Announcements

  • RIMS CANADA COUNCIL BACKS INSURANCE BUREAU OF CANADA’S CALL FOR ADVANCING RISK MANAGEMENT KNOWLEDGE

    In response to a report issued by the Insurance Bureau of Canada National Commercial Insurance Task Force (IBC), the RIMS Canada Council (RCC)voiced its approval for recommendations for more risk management education for consumers, as well as for organizations to strengthen risk management strategies.

     

    Risk leaders representing the RCC took part in a series of roundtable discussions held by the IBC to discuss the challenging insurance market in Canada.  The report focused on several key business sectors that have been significantly impacted by the market and COVID-19 including: Condominium/Strata; Trucking; Hospitality and Non-Profit.

     

    “In addition to the complexities brought on by COVID-19, organizations across the country and across many sectors are grappling with the challenges of a hard insurance market,” said RCC Chair Steve Pottle, CIP, RIMS-CRMP. “Advocating for our members is at the heart of the RIMS mission and we couldn’t be more pleased to see IBC’s recommendations that include: mandating risk management education, encouraging the development of more consumer-friendly risk management information and that emphasize the importance of a cohesive risk management strategy.

     

    “The RCC will continue to act as a champion for Canadian risk professionals, ensuring our members’ voices and perspectives are heard.  We welcome the opportunity to collaborate with the IBC further and help develop both solutions and opportunities that enable businesses to navigate today’s insurance market.”

     

    The RCC is a standing committee of RIMS, the risk management society®.  Lead by representatives from its 10 Canadian Chapters, the group is dedicated to uniting the country’s risk management community, delivering risk management education and opportunities, facilitating the exchange of ideas and advocating for its members. Each year, the RCC holds the RIMS Canada Conference, the second largest annual risk management conference in the world. This year’s conference will be virtual and is slated for October 5th and 6th. More details about the event will be available in the coming months. To learn more about the RCC, its resources and upcoming events, visit www.rimscanada.ca.

     

    ​​​Established in 1964, Insurance Bureau of Canada is the national industry association representing Canada’s private home, auto and business insurers. The Insurance Bureau of Canada’s National Commercial Insurance Task Force is available here.

  • RIMS President's Corner: The Right Direction

    For far too long we have been cooped up in our homes. We’ve had to learn new ways to work, collaborate, network and learn remotely. While many parts of the world are still overwhelmed by the global pandemic, we are seeing signs that a return to normalcy is possible and could be here soon for all of us.

    RIMS LIVE 2021 was one of those first signs. While, yes, it was still virtual, it was great to reconnect with the risk management community, see former colleagues, business associates and friends who I volunteered with at the RIMS chapter level on the platform. The live interaction with speakers was a great feature and all of the solution providers that filled the Marketplace did an outstanding job showcasing some pretty innovative resources.  

    We all attended RIMS LIVE for the same reasons: to learn, to build our networks, to explore new strategies and ultimately, to become better.  There were so many education sessions – 170 to be exact – that I still find myself going back to watch the ones I didn’t get to.  RIMS LIVE 2021 sessions are available to all registrants until June 30th.  For those who didn’t catch the conference live, there are opportunities for you to purchase session packages now. It’s not too late to take advantage of the insight shared at this year’s event.

    Risk management action is picking up around the globe. RIMS is excited to announce its newly formed Regional Advisory Group in South Asia.  The group already has outstanding support from the local insurance market and we have some extraordinarily talented risk professionals onboard leading this effort.  Additionally, I recently had the opportunity to deliver remarks about ERM and the Global Pandemic to an audience at RIMS Japan’s Chapter’s annual event. We’re looking forward to developing more opportunities and resources for our members there.

    RIMS continues to advocate on behalf of the risk management community.  This week, we’re focusing on autonomous vehicles and the legislative and regulatory environment surrounding them. On June 9th, RIMS will hold a live webinar exploring 2021 legislative developments regarding autonomous vehicles and what risk professionals in this space should know and expect. We’re excited to hear from Katherine Henry, a partner at Bradley Arant Boult Cummings LLP, and RIMS Richard W. Bland Award winner Lynn Haley Pilarski, the risk manager at General Motors.

    We also remain committed to supporting our members’ efforts to implement Diversity, Equity and Inclusion (DEI) risk management strategies. And, it’s our belief that our profession and the insurance industry can play a major role to achieve these goals. We hope that you can join us for the “Mission Critical – Actionable Insights to Strengthen DEI Strategies” webinar on June 10th. I want to thank Gallagher for sponsoring this event and the esteemed panel who will help us unwrap the complexities of DEI, how we can better support our organizations and clients and take bigger strides in this area.

    Both of these webinars will be on-demand following their live air dates.

    Last week we held the 2021 RIMS House of Delegates (HOD) Meeting – an annual meeting of RIMS chapter leaders. This meeting is crucial as it provides us with the important perspective of our members.  We had productive discussions about the future of RIMS and opportunities for the Society to build upon its resources. I want to thank all of our volunteers who joined the meeting and who continue to make RIMS and this profession their priority.

    At the HOD Meeting, at previous chapter meetings, at the Board level and with staff, we continue to set strategies to gather, once again, in-person.  What will events look like?  How will they be received?  How can we create safe spaces that risk professionals feel comfortable being in? 

    As we look at these challenging questions, we’re optimistic about the new normal.  Your RIMS team has already begun its planning for an in-person Legislative Summit in October, an in-person ERM Conference in November and we’re excited to welcome the global risk management community back for our 2022 Annual Conference & Exhibition in San Francisco next year.  In addition, RIMS chapters are ready to welcome you back with planning for the RIMS Florida Educational, Western Regional and Chicagoland conferences well-underway.

    With that new normal peeking over the horizon, RIMS has not only made a commitment to adapting its strategies to effectively engage and deliver for the risk management community, but we remain committed to helping you adapt. We stand ready to support you and your organizations return to work safely, reconnect with customers, clients and vendors, and confidently make informed and strategic decisions that drive success for your organizations and your careers.

    As always, I can’t thank you enough for your commitment to RIMS.

    Sincerely,

    Ellen Dunkin

    RIMS 2021 President

  • UNIVERSITY OF HARTFORD WINS THE 2021 SPENCER-RIMS RISK MANAGEMENT CHALLENGE

    During the RIMS LIVE 2021 virtual Conference Finale, RIMS CEO Mary Roth and RIMS President Ellen Dunkin announced the University of Hartford student team as the winner of the 2021 Spencer-RIMS Risk Management Challenge.

     

    Competing against 18 other universities from around the world, the students from the University of Hartford successfully delivered their risk management strategies to leaders in the profession during the virtual event. The competing teams were challenged to develop solutions to address a civic risk management case-study developed by RIMS Diversity, Equity and Inclusion Advisory Council.

     

    “Social issues continue to climb organizations’ and municipalities’ list of top strategic risks,” said RIMS CEO Mary Roth. “With professionalism, creativity and enthusiasm, this year’s university teams shared a range of unique perspectives and solutions that addressed these real-world, socio-economic challenges. Congratulations to our 2021 champion University of Hartford and all of the future risk management leaders who participated in this year’s competition.”

     

    Members of the University of Hartford team included:

    • Aliyah Abdullah
    • Semra Boluk
    • Nicholas Bosio
    • Yoanny Brito
    • Academic Advisor: Ken Goldstein

     

    “While different from last year, we still faced uncertainties as we approached RIMS 2021,” said Spencer Chairperson Robin Roeder (SVP, Risk Management, Sedgwick). “I am very proud of the perseverance of Spencer to continue to strengthen and equip the risk management and insurance students of tomorrow, and of the students for performing so well in very challenging and unfamiliar circumstances. Congratulations to every student who participated and thank you to our judges who gave their time to this year’s challenge!”

     

    Second-place in this year’s Challenge was The University of Wisconsin and the third-place team was Appalachian State University.  The first-place university received $4000, second $3,000 and third $2,000.

     

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

     

  • RIMS President's Corner: A Focus on You

    To some, RIMS is the go-to place for risk management knowledge, reports and information. For others, it’s the gateway to networking with a global professional community. While others might engage for career development and advancement opportunities. Whatever your reason is, together, let’s make sure you’re maximizing your RIMS experience.

    RIMS LIVE 2021 is one of those opportunities to do so. In less than a week, the world’s business community will gather for the most expansive virtual risk management event yet. With no distractions – and added time for you to really explore its 170 education sessions – the conference is the perfect opportunity for you to step back from your daily routine and focus on your skills.

    Beyond education, RIMS LIVE 2021’s intuitive networking platform has the power to give your network a boost. The conference’s technology has built-in matchmaking capabilities that will link you with risk professionals in similar industries, with similar responsibilities and interests.  You will also be able to connect with more than 100 exhibitors in the digital Marketplace, set one-on-one meetings with them and participate in small group discussions. For me, RIMS Annual Conference has always been an amazing place to meet others in the field and build lasting professional and personal relationships. This year will be no different.

    After the last year, some of us might need a little inspiration. RIMS LIVE’s keynote speakers bring unique perspectives and will share their stories of innovation, persistence, perseverance and risk taking. Duncan Wardle, the former head of innovation & creativity at Disney, will kick things off at our Opening General Session. Jade Simmons, a classical pianist and transformational speaker, will get us ready for the next big breakthrough during the Awards and Leadership Program. And, Netflix Co-Founder Marc Randolph, a man who knows about taking risks, will captivate the audience during the Conference Finale.

    Our Society’s annual conference is all about the future of risk management. That future depends on us to support the next generation of risk leaders.  RIMS is so proud to collaborate with the Spencer Educational Foundation for the Spencer-RIMS Risk Management Challenge.  We’re ready to hear the strategies developed by the three final teams from University of Hartford, University of Wisconsin and Appalachian State University.  But, I also want to commend all 20 university teams that entered the challenge, shared with our community and demonstrated just how bright this profession’s future really is.   

    We also can’t forget to focus on ourselves, personally. Make your health a priority. The virtual Spencer 5K Fun Run/Walk is on and there’s still time for you to sign up. The RIMS LIVE Wellness Zenter also offers a selection of education opportunities for you to focus on your physical and mental health, as well strategies for you to bring back to your office – wherever it might be. 

    The focus on you doesn’t stop with RIMS LIVE 2021.  RIMS External Affairs team continues to monitor the legislative fallout from the COVID-19 pandemic and how it’s impacting your organizations. Recently, the Society set guidelines for how we’ll support legislation about liability claims protections. A letter about those guidelines and RIMS other legislative initiatives can be found in RIMS Advocacy Center.

    The profession continues to make progress.  Risk professionals continue to gain important ground, breaking through barriers and becoming key players in our organization’s strategy processes. How do you make sure you continue to get invited to those important strategy discussions? And, if you aren’t there yet, how do you create that opportunity?

    Opportunities are created when you engage with RIMS and RIMS LIVE 2021. Join us for RIMS LIVE 2021. Engage with our global network and explore the collective, thought-leading knowledge of this Society.  It’s time to focus on you.

    Sincerely,


    Ellen Dunkin

    RIMS 2021 President

  • RIMS SETS ADVOCACY GUIDELINES FOR COVID-19 LIABILITY PROTECTION LEGISLATION

    Understanding that a balance must exist between a business owner’s need to operate without being exposed to unreasonable liability and the rights of the general public to seek just compensation for damages unreasonably caused by businesses, RIMS, the risk management society®, has issued a statement to guide its advocacy for federal and state/local COVID-19 liability protection legislation.

     

    Moving forward, RIMS will support legislation that encourages businesses to assert a “safe harbor” defense in any COVID-19 claim or litigation where:

    • At the time of the incident, the business was operating under Federal health guidelines;
    • Alleged business negligence resulted in bodily injury/property damage to third-parties;
    • Such legislation would not apply to allegations of gross negligence and/or willful misconduct.

     

    “In the wake of the COVID-19 global pandemic, organizations are encountering waves of crippling liability claims and are looking to government agencies and professional associations, like RIMS, for guidance,” said Mark Humphreys, Chair of the RIMS External Affairs Committee. “While the situation remains frenetic, RIMS encourages businesses to follow Federal health recommendations to not only protect employees and customers as fully as possible, but to also better protect assets.

     

    “With members across the United States and around the world who manage operations in multiple jurisdictions, it’s imperative that RIMS set parameters that promote greater legislative uniformity and that allow the Society to represent the broadest group of members that it can.”

     

    RIMS provides risk management professionals from around the world with access to resources and educational programming to help them navigate COVID-19’s impacts, as well as many other business risks. The Society’s External Affairs Committee continues to monitor legislative and regulatory issues that impact the ability of organizations to protect employees, property and data, while reaching their respective strategic goals. For more information about RIMS advocacy initiatives and its Risk PAC, visit www.RIMS.org/advocacy or contact RIMS Director of External Affairs Whitney Craig at wcraig@rims.org.

     

    RIMS LIVE 2021, the Society’s all-virtual annual conference scheduled from April 19 – 30, will feature more than 170 risk management educational sessions covering a wide-array of topics including claims management, business continuity, pandemic insurance, and much more. To see the full agenda or to register, visit www.RIMS.org/RIMS2021.

  • RIMS Announces 2021 Honorees and Award Winners

    RIMS, the risk management society®, announced the winners of its series of industry awards including the risk management profession’s most prestigious honor the Harry and Dorothy Goodell Award to Pamela Popp. This year’s risk management standouts will be presented with virtual awards during RIMS LIVE 2021. Details about our award winners are available in RIMS Risk Management Magazine’s Award issue.

     

    RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Pamela Popp, Executive Vice President, Chief Risk Officer at GB Specialty, a division of Gallagher Bassett. Named in honor of RIMS’ first president, the award pays tribute to an individual who has furthered the goals of the Society and the risk management discipline through outstanding service and achievement.

     

    RIMS Risk Manager of the Year and Risk Management Honor Roll aim to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations. This year’s winner was Michael Harrington, Vice President-Risk Management and Assistant Secretary at Lockheed Martin Corporation. RIMS Risk Management Honor Roll inducted Cheryl Lloyd, Associate Vice President & Chief Risk Officer and Interim Vice President, Systemwide Human Resources at the University of California.

     

    The Ron Judd “Heart of RIMS” Award pays tribute to the legacy of Ron Judd, who served as the RIMS Executive Director for 22 years. Individuals are nominated by chapters for outstanding performance in advancing RIMS at the chapter level. This year’s Heart of RIMS recipients are Mark Habersack, an active member and leader of RIMS Nevada Chapter and the Director of Risk Management at MGM Grand; and Sue Mepham who is a retired risk professional and a leader with the RIMS Saskatchewan Chapter.  

     

    The RIMS Rising Star Award honors up-and-coming risk management professionals under the age of 35 or who have seven or less years of professional experience in the industry.  This year, Elliot Long, US Risk Management Consultant for Aflac, was honored for demonstrating exceptional initiative, volunteerism, professional development, achievement and leadership potential.

     

    The Richard W. Bland Memorial Award was presented to Lynn Haley Pilarski, Risk Manager at General Motors. The award was created by RIMS Kansas City Chapter in 1974 to recognize a member’s dedicated commitment in the area of legislation or regulation.

  • RIMS RISK MANAGER OF THE YEAR AWARDED TO LOCKHEED MARTIN CORPORATION’S MICHAEL HARRINGTON

    RIMS, the risk management society®, has announced Michael Harrington, Vice President-Risk Management and Assistant Secretary for Lockheed Martin Corporation, as the 2021 Risk Manager of the Year. The 2021 Risk Management Honor Roll inducted Cheryl Lloyd, Associate Vice President, Chief Risk Officer and Vice President Systemwide Human Resources for University of California.

     

    Both Michael and Cheryl will officially be presented with their honors during RIMS LIVE 2021 Awards and Leadership Keynote on April 26, 2021.

     

    “As our organizations and communities continue to sort through the disruption and disarray caused by recent events, risk professionals have demonstrated their value as strategic leaders who adapt to change, strengthen resilience and power innovation,” said RIMS CEO Mary Roth. “Michael Harrington embodies this, embedding risk management practices to address risks that were, quite literally out-of-this-world. His dynamic leadership has revolutionized risk management at Lockheed Martin and made him a deserving candidate for this year’s RIMS Risk Manager of the Year Award.

     

    “Cheryl oversees a massive risk portfolio for the University of California and has successfully inculcated corporate culture where ‘everyone is a risk manager who plays a role in identifying and mitigating risk’ across its entire system. She instills confidence in the University of California senior leadership, staff and faculty that risk management is ready for anything. RIMS could not be prouder to present her with the Honorable Mention recognition.”

     

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

     

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

     

    ABOUT THE WINNERS

     

    RISK MANAGER OF THE YEAR: Michael Harrington

    Michael Harrington is the Vice President of Risk Management at Lockheed Martin Corporation, the largest defense contractor in the world, with over 114,000 employees globally.

     

    As Lockheed Martin’s risk management lead, Michael has made revolutionary changes to the company’s approach to risk management and enterprise risk management. He has transformed risk management from being mostly an insurance procurement function that provided administrative and compliance support into a strategic department connected to the business, managing risk on an enterprise-wide basis.

     

    Michael continues to lead a joint insurance effort between industry, NASA and the United States government to help reinvigorate the U.S. space program. This globally important and exciting endeavor has presented multiple challenges for defense contractors, critical among them being catastrophic liability risk. To address this, he formed a coalition of risk professionals and other leaders across the Defense Industrial Base to explore key risk management issues that could cause delays and roadblocks for the space program while also leading the effort to reinstate NASA’s indemnity protection. This innovative insurance program protects Lockheed Martin’s balance sheet, the financial interests of all prime contractors and showcases the value of this public-private partnership between NASA and the private sector.

     

    Under Michael’s leadership, risk management became part of Lockheed Martin’s emergency response protocol for cyber intrusions, as well as an integral part of the organization’s COVID-19 response efforts. His team’s efforts played a critical role in the company’s ability to source parts for ventilator manufacturers, activating disaster recovery firms to keep the organization operational, as well as establishing processes to support communities that were heavily impacted by the virus.

     

    His team was tremendously successful establishing and integrating a Risk Management Information System to modernize information collection and management across the enterprise.  Through this effort, Lockheed Martin’s risk management has created a library that more efficiently and strategically catalogues, indexes and digitizes current and historical insurance policies to improve benchmarking and forecasting.

     

    RISK MANAGEMENT HONOR ROLL: Cheryl Lloyd

    As Chief Risk Officer for the University of California (UC), Cheryl is responsible for providing strategic leadership and vision and overseeing a robust risk management program to protect the university’s 10 campuses, five academic medical centers, over 230,000 employees, over 280,000 students and a $40 billion operating budget (2019-2020).

     

    Cheryl successfully leads Enterprise Risk Management, Environment, Health and Safety, Emergency Management, Mission Continuity, Behavioral Threat Assessment and more. She serves as the president of Fiat Lux Captive Insurance (FLCI), UC’s multi-billion-dollar captive reinsurance company. FLCI has reduced risk transfer costs and increased UC’s investment earnings substantially. To date, the largest captive of its kind in California, the University’s Captive platforms quickly realized savings and new revenues at $185M in just four years. In turn, Cheryl works diligently to use those savings to reduce premiums and implement new risk mitigation programs for the campuses.

    In this unprecedented year of COVID-19, Cheryl was challenged with serving two of the most impacted sectors of the economy, healthcare and higher education. Her team developed and employed a robust Emergency Management Structure to advise on a plan to continue to educate 280,000 students, address the needs of students studying abroad, as well as the special risks of student athletes and on-campus housing a remote workforce and frontline workers in the University’s hospitals.

    Additionally, with more than $70 billion in property exposure throughout the State, it was imperative that Cheryl create and develop parametric earthquake cover for this significant exposure. Today, the parametric policy provides each location with a plan to prepare and continue operations after a significant quake.

     

    Finally, Cheryl took on the added systemwide responsibility of running UC’s human resources program, a complex and broad array of responsibilities including the management a $2 Billion health insurance benefits portfolio. She continues to serve as the Interim Vice President, Human Resources.

     

    Cheryl is an active member of the University Risk Management and Insurance Association where she served as a board director, as well as contributing to support RIMS Golden Gate Chapter.

  • RIMS AND GEORGE MASON UNIVERSITY PARTNER TO ADVANCE GOVERNMENT RISK MANAGEMENT CAPABILITIES

    Supporting a call for stronger risk management practices in the Federal Government, RIMS, the risk management society®, and George Mason University’s Continuing and Professional Education (CPE) have teamed up to offer a series of workshops designed for federal employees and executives who are committed to building stronger risk management practices and more rewarding careers. The first in the series of workshops will be held on May 24-26, 2021.

     

    The workshops will be based on the RIMS-CRMP-FED (RIMS-Certified Risk Management Professional Federal Government credential). The credential was developed by RIMS in collaboration with the Association for Federal Enterprise Risk Management (AFERM) 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. The RIMS-CRMP-FED is a micro-credential of the RIMS-CRMP, the only accredited risk management certification in the world. It is also the only risk management credential that tests individuals on:

     

    1. Analyzing the Business Model
    2. Designing Organizational Risk Strategies
    3. Implementing the Risk Process
    4. Developing Organizational Risk Competency
    5. Supporting Decision-Making
    6. Understanding the Federal Government Risk Management Environment
    7. Risk Management Implementation in the Federal Government
    8. Risk Management Reporting in the Federal Government

     

    “A perfect storm of business-interrupting challenges has left many organizations asking themselves how they can better prepare for future uncertainties,” said RIMS CEO Mary Roth. “The RIMS-CRMP and the RIMS-CRMP-FED marks of achievement indicate to business and government leaders that their risk professionals are knowledgeable and qualified to not only navigate the next big disruption but also support rapidly evolving strategies. We are proud to partner with George Mason University and create a path for government risk professionals to earn this credential.”


    “Professional certifications and industry-backed micro-credentials like the RIMS-CRMP-FED can provide opportunities for individuals to grow in today’s rapidly changing business world,” said Marc Austin, Executive Director of Professional Education and Academic Ventures at Mason. “Anyone who makes decisions for their organization applies risk management thinking in their work, which is why we feel this training is so foundational. As such, we are excited to offer this credential to our regional professional community and, especially, the Mason network.”

     

    To register for the RIMS-CRMP-FED workshop at George Mason University visit http://go.rims.org/MasonFED. To learn more about the RIMS-CRMP-FED credential  and view eligibility requirements, visit www.RIMS.org/certification or contact the RIMS Client Services Team at cst@RIMS.org.

  • EIGHT UNIVERSITY TEAMS PICKED TO COMPLETE AT RIMS LIVE 2021

    RIMS, the risk management society®, selected eight universities to compete during RIMS LIVE 2021 for the 2021 Spencer-RIMS Risk Management Challenge top honor. Twenty university teams entered the competition. Based on the solutions they developed for a risk management civic case-study developed by RIMS Diversity, Equity and Inclusion Advisory Council, the top teams have been invited to present their findings during RIMS LIVE 2021that is scheduled for April 19 – 30.

     

    The eight university teams chosen to compete at RIMS LIVE 2021 are:

    • Appalachian State University
    • Butler University
    • Florida State University
    • Illinois State University
    • Indiana State University
    • Peking University
    • University of Hartford
    • University of Wisconsin

     

    The case study provided by RIMS DE&IAC presents a civic risk management challenge. The university teams will present their strategies for departmental budget cuts, the impact of the cuts on employees and the community, while also addressing DE&I considerations. A panel of risk management professionals will determine the teams’ success in innovation, professionalism and presentation skills.

     

    On April 14, the final three teams will be selected after the first round of presentations. The finalists will present before a live audience during the conference on April 21 and the winner will be announced at the RIMS LIVE 2021 Finale on April 29.   

     

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

  • RIMS Advocacy Presents: The PAID Act: What Medicare Claims Payers Should Know In 2021

    The Provide Accurate Information Directly (PAID) Act was enacted into law on December 11, 2020. Currently, workers’ compensation, general liability, and no-fault Responsible Reporting Entities (RREs) are limited to obtaining traditional Medicare Part A and B enrollment PAID Act information through the Section 111 Reporting query process. However, effective December 11, 2021, RREs will be able to learn of an injured party’s Medicare Advantage and Medicare Part D enrollment in the query process as well, so that if they choose, they may inquire with the Medicare Advantage or Part D plan as to any conditional payment liabilities. 

    With Medicare Advantage enrollment at nearly 40% of the Medicare population, and Medicare Advantage plans filing numerous double damages MSP private cause of action lawsuits nationwide, PAID Act was a highly desired reform to the MSP Act.

    Sanderson Firm PLLC founder Heather Sanderson will discuss how PAID Act will impact claims processes, what claims handlers need to do now pre-implementation of PAID, and additionally what future best practices should look like once PAID is implemented.
  • RIMS REWARDS EXCEPTIONAL RISK MANAGEMENT STUDENTS WITH GRANTS TO RIMS LIVE 2021

    RIMS, the risk management society®, presented 36 students with a 2021 Anita Benedetti Student Involvement Program grant. The program, sponsored by The Spencer Educational Foundation, recognizes the achievements of outstanding undergraduate and graduate risk management and insurance students. This year, the students will receive complimentary registration to the all-virtual RIMS LIVE 2021 conference scheduled for April 19 – 30, as well one RIMS-CRMP certification prep-course and an exam.

     

    The ABSIP continues to recognize elite risk management and insurance undergraduates from outside of North America. The international group includes students from: Lingnan University in Hong Kong; National Insurance Academy in India; Universidad EAFIT in Colombia; and Peking University in China.

     

    “As business leaders continue to recognize the value of strong risk management and look toward their organizations’ future, building highly-skilled and highly-qualified risk management teams will be a top priority,” said RIMS President Ellen Dunkin. “Through the ABSIP program, RIMS creates opportunities for the next generation of risk leaders to learn, network and explore at the Society’s world-renowned annual conference and our certification.”  

     

    “The Spencer Educational Foundation is proud to partner with RIMS to provide this empowering, experiential learning opportunity to risk management and insurance students,” said Spencer’s Executive Director Megan Miller. “These formative experiences for students, where they can interact with practicing risk professionals, strengthens the industry’s talent pipeline and creates a path for rewarding careers in this field. This is the heart of what Spencer aims to do every day.”

     

    This year’s grant recipients include:

    • Gabrielle Beauvais, Saint Joseph’s University
    • Dexter Bell, Florida State University
    • Darren Bloomfield, Butler University
    • Nicholas Bosio, University of Hartford
    • Yoanny Brito, University of Hartford
    • Marco Casanova, St. Mary's University
    • Kwan Wai Chan, Lingnan University Hong Kong
    • Man Chong, Lingnan University Hong Kong
    • Katherine (Katie) Cole, Appalachian State University
    • Audrey L. Dunn, University of Georgia
    • Mikayla Durham, St. Mary's University
    • Lily Van Elderen, University of Mississippi
    • Caeden Godfrey, Troy University
    • Omar Gonzalez, Appalachian State University
    • Elina Goykhman, St. John’s University
    • Aditi Iyer, British Columbia Institute of Technology
    • Aditi Jain, National Insurance Academy
    • Ellei Kay, Indiana State University
    • Jonathan B. Lauria, University of Georgia
    • Brendan Leibforth, Illinois State University
    • Isabella Mandli, University of Wisconsin-Madison
    • Hannah McGlocklin, Ferris State University
    • Elizabeth “Carson” Meek, University of Mississippi
    • Emilee Murphy, University of Wisconsin-Madison
    • Nicholas Myers, Saint Joseph’s University
    • Dayal Nikhol, National Insurance Academy
    • Kenny Pham, Georgia State University
    • Claire Richardson, Butler University
    • Emily Selenis, Illinois State University
    • Juan Esteban Uribe Tobón, Universidad EAFIT
    • Natalie Wagner, University of Calgary
    • Xili Wang, University of Southern California
    • Judith Wieland, Florida State University
    • Jensen Worsley, Missouri State University
    • Valerie Xu, University of Southern California
    • Teng Zhu, Peking University

     

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

     

    RIMS LIVE 2021

    To continue to celebrate innovation in risk management, RIMS has transformed its Annual Conference into the RIMS LIVE 2021 virtual conference experience. The 10-day event scheduled from April 19 – 30 will bring the world’s risk management community together, delivering 175 education sessions, advanced network-building capabilities and game-changing solutions in its digital Marketplace. Launched in 1963, the in-person RIMS Annual Conference normally attracts some 10,000 risk and insurance professionals at all experience levels, business executives with risk management interests, brokers, insurers and service providers. RIMS 2022 Annual Conference will be held in San Francisco. For more information about RIMS LIVE 2021, visit www.RIMS.org/RIMS2021.

  • RIMS LIVE 2021 EDUCATION BREAKDOWN

    To maximize the RIMS LIVE 2021 experience, the all-virtual conference’s education program will feature an extensive collection of thought-leading, globally relevant and professionally diverse learning opportunities that is customizable to fit attendees’ schedules. Live Q&As, on-demand and Binge-Watching capabilities, as well as post-event access for 60-days will allow the global risk management community to fully explore the event’s 175 individual sessions – totaling more than 100-hours.

     

    To help attendees navigate the agenda with greater ease, RIMS has created 10 education and specialty tracks that groups sessions into the following categories:

    • Career Development
    • Claims Management
    • Cyber and Technology Risk
    • Diversity, Equity and Inclusion – Sponsored by Marsh
    • Industry Specific Sessions
    • Insurance, Legal and Regulation
    • Risk Modification/Mitigation and Loss Control
    • Rising Risk Professional
    • Strategic and Enterprise Risk Management – Sponsored by Willis Tower Watson
    • Student

     

    The following virtual centers will provide targeted, expert-lead learning experiences in focused 20-minute intervals:

    • Career Lab – Career development and professional growth strategies. Sponsored by RIMS-CRMP.
    • Innovation Hub – Emerging and evolving risks, claims innovations and cyber risks. Sponsored by Willis Tower Watson.
    • Global Studio – International risk management practices and global business challenges including some multi-lingual presentations.
    • Thought Leader Theater – Top risks, case-studies, best practices and business strategies. Sponsored by Swiss Corporate Solutions.
    • Wellness Zenter – Corporate wellness, personal health, work/life balance opportunities and consumer engagement. Sponsored by Sedgwick.

     

    Registration is now open for RIMS LIVE 2021.  To see the virtual conference’s full agenda, visit www.RIMS.org/RIMS2021.

  • RIMS President's Corner: OUR DIGITAL WORLD

    Technology continues to open doors for global risk professionals to improve processes, advance capabilities and, ultimately, achieve greater outcomes for their organizations. And, while our community knows that every new innovation comes with some degree of risk, I am excited to share the rewards with you, as RIMS has done its homework and has embraced new technologies.

    RIMS LIVE 2021 tops the list. The RIMS team has stopped at nothing to ensure that this digital conference and exhibition is unlike anything you will have ever experienced before. The agenda is up and it includes over 140 risk management sessions, nearly 200 expert speakers and three thought-provoking keynotes. In addition to a wide range of risk management sessions, we have education tracks focused on global issues; career development; wellness and safety; innovation, diversity, equity and inclusion; student programming and much, much more.

    We recognize that, next to knowledge, networking is the reason people attend conferences.  Networking is a major focus of RIMS LIVE 2021, and we are using the best networking technology available to ensure you make meaningful connections. This LinkedIn-like platform will bring the risk management community face-to-virtual-face with video conferencing, meeting scheduling, messaging and other relationship-building capabilities. We are also employing artificial intelligence to give you a direct link to others who share common risk management interests and goals, as well as with the over 150 exhibitors who have signed on to be a part of the event. Registration is open at www.rims.org/rims2021 and we promise to share more updates in the coming weeks.

    The RIMS-CRMP certification is also getting a technology makeover. The globally recognized certification’s exam is now available to be taken online (in addition to the in-person option). After meeting all ANSI requirements, we are excited to extend this knowledge-validating opportunity to a broader, more globally diverse audience. RIMS frequently hosts RIMS-CRMP prep workshops – including one that is included as part of the RIMS LIVE 2021 registration if you register before February 28th. For a complete list of workshops and webinars, visit our education portal.

    RIMS online educational offerings are also exploring the skills and knowledge risk professionals need to get to the next level. Last week, the Society launched its Path to the Boardroom webinar series with a powerful discussion about diversity on boards. Make sure to mark your calendar for the next in the series on March 9th titled, Lessons from Risk Professionals Turned Board Members.

    Finally, it is always rewarding to see progress in risk management. Ninety-eight percent of organizations have a fully or partially integrated ERM program, up 26% from 2017, according to the newly published RIMS 2020 ERM Benchmark Survey. ERM is gaining momentum as a valuable discipline that helps organizations meet strategic and operational objectives. We are proud to share this report – that also explores how ERM was applied during the COVID-19 pandemic – with members. It, and others, are available in the Society’s digitalRisk Knowledge library.  

     

    Technology has allowed our organizations to remain resilient, resume operations faster than we ever anticipated and has kept our teams connected.  For RIMS and its chapters, technology continues to unify the profession, empowering our community to build relationships, share and learn.

    Until we can meet in-person again, I want to thank you for your contributions, for sharing reports, articles, for posting on Opis and for being an important part of our new digital world.

    Sincerely,

    Ellen Dunkin
    RIMS 2021 President

     

     

  • RIMS 2020 ENTERPRISE RISK MANAGEMENT BENCHMARK SURVEY

    More than 50% of ERM programs shifted their focus to health and safety and business continuity in response to the COVID-19 pandemic, according to RIMS 2020 Enterprise Risk Management Benchmark Survey.

     

    The recently published RIMS 2020 Enterprise Risk Management Survey provides a perspective on the continued evolution of ERM programs, including a supplement focused on the impact the COVID-19 global health pandemic has had on them. The report also notes the advantages that ERM offers for enhancing board reporting, its effectiveness in breaking down organizational silos and influencing strategic decision-making at the highest levels.  

     

    Key findings from the survey include:

    • 98% of organizations have a fully or partially integrated ERM program, up 26% from 2017;
    • 76% of senior leadership teams and boards apply ERM insights into business decisions;
    • Health & Safety (56%) and/or Business Continuity (54%) have become ERM’s primary focus as a result of COVID-19;
    • 48% cited “meeting strategic and operational objectives” as ERM’s greatest value;
    • 22% saw an increase in resource allocation for ERM as a result of COVID-19 challenges.

     

    “Enterprise risk management is now an accepted mainstream business discipline. That said, work still needs to be done to make ERM fully integrated, agile and proactive,” according to the survey.

     

    “Clearly, executive management relies on the ERM program to provide reasonable assurance that major risks are managed. [However,] the priority of value gained from ERM shifted in the last decade to eliminating silos and increasing certainty in meeting strategic and operational objectives.”

     

    Responses to the survey were collected via a web link from July 2020 to September 2020. There were 288 respondents to the general RIMS ERM Benchmark Survey. There were 613 respondents to the ERM COVID-19 supplement survey. Respondents represented more than 14 different industries, based in over 20 countries. The RIMS 2020 Enterprise Risk Management Survey is now available to members-only in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge. It will become available to the broader risk management community on April 19, 2021.

  • Members Only Webinar: The PAID Act: What Medicare Claims Payers Should Know In 2021

    The Provide Accurate Information Directly (PAID) Act was enacted into law on December 11, 2020. Currently, workers’ compensation, general liability, and no-fault Responsible Reporting Entities (RREs) are limited to obtaining traditional Medicare Part A and B enrollment PAID Act information through the Section 111 Reporting query process. However, effective December 11, 2021, RREs will be able to learn of an injured party’s Medicare Advantage and Medicare Part D enrollment in the query process as well, so that if they choose, they may inquire with the Medicare Advantage or Part D plan as to any conditional payment liabilities. 

    With Medicare Advantage enrollment at nearly 40% of the Medicare population, and Medicare Advantage plans filing numerous double damages MSP private cause of action lawsuits nationwide, PAID Act was a highly desired reform to the MSP Act.

    Sanderson Firm PLLC founder Heather Sanderson will discuss how PAID Act will impact claims processes, what claims handlers need to do now pre-implementation of PAID, and additionally what future best practices should look like once PAID is implemented.

    This webinar is free and open to members-only.
    Register Now: https://www.rims.org/advocacy/advocacy-webinar-series-paid-act

  • RIMS GAINS APPROVAL TO OFFER RIMS-CRMP CERTIFICATION ONLINE

    RIMS, the risk management society®, has successfully met all ANSI (American National Standards Institute) requirements to offer the RIMS-CRMP certification exam virtually. The exam will be offered through Pearson Vue’s OnVUE platform, opening the door for qualifying risk professionals to earn this globally recognized certification from their home or office anywhere in the world.

     

    Risk professionals interested in earning their RIMS-Certified Risk Management Professional Certification (RIMS-CRMP) must meet the eligibility requirements; apply online; schedule their exam at a testing center or online at www.PearsonVUE.com/RIMS; and receive a passing mark. RIMS offers optional preparatory workshops for the RIMS-CRMP exam. A list of those workshops is available here.

     

    “With risk management expectations soaring, RIMS has not only made it a priority to accelerate the development of educational opportunities and resources that address current conditions, but, like many organizations, we continue to examine the delivery of our products,” said RIMS CEO Mary Roth. “Beyond the immediate constraints on travel and in-person testing, becoming more digital is a long-term strategy for the Society. We are excited to unveil this new capability and support a broader, more globally diverse audience.”

     

    “In a profession predicated on preparing organizations to address challenges, support innovation and identify evolving risks, risk professionals must continue to seek out opportunities to sharpen their skills and remain informed of best practices,” said Ward Ching, Managing Director at Aon and the Chair of the RIMS-CRMP Certification Commission. “Online accessibility will certainly lead to an increase in certification holders and, ultimately, drive more effective risk management practices and build more resilient organizations.”

      

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

     

    The RIMS-CRMP exam was developed by risk professionals and tests them on the following five domains:

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

     

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

  • RIMS President's Corner: Indispensable

    Technology. Cyber security. Supply chain. Availability and affordability of insurance. Claims. Social equity. Political uncertainty. Pandemic preparedness. Natural disasters. Safety. 

    It seems as though every risk that the risk management community has ever prepared for came to fruition in 2020. 

    Risk professionals from around the world faced these challenges with fervor, demonstrating what we do best by providing exceptional insight and direction that allowed our organizations to adapt and emerge stronger. From our vantage, there is no question that risk management is indispensable. Unfortunately, that’s not enough.

    Being labelled “indispensable” must come from outside of the profession. It must be the perspective of our colleagues, operation managers, partners and, most importantly, senior business leaders and our board directors. This will require us to identify opportunities to position ourselves as strategic advisors who enable growth, innovation and who are sought after as indispensable contributors to future success.

    Throughout my presidency, I will challenge risk professionals to take their duties one step further; to not just manage the whirlwind of emerging and dynamic risks but to also seek out opportunities that demonstrate and communicate the value of risk management.

    Just last week, RIMS announced plans for an all-virtual RIMS LIVE 2021 annual conference, once again proving just how important it is for us all to be agile.  This is what risk management is all about.

    Thanks to the power of technology, our global community can expect a digital event like they’ve never experienced. Not only will RIMS LIVE 2021 feature more than 100-hours of thought-leading insight, recognizing that this is a relationship business, we are committed to building an all-digital agenda that offers those crucially important networking opportunities. Registration for RIMS LIVE 2021 will open this week.

    Throughout my career, RIMS has been a tremendous resource and I have always been amazed by this community’s generosity, their willingness to share and go out of their way to help others.

    This sharing culture will be something that RIMS Board, staff and the risk professionals who volunteer in our chapters, committees and councils, will continue to make a priority. More than just developing the best risk management knowledge, RIMS will continue to be a community that supports one-another and creates the opportunities for us all to advance.  

    This will be an exciting year, full of hope and promise. I could not be prouder to serve as RIMS 2021 President and work with you to show the world just how indispensable risk management really is.

    Sincerely,

    Ellen Dunkin

    RIMS 2021 President

  • RIMS VICE PRESIDENT OF STRATEGIC INITIATIVES CAROL FOX RETIRES; SORAYA WRIGHT HIRED AS SUCCESSOR

    RIMS Vice President of Strategic Initiatives Carol Fox has announced her retirement. Soraya Wright, formerly the Founder and Chief Risk Officer of SMW Risk Management Consulting, LLC, has been hired to the position, effective January 4, 2021, with Fox supporting the transition process.

     

    Reporting to RIMS CEO Mary Roth, the RIMS Vice President of Strategic Initiatives is responsible for helping to identify trends, assessing the viability of new initiatives and evaluating existing ones to ensure growth and sustainability. The position leads the Knowledge and Learning, Program and Content Development, Publications, Strategic and Enterprise Risk Practices and Standards Development. The position also serves as the staff advisor and co-liaison to the Society’s Strategic and Enterprise Risk Management and Standards & Practices Councils.

     

    Quote from RIMS CEO Mary Roth

    “2020 has taught us that risk professionals must be prepared and ready to adapt to anything and, as the world’s leading risk management association, RIMS must be prepared to deliver strategic solutions and resources to support those evolving needs,” said RIMS CEO Mary Roth. “Carol Fox has been an unrivaled champion for the risk management profession. Her in-depth understanding and her willingness to share her expertise, has paved the way for this Society to develop countless strategic partnerships, programs and resources. On behalf of the Society’s global risk management community, I thank Carol for her invaluable contributions and her commitment to elevating the profession.

     

    “Risk management also teaches us about the importance of embracing new perspectives to better understand risks and to develop stronger, more aligned capabilities,” Mary continued. “Soraya Wright has had a remarkable risk management career and is a globally respected thought-leader in this field. RIMS is thrilled to welcome her, to learn from her vast and highly-accomplished experience, to benefit from her perspective and to continue to advance the Society’s mission to educate, engage and advocate for the global risk community.”

     

    Quote from Carol Fox

    “Throughout my career, and especially with RIMS, I’ve enjoyed the opportunity to work with so many talented risk professionals who encompass diverse perspectives, unique risk programs, goals and challenges. All share a common passion for advancing our profession,” said Carol Fox. “As I retire, I want to acknowledge all the volunteers and staff who contributed to RIMS’ many milestones and accomplishments over the past decade. Overall, I am incredibly proud of RIMS’ direction and know that Soraya will do an exceptional job to keep that momentum going. I look forward to working with her during this transition period and, most importantly, to continuing to contribute and learn from the RIMS community as a retired member.”

     

    Quote from Soraya Wright
    “The power of RIMS really is it’s network; an expansive community of motivated risk professionals, from different backgrounds and with different experiences who are unified by their commitment to professional advancement,” said Soraya Wright. “I am beyond proud to join this prestigious institution, to build on the work of Carol Fox and the RIMS team, and to not only help guide RIMS’ strategy, but to also create opportunities for the global risk management community to contribute to its evolution.” 

     

    ABOUT CAROL FOX

    Carol Fox joined the RIMS staff in 2010 after chairing several committees and serving on the Society’s Board of Directors for numerous years. As a RIMS executive, she spearheaded the Society’s emphasis on applied risk management practices distinguishing its approaches to enterprise and strategic risk management as organizational disciplines, by influencing risk management standards and practices, and by contributing to the advancement of risk management as a profession.

     

    Additionally, she led RIMS content, education, research and publications teams and introduced RIMS global development initiatives. She served as the chair of the U.S. ISO 31000 Technical Advisory Group on risk management standards from 2015 to 2018 on behalf of RIMS and was an invited participant on the COSO ERM Advisory Council for its 2017 revision. Independently, Carol serves on the Advisory Board for the Miami University Isaac and Oxley Center for Business Leadership in the Farmer Business School.

     

    A Miami University graduate, she has held risk management positions in the customer care, telecommunications, manufacturing, defense and insurance industries. Prior to RIMS, Carol was the senior director, risk management and business continuity planning for Convergys Corporation. And, prior to that, she was the director, risk management for Cincinnati Bell.

     

    Carol received RIMS prestigious Harry and Dorothy Goodell Award in 2009. In 2011, Treasury and Risk named her as one of the 100 Most Influential People in Finance.

     

    ABOUT SORAYA WRIGHT

    Soraya Wright is a proven global risk management leader with experience enhancing risk management capabilities, protecting reputations and driving down the cost of risks for Fortune 500 companies.

     

    In 2017, Soraya founded SMW Risk Management Consulting LLC serving as the company’s CEO and CRO.  The consulting firm focused on supporting the development of integrated risk management strategies, including ERM, to address global and emerging risks.

     

    Prior to SMW, she was the vice president enterprise risk management for Target where her leadership responsibility included building the company’s post-breach risk management capabilities, spearheading the development of an ERM framework and designing governance structures. She also served as its Diversity and Inclusion leader for Risk & Compliance.

     

    From 1981 to 2016, Soraya held numerous risk management positions with The Clorox Company, with her last as vice president, global risk management & crisis management.

     

    Soraya has been an active member of RIMS for more than 30 years. In that time, she has delivered webinars, facilitated RIMS ERM and RIMS-CRMP certification workshops, and contributed to the development other resources, risk management reports and articles. She was a member of RIMS 2017 Diversity and Inclusion Task Force and continues to contribute to the, now, RIMS Diversity and Inclusion Advisory Council..

     

    Soraya has gained incredible experience as a Board Director and has sat on the executive boards of approximately 20 public and private entities that range in scope from educational institutions, to insurance company and brokerage firm client advisory boards, to boards focused on mentoring and advancing diversity, inclusion and equity initiatives.  She was awarded Business Insurance’s “Woman to Watch” in 2015, the California 20th Assembly District’s 2014 “Woman of the Year” in Business, Clorox Leadership Award – Humility in 2013 and Clorox CEO Award, 2002.

     

    For information about RIMS and to access its wide selection of risk management knowledge, reports, resources and educational programming, visit www.RIMS.org.

  • ELLEN DUNKIN NAMED 2021 PRESIDENT OF RIMS

    RIMS, the risk management society®, today announced that Ellen R. Dunkin, Esq. will lead the Society as president for the 2021 term, effective January 1. 

     

    Ms. Dunkin is the Senior Vice President, General Counsel and Chief Risk Officer for Amalgamated Life Insurance Company in White Plains, New York. She is an accomplished business leader with more than 25 years of experience driving strategic and enterprise risk management programs, as well as overseeing legal initiatives for companies including: Crump Group, Inc.; Marsh & McLennan Companies, Inc.; and Willkie Farr & Gallagher.

     

    From 1998–2007, Ms. Dunkin was employed by RIMS, serving as the Society’s General Counsel and Director of Government Affairs. She has been a member of RIMS for nearly 15 years and was actively involved with RIMS New York Chapter, serving as its president from 2015 to 2016. Ms. Dunkin joined RIMS’ global board of directors in 2017 and in this capacity has been the liaison to the Society’s Finance, Annual Conference Programming, Membership, Student Involvement and Canada committees and councils. She was also a Spencer Educational Foundation board of director in 2000.  

     

    “Risk professionals from around the world met 2020’s challenges with fervor, delivering critical insight that allowed their organizations to adapt and emerge stronger,” said Ms. Dunkin. “However, it’s up to us, risk professionals, to go one step further. We must continue to promote the value that we add, our impact on business development and position ourselves as indispensable strategic advisors who are pivotal to future success.

     

    “As RIMS President, I want to continue what my predecessors started. With the support of an exceptional group of Board Directors, passionate volunteers and dedicated staff, this Society will remain focused on developing resources to address evolving risks and that empower this professional community to demonstrate just how indispensable they really are.”

     

    Officers on RIMS 2021 Board of Directors:

    • President: Ellen R. Dunkin, Esq.; Senior Vice President, General Counsel & Chief Risk Officer, Amalgamated Life Insurance Company, a Member of the Amalgamated Family of Companies.
    • Vice President: Patrick Sterling, SPHR, SHRM-SCP; Senior Director, Legendary People and Risk Management, Texas Roadhouse.
    • Treasurer: Jennifer Santiago, MBA, RIMS-CRMP, ARM; Assistant Vice President & Chief Risk Officer, The Pennsylvania State University.
    • Secretary: David E. Arick, ARM; Assistant Treasurer, Global Risk Management, International Paper Company.

     

    New Board Members:

    • Kevin Bates; Group Head of Risk & Insurance, Lendlease.
    • Christy Kaufman, CPCU; Head of Governance, Risk and Compliance, American Family Ventures.
    • Penni Nelson; Assistant Vice President, Risk Management, Hillwood a Perot Company.

     

    Incumbent Board Members:

    • Barry Dillard; Vice President of Risk Management Services, Walt Disney World Resorts and Disney Cruise Line.
    • Twane Duckworth; Managing Director – Risk Management, City of Garland, Texas.
    • Tina Gardiner; Manager, Risk Management Services, The Regional Municipality of York (Ontario).
    • Gary A. Nesbit, RIMS-CRMP, CPCU, CSP, ARM, AIC, ALCM, SPHR; Senior Director of Risk Management, Young Life.
    • Kristen Peed, AIC, ARM-E, CPCU, CRM, RPLU;Director of Corporate Risk Management, CBIZ, Inc.
    • Robert Zhang; Business Risk & Compliance Manager, INGKA China.
    • Ex Officio: Laura Langone, JD, MBA; Head of Insurance Operations, Airbnb, Inc.

     

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

  • RIMS President's Corner: FINDING A SILVER LINING

    My Fellow Members,

    As we close 2020, I can’t express how proud I am of this Society, it’s amazing volunteers and staff for their resiliency and persistence.  I am so grateful to all of you who supported the Society and me personally during this year.

    Navigating these unprecedented times has been a challenge, but this is what risk management is all about. When adversity strikes, risk professionals are the ones who help organizations seamlessly shift gears, who are called on to support changes in strategy and are pivotal to not just our organization’s survival but to empowering it to emerge stronger and more prepared. 

    Just like you, RIMS has had to adapt. And, even in the very last month of 2020, your Society has remained steadfast in its mission to deliver the best and most insightful knowledge and opportunities.

    This month, we held RIMS Risk Forum India. The Forum drew its largest attendance in the past three years and highlighted the ingenuity of the country’s risk management community. Thank you to all of our sponsors and partners who participated in the virtual event, and the speakers who generously shared their risk management experiences with the group. During the Forum, we unveiled the Marsh RIMS Excellence in Risk Management India report that explores the biggest challenges for organizations in the country, as well as effective risk management strategies for navigating them.

    Over the past year, we have met, engaged and collaborated with risk management leaders in India to explore the advantages of a chapter in the region. Well, we’re excited to announce, that this month, all of that hard came to fruition. We are so proud to welcome RIMS India Chapter – the Society’s 80th chapter – and are looking forward to learning from its leadership.

    RIMS and FERMA continue to advocate for the profession, specifically sharing our members’ perspective on the business interruption dilemma. Together, we held a webinar that addressed organizational challenges stemming from the global pandemic, opportunities for the insurance industry to better support business interruption issues and, most importantly, how risk professionals can prepare for future disruptions. That webinar is now available on-demand, here.

    While we continue to monitor the pandemic and the potential impact it could have on travel and large scale, RIMS 2021 must go on. RIMS 2021 will be hybrid event and our plan is to continue to keep our community informed. That said, planning must go on and I am happy to share that RIMS Annual Conference Programming Committee has successfully selected the session for event.

     

    Looking back to January 2020, when we held our Leadership Summit in Florida, a group of dedicated RIMS volunteers joined us for a lively discussion about the future of the profession and Society.  Back then, before the pandemic changed our lives, we were already having conversations about the Society: becoming more digital; creating opportunities to elevate risk management to Board and C-levels of the organization; and opportunities to create a more inclusive community.

     

    At the time, these were long-term, strategic goals. But, in the blink of an eye, all of that changed. The universe forced us to move much faster and we had to adapt.

     

     

    It’s extremely hard to find the “silver lining” in any of this. But, we should not underestimate the enormous opportunity this has presented for risk professionals to showcase our value. So, as I did on my first day as RIMS President, I’m asking you to “Dare To Be Different.” Challenge yourself to step out of your comfort zones and demand the resources you need; to elevate the value and impact of your work to ensure you get the recognition that you deserve. Continue to share your experiences with RIMS and, together, let’s advance this our profession.

     

    I want to personally thank my fellow RIMS Board Directors.  Each one of you brings a unique, highly-qualified and strategic perspective to our discussions. Your commitment to advancing risk management is unrivaled and it has been an honor to have you by my side. I would like thank Mary Roth and the RIMS staff for their relentless attitude and work-ethic that, through the most difficult of times, brought the Board’s vision to reality.

     

    I want to thank our Chapter leaders.  This year, RIMS chapters were tested and our local leaders rose to the occasion. Through adversity, RIMS chapters were innovative and continued to be an outstanding outlet for our global community.  Similarly, I want to thank all of our committee and council volunteers, and, especially our RIMS Diversity and Inclusion Advisory Council whose insight guided our actions and enabled this Society to take a tangible stand against social injustices.

     

    Our ability to deliver the most expansive collection of thought-leading knowledge, reports and e-learning experiences is a testament to you. You are the heart of RIMS and I would like to extend my sincerest gratitude for your continued engagement and unwavering commitment to our profession.

     

    Your incoming president, Ellen Dunkin, is no stranger to RIMS. She has a remarkable understanding of RIMS strategic direction and the risk management profession. I am 100% confident that under her leadership this Society will flourish and will continue to engage partners and re-invent its resources to align with your greatest needs.

     

    Wishing you all a safe, happy and healthy New Year.

    Sincerely,

    Laura Langone

    RIMS 2020 President

  • RIMS ONTARIO CHAPTER HONOURS ELIZABETH “BETTY” CLARKE WITH THE 2020 DONALD M. STUART AWARD

    RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to Elizabeth “Betty” Clarke, Manager, Corporate Risk and Recovery for the City of St. John’s. The Donald M. Stuart award is widely recognized as Canada’s highest honour within the risk management field and, since 1979, has celebrated Canadians who have made outstanding contributions to the profession.   

     

    “Risk management continues to be a unifying force at the City of St. John’s, bringing different government agencies together to provide a safe, clean and entrepreneurial environment for residents and local businesses,” said Ms. Clarke. “It has been a privilege to share my experiences with Canada’s risk management community. I want to thank ORIMS for this honour, as well as all of the volunteers at the Newfoundland and Labrador RIMS Chapter for their support.”

     

    For the last 16 years, Ms. Clarke has led the City of St. John’s risk management function, developing a cross-departmental, risk-aware culture that has enabled the growing municipality to effectively address evolving and emerging risks. She continues to successfully manage the City’s risk financing program that includes a blend of insurance and self-insured retention strategies. And, as a member of the St. John’s Emergency Operations Centre, she played an integral role in designing the City’s Business Continuity Plan and continues to conduct assessments, inspections and treatment recommendations for affected sties.

     

    “Recent events have emphasized the unquestionable value of risk management,” said ORIMS President Tanya Diedrick.  “We continue to be amazed by the remarkable professionals who generously share best practices, challenges and solutions for those challenges with the RIMS community. Betty Clarke is a true leader in this regard, who continues to demonstrate her unmatched dedication and passion for advancing the profession. We cannot thank her enough for all of her contributions.”


    Ms. Clarke continues to volunteer her time and experience to advance the risk management profession, especially in the Newfoundland and Labrador region. She has served as a director with Newfoundland and Labrador Chapter of RIMS (NALRIMS) for the last 15 years, occupying various portfolios and executive positions including president from 2005 – 2007.  Ms. Clarke has also served at the national level, chairing RIMS Canada Council in 2012 and 2013, and as the RIMS Canada Conference co-chair in 2009 and 2018.

     

    A strong believer in continuing education, Ms. Clarke holds a CIP and FCIP designation from the Insurance Institute of Canada and a CRM and RF designation from Global Risk Management Institute (GRMI). In addition, she has completed the ICS I-300 in Emergency Management/Business Continuity.

     

    Fred H. Bossons Award

    The Fred H. Bossons 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 Carolyn Exelby, Enterprise Risk Manager for Flight Centre Travel Group.

     

    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 GRMI.

     

    About RIMS Canada Council

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

  • RIMS ANNOUNCES FORMATION OF INDIA CHAPTER

    RIMS, the risk management society®, has announced the addition of its 80th chapter, RIMS India Chapter. RIMS Board of Directors approved the formal application, submitted by local risk professionals, and voted unanimously to establish the chapter effective immediately.

     

    RIMS India Chapter’s inaugural Board of Directors includes:

    • President: N K V Roop Kumar, Chief of Risk, SBI Life
    • Vice President: Keerthana Mainkar, Head ERM, Infosys
    • Treasurer: Amol Padhye, Head Market Risk, HDFC Bank
    • Secretary: Amber Gupta, Head Legal and Corporate Secretary, Birla Sunlife Insurance
    • Director: Anand Shirur, CEO, Digitangle Consulting PVT, Ltd;
    • Director: Steward Doss, Associate Professor, National Insurance Academy
    • Director: Monika Mittal, Professor, BIMTECH
    • Director: Shibyanshu Sharma, Vice President Risk Management, SBI Life
    • Director: Yogesh Ghorpade, Head ERM and Lead Insurance, Thermax Industries

     

    “The exchange of knowledge and experience drives the risk management profession, allowing practitioners to more effectively enhance corporate decision-making, strengthen resiliency and leverage new and exciting opportunities for their organizations,” said Mr. Roop Kumar. “RIMS India Chapter will quickly become an exceptional resource for all business leaders. We look forward to delivering cutting-edge risk management insight to support our members as they advance their programs and their careers.”

     

    “Through RIMS endeavors in India, we have been so fortunate to gain the support of the insurance and brokerage community, higher learning and government institutions and, most importantly, leaders in risk management,” said RIMS President Laura Langone. “RIMS’ newest chapter will become a unifying force. It will spark greater collaboration and support the already outstanding risk programs implemented across the country.”

     

    “RIMS India’s Board of Directors truly represent a cross-section of the country’s risk management community,” said Gopal Krishnan K S, Head – RIMS India Operations. “The Society looks forward to learning from their unique experiences and welcoming others to contribute so that, together, we can develop the highest standard of risk management education to address corporate India’s biggest concerns.”

     

    The announcement was made at RIMS Risk Forum India 2020 on 4 and 5 of December. The chapter is currently planning its 2021 schedule and programming. Risk professionals interested in joining the chapter or learning more about the Society’s global initiatives can visit www.RIMS.org/global or email India@RIMS.org. Additionally, the Society has a dedicated RIMS India LinkedIn page, RIMS India WhatsApp to engage and inform the business community in the country.  

     

    With the addition of RIMS India Chapter, the Society now has 80 official chapters. Sixty-five of those chapters are located in the United States, 10 in Canada and one each in Japan, Mexico, Australasia, New Zealand and now India.

  • PANDEMIC, CYBER-ATTACKS AND DATA FRAUD REMAIN TOP RISK CONCERNS FOR INDIAN COMPANIES: MARSH/RIMS

    The continued effects of the COVID-19 pandemic, or a new public health crisis, emerged as the top risk concerns for Indian companies, according to a joint study conducted by Marsh, the world’s leading insurance broker and risk adviser, and RIMS, the risk management society®.

     

    Results from the Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19survey also show that large scale cyber-attacks and data frauds remain one of the top-three risk concerns for the Indian corporate sector. While there is great optimism about the ability of organisations to rebound and address future pandemic-related challenges, cyber-attacks and data fraud continue to be paramount concerns for risk professionals in India.

     

    According to the report, around 63% of the 231 survey respondents – which included c-suite executives and senior risk professionals – identified a new pandemic or continued fallout of COVID-19 among the top three risks facing their organisation. Cyber attacks (56%), data fraud or theft (36%), failure of critical infrastructure (33%), fiscal crises (31%), and extreme weather events (25%), were highlighted among the other top risks for Indian businesses. The majority of survey respondents (85%) said the pandemic necessitated a shift to remote work, a move that has increased their organisations’ exposure to a potential cyber-attack.

     

    In the light of the ongoing pandemic and shutdowns imposed by national and local governments, failure of critical infrastructure climbed the ranks in the 2020 survey, as many organizations re-evaluated their risk management priorities. Despite various extreme weather events, such as cyclones and forest fires, extreme weather dropped from third in 2019 to sixth in 2020.

     

    “Organisations need to balance their focus between longstanding and emerging risks. While there has long been an awareness of weather-related risks, low-frequency risks generally receive less attention. The pandemic has underlined the need for risk managers to keep all perils on their radar,” said Sanjay Kedia, Country Head and CEO, Marsh India.

     

    This year’s report examined the need for building organisational resiliency to a variety of low-frequency but high severity risks. However, while many senior business leaders are shifting attention to questions of resilience, more than one-fifth of respondents said that they do not assess or model emerging risks.

     

    “Organizations need to focus on building resiliency to future black swan events. The lessons learned in 2020 should be leveraged to revise business continuity plans so that companies are able to withstand the impact of the next big challenge,” Mr. Kedia added.

     

    “Cyber attacks, fraud, weather-related risks and, even, pandemics, have long been identified and prioritized by risk professionals,” said RIMS 2020 President, Laura Langone. “However, risk professionals’ work must go beyond identifying the impacts of these uncertainties. It is incumbent upon us to highlight opportunities and solutions that support shifts in strategy, strengthen organizational resilience and empower business leaders to make strategic-decisions with confidence. We are proud to present these findings with Marsh and provide the global risk management community with the insight to help elevate their programs.”

     

    About this report

    RIMS and Marsh have teamed up to help risk professionals understand the growing concerns of senior business leaders in India, identify gaps in expectations and performance, and share opportunities to build stronger, more resilient risk management capabilities and organizations.

     

    This report is based on 231 responses to an online survey with C-suite executives and risk professionals from leading firms across 26 industries conducted by Marsh and RIMS in August 2020, along with expert inputs from Marsh and RIMS specialists. We hope that in the coming years, we can further expand and deepen the findings of this survey.

     

  • RIMS, FERMA HIGHLIGHT CONTINENTAL RISK MANAGEMENT PARALLELS IN A TIME OF CRISIS

    RIMS, the risk management society®, and the Federation of European Risk Management Associations (FERMA), will bring together a panel of U.S.- and European-based risk leaders to share common and effective strategies for negotiating the COVID-19 global pandemic. A joint webinar titled, “Risk Management in a Global Pandemic – Early Lessons Learned, EU – US Perspectives” is scheduled for December 1, 2020 at 10:00 a.m. EST.   

     

    “Whether its property, customers, suppliers or partners, majority of businesses have global exposures that risk professionals must address in their programs,” said RIMS CEO Mary Roth. “The pandemic has highlighted the importance for global risk management collaboration. We are excited to work with FERMA to share these insightful risk management experiences.”

     

    FERMA CEO Typhaine Beaupérin added, “risk managers have clearly made important contributions to the resilience of their organizations during the ongoing pandemic. We’re very happy to be sharing and comparing success stories with RIMS, firmly in the belief this will help us all be better prepared for the next big crisis.”

     

    Panelists include:

    • Athina Pehrman,Group Risk Manager at Electrolux Professional Group, a sustainability leader in the appliance industry.
    • Melanie Steiner, Board Member, US Ecology, Inc., a leading provider of environmental services to commercial and government entities. Former CRO.
    • Typhaine Beaupérin, CEO of FERMA, moderator.

     

    The RIMS, FERMA webinar is part of a greater collaborative effort between the two associations to address risk management challenges stemming from the global pandemic.  Together, the two continue to explore opportunities to support the risk management community address significant business interruptions, as well as how best to work with insurers and brokers to prepare for future, similar adverse events. To register for the “Risk Management in a Global Pandemic – Early Lessons Learned, EU – US Perspectives” webinar, click here.

  • RIMS President's Corner: CATALYSTS

    In science, catalysts either speed up or slow down a reaction without being consumed in the process. Isn’t that what we do as risk professionals?

     

    “Catalyzing Your (and Our) World” was the theme of RIMS 2020 ERM Conference that wrapped up this week.  I want to congratulate all of our session leaders who highlighted opportunities for risk professionals to act as catalysts within their organizations. I also want to congratulate our Global ERM Award of Distinction Winner Infosys and Honorable Mentions HDFC Life Insurance and IHS Markit.  Their ERM programs are amazing and we sincerely appreciate their willingness to share them with us.  


    The next generation of risk professionals was well-represented at the ERM Conference.  Thanks to scholarships from the Spencer Educational Foundation, we welcomed 39 students from 18 universities.  We challenged those students to step out of their comfort zones and share their perspective on the future of risk management via video submission. These up-and-coming risk leaders will definitely be catalysts within their organizations and we will all benefit from their contributions.  

     

    During the ERM Conference, Robert Cartwright, Jr. and Victoria Nolan joined me for a panel discussion about Diversity and Inclusion. D&I is a priority for RIMS and our Diversity and Inclusion Advisory Council continues to be a catalyst in this arena. Part of their efforts has included working with our chapters. And, as our chapters begin 2021 planning, I am happy to report that RIMS Ontario Chapter, RIMS Atlanta Chapter and others now have a designated D&I Chair. This volunteer position will help ensure D&I issues are front-and-center at the local level and that RIMS programming and events embrace risk professionals from all walks of life. 

    While we’re on the topic of ERM, this month, members of RIMS Strategic and Enterprise Risk Council (SERC) published a new report, “Pivoting from ERM to SRM.” The report highlights opportunities and best practices to make that shift. It looks at the advantages of pivoting, the relationship between ERM and SRM, as well as other techniques and tools.  The report, along with countless other risk management titles, is available in RIMS Risk Knowledge library.

    Risk professionals are catalyzing the world. It is so exciting to see and hear about the sophistication of risk management programs around the globe and we look forward to hearing even more about them at the upcoming virtual RIMS Risk Forum India (December 4, 5). Our keynote speakers are set and the agenda will be available shortly.

    Additionally, RIMS continues to identify international partners who share a common goal to advance this profession.  This month, RIMS announced a partnership with the Hong Kong Federation of Insurers to develop risk management education for the local market. We were proud to have Lorie Graham, vice-chair of the RIMS SERC, represent the Society and share her experiences with Own Risk Solvency Assessments.  Additionally, RIMS announced an agreement with Manipal Global Education Services in India to develop risk management courses that align with RIMS-CRMP certification.

    Finally, although it couldn’t be held in-person, RIMS Board of Directors met virtually last week to review the strategy for the Society moving forward. We had a lot of great discussions about events, education and advocacy.  We talked a lot about RIMS’ brand – who RIMS is today and how it can be a catalyst in the future. We engaged our global community to assist with this branding efforts and we will certainly keep you posted on our progress.

    As RIMS members, we have a responsibility to continue to share the value of our work, to inspire colleagues and senior executives so that risk management is given the recognition it deserves.  Until we can meet in-person, let’s keep the conversations going on Opis and elevate this profession together.

    Sincerely,


    Laura Langone

    RIMS 2020 President

     

  • RIMS GLOBAL ERM AWARD OF DISTINCTION GOES TO INFOSYS LIMITED

    RIMS President Laura Langone presented Infosys (NYSE: INFY), a global leader in next-generation digital services and consulting, with the  2020 Global Enterprise Risk Management Award of Distinction at the Society’s virtual ERM Conference.  Submitted by the organization’s Executive Vice President – Group Head – Corporate Strategy and Chief Risk Officer Deepak Padaki, the honor recognizes the team’s outstanding success in improving transformation outcomes, growing revenue, protecting margins and strategic decision-making.

     

    Infosys empowers organizations to transform digitally and leverage technology to enhance products and services. The organization’s ERM program is positioned as a business enabler that also successfully elevates critical risks to Board level. It has been instrumental in strengthening several strategic programs such as the localization of workforce practices in the U.S., global recruitment initiatives, new strategic partnerships and operations.

     

    Additionally, the organization’s reaction to the COVID-19 crisis exemplified its ERM framework that ensured complete resilience during the pandemic disruption, seamless transition of 99 percent employees to remote working and uninterrupted service to customers. During this period, Infosys has been able to provide revenue growth guidance to the market when most other companies have withdrawn.

     

    “We operate in a fast-evolving world, where we and our stakeholders find ourselves in the midst of disruption,” said U B Pravin, Member of Board & Chief Operating Officer, Infosys Limited. “Success in times like these require us to take calculated risks so we can move forward in a differentiated and progressive manner. Our enterprise risk management program has evolved to become a strong framework to manage potential threats to our objectives in a proactive manner, and enhance our performance.”

     

    Honorable mentions for this year’s Global ERM Award of Distinction were presented to HDFC Life Insurance and IHS Markit for innovation. HDFC’s ERM program continues to reshape strategy in the advance of disruptive changes while positioning the risk management team as a valued partner to the organization’s business units. IHS Markit’s ERM program extends risk management’s reach through automation and high-quality risk reporting, allowing the team to focus on value-add activities, such as identifying emerging risks, and collaborating with leaders on response efforts.

     

    “ERM continues to be an invaluable asset that enables risk professionals to deliver a more transparent and holistic view of the organizations risk profile,” said RIMS President Laura Langone. “ERM’s advantages are far-reaching and directly impact processes, governance and, most importantly, the organization’s strategic direction. I want to congratulate Infosys, HDFC Life and HIS Markit on their remarkable ERM success and thank them for sharing their experiences with the RIMS community.”

     

    Judging criteria for the Global ERM Award of Distinction includes measurable, tangible and sustainable results; unique program strengths; ERM innovation that links risk with strategy or performance; and the program’s ability to build sustaining risk management capabilities. The panel comprises members of RIMS Strategic and Enterprise Risk Management Council.

     

    To access Society’s vault of thought-leading enterprise risk management content, resources and research, visit RIMS Strategic and Enterprise Risk Center.

  • RIMS AND HONG KONG FEDERATION OF INSURERS COLLABORATE ON ADVANCED RISK MANAGEMENT EDUCATION PROGRAM

    RIMS, the risk management society®, and the Hong Kong Federation of Insurers (HKFI) have agreed on a multi-year program to design and deliver advanced risk management training for the Hong Kong market.

     

    The two entities will collaborate on the development of education modules, and RIMS risk management experts will teach the online courses. Aligned with guidelines set forth by the Insurance Authority of Hong Kong, the three courses will focus on enterprise risk management (GL21-ERM), ORSA guidelines for insurers (GL10-ORSA) and the risk management domains covered by RIMS-Certified Risk Management Professional certification (RIMS-CRMP).

     

    HKFI was established in 1988 to advance and promote the development of the insurance industry in Hong Kong. Today, HKFI enjoys full recognition by the Government of the Hong Kong Special Administrative Region as the representative body of an important industry.


    “One of our key missions is to strengthen professional training across the insurance sector,” said HKFI CE - Selina Lau. “We are proud to partner with RIMS and introduce such a high quality programme to Hong Kong when we are transitioning into the RBC regime.  We are confident that the programme will help equip our member insurers with the requisite knowledge of performing the own risk and solvency assessment.”

     

    “Globally, more and more organizations and government authorities recognize the value of strong risk management and are adopting guidelines, standards and best practices to ensure economic resiliency,” said RIMS CEO Mary Roth. “The risk management profession thrives on collaboration and we are proud to work with HKFI to share our community’s collective knowledge and advance this profession together.” 

     

    The RIMS-CRMP Certification is the only risk management certification in the world to hold an accredited status. It received official accreditation by the American National Standards Institute (ANSI) under ISO/IEC 17024:2012 in 2017. The certification explores the following five risk management tenants: analyzing business models; designing organizational risk strategies; implementing the risk process; developing organizational risk competency; and supporting decision-making.

     

    For additional information about RIMS global initiatives, resources and educational programming, visit www.RIMS.org.  For information about the products and support HKFI offers the insurance community in Hong Kong, visit www.hkfi.org.hk.

  • RIMS PROFESSIONAL REPORT: PIVOTING FROM ERM TO SRM

    For the past 30 years, enterprise risk management (ERM) programs have helped organizations proactively identify and address risks, however, many times it provides limited insight into strategy and strategic risks, according to a new RIMS report titled “Pivoting from ERM to SRM.”

     

    To deepen that alignment between risk management and strategy, members of RIMS Strategic and Enterprise Risk Council explored opportunities and best practices for risk leaders to successfully accelerate ERM into a well-designed and executed Strategic Risk Management (SRM) program. With supporting detail from the previously published RIMS SRM Implementation guide, the report examines: why pivoting is necessary; SRM’s relationship to ERM; gaps between ERM and SRM; game-planning to pivot; identifying strategic risks; and techniques and tools.

     

    Additionally, the report highlights these key drivers for risk leaders to shift from ERM to SRM:

    1.     SRM reframes risks, positioning them as opportunities rather than impediments;

    2.     SRM links executives who are accountable for strategy with operations leaders;

    3.     SRM assigns and establishes ownership to effectively manage strategic and emerging risks.

     

    “Every organization’s ‘pivot’ or journey from ERM to SRM will take on a different form,” according to the report. “Strategic risk considerations are core to informed risk-taking in pursuing opportunities and anticipated rewards. Risk professionals have a unique perspective and insight into the organization that allow them to provide additional value through SRM.”

     

    “Pivoting from ERM to SRM” is available in RIMS Risk Knowledge library. To access RIMS thought-leading ERM and SRM content, resources and tools, visit RIMS Strategic and Enterprise Risk Center

     

    On November 4 and 5, the Society with host the virtual RIMS ERM Conference, bringing together ERM leaders from around the world to share their experiences implementing and elevating their programs. Sessions will cover a range of ERM, including the relationship between ERM and SRM, as well as best practices, opportunities and Board expectations. To register or view the full agenda for the RIMS ERM Conference, visit www.RIMS.org/ERM2020. To learn more about event sponsorship opportunities, contact RIMS Exhibitions and Sponsorship Sales Manager Matt Whyte at mwhyte@RIMS.org.

  • MANIPAL GLOBAL EDUCATION SERVICES AND RIMS JOIN FORCES TO ENHANCE RISK MANAGEMENT LEARNING OPPORTUNI

    Manipal Global Education Services and RIMS, the risk management society®, have entered into an agreement to strengthen risk management education opportunities in India. The collaboration offers the only accredited risk management certification in the world, RIMS-Certified Risk Management Professional (RIMS-CRMP) certification courses and resources, to practicing risk professionals, business leaders, and students who want to pursue risk management as a career.  

     

    The ongoing pandemic has caught most companies off-guard and compelled them to evaluate the importance of robust risk management strategies. Developed by leaders in the risk management profession, the courses aims to strengthen professionals’ ability to analyse business models, design organizational risk strategies, implement risk processes, develop organizational risk competencies, and support decision making more effectively. Learners can choose between online self-paced or instructor-led learning. The duration of the course is five weeks which prepares candidates to take the exam to the earn the RIMS-CRMP certification.

     

    Speaking on the partnership, Sujatha Kumaraswamy, Vice President – Strategy & Business Excellence, Manipal Global Education Services, said, “After witnessing the disruption brought on by Covid-19, it is imperative for organizations to invest in risk management teams to identify possible risks and prepare for unprecedented scenarios. Our partnership with RIMS aims at addressing this by empowering organizations to anticipate, manage, and respond to strategic and operational risks in real-time. We are committed to providing professionals with the tools, resources, and education they need to be successful. The expert-led courses will equip risk managers with practical knowledge and enable them to address pressing issues and protect their organizations, both today and in the future.”

     

    The risk management courses will not only assist learners in gaining the valuable RIMS-CRMP certification, but also aid them in comprehending how to build a framework for overseeing risk in an organization. Post completion of the program, they will be able to create a resilient business model and design a risk strategy for businesses seamlessly. The program will also provide a platform to the learners for opportunities to build a strong network by interacting with risk management professionals globally.

     

    “In an ever-changing risk landscape – from cyber threats, to natural disasters and global health pandemics like the one we are experiencing today – risk management education, resources and content has never been more coveted,” said RIMS CEO Mary Roth. “Manipal has a long tradition of providing superior educational opportunities to learners around the world. We are excited to embark on this journey with them and deliver world-leading risk management curriculum and career-advancing opportunities to their professional network.”

     

    The risk management program can be attended by practicing risk professionals looking to upskill and certify themselves, chartered accountants, company secretaries, auditors, actuaries, compliance officers, IT and information security professionals, insurance brokers, business analysts, risk engineers/surveyors, analytics’ professionals, departmental risk officers, risk champions, risk SPOCs, and management students who want to make a career in risk management.

     

    For more information on the risk management program and how to enroll, visit https://www.manipalprolearn.com/EnterpriseRiskManagement. For additional information about the RIMS-CRMP certification, visit www.RIMS.org/certification.

  • RIMS President's Corner: Time is of the Essence

    As I engage and reconnect with risk professionals around the world and we begin to reflect on the past several months, we all agree: there is nothing more valuable than time. In addition to the time we devote to prepare, assess and adapt to risks for our organizations, we must also devote equal time to ourselves and our professional journeys.   

    September was an exceptionally busy month and, before I share what lies ahead for the RIMS community, here is a quick recap.

    RIMS Advocacy Week and RIMS Risk Forum Australasia were both fantastic virtual experiences. Advocacy Week welcomed RIMS members from over 30 states and was centered on a regulatory answer for pandemic risk. It was awesome to see this group’s passion as we met with Congressional offices and shared the risk management perspective.  Our colleagues in Australasia, once again, did a remarkable job developing a program that explored some of the most urgent risks facing our organizations. It was a privilege to share my experiences at Airbnb and be a part of the excitement.

    RIMS Board Director Patrick Sterling spoke on a Congressional roundtable about PRIA. Lorie Graham, vice chair of RIMS Strategic and Enterprise Risk Council, addressed regulators and C-Suite executives in Hong Kong as they work to understand and eventually implement Own Risk Self Assessment (ORSA) mandates. Lorie’s participation was part of our partnership with the Hong Kong Federation of Insurers that will include future training workshops in the months ahead. The Society announced a new strategic relationship with JB Boda and RIMS CEO Mary Roth spoke at a Confederation of Indian Industry event about ERM’s advantages.

    Last month, the Society released two new executive reports.  The first, “Closing the Gaps on Reputational Risk Management” is a collaborative effort between RIMS, Airmic and RepTrak Company. The second report was authored by Teressa Betty, president of RIMS New Zealand and Pacific Islands Chapter, with contributions by members of RIMS Diversity and Inclusion Advisory Council titled, “Understanding and Adapting to Your Remote Workforce.” A very timely paper that addresses team dynamics and inclusiveness in this new remote working environment.

    On the horizon, we have two of RIMS most prestigious events. While the look and feel might be different, the content and experience will be just as inspiring.  This month we opened the submission process for speaking sessions at RIMS Annual Conference & Exhibition. And, RIMS ERM Conference is just around the corner on November 4 – 5.

    RIMS ERM Conference will be unlike any other virtual conference experience you’ve joined. We have built in those essential networking opportunities, as well as set a stage for leading solution providers to interact with attendees. The agenda is now available and registration is open. Don’t miss this occasion to hear from ERM leaders and learn practical and tangible strategies that have helped lead to their success.

     

    While we’re still living in a mostly virtual world, I wanted to share some outstanding results from our revamped – and now digital – resources.  In the absence of those in-person meetings, interaction on Opis, the Society’s online networking forum, has really picked up. Conversations about day-to-day risk management challenges and strategies are exceeding numbers from 2019 and we only expect this trend to continue. Attendance for the Society’s new lineup of educational programs continues highlight the demand for executive-level content. And, our efforts to enhance the accessibility of the RIMS-CRMP certification program to virtual audiences has resulted in close to 600 global risk professionals entering our pipeline of future certification holders. 

     

    Whether it is the development of a report, education, a conference or any of our other RIMS resources, know that risk professionals, like yourself, are behind it all. Our global community drives these initiatives. I encourage you to get involved and take action. There is no time like the present to focus on you. And, you can trust that RIMS stands ready to support you along the way.

    Sincerely,

    Laura Langone
    RIMS 2020 President

  • Deadline Extended to Submit Your Session for RIMS 2021!

    Right now, there is a lot of uncertainty about 2021. One thing we know for sure, RIMS will be hosting RIMS 2021! We've extended the deadline to submit sessions ideas until Friday, October 9!

     

    We’re looking for great risk management ideas and success stories. Speakers at RIMS 2021 get exposure at the premier industry event of the year. This is your opportunity to grow your network and demonstrate your mastery of risk management topics. We’re looking for a range of presenters and subjects.

     

    We all want to hear from risk management innovators, disruptors and practitioners!

     

     

    RIMS continues to explore all options to provide a safe and enjoyable learning environment for RIMS 2021. The conference is scheduled to be hybrid; however, circumstances may force RIMS to pivot to an entirely digital event. We pledge to keep our community updated as we work through the decision process.

  • RIMS EXECUTIVE REPORT UNDERSTANDING AND ADAPTING TO THE NEEDS OF YOUR REMOTE WORKFORCE

    To maximize remote workers’ potential it is critical that business leaders acknowledge that employees are different, that they require different support and that their work style might differ online from in-person, according to RIMS new executive report, “Understanding and Adapting to the Needs of Your Remote Workforce.”

     

    Authored by Teressa Betty, an ERM, strategy, governance and culture advisor and independent director, president of RIMS New Zealand and Pacific Islands Chapter and vice chair of the Society’s Diversity & Inclusion Committee, the report shares the perspectives of risk professionals and their experiences managing teams during these unprecedented times. The report also explores the tendencies of introverts and extroverts, team dynamics, personas, as well as steps to more effectively embrace a remote workforce.

     

    “The unanticipated fallout of the COVID-19 global pandemic has seen a monumental shift in work environments and team dynamics,” said Ms. Betty. “Much like our organizations adapt strategies during times of crisis, business leaders must do the same with their workforces. Demonstrating flexibility and expressing a genuine interest in your team’s well-being is critical to maintaining engagement during this unique time in our global history.”

     

    The report is available for download in RIMS Risk Knowledge libraryat 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, AIRMIC, REPTRAK COMPANY REPORT: CLOSING THE GAPS ON REPUTATIONAL RISK MANAGEMENT

    Traditionally, risk is dealt with by risk experts, while reputation tends to be managed by the corporate affairs or corporate communications teams. When those two teams work in silos risks to reputation can develop and remain undetected until it is too late, and an organisation can find itself as unplanned headline news.

    Airmic, The Risk and Insurance Management Society (RIMS) and the RepTrak Company commissioned interviews with over 40 leading risk professionals in Europe and the US to discuss how reputational risk management can be improved.

    Furthermore, professors and industry thought leaders were brought together in working groups to discuss challenges and best practices. The resulting report,  “Closing the Gaps on Reputational Risk Management”, provides guidance to help close the gaps on reputational risk management.

    Six Challenges

    Risk professionals face six challenges to understanding and addressing risks to reputation, according to the report:

    1. Unclear definition of reputation.
    2. Confusion on the categorization of risks to reputation.
    3. No commonly agreed upon, consistent measurement of the business impact from specific risks to reputation.
    4. No framework for linking the strategic, operational, and tactical aspects of reputational risk management.
    5. An absence of integrated ownership and accountability across organizations.
    6. Slow development of solutions for risk transfer including insurance.

     

    At a Crossroads

    The report’s release coincides with Airmic Fest, held September 22-24, 2020, marking Airmic’s first virtual conference and the first such event of its kind for risk management and insurance professionals in the UK. The theme of Airmic Fest is “Working together in a time of accelerated change” – echoing the message that collaboration is crucial to close the gaps on reputational risk management. The conversation will continue at the RIMS ERM Virtual Conference 2020, held November 4-5, 2020 with a discussion of the results.

    The report states that risk professionals today are at a crossroads, where they can follow one of two paths: the first, where they have the responsibility but no influence and control; or the second, where they can contribute value to the organization by leading implementation of a structured, data-driven and systematic approach to reputational risk that draws the whole organization together around a common framework.

    Julia Graham, Deputy CEO, Technical Director, Airmic, said: “We hope this guide to reputational risk will encourage and help more risk professionals to travel the second path. We are delighted to have worked with RIMS and The RepTrak Company on this paper, which puts forward a guide for risk professionals to work strategically with others within their organizations, to measure and tackle reputational risks today.”

    Hoe-Yeong Loke, Research Manager, Airmic, added: “As organizations manage issues arising from the Covid-19 pandemic, they face increasingly interconnected and complex risks. Reputational risk takes on even greater importance. Previous studies from Airmic and RIMS suggest that the risk community continues to struggle with reputational risk, and with reputation as an intangible asset. There is a gap between what senior executives and risk professionals know is important to manage and the work that is being done.”

    Carol Fox, VP Strategic Initiatives, RIMS, continued: “During our research journey with Airmic and RepTrak, we learned from our collective focus group participants that unlocking reputational value is as important as closing reputational gaps. Greater collaboration between risk and corporate communications professionals in using data to detect reputational risk early on helps unlock reputational value as well as produce an agile and decisive crisis management response.

    Kasper Ulf Nielsen, RepTrak Chief Strategy Officer, Co-founder, noted: “Most organisations deal with reputational risk at the operational level only. This is not out of choice, but because they lack the data and framework to bring the operational and the strategic together. Frameworks such as the RepTrak® reputationalrisk framework with its use of the seven drivers of reputation, provides a basis for measurement, monitoring and collaboration between different functions within an organization.

    About Airmic

    The leading UK association for everyone who has a responsibility for risk management and insurance for their organisation, Airmic has over 450 corporate members and more than 1,300 individual members. Individual members include company secretaries, finance directors, internal auditors, as well as risk and insurance professionals from all sectors. Airmic supports members through training and research; sharing information; a diverse programme of events; encouraging good practice; and lobbying on subjects that directly affect our members. Above all, we provide a platform for professionals to stay in touch, to communicate with each other and to share ideas and information.

     

    About RIMS

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

     

    About The RepTrak Company

    The RepTrak Company™ is the world leading reputation data and insights company. We provide the only global platform for data-driven insights on Reputation, Brand, and ESG. Our proprietary RepTrak® model is the global standard for measuring and analyzing the sentiment of the world using proven data science models and machine learning techniques across industries and geographies.

  • RIMS Board Director Patrick Sterling, who is the senior director of Legendary People and Risk Manage

    RIMS Board Director Patrick Sterling, who is the senior director of Legendary People and Risk Management at Texas Roadhouse, joined Congresswoman Carolyn B. Maloney (D-NY) and stakeholders from the small business community and the insurance industry to emphasize the urgent need for Congress to pass the H.R. 7011, the Pandemic Risk Insurance Act (PRIA).

     

    On June 4th, RIMS officially announced its support for a PRIA solution. Introduced by Rep. Maloney on May 26, PRIA would create a framework for insurance companies to offer business interruption insurance policies that cover pandemics, and would create a reinsurance program with a federal backstop to ensure the insurance industry has enough capacity to insure losses caused by pandemics. The Federal backstop will make sure that these business interruption policies are both widely available and affordable for small businesses, and maintain marketplace stability.

     

    “As the risk management lead for Texas Roadhouse, my industry peers, and many others, are continuing to struggle to manage the complexities of the COVID-19 pandemic - as many of our existing policies fail to cover its impact,” said Sterling. “RIMS does not agree with those who say that pandemics are not insurable. As a united front, carriers and the federal government can develop a solution to share the financial risk of future pandemics. RIMS members believe a public-private program will establish a viable insurance market and create certainty for businesses across the country. This collaboration makes sense and that is why we support the Pandemic Risk Insurance Act of 2020 – HR 7011.”

     

    In a press release issued by her office, Congresswoman Maloneysaid, “As we saw during today’s roundtable, there is broad consensus that we need a program like the one created by PRIA – to provide business owners and our economy with better stability in the event of any future pandemics. A forward-looking, public-private partnership like this, one supported by a federal backstop, will help businesses keep their employees on payroll and weather the storm that a public health emergency brings. Congress needs to be proactive in helping businesses protect themselves from economic losses as a result of pandemics, which, as we’ve seen, can be devastating to businesses of all sizes — from the mom and pop grocery down the street to institutions like Lord & Taylor.”

     

    This week, RIMS is hosting Advocacy Week, giving risk professionals the opportunity to meet and discuss regulatory matters, such as PRIA, directly with Congressional leaders. The virtual event features remarks from Florida Insurance Commissioner and NAIC President-Elect David Altmaier and Geoffrey Skelley, election analyst for political website FiveThirtyEight.  To learn more about RIMS’ advocacy efforts or Advocacy Week, visit the Society’s Advocacy Center.

     

    For more information about RIMS, the risk management society®, its online learning opportunities and resources, visit www.RIMS.org

  • RIMS EXPLORES ENTERPRISE RISK MANAGEMENT ADVANTAGES AT 2020 VIRTUAL ERM CONFERENCE

    In a whirlwind of unpredictability, risk professionals around the world continue to see enterprise risk management (ERM) as a catalyst for successfully navigating today’s volatile risk landscape. Join RIMS and the global risk management community as we explore best practices, strategies, challenges and opportunities to deliver value at the now virtual RIMS ERM Conference 2020 on November 4 – 5.

     

    No matter what stage of ERM your organization is in – from those just considering ERM to risk professionals who manage fully integrated programs -- RIMS ERM Conference 2020: Catalyzing (Y)our World is set to offer world leading insight. Expert speakers will share their experience managing some of the greatest risks facing organizations and the power of ERM to emerge stronger.

     

    “ERM continues to grow in importance and has enabled organizations to proactively develop and implement strategies that support a changing business and consumer landscape, innovation and critical decision-making,” said RIMS CEO Mary Roth. “The stage is set for a powerful and insightful virtual learning and sharing experience for the risk management community.”

     

    KEYNOTE SPEAKERS:

     

    Dr. Andrea Bonime-Blanc

    From Gloom To Boom: Creating Strategic Resilience
    Thought leader and author, Dr. Andrea Bonime-Blanc will explore five key megatrends of our turbulent times; takes us on the environmental, social, governance, and technology (ESGT) journey we must travel to get from Gloom to Boom and risk to value. Her remarks will offer practical roles that risk professionals can play at every step of building strategic resilience.

     

    James Lam

    From Risk Manager to the C-Suite and Boardroom
    James Lam is widely noted as an early advocate of ERM and the first-ever Chief Risk Officer. He has taken his own career all the way to the boardroom of an S&P 500 company. Along the way he has coached other risk managers who ascended to the C-suite and boardroom. James will share why boards need risk experts to join their ranks and what skills risk professionals need to be a corporate director.

     

    For more information about RIMS ERM Conference 2020 or to register, visit www.RIMS.org/ERM2020. Sponsorship queries can be sent to RIMS Exhibition and Sponsorship Sales Manager Matthew Whyte at Mwhyte@RIMS.org.

     

    To learn more about ERM, visit the Society’s Strategic and Enterprise Risk Center. And, for more information about RIMS, the risk management society®, visit www.RIMS.org

  • RIMS President's Corner: PROACTIVE, NIMBLE AND ENGAGED

    As we continue to untangle the chaos that COVID-19 and so many other catastrophic events have inflicted on our organizations in 2020, we all have learned a few valuable lessons: be proactive, be nimble, and be engaged.

     

    Now more than ever before, risk management is crucially important to an organization’s ability to successfully shift gears, change strategies, enter new markets and exit old ones. Board and Executive leaders, are leaning on us to navigate the organization through unchartered waters and RIMS is ready to help.

     

    Enhancing our digital engagements has been our priority and we remain committed to delivering the best digital experience for our 10,000 global members and the world’s risk management community. 

     

    Not to be missed – especially during an election year – is RIMS Advocacy Week (September 14-17), the Society’s first multi-day digital conference. With the pandemic stifling businesses both big and small, there are so many critical issues, like PRIA, that must be addressed. With the feel of RIMS Legislative Summit, this online event will give risk professionals the opportunity to meet and discuss regulatory matters directly with Congressional leaders. We’ve adjusted the schedule to better fit your virtual day. So join us as Florida Insurance Commissioner and NAIC President-Elect David Altmaier and Geoffrey Skelley, election analyst for political website FiveThirtyEight, share their perspectives on the current regulatory landscape. Let’s make sure risk professionals’ voices are heard.

     

    RIMS ERM Conference is also going virtual. Whether you are navigating risks like pandemics, climate change or industry specific issues, or whether you are just considering ERM or already have a mature program, this conference has something for everyone. Our keynotes Andrea Bonime-Blanc, CEO and Founder of GEC Risk Advisory, and James Lam, an independent director and chairman of the Audit Committee for RiskLens and the Risk Oversight Committee for E*TRADE Financial, will share their ERM journeys and the board’s perspective on risk management. Do not miss this opportunity to take your game to the next level and register today.   

    OPIS, the Society’s online networking forum, has been a life-line, especially during this time void of in-person networking. Without a playbook, we are being asked to manage a world of new challenges but OPIS ensure we don’t have to do it alone. Whether solving issues on 300% rate increases in D&O or Umbrella markets to strengthening crisis management, Opis has been buzzing with conversations. It truly is a great forum to learn from others and share personal experiences. I strongly encourage you to log-in and give this incredible member benefit a shot.

    We continue to see a huge appetite for risk management knowledge – which is a good thing – and have updated the Society’s online learning hub with information about upcoming digital workshops, webinars and RIMS-CRMP prep courses. To deliver those prep courses to local markets, we continue to partner with educational institutions – most recently the University of Hartford and University of Southern California. Yes, you can achieve your RIMS-CRMP certification during this time. In fact, I would argue that now is the perfect time to take action and make your career a priority.  

     

    RIMS continues to make outstanding progress globally. Recently, we have announced plans to collaborate with two key players in India’s insurance and risk management arena: J.B. Boda and Manipal Global Education Services. We are currently collecting data for the 2020 RIMS MARSH State of Risk Management in India report and, most importantly, we continue to gain tremendous support from the local risk management community and hope to formally announce a chapter soon.

    RIMS Australasia Chapter continues demonstrate the awesome commitment and sophistication of risk professionals in the region. RIMS CEO Mary Roth and I will join the chapter for its, now virtual, annual forum (September 14-17) to share opportunities for risk professionals to succeed amidst these challenging times.

    I would be remiss if I didn’t comment on the social injustices that continue to plague our world. I encourage each risk professional to reflect on these travesties. As a community, we must continue to dissect these events and explore solutions to be better and impact change. As professionals, we must influence change in our organizations and in our networks.  And, as moral citizens, we must drive positive change in our communities and neighborhoods. We can and we must continue to do better.

     

    On behalf the Society, I want to thank all of you for your continued commitment to RIMS, to our profession and more. I want to thank our volunteers and our engaged community for always sharing and taking an active role in our community. It is this dedication that makes us all more versatile, more dynamic, more strategic and more valued. Let’s elevate this profession together.

     

    Sincerely,


    Laura Langone

    RIMS 2020 President

  • RIMS Global ERM Award of Distinction – Nominations Due August 21

    The RIMS Global ERM Award of Distinction honors organizations that create value through their ERM programs. Do you know of a program that deserves this recognition? We want to hear about it!

     

    RIMS is looking for ERM excellence that:

    • Demonstrates ERM innovation in creating and preserving organizational value.
    • Provides measurable, tangible, and sustainable results for their organization.
    • Is transferable to other organizations.

     

    Nominations are due to ERMaward@rims.org by Friday, August 21, 2020.

     

    Learn about the award process and download the application: https://www.rims.org/events/erm/erm-conference-2020-awards

     

     

  • 2020 RIMS Western Regional Conference Postponed

    We are carefully watching all travel and health issues surrounding COVID-19, specifically in the Western Region, and recommendations from health officials.  Our immediate priority is the well-being of the risk community. Our thoughts are with you, your colleagues, families and friends.

    After weighing all the information and concerns, the RIMS Western Regional Planning Committee has made the decision to reschedule the 2020 RIMS Western Regional Conference to August 30 – September 1, 2021.

    We understand this is a challenging time as we navigate unprecedented health concerns related to COVID-19.  Please see our FAQs below.  We hope these will answer the questions you may have.  We recognize  the timing of this may significantly inconvenience some of you; however, this decision was made out of deep concern for the health and well-being of our members, attendees, and all of our stakeholders as you are always our top priority.

    We want to thank all our members, colleagues, speakers, sponsors and exhibitors for their support, open communication and encouragement. We appreciate that the RIMS Western Regional Conference is valued by so many.

    Please stay safe!

    RIMS Western Regional Planning Committee

  • Download Q&A from RIMS Taking Action Webinar

    During the RIMS Taking Action: Confronting Racial Biases in Risk Management webinar, attendees asked important questions. After the webinar, the panelists, RIMS D&I Advisory Council, and the Society’s leadership took time to review each question and provide thoughtful answers. Please take a moment to read the responses.

    Read the Q&A Here

    Watch the Webinar
  • RIMS President's Corner: Positive Action

    This month, global citizens and businesses, big and small, found themselves trying to grapple with the damaging effects of racial biases, again. As a united community, we continue to try to understand, empathize, express our emotions and hold meaningful dialogue so that we can learn and be better.   

    I want to applaud the leadership of RIMS Diversity & Inclusion Advisory Council (DIAC), who helped the Society respond to this injustice but, more importantly, for their commitment to outlining a path for action.

    The Society held the RIMS TAKING ACTION: Confronting Racial Biases in Risk Management webinar, an inspiring conversation that garnered nearly 900 registrants. A heartfelt thank you to Denise Campbell, Robert Cartwright, Jr., Brendan Francis and Dr. Leroy Nunery II for sharing their stories and perspective. If you were not able to join, the webinar is now available on RIMS Diversity & Inclusion webpage.

    The DIAC has been proactive, setting a new D&I vision statement for RIMS, developing reports that explore the makeup and future of the risk management profession, as well as examining our events to ensure they are inclusive and welcoming.

    But, there is still much work to be done. I look forward to their upcoming work that will address D&I initiatives at the chapter level and in our local communities. Work that will look at advocacy and how RIMS can address legislation that impacts our lives. These efforts will include education and reports about best practices and strategies, as well as measurement to ensure we are making progress. We can and we must do better, and I am confident the RIMS community will.

    RIMS 2020 Annual Conference & Exhibition was set to have our first-ever D&I education track for risk management professionals.  While we regretfully canceled the conference, your RIMS team is working diligently to plan for RIMS 2021 in Chicago. There is no doubt that we will see that first D&I track there and we look forward to announcing more conference attractions as we get closer.

    In the midst of the COVID-19 pandemic, 23 university teams competed in the Spencer-RIMS Risk Management Challenge. As the competition moved into a virtual format, the final question of this year’s case study focused on the pandemic and risk management strategies for re-opening a college campus. For the second year in a row, St. Joseph’s University was named our champion and you can watch their presentation here. Our student members always impress and we could not be more proud to welcome them to our global community.

    For some, these challenging times reminded us that we could use a little extra help. This month, RIMS launched Ask a Peer, a professional advisory program that links highly-qualified, recognized and vetted risk management leaders with professionals seeking support. This is a great example of how risk professionals can – and should – tap into the knowledge of RIMS vast network. Information about the Ask a Peer program is available here or you can contact RIMS Client Services Team at CST@RIMS.org.  

    Finally, with a focus on social change it is important to recognize RIMS commitment to advocacy.  The Society’s External Affairs Committee continues to act as a voice for risk professionals, supporting legislative change that impacts our work. The committee announced RIMS support for the Pandemic Risk Insurance Act (PRIA), legislation that would allow insurers to confidently write pandemic coverage in the future, while ensuring organizations’ enterprises are financially protected. The development of a final PRIA solution is ongoing, and we encourage you to get involved in our grassroots effort and engage Congressional leaders on this matter.

    Current events have made it abundantly clear that our work cannot be limited to protecting assets. Risk professionals must be strategic thinkers, dynamic communicators and motivators. We have the power to confront racial biases that might exist within our organizations, among our employees and peers, with our partners and other stakeholders. And, while I am confident that our global community will continue to develop remarkable risk management strategies for our organizations, I know that we can take positive action and make a real social impact.


    Sincerely,

    Laura Langone

    RIMS 2020 President