Announcements

  • RIMS President's Corner: Great Expectations

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

     

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

     

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

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

     

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

     

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

     

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

     

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

     

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

     

    Sincerely,


    Gloria Brosius

    RIMS 2019 President
  • Good news! We’ve extended the contribution deadline for the 2019 RIMS Benchmark Survey until 1/31!

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

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

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

     

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


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

       

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

     

    Officers on RIMS 2019 Board of Directors:

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

    New Board Members:

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

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

     

    Incumbent Board Members:

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

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

    ·         Soubhagya Parija; Senior Vice President and Chief Risk Officer, New York Power Authority.

    ·         Kristen Peed, CPCU, RPLU, CRM, ARM-E, CIC, AAI; Director of Corporate Risk Management, CBIZ, Inc.

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

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

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

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

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

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


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


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

     

    Officers on RIMS 2019 Board of Directors:

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

    New Board Members:

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

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

     
    Incumbent Board Members:

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

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

    ·         Soubhagya Parija; Senior Vice President and Chief Risk Officer, New York Power Authority.

    ·         Kristen Peed, CPCU, RPLU, CRM, ARM-E, CIC, AAI; Director of Corporate Risk Management, CBIZ, Inc.

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

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

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

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

    For more information about RIMS leadership, visit www.RIMS.org.
  • RIMS: U.S. GOVERNMENT SHUTDOWN SIGNIFICANTLY LIMITS NATIONAL FLOOD INSURANCE PROGRAM

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

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

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

    Let’s stay connected!

     

    Cheers,

    Robert Cartwright, Jr.

    RIMS 2018 President

  • RIMS Opens Registration for 2019 Annual Conference & Exhibition

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

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

     WHAT’S NEW AT RIMS 2019

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

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

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

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

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

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

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

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

     For questions about exhibiting or sponsorship opportunities at RIMS 2019, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

     Educational sessions are confirmed for RIMS 2019.  Confirmed speakers who have questions may contact speakers@RIMS.org.
  • RIMS Signs Letter Urging Congress to Reauthorize the National Flood Insurance Program

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

     

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

     

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

     

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

     

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

  • RIMS Board of Directors’ decision for Associates to serve on Chapter Boards

    Dear Chapter Leaders,

     

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

     

    Background:

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

     

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

     

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

     

    Revised Policy:

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

     

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

    1.       Update bylaws

    2.       Notify chapter membership

    3.       Send updated bylaws to RIMS

    4.       Address Conflicts of Interest

    5.       Communicate with Board Liaison

     

    Updating Bylaws:

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

     

    Conflicts of Interest:

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

     

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

     

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

     

     

    Sincerely,

     

    RIMS Board of Directors
  • Members Only Registration Now Open for RIMS 2019!

    Registration is now open for all RIMS members for the 2019 RIMS Annual Conference and Exhibition in Boston, MA. To learn about RIMS 2019 and to register, please visit: www.RIMS.org/RIMS2019.
  • BIMTECH Institute Hosts Dedication Ceremony for New Risk Management Resource Center

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

     

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

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

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

     

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

     

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

     
    About BIMTECH

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

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

     

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

     

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

     

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

     

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

     

    For more information about RIMS Risk Forum 2018 visit, www.RIMS.org/RFIndia. To access RIMS International Center for Risk Management, visit www.RIMS.org/international.
  • RIMS REPORT: State of Risk Management in India - Excellence in Risk Management

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

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

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

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

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

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

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

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

     

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

     

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

     

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

     

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

     

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

    Sincerely,

    Robert Cartwright, Jr.

    RIMS 2018 President
  • MARATHON PETROLEUM CORPORATION WINNER OF RIMS 2018 GLOBAL ERM AWARD OF DISTINCTION

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

     

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

     

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

     

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

     

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

     

    Judging criteria for the Global ERM Award of Distinction includes the scope of the ERM program; how effectively the program engages people throughout the organization; the program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.
  • RIMS Announces Agenda for First-Ever Risk Forum India

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

    ·         Diversity in Corporate India

    ·         Artificial Intelligence

    ·         Natural Disasters

    ·         Business Continuity

    ·         Data Storage and Privacy

    ·         Regulatory and Tax Challenges for Multinational Companies

    ·         Risk Management in Manufacturing, as well as

    ·         Other Emerging Risks

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

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

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

    ·         BIMTECH Birla Institute of Management Technology – Academic Partner

    ·         RM Next – Knowledge Partner

    ·         Risk Management Association of India – Risk Community Partner

    ·         The Insurance Times – Media Partner

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

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

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

     

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

     

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

     

    Currently available RIMSCast episodes include:

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

    ·         Risk Management Trends with RIMS CEO Mary Roth

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

    ·         Reputational Risk with Nir Kossovsky

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

     

    RIMSCast is available at www.RIMS.org/RIMSCast. To submit podcast ideas and to learn about other contributed content opportunities, contact content@RIMS.org.
  • Available Now: RIMScast Episodes 1 & 2

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

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

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

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

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

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

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

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

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

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

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

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

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

    Sincerely,

    Robert Cartwright, Jr.

    RIMS 2018 President
  • RIMS Ontario Chapter Presents Michel Rodrigue with the 2018 Donald M. Stuart Award

    RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to Michel Rodrigue, Director, Risk Management and Insurance for Montreal-based Cirque du Soleil. Presented each year at RIMS Canada Conference, the Donald M. Stuart award is widely recognized as Canada’s highest honour within the risk management field. Since 1979, the annual award celebrates Canadians who have made outstanding contributions to the risk management profession.   

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

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

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

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

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

    Fred H. Bossons Award

    Also presented at RIMS Canada Conference was the Fred H. Bossons Award. Each year, the award honours the risk management professional who earns the highest average mark on the three examinations required to attain the Canadian Risk Management (CRM) designation. This year’s winner is Ann Marie Gillingham, Head of Risk – Vanguard Investments Canada.

    The CRM designation provides risk professionals a foundation of knowledge and skills needed to identify, assess, monitor and limit risks. The award is recognized by RIMS and awarded by the Global Risk Management Institute (GRMI).
  • RIMS President's Corner: Ready, Set, Impact

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

     

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

     

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

     

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

     

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

     

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

     

    Sincerely,

    Robert Cartwright, Jr.

    RIMS 2018 President 

     

  • Sign Up Today! RIMS Toronto Learning Lab

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

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

    Agenda:

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

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

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

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

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

    Location Information: 

    Toronto Region Board of Trade
    Room KOMB, 3rd Floor

    Address: Toronto Region Board of Trade
     First Canadian Place, Suite 350
    77 Adelaide Street West
    Toronto, ON M5X 1C1
  • RIMS Professional Report: A Guide to Cyber Insurance

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

     

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

     

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

     

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

     

    The report is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.
  • RIMS Professional Report: Communication with the C-Suite and Board

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

     

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

     

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

     

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

     

    Communication with the C-Suite and Board professional report is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

     

    About RIMS

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

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

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

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

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

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

     

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

     

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

     

    Thank you,

     

    Robert Cartwright, Jr.

    RIMS 2018 President
  • Claims Management Workshop | August 20-21 | San Diego, CA

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

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

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

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

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

    To complete a Mentor Match profile, visit https://community.rims.org/mentor. The platform gives enrollees the option to select Mentor or Mentee, as well as access to the Mentor Program Directory.  For questions about the Mentor Match platform, email Opis@RIMS.org.
  • RIMS' Risk Management Magazine Honored for Design and Content

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

     

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

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

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

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

     

    The following awards were presented for editorial content:

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

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

     

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

     

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

     

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

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

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

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

    The annual RIMS survey, produced with Advisen Ltd., is a single source of benchmark statistics with industry data for thousands of insurance programs from hundreds of organizations – including the programs of hundreds of Fortune 500 companies. It tracks changes in insurance policy renewal prices as reported by North American corporate risk managers.

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

    The Key Findings of the 2018 RIMS Benchmark Survey are:

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

    ·         TCOR fell despite record high natural catastrophe losses.

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

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

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

     

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

     

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

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

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

    To order a copy of the 2018 RIMS Benchmark Survey, visit www.advisenltd.com/media/reports/rims-benchmark-survey/ or www.RIMS.org/book.
  • RIMS President's Corner: 10 Years After- Continuing Legacy

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

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

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

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

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

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

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

    Thank you for all of your support.

    Sincerely,

    Robert Cartwright, Jr.

    RIMS 2018 President
  • RIMS Executive Report: ENTERPRISE RISK MANAGEMENT’S WAKE UP CALL: 10 YEARS AFTER

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

     

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

     

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

     

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

     

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

     

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

     

    Enterprise Risk Management’s Wakeup Call: 10 Years After currently is available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.
  • RIMS Notice: We're Moving!

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

    Hi All,

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

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

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

     

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

     

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

     

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

     

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

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

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

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

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

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

     

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

    In 2007, RIMS was one of the first entities to host a large convention in post-Katrina New Orleans. RIMS first Community Service Day was held at that conference to support local families and rebuild infrastructure devastated by the natural disaster. Now, in its 12th year, RIMS Community Service Day projects have become a RIMS Annual Conference & Exhibition tradition.

    About Soldiers’ Angels 

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

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

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

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

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

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

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

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

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

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

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

    Sincerely,

    Robert Cartwright, Jr.  

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

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

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

     ·         British Columbia Institute of Technology (Canada)

    ·         Nanyang Technological University (Singapore)

    ·         Peking University (China)

    ·         Saint Joseph's University (US)

    ·         St. Mary's University (US)

    ·         Temple University (US)

    ·         University of Wisconsin – Madison (US)

    ·         Virginia Commonwealth University (US)

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

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

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

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

     ·         Diversity and Inclusion: The Risks and Opportunities

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

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

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

    ·         The Journey of the African American Insurance Professional

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

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

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

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

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

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

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

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

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

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

    ·         RIMS Diversity Meet-Up on Sunday, April 15

    ·         Education sessions:

    o   The Journey of the African American Insurance Professional

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

    o   Diversity and Inclusion: The Risks and Opportunities

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

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

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

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

    Sincerely,

    Robert Cartwright, Jr.

    RIMS 2018 President

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

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

    This year’s “Hot Topic Sessions” are: 

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

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

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

    CHINA’S BELT AND ROAD INITIATIVE: GROWTH AND OPPORTUNITIES

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

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

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

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

    HOW MARIJUANA IS AFFECTING WORKERS’ COMPENSATION AND THE WORKPLACE

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

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

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

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

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

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

     OPIOID LAWSUITS: A TSUNAMI OF LITIGATION AND ASSOCIATED COVERAGE ISSUES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

     ABOUT THE WINNERS

     RISK MANAGER OF THE YEAR: Rebecca F. Cady, Esq., BSN, CPHRM, DFASHRM, FACHE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    RIMS, the risk management society™, presented 37 students with a 2018 Anita Benedetti Student Involvement Program grant. The program, sponsored by The Spencer Educational Foundation, recognizes the achievements of outstanding undergraduate and graduate risk management students, providing them with funds for travel expenses, complimentary hotel accommodations and registration to RIMS 2018 Annual Conference & Exhibition scheduled for April 15 – 18 in San Antonio.  

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

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

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

    ·         Kendall Banks, University of North Carolina - Charlotte

    ·         Jenna Benvenuti, Olivet College

    ·         Yuuki Bomar-Kawakita, University of Georgia

    ·         Rebecca Cacioppo, University of Wisconsin-Madison

    ·         Laura Colmenares, Universidad EAFIT (Colombia)

    ·         Abby Cothran, Mississippi State University

    ·         Daniel Coyle, Temple University

    ·         Douglas Dick, Troy University

    ·         Maggie Flynn, Illinois State University

    ·         Ashley Gao, University of Akron

    ·         Matthew Garofalo, University of Hartford

    ·         Nicholas Goers, Missouri State University

    ·         Carina Gonzalez, St. Mary's University

    ·         Jason Hall, British Columbia Institute of Technology

    ·         Madison Hardy, University of Mississippi

    ·         Noah Hicks, University of North Carolina - Charlotte

    ·         Maranda Johnson, University of North Texas

    ·         Megan Keathley, Olivet College

    ·         Akash Kheterpal, National Insurance Academy (India)

    ·         Logan Krause, East Carolina University

    ·         Nick Kubala, Eastern Kentucky University

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

    ·         Ben Landes, University of Georgia

    ·         Chunyan Lei, Peking University (China)

    ·         Kyle McDonald, Ball State University

    ·         Shannon Nisi, Troy University

    ·         Nicholas Patnode, University of Wisconsin - Madison

    ·         Nathan Paulik, Missouri State University

    ·         Sam Reese, Butler University

    ·         Abygail Schukin, Lasalle University

    ·         Christy  Simpers, Appalachian State University

    ·         Andrew Smith, University of Calgary

    ·         Alexandra Stoughton, University of Mississippi

    ·         Brent Vansickle, British Columbia Institute of Technology

    ·         Santiago Villa, Universidad EAFIT (Colombia)

    ·         Amanda Wolfgang, Temple University

    ·         Yangfan Yao, Peking University (China)

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

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

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

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

     

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

     

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

     

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

     

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



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

     

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

     

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

     

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

     

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

     

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

     

    Sincerely,


    Robert Cartwright, Jr.

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

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

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

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

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

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

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

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

    ·         What is the reasoning behind BEAT?

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

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

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