Marsh; Anna Engh, Partner, Covington & Burling LLP.

     For a complete description of these “Hot Topic Sessions”, visit www.RIMS.org/HotTopics. To register for RIMS 2018 or learn more, visit www.RIMS.org/RIMS2018.
  • RIMS To Add Government Risk Management Micro-Credential for the RIMS-CRMP Certification

    RIMS, the risk management society™, and the Association for Federal Enterprise Risk Management (AFERM) entered into an agreement to create a micro- credential for the RIMS-Certified Risk Management Professional (RIMS-CRMP) certification.

    The RIMS-CRMP-FED is being developed in response to the Office of Management and Budget Circular A-123 that urges Federal agencies to implement enterprise risk management to enhance decision-making. RIMS and AFERM are currently working on a pilot exam that will be completed in the Fall of 2018. Online testing for the RIMS-CRMP-FED will commence in 2019.

    “The ability for government agencies to effectively manage risk is a global imperative,” said RIMS CEO Mary Roth. “Our relationship with AFERM and the creation of the RIMS-CRMP-FED will provide public sector risk professionals in the U.S. with a credential that spotlights their risk management expertise. We are proud to begin work on this micro-credential and look forward to sharing it with the risk management community.”

    “While ERM programs continue to emerge and grow across the Federal government, there remain significant challenges to its progression through the initial stages of the ERM development lifecycle,” said AFERM President Peggy Sherry. “The RIMS-CRMP-FED will instill confidence in government leaders, encouraging them to take the next steps and fully realize the value of a mature ERM program.”

    Launched 2015, the RIMS-CRMP certification allows risk professionals to formally demonstrate their expertise, professional achievement and qualifications. With its online accessibility, it gives risk management professionals from around the world an opportunity to confirm their commitment to professional excellence. To apply for the exam or for more information, visit www.RIMS.org/certification.
  • Spencer Educational Foundation Awards 40 Internship Grants

    The Spencer Educational Foundation announced that 40 companies will have the opportunity to hire a summer risk management intern because of $5,000 grants they each will receive from the Foundation. The Foundation acknowledges the RIMS Northeast Florida Chapter and the Risk and Insurance Management Society for their continued sponsorship of this program. The full list of grant recipients can be seen here: http://www.spencered.org/industry-professionals/internhips/past-internship-companies/

    "Spencer has a proven record of providing experiential learning opportunities to students. Our internship program is a prime example," said Roger Andrews, Chairman of Spencer's Internship Grant Committee. "As the industry celebrates Insurance Careers Month, we are excited to announce these 40 internship grants that will provide students hands-on experience in a corporate risk management department. Since 1997, the Foundation has awarded more than $1.7 million in internship grants -- including $200,000 this year -- to expose students to a dynamic industry with vast career potential. We appreciate the industry's support of this program and thank our generous sponsors."
  • RIMS Awards the Risk Manager of the Year Honor to Children's National Medical Center's Rebecca Cady

    RIMS, the risk management society™, has announced Rebecca F. Cady, Vice President and Chief Risk Officer of the Children’s National Medical Center in Washington D.C., as the 2018 RIMS Risk Manager of the Year. The award will be presented to Ms. Cady at a ceremonial breakfast at RIMS 2018 Annual Conference & Exhibition on April 17th in San Antonio.

     Donald (Sandy) Aspinall, Jr., Vice President of Global Risk Management for Comcast Corporation; Jennifer Hills, Director of the Office of Risk Management Services for King County (Washington); and Joseph Meaney, Jr., Vice President of Global Insurance and Risk Engineering for AES Corporation were named to the 2018 RIMS Risk Management Honor Roll.

     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.

     “Expectations of risk professionals vary from organization to organization,” said RIMS CEO Mary Roth. “Our Risk Manager of the Year and Risk Management Honor Roll winners have demonstrated their ability to identify organizational needs and capitalize on new opportunities.

     “Whether it is enhancing processes, reducing costs or strengthening communications, this year’s class has shown extraordinary skill, knowledge and ingenuity. They are a testament to the significance of this profession and RIMS congratulates them for their achievements.”

     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: Rebecca F. Cady, Esq., BSN, CPHRM, DFASHRM, FACHE

    Rebecca Cady is the Vice President and Chief Risk Officer at Children’s National Medical Center (CNMC), a freestanding pediatric academic medical center and health system based in Washington, D.C.

     Rebecca is responsible for CNMC’s enterprise risk management department, management of their litigation program including serving as counsel to the Compliance Officer and Human Resources. Additionally, she oversees the operationalization of the organization’s clinical risk management program; insurance program including managing the organization’s captive insurance company; its ombudsman program, as well as the workers’ compensation program.

     With excess of 10,000 incident reports a year, Rebecca’s work to update antiquated event reporting software and revamping the litigation management function was critical to the Center’s sustainability. By establishing best in class processes for managing outside counsel, decision analysis and case settlements, she directly contributed to a net positive movement on reserves of over $100M in the last five years. Additionally, under her direction, expenses in the management of CNMC’s program – including attorneys’ fees – decreased by over 47% in the same period.

     Rebecca creatively and effectively uses and improves risk financing/insurance to structure a risk financing and risk transfer program that serves the needs of the organization and supports its ERM initiative. She led the elimination of a redundant captive used for excess coverage, restructured program retentions in using the captive and a trust, strengthened claim reserving practices, and established a funding methodology to eliminate a $30M shortfall in reserves.

    Over the past nine years, Rebecca has established and implemented innovative programs and approaches to risk management and risk financing for CNMC that have been used as templates for the organization’s compliance program model.

    At CNMC, Rebecca previously served as interim Executive Director of a subsidiary patient safety organization and as interim VP, Chief Compliance and Privacy Officer. Prior to joining the Center, she was a Partner at Grace Hollis Lowe Hanson & Schaeffer, LLP.

     RISK MANAGEMENT HONOR ROLL: Donald (Sandy) B. Aspinall, Jr.

    Donald (Sandy) Aspinall, Jr. has enjoyed a nearly 30-year career in insurance brokerage and risk management.

    In his current role as Vice President of Global Risk Management for Comcast Corporation, Sandy leads risk management, claims management and risk assessment strategy and implementation for Comcast businesses worldwide. Through strategic initiatives and thoughtful planning, he integrated the people, processes and programs on an improvement continuum to develop a more cohesive and effective risk management approach.

     Sandy selects and provides management oversight and directs the activities of the various service providers, brokers, and insurers to assist the company in efficiently financing and managing risk. He oversees a claims management team that provides oversight, advocacy, and management of more than 16,000 claims per year and a rolling portfolio of approximately $400M of outstanding liability financed via retained risk and captive insurer reserves.

     In addition to acting as president of Comcast's two single parent captives and serving as a member of the company's Enterprise Risk Management Steering Committee and Risk Leadership Team, Sandy has transformed the corporation’s global risk management function. In just four years, he guided the organizations global risk management activities, allowing it to realize nearly $114M in savings.

     A true champion of enterprise-wide risk management, in his first four months, Sandy conducted 62 one-on-one discussions with leaders from diverse business practices and geographies. The meetings allowed him to successfully share the Global Risk Management team’s philosophy and better understand business leaders’ priorities. This laid the groundwork for continuing, highly communicative relationships and effective risk monitoring.

     Prior to Comcast Corporation, Sandy was the Managing Director, Strategic Account Management at Aon Risk Solutions. In addition to delivering significant value to the organization in this capacity, he served as a mentor to dozens of junior employees, promoting their interests, sharing his perspective and considerable technical knowledge.

     RISK MANAGEMENT HONOR ROLL: Jennifer Hills, ARM-P, CRM

    Jennifer Hills is the Director of Risk Management for King County, Washington. King County, the 13th largest county in the United States, includes the Seattle-Bellevue metropolitan area and serves over 2 million people.

     Jennifer and her staff of 31 are responsible for all aspects of managing, transferring, and financing risks that flow from the County’s operations. This includes its 14,000 employees, law enforcement, correctional facilities, public health and community services, wastewater treatment, legal system, as well as the 140 million annual trips taken on board its regional bus, light rail, street car, and passenger ferry services, as well as the operations of its international airport.

     Her team has aligned ERM with the mission and vision of King County, transforming its risk culture from “risk averse” to “risk optimized.” This culture shift is gaining momentum throughout County operations as strategic risks are taken to increase enterprise value. She has successfully motivated her team who give their best each day and contribute to the organization’s success, facilitating an increase in the employee engagement score for the Office of Risk Management Services from 66% in 2015 to 85% in 2017. 

     As a result of these ERM efforts, King County has a Priority Risk Register which addresses its top 30 risks and identifies their likelihood and impact, risk owners and action plans. With buy-in from senior leaders, Jennifer’s team hosts quarterly ERM Working Group meetings that are attended by representatives from King County’s largest agencies. Subsequently, losses have developed more favorably than predicted, and the Risk Management group was able to rebate $20M from an undesignated fund balance to County departments in the 2017-2018 biennial budget.

     Additionally, Jennifer has helped develop a more mature process for analyzing significant losses, shortening the time from claim filing to settlement from an average of 3.5 years to 1.5 years. This reduction has dropped significantly lower than the industry average (3.3 years) and continues to save time and money for both claimants and King County.

     Jennifer joined King County in 1999 and holds the ARM-P and CRM designations.

     RISK MANAGEMENT HONOR ROLL: Joseph (Joe) T. Meaney, Jr.

    As Vice President of Global Insurance and Risk Engineering for AES Corporation, Joseph Meaney is responsible for establishing and directing the global insurance and risk management practice, including the identification, management and efficient financing of construction, operational, and business risks. In addition, he oversees all global risk engineering activities and is an advisor to the senior leadership team on risk issues. 

    Under Joe’s leadership, AES’s Risk Engineering Program is now recognized as a world-leading self-directed engineering program. The program extends to all operational power plants and power plants under construction including several involving complex civil engineering challenges and single project investments in excess of $1 billion. Since the program’s inception, there have been more than 2,200 site visits, over 10,900 risk improvement opportunities identified, and AES’s potential for loss has been reduced by over $30.4 billion.

     Joe focuses on advancing communication across AES’s global operations. This requires oversight of AES presence in 16 countries on four continents and features a diverse workforce, cultural differences, multiple languages, different accounting practices, a range of power generation equipment and technology issues. By level-setting risk quantification and more efficiently tracking risk trends, Joe has developed a process that delivers emerging risk information to leadership. In addition to gaining trust from leadership, his guidance has promoted a culture of risk-informed decision making regarding a wide range of strategic initiatives from new project development, plant repowering, mergers and acquisitions and emerging technologies.

     Additionally, Joe has successfully enhanced AES’s captive (AGIC), allowing for it to become a sophisticated risk financing tool delivering unique solutions that enable AES to effectively compete in its marketplaces. In turn, AGIC has become a revenue generator, providing material annual corporate contributions over the last five years to the parent company.
  • Thirty-Seven Risk Management Students Invited to "Go Big" at RIMS 2018 in San Antonio

    RIMS, the risk management society™, presented 37 students with a 2018 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 2018 Annual Conference & Exhibition scheduled for April 15 – 18 in San Antonio.  

     This year’s class of Anita Benedetti Student Scholars includes six students from outside of North America, as well as greater participation from universities outside of the Northeast region of the United States.

    “The international and regional diversity of this year’s scholars reflects the evolution of the risk management profession,” said RIMS CEO Mary Roth. “RIMS collaboration with a growing number of universities that offer risk management curriculums is critical to closing a talent gap and supporting this profession’s future. We are excited to welcome this ambitious group of students to RIMS 2018, introduce them to the global risk community and learn from their unique perspectives.”

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

    ·         Kendall Banks, University of North Carolina - Charlotte

    ·         Jenna Benvenuti, Olivet College

    ·         Yuuki Bomar-Kawakita, University of Georgia

    ·         Rebecca Cacioppo, University of Wisconsin-Madison

    ·         Laura Colmenares, Universidad EAFIT (Colombia)

    ·         Abby Cothran, Mississippi State University

    ·         Daniel Coyle, Temple University

    ·         Douglas Dick, Troy University

    ·         Maggie Flynn, Illinois State University

    ·         Ashley Gao, University of Akron

    ·         Matthew Garofalo, University of Hartford

    ·         Nicholas Goers, Missouri State University

    ·         Carina Gonzalez, St. Mary's University

    ·         Jason Hall, British Columbia Institute of Technology

    ·         Madison Hardy, University of Mississippi

    ·         Noah Hicks, University of North Carolina - Charlotte

    ·         Maranda Johnson, University of North Texas

    ·         Megan Keathley, Olivet College

    ·         Akash Kheterpal, National Insurance Academy (India)

    ·         Logan Krause, East Carolina University

    ·         Nick Kubala, Eastern Kentucky University

    ·         Pratik Kumawat, Birla Institute of Management Technology (India)

    ·         Ben Landes, University of Georgia

    ·         Chunyan Lei, Peking University (China)

    ·         Kyle McDonald, Ball State University

    ·         Shannon Nisi, Troy University

    ·         Nicholas Patnode, University of Wisconsin - Madison

    ·         Nathan Paulik, Missouri State University

    ·         Sam Reese, Butler University

    ·         Abygail Schukin, Lasalle University

    ·         Christy  Simpers, Appalachian State University

    ·         Andrew Smith, University of Calgary

    ·         Alexandra Stoughton, University of Mississippi

    ·         Brent Vansickle, British Columbia Institute of Technology

    ·         Santiago Villa, Universidad EAFIT (Colombia)

    ·         Amanda Wolfgang, Temple University

    ·         Yangfan Yao, Peking University (China)

     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 President's Corner: Your Legacy, Our Legacy

    It is an absolute honor to deliver this first message and serve this Society as president in 2018.  I’ve been a member of RIMS for over 20 years, have been an active member of my local RIMS Delaware Valley Chapter and this will be my 10th year serving on the RIMS Board.

    I’m a history buff, especially when it comes to RIMS history.  I love where we stand today and see great opportunities and success in this Society’s future. 

    RIMS was built by passionate professionals who realized just how crucial risk management is to the organization’s success; who dedicated themselves to the advancement of risk management practices; who envisioned a future where risk management would be recognized around the world as a fundamental business function; and who believed in the discipline’s potential to become a rewarding and highly-sought-after career path.

     

    My focus for the year is Your Legacy, Our Legacy. It’s a call to action. First, in order to get to where we are going, we must recognize the past. With that understanding, individually we can work on improving ourselves. And, collectively, those individual efforts will benefit the whole.

     

    This call to action implores risk professionals around the world to step back from their daily routines and ask themselves, “what mark will I leave on my organization, on my fellow and future colleagues, on the risk management community as a whole?”

     

    The opportunities are abundant. Will you develop or implement new strategies that take your organization to new heights? Will you embrace a mentorship role, sharing ideas and best practices? Will your focus be altruism, giving back to your local risk management community? Maybe it will be your work on risk management advocacy efforts and changing legislation that directly impacts the profession. Or, perhaps, a commitment to engaging and connecting with your peers around the globe.

     

    In just my first month as president, we’ve already initiated some new opportunities and resources to support our members’ professional journeys.



    RIMS released two new publications this past month. A new report “Top Five Steps for Communicating with Executives” addresses soft-skills risk professionals might need to effectively deliver the right information to leadership. And, as part of RIMS ongoing advocacy efforts, RIMS External Affairs Committee issued a Legislative Review. The review explores the implications of the Base Erosion and Anti-Abuse Tax (BEAT) on insurance and reinsurance programs. Both publications can be found in RIMS Risk Knowledge library.

     

    We also just held our first President’s Call. This initiative is designed to enhance communication between RIMS, its chapter leaders and, ultimately, RIMS members. More than 80 local chapter leaders joined the call and you should be getting an update from them soon. The next call is scheduled for March 29, 2018. Please feel free to contact RIMS Client Services to gain more information about them (cst@rims.org).

     

    And, in just under 70 days, we will convene for the greatest risk management event in the industry. Registration for RIMS 2018 in San Antonio April 15 – 18 is well underway. The Annual Conference always offers exceptional educational programming and we are proud to welcome professionals from over 70 countries – making it truly a world-leading conference. Get ready to GO BIG! and stay tuned for new updates that only add to this can’t-miss event.

     

    As a RIMS member, you have already taken the first step. Hopefully, you’ve realized that the career opportunities in risk management are diverse and limitless. That said, the only way to achieve greatness in this profession is to constantly enhance our capabilities.

     

    As we all strive toward establishing our own legacy, together we will positively impact the future of the profession, building a powerful and sustainable global risk management community for years to come.

     

    Thank you for all of your support.  We are looking forward to a great year.

     

    Sincerely,


    Robert Cartwright, Jr.

    RIMS 2018 President
  • Overseas Reinsurance Implications of the Base Erosion and Anti-Abuse Tax (BEAT) Provisions of H.R. 1

    In response to H.R. 1 – the “Tax Cuts and Jobs Act” recently signed into law by President Donald Trump, RIMS, the risk management society™, published a Legislative Review to address certain international tax provisions included in the final bill. RIMS anticipates that the Base Erosion and Anti-Abuse Tax (BEAT) provisions, which will levy a 10% tax on transactions with foreign affiliates, will negatively impact member organizations’ insurance and reinsurance programs.  

     Issued by RIMS External Affairs Committee, the newly released RIMS Legislative Review addresses the following questions regarding BEAT:

     ·         How does BEAT change the taxation rules for non-domestic insurers and reinsurers?

    ·         How are modified taxable income and base erosion minimum amount generally defined in this provision?

    ·         What is a “foreign person” under the Act, and how are the “foreign person’s” relationships with the taxpayer defined?

    ·         What is an “applicable taxpayer” under this provision?

    ·         Is there any uncertainty or ambiguity as to whether the BEAT provision affects reinsurance premiums?

    ·         What is the reasoning behind BEAT?

    ·         What are the main concerns with BEAT as it applies to the insurance industry?

    RIMS Legislative Review exploring the implications of the BEAT provision included in the Tax Cuts and Jobs Act can be found in RIMS Risk Knowledge library www.rims.org/RiskKnowledge.  

     RIMS Advocacy is guided by the RIMS mission. The Society advocates on behalf of risk professionals worldwide to Members of Congress, federal agencies, state legislative and regulatory bodies, and international regulatory authorities. For more information about RIMS Advocacy initiatives, visit www.RIMS.org.
  • Top Five Steps for Communicating with Executives

    Communication is the key for risk management professionals to engage leadership, become trusted partners and strategic advisors, according to RIMS’ new professional report “The Top Five Steps for Communicating with Executives.”  

     

    The newly released RIMS report features real accounts offered by risk professionals. Contributors shared challenges, opportunities and successful strategies for delivering effective risk management communications to senior executives.

     

    Some of the communications tips offered in the report include:

     

    ·         “You can’t give people too much information,” said Suzanne Christensen, treasurer and head of investor relations and risk at Invesco. “There’s brilliance to simplicity.”

     

    ·         “Interactions with executives need to be solution-focused and to-the-point,” said Morgan Keane, former the ERM general manager at the Port Authority of New York and New Jersey.

     

    ·         “The risk manager needs to challenge himself or herself: What are you bringing to the table? In order to get a seat at the table, you have to earn it,” said an ERM leader at a global consumer packaged goods company.”

     

    The Top Five Steps for Communicating with Executives report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. 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 educational opportunities, conferences and resources, visit www.RIMS.org.
  • Robert Cartwright, Jr. Named 2018 President of RIMS

    RIMS, the risk management society™, today announced that Robert Cartwright, Jr. CRM, BSB/OP will lead the Society as president for the 2018 term, effective January 1. 

     Mr. Cartwright is the Division Manager of Environmental, Health, Safety and Sustainability for Bridgestone Retail Operations in the Northeast Region. He has been a member of RIMS for more than 25 years and on its Board of Directors for ten years. Mr. Cartwright has held every Board position with the RIMS Delaware Valley Chapter, including serving as its president from 2005-2007. He was also the recipient of the 2009 RIMS Richard W. Bland Award for exceptional contributions to the Society’s legislative initiatives.

    “In order to advance the risk management profession we must recognize those who came before us,” said RIMS 2018 President Robert Cartwright, Jr. “Risk management has evolved leaps and bounds from just a decade ago and that progress is a direct result of our predecessors’ passion and perseverance.

     “Today, industry professionals have the same opportunity to become trailblazers, increasing organizational awareness of risk management’s diversity and value. As we work to establish our individual legacies, together we will strengthen and solidify the collective legacy of the global risk management community.”

     Officers on RIMS 2018 Board of Directors:

    President: Robert Cartwright, Jr., CRM, BSB/OP; Division Manager, Northeast Region, Environmental, Health, Safety and Sustainability, Bridgestone Retail Operations, LLC.
    Vice President: Steve Pottle, CIP, CRM; Director Risk Management Services, York University.
    Treasurer: Gloria Brosius; Corporate Risk Manager, Pinnacle Agriculture Holdings.
    Secretary: Robert Zhang; China Risk and Compliance Manager, IKEA (China) Investment Co., Ltd.
     
    New Board Members:

    ·         Susan Hiteshew, RIMS-CRMP, ARM; Senior Manager, Global Insurance and Risk Financing, Under Armour, Inc.

    ·         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.

     Incumbent Board Members:

    Emily Cummins, CPA, CPCU, CISSP, ARM, ARE; Managing Director of Tax and Risk Management, National Rifle Association.
    Barry Dillard; Director, Claims Management, Walt Disney Parks and Resorts US.
    ·         Ellen R. Dunkin, Esq.; Senior Vice President, General Counsel & Chief Risk Officer, Amalgamated Life Insurance Company.

    Laura Langone, JD, MBA; Senior Director, Global Risk Management and Insurance, PayPal, Inc. Holdings.
    ·         Soubhagya Parija; Senior Vice President and Chief Risk Officer, New York Power Authority.

    Ex Officio: Nowell R. Seaman, RIMS-CRMP, FCIP, CRM; Director, Global Risk Management, Potash Corporation of Saskatchewan Inc.
  • RIMS President's Corner: Building Our Momentum

    During the past year as RIMS President, I have been constantly inspired by the power and passion of the global risk management community.  Through our exchange of knowledge and experience, we can create compelling value for our organizations, and together we will continue to move the Society forward. 

     During December 2017, several important initiatives have allowed RIMS to showcase its resources, continue to grow its global network and learn from some of the brightest international risk professionals in the industry.

     On December 12th and 13th, RIMS Risk Forum Middle East in Dubai drew nearly 250 attendees. Our partners at the Dubai’s General Directorate of Residency and Foreigners Affairs must be commended for their efforts that made this year’s event a great success. RIMS assembled a two-day educational program that featured risk professionals from some of the region’s leading organizations. I was honored to deliver the closing remarks and we look forward to building upon the relationships and friendships that we have formed.

     Our relationship with our partners in India continues to flourish. On December 6th and 7th, RIMS held its first-ever Risk Summit in Mumbai. Thirty risk management professionals were invited to explore best practices and challenges and the discussions were energetic and engaging. In addition, RIMS Vice President Robert Cartwright and Board Director Robert Zhang spoke at India’s Institute of Directors Global Convention on Corporate Risk Management and Ethics in Singapore on December 14th and 15th. The focus on risk management is intense in both India and Singapore, and RIMS is excited about the opportunities we have been afforded to be a part of that development. And being able to share what we have learned at each of these events will help to further connect the global risk management community.

     The Society just announced that the RIMS-Certified Risk Management Professional (RIMS-CRMP) certification is now internationally accredited by the American National Standards Institute (ANSI) under the ISO/IEC 17024:2012 standard. As the first risk management certification in the world to achieve this accreditation, we are beyond proud to offer this credential to qualifying risk professionals.  

     Last, but certainly not least, the RIMS 2017 Compensation Survey published this month provides detailed compensation analysis by industry, location and position for virtually all risk professional positions. It offers insight for organizations into investment in designated risk management functions, and high-quality benchmark information for comparison purposes. The RIMS 2017 Compensation Survey can be found in the RIMS Store.

     So much has transpired over the course of 2017. From the Leadership Forum in January, to RIMS Annual Conference and Exhibition in April, to changes in our membership structure, to our many global, regional, and local events, and the wide-range of reports and surveys published, it truly has been an amazing year.

     It has been a privilege to serve as your RIMS President during 2017. There have been many highlights, but I would have to say that the best part for me has been meeting and working with so many great RIMS members, associates and partners. Your support and participation keeps RIMS moving forward together. Thank you!

     Now, as RIMS leadership and staff are busy planning even greater things for 2018, I want to extend very best wishes to you for a wonderful holiday season and a happy and prosperous New Year.

     Yours sincerely,

     Nowell R. Seaman

    RIMS 2017 President
  • Submit Your Data for the RIMS Benchmark Survey

    We are nearing the end of the data collection period and we still need insurance data from all industries. The Survey is a single source of benchmark statistics with data for more than 20,000 insurance programs from 759 organizations – many of which are Fortune 500 companies.  RIMS wants the 2018 to be balanced and inclusive of industries, which is why we need your contribution. 

    The RIMS Benchmark Survey will help you:

    -Shape your understanding of the market.
    -Hold more informed and productive discussions among risk managers, brokers and underwriters.
    -Explain the market to internal management.

    The RIMS Benchmark Survey provides the only independent, fact-based review of the cost of risk to insurance purchasers—unbiased by brokers or insurers involved.

    As a thank you for contributing your data, you’ll receive the complete survey when it is published in 2018 (an $899 value).

    Contributing your data takes only a few minutes:

    1. Email your schedule of insurance to us at benchmark@RIMS.org.
    2. Have your broker submit your data.
    3. Call us at 212-286-9292.

    Thank you for your participation in this valuable survey. Learn more at www.RIMS.org/Benchmark.

    The deadline to submit data is December 31.
  • RIMS REPORT - Ties That Bind: Business Continuity Management, Resilience and Geopolitical Risk

    Business continuity management provides an opportunity for resilient organizations to help safeguard both economic factors and societal responsibilities, according to a new RIMS Professional Report titled, Ties That Bind: Business Continuity Management, Resilience and Geopolitical Risk.

     

    Authored by Elsa Goutveniger for RIMS, the report highlights the value of a proactive business continuity management system and its ability to support risk management professionals’ capacity to address emerging risks. The report focuses on geopolitical risks and urges organizations’ to incorporate social responsibilities into its business continuity efforts.

     

    “Business continuity management can and should extend beyond the organization’s finances and operations,” said Ms. Goutveniger. “An effective plan can improve productivity, reliability and enhance competitiveness and, perhaps most importantly, strengthen its reputation among its consumers, key stakeholders and surrounding community.”

     

    Ties That Bind: Business Continuity Management, Resilience and Geopolitical Risk report is available in RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. The report is available to RIMS members-only for the first 60 days and then will be available to the greater risk management community. For more information about RIMS and to learn about other educational opportunities, conferences and resources, visit www.RIMS.org.
  • RIMS-CRMP Certification Earns International Accreditation

    Now the only risk management certification in the world to hold accredited status, the RIMS-Certified Risk Management Professional certification (RIMS-CRMP) received official accreditation by the American National Standards Institute (ANSI) under ISO/IEC 17024:2012. 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.

     With the accreditation of the RIMS-CRMP under ISO/IEC 17024:2012:

    ·         RIMS is the only risk management certification to currently have earned such status;

    ·         RIMS-CRMP conforms to international standards;

    ·         RIMS is one of the youngest programs to earn accreditation in any industry;

    ·         An independent third-party has evaluated and approved the certification program, its processes and procedures;

    ·         RIMS commitment to continuous quality reviews and improvements is solidified.

     “Achieving accreditation status for RIMS-CRMP reaffirms the Society’s commitment to excellence and delivering powerful programs for the global risk community,” said RIMS CEO Mary Roth. “As an internationally recognized mark of achievement, the certification demonstrates professionals’ dedication to their work and validates their risk management knowledge and skills.”

     RIMS Director of Certification Programs Veronica Whitehead said, “Compliance to an ISO standard is a prestigious accomplishment in the United States and carries even greater prestige around the world where it might be required to do business. No matter the country, the accreditation of RIMS-CRMP certification cements it as the ultimate measure of risk management competency and reinforces the incredible value of becoming a RIMS-CRMP holder.”

     ISO is an independent, non-governmental membership organization and the world’s largest developer of voluntary International Standards.  ISO is comprised of 162 member countries who are the national standards bodies around the world.  The United States representative to ISO is the American National Standards Institute (ANSI). ISO has published more than 19,500 International Standards covering almost every industry, from technology and food safety to agriculture and healthcare. 

     For more information about the RIMS-CRMP certification, to register online or for the in-person exam at RIMS 2018 Annual Conference & Exhibition in San Antonio, visit www.RIMS.org/certification or contact RIMS Client Service Team at cst@RIMS.org.  Availability is limited for the in-person exam.
  • RIMS President's Corner: It’s Our Time

    It’s our time to shine and to continue to promote the value risk management adds to our organizations.

    For risk professionals, there’s no better time – and no better place – to advance professionally, to connect with risk leaders, to share ideas and learn from best than RIMS Annual Conference & Exhibition. Registration for RIMS 2018 is now open – almost a full-month earlier than last year – giving the global risk management community ample time to join us in San Antonio on April 15 - 18, 2018.

    RIMS 2018 will feature some new additions to enhance the experience for attendees including: the Innovation Hub – with more TED-style-like educational sessions; a more streamlined education program; an expanded and more encompassing RIMS HQ in the RIMS Marketplace; as well as the opportunity to take the RIMS-CRMP certification exam in-person.

    The website is up-and-running and I encourage you to take a look at the sessions, the keynote speakers and the events. This conference’s theme is “Go Big,” and we are planning to deliver a program full of big ideas, big connections and big solutions. We hope you will join us.

    The opportunity for risk professionals to share experience and practices continues to grow worldwide. RIMS Risk Management Forum China was an overwhelming success, and I want to congratulate Board Director Robert Zhang and RIMS staff for delivering an impressive event. With support from government agencies, industry leading companies, universities and local corporate risk managers, the inaugural Forum in China welcomed over 200 guests during a two-day period. The results were extremely encouraging, and we have already started the conversations for a follow-up event next year.

    As always, RIMS is dedicated to connecting risk professionals across the globe, as well as delivering essential industry knowledge. On that note, the RIMS 2017 Compensation Survey is now available for purchase. Produced every two years, the survey not only provides risk professionals with tools to assess their careers, but it also provides leadership insight to make informed decisions about their risk programs.

    In addition, Total Cost of Risk has been an effective method for risk professionals to gauge and demonstrate risk management’s success. RIMS Benchmark Survey is now accepting input from our members. In exchange for anonymously sharing details about your insurance programs and premiums, contributors are awarded with a complimentary copy of the final report.

    At the RIMS ERM Conference in Los Angeles, we recognized organizations that have seized the moment and developed ERM programs that truly stand out, and can be directly linked to growth and innovation.  The Toronto Transit Commission was presented with this year’s RIMS ERM Award of Distinction and Honorable Mentions given to Argo Group International Holdings, Inc. and the Edmonton Police Service. We congratulate these entities for a job well-done, and we thank them for sharing their experiences and allowing others to follow in their footsteps.

    Although the year is coming to an end, at RIMS we still have much more to offer in 2017. RIMS Risk Summit India will be held on December 6th and 7th in Mumbai, and the RIMS Risk Forum Middle East will take place in Dubai December 11th and 12th. RIMS is also a key partner in the Institute of Directors Global Convention on Corporate Ethics & Risk Management in Singapore, where RIMS Vice President Robert Cartwright, Jr. will deliver the keynote address.

    RIMS remains passionate about our mission to educate, engage and advocate for the global risk management community. There is no better time than the present to be in this profession and the Society is committed to helping you make the most of it. 

    Sincerely,

    Nowell R. Seaman

    RIMS 2017 President

  • OVERALL RISK PROFESSIONAL SALARY CONTINUES STEADY CLIMB: RIMS 2017 Compensation Survey Now Available

    Risk professionals at all levels and responsibilities in the United States experienced an average 3.5% base salary increase this year, while Canadian practitioners experienced an average 2.0% increase, according to RIMS 2017 Compensation Survey. The survey – published every two years – is now available in the RIMStore at www.RIMS.org/RIMStore.

     

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

     

    Compared to RIMS 2015 Compensation Survey, key findings include:

    ·         Average base salary for CROs in the United States increased 11% to $190,800;

    ·         Average base salary for Director of ERM/Strategic Risk Management in Canada saw the biggest increase for the country, up 8% to $130,000;

    ·         63% of risk management professionals in both the US and Canada perform functions in addition to risk management in their organizations.

     

    “In a competitive job market, it is imperative to have the tools to formulate compelling compensation programs,” said RIMS CEO Mary Roth. “Understanding the elements that impact compensation and career growth, provides risk professionals with a road map for advancement.”

     

    The survey was conducted by email and disseminated to qualified professional RIMS members. It comprises data from 950 completed surveys submitted by full-time risk professionals and offers findings for seven different risk management job titles. RIMS 2017 Compensation Survey incorporates data from 781 risk professionals in the United States and 138 in Canada.

      

    RIMS 2017 Compensation Survey is available to both members and nonmembers. To order a copy, visit www.RIMS.org/RIMStore. Survey contributors are entitled to a complimentary copy of the survey’s Executive Summary. The full survey is $30 for contributors; $250 for member/noncontributors; and $500 for nonmember/noncontributors.
  • REGISTRATION OPEN: RIMS 2018 ANNUAL CONFERENCE & EXHIBITION

    RIMS, the risk management society™, has opened registration for RIMS 2018 Annual Conference & Exhibition, the world’s premier risk management and insurance industry event. Scheduled for April 15 – 18 at San Antonio’s Henry B. Gonzalez Convention Center, the four-day event will feature a wide-range of educational sessions, 400 exhibitors and is expected to draw more than 10,000 professionals from around the world. Visit www.RIMS.org/RIMS2018 to register.

     
    KEYNOTE SPEAKERS

     Chris Bashinelli – RIMS General Session – Monday, April 16

    Vernice “FlyGirl” Armour – Awards Luncheon – Monday, April 16

    Jay Leno – RIMS Conference Finale – Wednesday, April 18

     

    WHAT’S NEW AT RIMS 2018

     To continue to provide attendees with a superior experience, RIMS conducts a comprehensive analysis of previous conferences and has announced these additions to the 2018 program:


    ·         INNOVATION HUB – Aligned with the fast-paced energy of the conference, the new Innovation Hub offers RIMS 2018 attendees with an even wider selection of educational programming set in 20-minute presentations. The Innovation Hub is in addition to RIMS 2018 Thought Leader Theater.

     

    ·         IN-PERSON CERTIFICATION TESTING – The RIMS-CRMP certification has become a globally recognized professional achievement that affirms risk professionals’ skills and expertise. This year, attendees will have the opportunity to take the exam in-person in San Antonio. Limited seats are available so attendees must register in advance.

     
    ·         RIMS HQ – RIMS newly expanded booth includes the Thought Leader Theater, Professional Development Lounge, Publications Corner, Wellness ZENter, Advocacy Lounge, Member Lounge and Smart Bar in one convenient location.

     
    ·         COMPLIMENTARY AIRPORT SHUTTLE SERVICE – To accommodate our attendees who will travel from more than 70 countries around the world, RIMS 2018 attendees will have access to complimentary shuttle service from the airport on April 14th and 15th.

     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 2018, contact Matt Whyte at mwhyte@rims.org or +1-212-655-6052.

     All speaking opportunities at RIMS 2018 are confirmed. Confirmed speakers who have questions may contact speakers@RIMS.org.

    Press registration: https://events.rims.org/annual/2018/press_registration.cfm
  • RIMS Celebrates House Approval of National Flood Insurance Program; Awaits Senate's Next Move

    RIMS, the risk management society ™, applauds the U.S. House of Representatives’ decision to reauthorize the National Flood Insurance Program (NFIP) yesterday and urges the Senate to quickly follow before the program’s December 8th expiration. 

     To support a swift decision by the Senate, RIMS has launched a NFIP grassroots advocacy initiative. The effort comprises a varied communications strategy while providing RIMS members with resources to effectively engage and educate their local elected-officials.

     “RIMS is thrilled that the House has taken the initiative to examine, understand and reauthorize the National Flood Insurance Program,” said RIMS Vice President Robert Cartwright, Jr. “It is now the Senate’s turn. The NFIP’s expiration would have significant repercussions, impacting both corporate and residential property owners. The Society’s grassroots effort provides yet another vehicle for our members to get involved in the legislative process and emphasizes the criticality of this program’s existence.”

     The NFIP has been a longtime priority of RIMS and was the focus of the Society’s 2017 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.
  • RIMS 2018 Annual Conference Registration Now Open For Members

    Thank you for being a member of RIMS! Take advantage of your member perk of priority registration, and get first dibs on these amenities:

    First Choice of Hotels - Access the best selection in our housing block
    Priority Seating at Special Events - Upfront seating for keynotes
    Up to $450 on Registration Savings - Early Bird rates expire February 16

    Reserved, up-front seating for members at the Opening General Session, Awards Luncheon and Conference Finale. Did we mention Jay Leno will be our Closing Entertainer?

    RIMS HQ! Our newly expanded booth includes Thought Leader Theater sessions, Professional Development Lounge, Publications Corner, Wellness ZENter, Advocacy Lounge, Member Lounge and Smart Bar in one convenient location.

    The Innovation Hub. Attend exciting 20-minute presentations on emerging risks, claims and cyber risks right outside the Marketplace. Sponsored by Willis Towers Watson.
  • Toronto Transit Commission Win RIMS 2017 Enterprise Risk Management Award of Distinction

    Integrated throughout the governance structure of the organization, the Toronto Transit Commission’s (TTC) enterprise risk management program has contributed to streamlined processes, greater collaboration, improved safety and enhanced financial decision-making. In recognition of the tremendous results achieved through TTC’s ERM program, RIMS, the risk management society™, presented its 2017 Enterprise Risk Management Award of Distinction to the TTC at the Society’s ERM Conference in Los Angeles. 

     

    In 2013, the TTC embarked on an ERM Program to assist in advancing TTC’s Five-Year Corporate Plan. Since its inception, the ERM program has succeeded in creating significant value, including prioritizing processes for over $2.6 billion in capital projects. The ERM program is credited for synchronizing risk management efforts with those of Internal Audit, as well as for the development of a Board-approved Risk Appetite Statement that aligns with its strategic goals.

     

    “The TTC is honoured to receive the RIMS ERM Award of Distinction.,” said TTC CEO Andy Byford. “The TTC’s ERM program provides support and oversight for risks that could impact the achievement of our strategic objectives. By facilitating meaningful discussion around risk, our management team is able to focus on our common goals and our vision to deliver a transit system that makes Toronto proud.”

     

    Honorable mentions for this year’s ERM Award of Distinction went to Argo Group International Holdings, Inc. and the Edmonton Police Service. Argo Group’s ERM program was credited by the company’s leadership for its propensity to create value, as well as for its contributions to achieving an ‘A’ credit rating from Standard & Poor’s. The Edmonton Police Service’s ERM program aligns directly with organizational goals, allowing it to provide the community with innovative, professional policing services.

     

    “Successful organizations take smart, well-informed risks and rely on the collective expertise of their employees to make those important decisions,” said RIMS CEO Mary Roth. “Effective ERM programs promote collaboration and have proven to be a key element to unlocking untapped potential for the organization. Our award winners continue to demonstrate the value of ERM and its ability to achieving organizational objectives.”   

     

    Judging criteria for the ERM Award of Distinction includes the scope of the ERM program and how it engages different levels 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.
  • 2017 Enterprise Risk Management Benchmark Survey

    The fact that more than half of the respondents reported that their enterprise risk management programs are informing and influencing strategy is a testament to the discipline’s value, according to RIMS 2017 Enterprise Risk Management Benchmark Survey.

     

    The recently published RIMS 2017 Enterprise Risk Management Survey explores the evolution of ERM, drawing comparisons to the Society’s 2013 survey. The survey highlights the effectiveness and advantages of ERM programs, as well as leadership’s expectations of ERM, implementation strategies and challenges.

     

    Key findings from the survey include:

    ·       73% of respondents report either having fully or partially integrated ERM programs;

    ·       87% agreed that executive management expects the ERM program to identify, prioritize, manage and monitor major risks;

    ·       61% say that ERM is being used to inform and influence strategy;

    ·       62% say that the risk management department is responsible for ERM activities.

     

    “We have seen great progress in the effectiveness of ERM but there is still a large percentage of organizations that have yet to take advantage of the potential value of a fully-integrated ERM approach,” said RIMS Vice President of Strategic Initiatives Carol Fox. “As more information becomes available, the onus is on the risk professional to communicate the benefits of ERM to gain critical buy-in and resources from leadership.”

     

    Responses to the survey were collected via internet link from March 6, 2017 to May 6, 2017. There were 397 respondents from more than 14 different industries. The RIMS 2017 Enterprise Risk Management Survey is now available to members-only in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge. It will become available to the broader risk management community in 60-days.
  • President's Corner: Can You Hear Us?

    During my 20 years as a RIMS member, I’ve witnessed the wonderful power of this Society to provide countless risk professionals with the resources to add more value as leaders within their organizations. RIMS is proud to support risk management professionals and to continue to deliver an array of initiatives to ensure our voices are heard.

    Just back from Washington, DC, the RIMS Legislative Summit was once again a success. RIMS members from across the US met in the capital for a series of panel discussions and meetings with congressional leaders. Advocacy remains a priority for the Society, and it was important to share this community’s concern for the looming expiration of the National Flood Insurance Program. The conversations were well-received and we anticipate great results.

    RIMS Chapters continue to produce outstanding programming and opportunities for local members and we want to ensure those success stories are heard, too. This year, RIMS launched the ECHO (Enhancing Chapter Outcome) awards program. ECHO allows our chapters to showcase their great work, while providing a roadmap for building a strong chapter. We are currently accepting submissions for this new program which will be awarded in San Antonio at RIMS 2018.

    The recognition doesn’t stop there. The profession is filled with remarkable practitioners and we have proudly opened the nomination process for all of our awards.

    To provide you with current and relevant data, the RIMS Benchmark Survey and RIMS Compensation Survey are quantitative tools that help risk professionals to demonstrate value, as well as highlight new opportunities for organizational and professional success.

    RIMS Benchmark Survey provides benchmarking statistics for the Total Cost of Risk across a selection of industries and lines of coverage. The Survey is currently calling on practitioners to contribute their data. All data is shared anonymously and in aggregated form. As always, survey participants are rewarded with a discounted or complimentary copy once it is complete.

    The Society is putting the finishing touches on the 2017 RIMS Compensation Survey and will have that ready for the public in November. Stay tuned to see what career opportunities might be in store for you next.

    ERM continues to be an integral practice for risk professionals and their organizations. We’re looking forward to welcoming more than 350 practitioners from around the world to RIMS ERM Conference 2017 in Los Angeles on November 6th and 7th. Now in its seventh year, the conference continues to offer an outstanding educational program for practitioners at every level of the ERM process.  There is still time to register. For a look at the full agenda, click here.

    You might think it is too early to start talking about RIMS 2018 Annual Conference & Exhibition in San Antonio, but members will have the opportunity to register starting November 14th and non-members on November 28. 

    In other exciting news about the Annual Conference, the case champion for the 2018 Spencer-RIMS Risk Management Challenge has been selected. I want to thank SAGE Companies, a UK-headquartered market and technology leader for integrated accounting, payroll and payment systems, and their risk manager Andrew Bent for volunteering their time to support the next generation of risk professionals. We know that SAGE will provide our student teams with an excellent opportunity to demonstrate their knowledge and talents with innovative risk management approaches.

    Mark your calendars for April 15 – 18 in San Antonio. Our Annual Conference never disappoints, and we hope you’ll join us there.

    Whether it is through online learning opportunities, new reports and surveys, events or awards program, RIMS strives to advance the risk management profession, giving our members the resources to be heard and achieve their goals. Thank you for being a part of RIMS.

    Sincerely,


    Nowell R. Seaman
    RIMS President

  • 2018 Conference Registration Opens for Members November 14

    RIMS is happy to announce that registration for the 2018 Annual Conference and Exhibition will open exclusively for members on November 14. RIMS members are being given the first opportunity to register for the annual conference until November 28, when registration will open to the general public.

    All RIMS members will receive an email on November 14 providing a link to the annual conference website and inviting members to register to attend.
  • An Evolving Model for Board Risk Governance: Revisited

    Boards are receiving more risk management data today than ever before, but there is still significant room for improvement when it comes to providing information that improves strategic decision-making, according to RIMS new Executive Report titled, “An Evolving Model for Board Risk Governance: Revisited.”

     

    Five years since the original RIMS Executive Report, this revised version looks at the 30 companies that comprise the Dow Jones Industrial Average. It examines trends in risk governance, how those organizations are now advising their investors about the board’s involvement in risk oversight and key actions to enhance enterprise-wide risk management governance.

     

    “As regulatory changes thrust risk management into the corporate mainstream and made boards squarely responsible for risk management oversight, organizations responded by modifying board and management governance models” said RIMS Vice President of Strategic Initiatives Carol Fox. “This report highlights those adjustments and calls for refreshing our views on board governance for risk management.”

     

    An Evolving Model for Board Risk Governance: Revisited report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. 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 educational opportunities, conferences and resources, visit www.RIMS.org.