Announcements

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

 

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

 

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

 QUESTIONS? – PLEASE CONTACT

floridarims@gmail.com

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

 

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

 

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

 

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

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

 

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

 

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

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

 

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

 

Members of the Saint Joseph’s winning team included:

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

 

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

 

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

 

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

 

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

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

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

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

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

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

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

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

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

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

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

Sincerely,

Laura Langone
RIMS 2020 President

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

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

 

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

 

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

 

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

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

 

RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Audrey Rampinelli, CEO and co-founder of OnRamp Risk LLC. Named in honor of RIMS’ first president, the award pays tribute to an individual who has furthered the goals of the Society and the risk management discipline through outstanding service and achievement.

 

RIMS Risk Manager of the Year and Risk Management Honor Roll aim to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations. This year’s winner was Roxsann Wilson, Vice President of Risk Management for Cardinal Health. RIMS Risk Management Honor Roll inducted Jane Sandler, Vice President, Global Risk Management for McKennon Corp.

 

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

 

The RIMS Rising Star Award honors up-and-coming risk management professionals under the age of 35 or who have seven or less years of professional experience in the industry.  This year, Katherine Dawal, Manager, Risk & Insurance at K+S Potash Canada, was honored for demonstrating exceptional initiative, volunteerism, professional development, achievement and leadership potential.

 

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

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

 

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

 

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

 

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

 

Any full-time professional who administers risk management programs for a corporation, nonprofit institution or government entity is eligible for submission in the Risk Manager of the Year program. The nominations are judged by an independent panel comprising prior honorees and other risk management and insurance industry leaders. 

March 16, 2020

 

To Our Community,

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

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

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

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

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

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

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

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

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

  Mary Roth                   Laura Langone

  RIMS CEO                    RIMS 2020 President

 

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

 

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

 

Report Takeaways:

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

 

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

 

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

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

 

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

 

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

 

Our Efforts…

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

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

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

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

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

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

 

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

·         Linking Innovation and Strategic Risk Management

·         Understanding Innovation

·         Exploring the Innovation Mix

·         Steps in the Innovation Process

·         Approaches for Managing Uncertainty When Innovating

·         Skills and Attributes Supporting Innovation

·         Contributions of the Strategic Risk Practitioner

 

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

 

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

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

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

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

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

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

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

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

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

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

Sincerely,

Laura Langone

RIMS 2020 President

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

 

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

 

About RIMS 2020 keynote speakers:

 

Debra Jasper, Founder and CEO, Mindset Digital

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

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

Debra’s Full RIMS 2020 Bio

 

Kai Kight, Classical Violinist and Innovative Composer

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

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

Kai’s Full RIMS 2020 Bio

 

Ronan Farrow, Pulitzer Prize–Winning Investigative Reporter

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

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

Ronan’s Full RIMS 2020 Bio

 

For questions about registration, contact RIMS_registration@goeshow.com or U.S. callers can call +1-866-538-3858, international callers +1-847-620-4473.

 

For questions about exhibiting or sponsorship opportunities at RIMS 2020, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

 

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

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

 

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

 

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

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

 

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

 

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

  

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

Welcome to a special episode of RIMScast.

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

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

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

 

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

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

 

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

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

 

Officers on RIMS 2020 Board of Directors:

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

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

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

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

 

New Board Members:

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

 

Incumbent Board Members:

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

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

           

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

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

 

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

 

RIMS 2019 President Gloria Brosius:

 

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

 

RIMS External Affairs Committee Chair John Burkholder:

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

 

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

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

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

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

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

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

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

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

 The 2019 Survey showed:

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

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

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

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

 

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

 

RIMS 2020 BY THE NUMBERS

 

10,000+ … Attending Risk Management Professionals

400 … Exhibiting Solution Providers

300 … Expert Speakers

177 … Education Sessions

70 … Countries Represented

42 … Area Hotels to Choose From

15 … Student Education Sessions & Programs

8 … Thought-Leading Education Tracks

4 … Exclusive RIMS Marketplace Networking Events

3 … Keynote Presentations

1 … Global Risk Management Community

 

For questions about registration, contact RIMS_registration@goeshow.com or U.S. callers can call +1-866-538-3858, international callers +1-847-620-4473.

 

For questions about exhibiting or sponsorship opportunities at RIMS 2020, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

 

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

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

 

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

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

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

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

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

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

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

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

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

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

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

Sincerely,

Gloria Brosius, RIMS-CRMP
RIMS 2019 President

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

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

 

Grant recipients include the following universities and students:

 

Appalachian State

Devon Goolsby

Megan Moreno

Florida State University

Alex Factor

Rachael Gunter

Georgia State University

Analucia Pajares

Victoria Trainer

St. John’s University

Catherine Caracappa

Dylan Hawxhurst

Aba Dane Joseph

Chul Hyung Lee

Juan Carlos Merlo

Wei Qian

St. Mary’s University

Olivia Bachelet

Bianca Hernandez

Julia Kheiv

Fernanda Sandoval

Temple University

Kushal Parikh

Divya Pawar

University of Georgia

Anna Baker

Natalie Hirsch

University of Southern California

Austin Gumins

Jasmine Klein

University of Wisconsin-Madison

Aina Athirah Ab Latip

Nakul Arora

Sarah Arshad

Will Brown

Marissa Fowler

Jonathan Korger

 

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

 

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

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

 

Featured speakers include:

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

 

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

 

At the event, RIMS will present the India ERM Award of Distinction. The award honors an organization for outstanding achievement in developing and applying enterprise risk management practices. Judging criteria includes the scope of the ERM program; how effective it is at engaging people throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.  Last year, the inaugural award was presented to SBI Life Insurance Co. Ltd.

 

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

 

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

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

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

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

 

 

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

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

 

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

 

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

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

 

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

 

Fred H. Bossons Award

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

 

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

 

About RIMS Canada Council

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

 

About RIMS

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

About ISACA

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

 

Twitter: www.twitter.com/ISACANews

LinkedIn: www.linkedin.com/company/isaca

Facebook: www.facebook.com/ISACAHQ

Instagram: www.instagram.com/isacanews/

 

About RIMS

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

 

Twitter: www.twitter.com/rimsorg

LinkedIn: www.linkedin.com/company/rimsorg

Facebook: www.facebook.com/rimsorg

Instagram: www.instagram.com/rimsorg

 

Contact:

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

Kristen Kessinger, +1.847.660.5512, communications@isaca.org

Josh Salter, +1.212.655.6059, jsalter@rims.org

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

 

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

 

Other key findings from the report include:

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

 

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

 

STATEMENTS FROM THE PARTICIPATING ORGANIZATIONS

 

RIMS:

 

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

CHUBB®:

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

 

THE HARTFORD:

 

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

 

WILLIS TOWERS WATSON:

 

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

 

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

 

About Chubb

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

 

About The Hartford

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

 

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

 

About Willis Towers Watson

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

 

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

Together, we unlock potential. www.willistowerswatson.com

 

About RIMS

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

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

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

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

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

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

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

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

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

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

 

The key findings of the 2019 RIMS Benchmark Survey are:

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

 

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

 

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

 

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

 

The 2019 RIMS Benchmark Survey provides a unique window into a market in transition. Seen against the backdrop of industry economic data, changes in TCOR offer insights into the forces at work in the insurance industry. Armed with this information, insurance buyers are better positioned to design their risk financing programs, budget insurance costs, report more effectively to senior management and negotiate with carriers.

 

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

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

 

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

 

Key takeaways:

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

 

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

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

 

To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

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

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

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

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

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

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

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

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

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

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

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

 

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

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

 

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

 

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

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

 

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

 

The course is scheduled to be available in 2019.

 

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

 

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

 

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

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

 

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

 

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

 

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

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

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

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

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

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

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

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

Sincerely,

Gloria Brosius, RIMS-CRMP

RIMS 2019 President

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

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

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

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

Submission Deadline: Friday, July 19, 2019