Announcements

  • RIMS RISK FORUM INDIA – APPLYING RESILIENCE: A CATALYST FOR SUSTAINABILITY

    The virtual RIMS Risk Forum India 2021 will welcome risk professionals and business leaders from across the region to share their experiences building more resilient risk management programs that have enhanced processes, improved safety, strengthened cybersecurity, elevated corporate reputation and fortified balance sheets. RIMS, the risk management society®, is a global professional association committed to advancing the practice of risk management throughout the world.

     

    Registration for the two-day virtual event, scheduled for 3 - 4, December, is now open.All sessions will be recorded and made available to registrants for 60 days following the event.

     

    The Forum will feature keynote addresses by Ajay Srinivasan, Chief Executive Officer at Aditya Birla Capital Limited (ABCL), and Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor at the State Bank of India. The agenda also features thought-provoking panel discussions and educational presentations that include:

     

    • What COVID-19 Has Taught Us About ESG Risks and Why Risk Management Needs to Change
    • Breaking the Chain: How Understanding Business Interruption Exposures Can Mean Supply Chain Resilience
    • Marsh-RIMS Excellence in Risk Management: State of Risk Management in India 2021
    • Climate Risk and Your Path to Resilience
    • Cyber Risk Management: A Priority for a Resilient Economy

     

    RIMS continues to invest in developing, promoting and advancing risk management in India and, in 2020, launched RIMS India Chapter. 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. 

  • RIMS 2022 RISKWORLD™ SOCIETY REINVENTS WORLD’S LARGEST GATHERING OF RISK MANAGEMENT AND INSURANCE

    RIMS, the risk management society®, is ready to welcome the world’s risk management community, insurance and brokerage industry leaders, business strategists and professionals at all levels to RIMS 2022 RISKWORLD™ scheduled for April 10-13 in San Francisco. RISKWORLD™ will also be the Society’s first hybrid annual conference, breaking down barriers and creating greater inclusivity for all who are interested in joining this career-boosting experience. Registration is now open for RIMS members and will open for nonmembers on December 1.

     

    RISKWORLD, the Society’s renowned annual conference, has been reimagined to keep pace with the rapidly evolving risk landscape while continuing to empower risk professionals to drive innovation and deliver value. Through the exchange of knowledge and experience, RISKWORLD will offer a global perspective, thought-leading insight and unparalleled networking opportunities for the risk management community to build resilient business strategies and achieve organizational and personal success. In addition to the in-person event, some RISKWORLD experiences will be available virtually. 

     

    “To say ‘a lot has changed since the last time RIMS hosted its annual conference in 2019’ would be an understatement,” said RIMS CEO Mary Roth. “New risks have emerged. Known risks have evolved and businesses priorities and strategies are shifting faster than ever before.

     

    “To support risk professionals and the global business community as they face a world of dynamic challenges, RIMS has reimagined its annual conference and exhibition. RIMS RISKWORLD will break boundaries, reach far beyond traditional risk management conversations and deliver an experience that our attendees expect, value and won’t forget. RIMS is ready to re-unite the risk management world and connect in-person after a difficult two-year pause.” 

     

    Launched in 1963, RIMS annual conference, now RISKWORLD, has routinely attracted some 10,000 risk and insurance professionals at all experience levels, business executives with risk management interests, brokers, insurers and service providers for the ultimate educational and networking experience. In past years, the four-day event has offered more than 160 educational sessions, keynote presentations, special events and an expansive Marketplace Exhibit Hall with nearly 400 exhibitors.

     

    To learn more about RISKWORLD, visit www.RIMS.org/RISKWORLD.

     

    COVID-19 Vaccine Requirement and Precautions

    RIMS has implemented new guidelines that will require anyone who wishes to attend a RIMS in-person event to show that they are fully-vaccinated for COVID-19.  The requirement is effective immediately for all events managed by RIMS staff, including RISKWORLD. The requirement applies to RIMS staff, vendors, sponsors, media, and other ancillary partners who plan to attend or provide a service at a RIMS event, with no exceptions. RIMS Board of Directors and staff will continue to monitor the COVID-19 global pandemic and reserve the right to amend this vaccination policy accordingly.

     

    RIMS, its vendor and facility operators will also implement additional safety measures including, but not limited to, social distancing planning, medical professionals onsite, added hand-sanitizing stations and intensified cleaning protocols. 

  • RIMS Compensation Survey—Deadline Extended

    RIMS Risk Management Compensation Survey 2021 deadline has been extended to Friday, November 19 at 5 pm EST.

     

    If you haven’t participated yet and you are a full-time risk professional from the United States or Canada, please take the survey to help inform the current state of risk management compensation. Learn how your compensation package compares to that of your peers and help your organization maintain competitive hiring practices.

     

    Your data will only be used in an aggregate form, generating summary reports and tabulations.

     

    As a thank you for participating, you will receive a complimentary summary of the survey results (emailed by RIMS).

     

    To participate in the online survey, please click this link:
    https://www.readexsurvey.net/rims/survey.asp

     

    Your answers will be kept confidential in accordance with Readex’s Privacy Policy.

     

    Thank you for your participation in this very important survey.

  • Learn Data Management and Analytics Best Practices for Risk Management

    Data is the oil of enterprise risk management and analysis, but analytics are only as good as the data from which they are derived. Our Managing Data for ERM  half-day workshop reviews best practices in managing and using trusted data for AI in ERM.


    Managing Data for ERM
    November 18 | 9:00 am – 1:00 pm ET
    Learn more and register here.


    This workshop is part of our new three-part, virtual workshop series to enrich your risk management program with the best practices in data management, analytics and artificial intelligence. You can attend one or all three workshops in the series.

  • RIMS President's Corner: On Your Behalf

    RIMS is here for you.  For the past 70+ years, the Society has been a leader in the risk management space, delivering resources, knowledge and events to help risk professionals around the world reach and exceed their potential. As we enter a seemingly new era of business that is centered on addressing systemic risks like climate, social and health issues and governance, RIMS will continue to be here, working on your behalf.

    RIMS advocates for this profession.  Recently, the Society held RIMS Autumn Advocacy Week where we explored current and proposed legislation that impacts the way we manage risk for our organizations. The two-day virtual event featured sessions about pandemic risk solutions, business continuity, as well as cyber regulation. All of those sessions are available to you on-demand.  The event culminated with in-person meetings with Congressional offices in Washington D.C. and our attendees had the opportunity to share the risk professional’s perspective on several legislative issues.

    Additionally on the advocacy front, RIMS announced its support for the Pandemic Risk Insurance Act of 2021introduced by Congresswoman Maloney (D-NY).  Our hope is for a private, public insurance solution that instills confidence that our organizations’ exposures are adequately protected and, for our insurance partners, that the risks they accept are supported by a Federal backstop.  To learn more about PRIA, RIMS involvement in the Business Continuity Coalition and other advocacy efforts, visit our advocacy page.

    We are just days away from our first in-person conference since 2019.  RIMS 2021 ERM Conference is in New York but, if you haven’t made travel arrangements yet, the two-day conference is virtual as well.  “ERM in an ESG World” is the theme and the lineup of sessions looks exceptional.  I’m ready to meet our members in-person in New York and know that this will be an outstanding experience.  Registration is still open.

    If you think we’re excited for our ERM Conference, the anticipation to open registration for RIMS 2022 Annual Conference & Exhibition is palpable.  We shouldn’t have to wait much longer as registration is set to open later this month. This is the Society’s flagship event that routinely draws more than 10,000 risk professionals, 400 exhibitors and delivers over 100 education sessions annually.  Let’s see if we can break some records.  RIMS 2022 Annual Conference is April 10 -13 in San Francisco.  It is important to note that San Francisco has COVID-19 vaccination requirements for large gatherings so we asked that our attendees read these guidelines and plan accordingly.

    RIMS continues to make progress globally. Recently, RIMS and the Hong Kong Confederation of Insurance Brokers agreed to deliver The Science of Risk Management virtual workshop for the Confederation’s network of risk management leaders and insurance and brokerage professionals. Led by former RIMS President Nowell Seaman, the workshop will explore the dimensions of risk management, key risk management competencies, risk professionals’ evolving role and business leaders’ expectations of this critical function.

    We are also proud to announce that registration in now open for the virtual RIMS India event on December 3 and 4.Beyond a stellar educational lineup, our team in India has assembled a sampling of cultural activities and entertainment to give us a taste of India – without actually being there.  We are excited to welcome our keynote speakers Mr. Ajay Srinivasan, Chief Executive Officer at Aditya Birla Capital Limited (ABCL), and Dr. Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India.  Visit the RIMS India page for more information about the event and to register.

    Lastly, we received some bittersweet news that longtime RIMS CEO Mary Roth will retire in 2022 following RIMS Annual Conference.  Mary has served as RIMS CEO for 17 years and, during that time, has undeniably worked on your behalf to make sure RIMS lives up to all expectation.  Under her leadership, this Society has flourished and is renowned globally for its profession- and industry-leading knowledge and resources.  But, must importantly, she helped to reinforce that RIMS is a community that embraces different perspectives and creates opportunities for risk professionals to share, learn and grow. RIMS Board, staff and powerful network of volunteers are dedicated to making sure we don’t skip a beat, that we build upon her accomplishments and this Society’s proud 70-year history.

    Wishing you much success in the months ahead.  I hope you’ll be able to join us for our upcoming conferences and engage with our global risk community on Opis and through the newly-launched RIMS Mobile App.

    Sincerely,

     

    Ellen Dunkin

    RIMS 2021 President

  • RIMS REAFFIRMS ITS SUPPORT FOR NEWLY INTRODUCED PANDEMIC RISK INSURANCE ACT OF 2021

    RIMS, the risk management society®, has announced its continued support for Congresswoman Carolyn Maloney’s (D-NY) Pandemic Risk Insurance Act of 2021 bill that was introduced earlier this week. The 2021 bill is available here.

     

    The proposed legislation would create a Federal program that provides a system of shared public and private compensation for business interruption losses resulting from future pandemics or public health emergencies.

     

    “As organizations continue to fight and rebound from the impacts of the global pandemic, it’s critical that business and government leaders come together to develop a real insurance solution to prevent future economic disruption,” said RIMS President Ellen Dunkin. “Risk professionals are well-positioned to provide a valuable perspective on insurance solutions that not only strengthen business resiliency but would allow our partners in the insurance industry to confidently deliver effective and affordable pandemic risk products. We are proud to support PRIA of 2021 and the efforts of the Business Continuity Coalition to achieve this important goal.”

     

    As outlined in an April 2020 letter from RIMS to Congress and the Trump Administration supporting the first PRIA bill, the legislation would provide greater access to capital from lenders and establish a viable insurance market with sufficient, affordable capacity. Additionally, it would create certainty for businesses and organizations of all sizes across the United States and ensure that businesses can meet future pandemic events with greater resilience.

     

    In June 2021, RIMS joined the Business Continuity Coalition (BCC) to build a more stable insurance market that supports organizations as they navigate future pandemics. The BCC is also a proponent of Congresswomen Maloney’s reintroduced bill and continues to work constructively with policymakers and other U.S. stakeholders to develop an insurance program that ensures business continuity from future economic losses from pandemics and other emergencies necessitating widespread closures of the economy. The BCC comprises

    a broad range of business insurance policyholders – large and small – from across the country.

     

    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 organizations’ ability to protect employees, property and data and reach their respective strategic goals.

     

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

  • RIMS AND HONG KONG CONFEDERATION OF INSURANCE BROKERS PRESENT: THE SCIENCE OF RISK MANAGEMENT

    RIMS, the risk management society®, and the Hong Kong Confederation of Insurance Brokers (HKCIB) have agreed to deliver The Science of Risk Management virtual workshop for the Confederation’s vast network of risk management leaders and insurance and brokerage professionals.

     

    Scheduled for November 23-26, 2021, the workshop will explore the dimensions of risk management, key risk management competencies, risk professionals’ evolving role and business leaders’ expectations of this critical function. The program will enhance participants’ abilities to:

    • Communicate the principles of risk management at all organizational levels;
    • Create awareness and prevent excessive levels of risk and mitigate adverse outcomes;
    • Foster a collaborative and consultative risk management environment;
    • Demonstrate business insight and leadership abilities.

     

    “The Science of Risk Management” will be taught by former RIMS President Nowell Seaman, RIMS-CRMP, FCIP, CRM. Nowell has more than 25 years' experience in risk management for organizations in the private and public sectors and has specialized in enterprise and operational risk management, insurance and alternative risk transfer, business continuity planning and crisis response.

     

    “Risk management is an essential business function that allows organizations to make informed strategic decision that not only mitigate potential exposures but that also support innovation and value-generating initiatives,” said RIMS CEO Mary Roth.  “To be effective in this evolving role, risk professionals must continue seek opportunities to evaluate best practices and learn.  RIMS is proud to partner with the Hong Kong Confederation of Insurance Brokers and to share our expertise is this area with their professional network.”

     

    For additional information about RIMS global initiatives, resources and educational programming, visit www.RIMS.org.  For information about the services offered by the HKCIB to the insurance broking community in Hong Kong, visit www.hkcib.org.

     

    About the Hong Kong Confederation of Insurance Brokers (“HKCIB”)

    HKCIB was formed in February 1993.  From 30 June 1995 until 23 September 2019, HKCIB was one of the two approved bodies to self-regulate insurance brokers in Hong Kong.  The fundamental role of HKCIB as a self-regulatory organization ended in September 2019 when the Hong Kong Insurance Authority (“IA”) took over the self-regulatory functions to implement direct licensing regime in Hong Kong.

     

    Today, CIB is a professional body representing the interest of insurance brokers. CIB is now focusing on three key roles for serving our members:

    “Professionalism” - to promote professionalism amongst brokers in the industry;

    “Representation” - to represent the interests of members;

    “Communication” - to continue the communication with the IA to reflect members’ interest.

     

    To learn more about the HKCIB, visit www.hkcib.org.

  • Learn the Opportunities and Risks of Captive Formation

    Join your peers at our new Captives as an Alternate Risk Financing Technique virtual workshop on November 4 – 5. You’ll learn how to identify opportunities and risks associated with captive formation and analyze various alternative risk financing solutions that support corporate goals. 

  • RIMS ERM CONFERENCE 2021 - ERM IN AN ESG WORLD

    Recognizing the growing impact environmental, social and governance (ESG) risks have on global business, RIMS is proud to welcome Lloyd’s Chairman Bruce Carnegie-Brown to keynote RIMS ERM Conference 2021 scheduled for November 11 – 12 in New York City and virtually. In addition to remarks from Mr. Carnegie-Brown, the agenda features a stellar lineup of risk thought-leaders who will share their experiences applying enterprise risk management practices to address a new wave of ESG concerns.

     

    ***Registration is open for RIMS ERM Conference 2021: ERM in an ESG World***

     

    The RIMS ERM Conference 2021 – the Society’s first in-person event since January 2020 – will be held at the New York Hilton but will also have a virtual component for those who cannot attend in-person. The conference’s theme “ERM in an ESG World” will guide the two-day educational program that includes the following sessions:

     

    • The Board's GPS
    • Ransomware, Phishing, and Data Leakage: Best Practices for Managing Top-of-Mind Security Risks
    • Connecting The Dots: Good Governance, ESG and Strategic Risk
    • ERM and ESG Risk Assessments
    • ESG, ERM, and the Reputation Premium
    • Integrating Net Zero Commitments into ERM Plans
    • The Path to Gains from Diversity, Equity, and Inclusion in the ERM Program
    • RIMS Maturity Model
    • Economic Scenarios for Climate Risk Analysis
    • Rethinking the Impact of Disruption on ERM Tools and Processes: Reviewing the RIMS Executive Report
    • Hijacking ESG
    • Identify and Solve Any Organizational DEI Issue In One Hour
    • Integrated ERM Insights Into Strategic Planning and Performance Discussions
    • The Evolution of ERM: Balancing Context, Strategy, and Reality
    • Digital Innovation in the World of ERM and ESG
    • Emerging Risks Insights: A RIMS Member Perspective
    • Buyer Beware and a Call to Action: The Critical Relationship Between ERM Maturity and Value Creation
    • A Wake-Up Call and Opportunity to Integrate Cybersecurity, Supply Chain Risk Management and Enterprise Risk Management
    • Prioritizing ESG to Attract Future Talent
    • Developing a Consistent, Proactive ERM Approach to Navigate ESG Risks
    • ESG Risks with Captive Utilization

     

    Proof that attendees are fully-vaccinated is required by the New York City regulation and RIMS. Registration for RIMS ERM Conference 2021 is open: register here.  For questions about exhibiting or sponsorship opportunities, contact Matt Whyte at mwhyte@rims.org or (212) 655-6052.

     

    About Lloyd’s Chairman Bruce Carnegie-Brown

    Bruce Carnegie-Brown was appointed Chairman in June 2017. He is currently also Vice-Chairman of Banco Santander, Chairman of MCC and Chairman of Cuvva, a digital motor insurance business.

     

    He was a Non-Executive Director of JLT Group plc from 2016 to 2017, prior to which he was Non-Executive Chairman of Aon UK Ltd from 2012 to 2015, Senior Independent Director of Catlin Group Ltd from 2010 to 2014 and Chief Executive for Marsh UK and Europe from 2003 to 2006. He was Chairman of Moneysupermarket Group from 2014 to 2019 and Senior Independent Director of Close Brothers Group plc from 2006 to 2014 and is a Past President of the Chartered Management Institute.

     

    He previously worked at JP Morgan for 18 years in a number of senior roles and was Managing Partner of 3i Group plc's Quoted Private Equity Division from 2007 to 2009.

  • Don’t miss these sessions at RIMS ERM Conference, November 11–12, NYC

    The Board’s GPS | November 11, 10:45 am ET

    Leverage the power of ERM initiatives to help guide boards on their journey to meet growing accountabilities for better corporate governance. A panel of award-winning ERM experts, including Christy Kaufman from Zillow, will share personal accounts and real-life case studies of how ERM and board alignments have evolved on the road to organizational resilience.

     

    Hijacking ESG | November 12, 10:30 am ET

    When conversations about social issues go unaddressed, there are consequences. ESG expert Dr. Andrea Bonime-Blanc and technology executive Vikram Sharma will explain how to uncover risks emerging on the surface, deep, and dark web; position this risk intelligence to your board and leadership team; and apply these insights to build a new organizational resilience model.

     

    Register now to join us: http://go.rims.org/JJJ8XIA8G6

     

    Can’t make it in-person? Register for the virtual conference.

  • Learn About ERM and ESG in NYC

    In-person events are back in New York City! Join us at RIMS ERM Conference at the New York Hilton Midtown, November 11–12, for two days of valuable interaction with experienced speakers, relevant and practical presentations, and knowledge-sharing opportunities with your peers.

     

    Educational sessions include:

    • The Board's GPS
    • Integrating ERM Insights into Strategic Planning and Performance Discussions
    • Digital Innovation in the World of ERM and ESG
    • Economic Scenarios for Climate Risk Analysis
    • ESG, ERM, and the Reputation Premium
    • Ransomware, Phishing & Data Leakage: Best Practices for Managing Cyber Risks
    • Integrating Net Zero Commitments into ERM Plans
    • The Path to Gains from Diversity, Equity, and Inclusion in the ERM Program

    Register now.  http://go.rims.org/NGLWDASXXM 

     

    (Can’t make the in-person conference? Register for virtual access.)

  • RIMS President's Message: BRIDGES

    Today’s risk professional must build bridges.  Our work needs to break down silos within our organizations and build bridges to identify risks and find the correlations between them. We must build bridges with our partners, especially in the insurance community, because transparency always nets the best results. Most importantly, we must build bridges that enable our organizations to not only manage risks but to set strategies to turn those risks into opportunities.

    The COVID-19 pandemic has forced our organizations to shift gears but now, risk professionals – and RIMS – are faced with a new challenge: building a bridge to a new normal.

    The most apparent bridge back will be with RIMS events.  It started with RIMS Canada Conference on October 5 and 6.  After cancelling the much-anticipated event in 2020, RIMS Canada Conference is back, virtually this year.  The event theme RE-VISION is set to provide risk professionals with insight to re-imagine their roles and re-assess their programs and processes. To learn more about the event and RIMS Canada Council, visit www.RIMSCANADA.ca.

    The road to recovery will continue with the in-person RIMS ERM Conference on November 11 – 12.  We are excited to host this event, our first in-person event in over a year, to welcome people to New York City and share a powerful lineup of sessions that will focus on ESG in an ERM World.  Registration is open so stay tuned as we continue to add sessions to the agenda.

    We are also exploring the format of an Autumn Advocacy Event that would feature virtual sessions the week of October 18th and then, potentially, the opportunity to meet with Congressional Offices in-person in Washington, DC in late October.  If you’d like more information about our Advocacy initiatives or are interested in attending, email CST@RIMS.org and put RIMS Advocacy in the subject line. 

    Our NextGen webinar series is underway but it’s never too late to join the virtual event as all sessions are available on-demand. Year after year, RIMS continues to see outstanding engagement from this enthusiastic demographic of early professionals. And, planning for a RISK TECH/TECH RISK event and RIMS India Forum is in process. We’re proud to be able to provide educational opportunities for these groups, specialties and regions and do our part to help pave the way for stronger risk management.

    Last, but certainly not least, is building the bridge back to RIMS Annual Conference & Exhibition.  There is so much pent up demand.  Planning for our in-person, flagship event is well underway, and we could not be more encouraged by the support we are receiving from our partners in San Francisco. RIMS Annual Conference Programming Committee is set to meet shortly to finalize the conference’s education sessions.  RIMS 2022 exhibition and sponsorship numbers are strong and tracking much like they did pre-pandemic.  There is no doubt that in the upcoming months you will receive additional information about the conference with registration slated to open in November.

    While it would be great if everything could go back to the way it was, we know some things will be different and the bridge we build to move forward must adapt. 

    Recently, RIMS announced that the Society will require attendees at events run by headquarters to show proof of vaccination. The requirement applies to vendors, partners, exhibitors, and all others who wish to participate at a RIMS-run event.  After extensive research of best practices throughout the event industry and undergoing our own risk assessment, we believe that this is the best way forward to ensure the safety of our attendees. As we have learned, things can change quickly, so if there are any updates to this requirement, we will be sure to let you know.  Additionally, it should be noted that your chapter leaders will set their own guidelines for chapter and regional events. The Society issued a press release about the vaccine requirement for attendees that you can read here.

    Finally, I want to encourage you to download the new RIMS Mobile App.  The App is an exceptional, members-only resource that enables our community to explore our extensive collection of knowledge and resources from anywhere in the world.

    All signs are pointing in the right direction, and we are so thankful to the countless volunteer risk professionals who dedicate their time to help us create opportunities to advance the risk management profession and who are integral to building this bridge back to “normal.”  Thank you.

    Sincerely,

    Ellen Dunkin

    RIMS 2021 President

     

     

  • RIMS AND INDIA’S PRESTIGIOUS AMITY UNIVERSITY CELEBRATE EDUCATION PARTNERSHIP

    With recent events highlighting the demand for greater risk management practices across all business sectors, RIMS, the risk management society® and The Amity University have entered into agreement to present a series of RIMS-Certified Risk Management Professional certification (RIMS-CRMP) prep courses to the institution’s graduate and post-graduate network.  

     

    Starting in late-October, Amity University will offer a comprehensive risk management learning experience for Banking, Insurance, Actuarial Sciences and Finance graduate students – as well as to its network of established business executives – that aligns with the RIMS-CRMP, the world’s only accredited risk management certification.

     

    The five-weekend program will explore strategies to devise strong risk management capabilities, including:

    • Analyzing business models;
    • Designing organizational risk strategies;
    • Implementing risk processes:
    • Developing organizational risk competencies; and
    • Supporting decision-making.

     

    Upon completing the programme and passing the RIMS-CRMP certification exam, participants will earn the coveted RIMS-CRMP Professional credential, apart from their individual degree from Amity University.

     

    Addressing the participants, Prof. (Dr.) Balvinder Shukla, Vice Chancellor, Amity University welcomed this very special and exclusive education agreement between Amity University and RIMS and said this partnership will provide a great opportunity to faculty to network, build relationship with the professional world. “This is an era of networking, partnership and developing synergy to support industry and provide practical exposure to those who want to develop risk management competencies. Such certifications provide an advantage to students which enhances the chances of employability and expertise”, averred Dr. Shukla.

     

    “To achieve our mission and advance the risk management profession globally it is crucially important that RIMS identifies partners who share our values and recognize the importance of delivering world-class risk management education,” said RIMS CEO Mary Roth.  “As the Society’s membership continues to grow in India, we are proud to collaborate with Amity University and provide professional advantages to the region’s business community while also creating a path for executives to strengthen their organizations’ risk management capabilities and earn the coveted RIMS-Certified Risk Management Professional certification.”

     

    RIMS continues to invest in developing, promoting and advancing risk management in India.

    The Society announced the formation of its RIMS India Chapter in December 2020 and will host its 4th Annual RIMS India Risk Forum, virtually, December 3 and 4, 2021.

     

    “Joining forces with the highly-respected Amity University will allow RIMS to continue in its journey to demonstrate and promote the value of strong risk management capabilities in India,” said Gopal Krishnan, Director of Global Development for South Asia at RIMS. “We are excited to engage with Amity University’s impressive network and share this exceptional opportunity for their community to achieve the highest mark of achievement in the risk management profession.”

     

    To learn more about the Society’s global initiatives, visit www.RIMS.org/global or email India@RIMS.org. Additionally, the Society has a dedicated RIMS India LinkedInpage, RIMS India WhatsApp to engage and inform the business community in the country. 

     

    To learn more about the RIMS-CRMP certification, its official accreditation by ANSI under ISO/IEC 17024:2012 and to read testimonials from RIMS-CRMP holders, visit www.RIMS.org/Certification

  • RIMS ANNOUNCES FULL-VACCINATION REQUIREMENT AT ALL SOCIETY EVENTS

    RIMS has implemented new guidelines that will require anyone who wishes to attend a RIMS in-person event to show that they are fully-vaccinated for COVID-19.  The requirement is effective immediately for all events managed by RIMS staff, including the upcoming RIMS Enterprise Risk Management Conference and its Annual Conference & Exhibition scheduled for April 10-13 in San Francisco.

     

    RIMS will adhere to the Centers for Disease Control (CDC) definition of “fully vaccinated.” According to the CDC, people are considered fully vaccinated:

    ·       Two weeks after their second dose in a two-dose series, such as the Pfizer or Moderna vaccines, or

    ·       Two weeks after a single-dose vaccine, such as Johnson & Johnson’s Janssen vaccine

    ·       If the individual does not meet these requirements, regardless of age, they are NOT fully vaccinated.

     

    The vaccine requirement also applies to RIMS staff, vendors, sponsors, media, and other ancillary partners who plan to attend or provide a service at a RIMS event. While the Society will make no exceptions for religious or health exemptions, it will work with those impacted to develop an alternative virtual event experience. The Society is currently exploring third-party vendors that specialize in conducting health screenings, as well as validating the authenticity of vaccine documentation.

     

    “RIMS events are world-renowned and have set the highest standard for delivering the best in risk management knowledge, solutions and opportunities,” said RIMS President Ellen Dunkin.  “Under these current conditions and after a thorough review of event industry trends, our Board felt it was necessary to adopt these vaccination requirements. At the end of the day, it’s about the safety of our attendees and, as risk professionals, we believe this decision is the best option for RIMS to, once again, bring the world’s risk management community together.”

     

    RIMS Board of Directors and staff will continue to monitor the COVID-19 global pandemic and its impact on both domestic and international populations. Its leadership reserves the right to amend this vaccination policy accordingly. For questions about RIMS vaccination policy and/or eligibility to attend a RIMS event, email CST@RIMS.org. To learn about upcoming RIMS events, visit www.RIMS.org/events/upcoming-events.

  • RIMS President's Corner: On-The-Go

    Every once in a while we get a glimpse of normal.  Yes, there are and will continue to be bumps in the road as we recover, but risk management professionals must prepare their organizations for the world post-pandemic.  That return is going to require us and our colleagues to get out “on-the-go,” to resume our site visits, meet with partners, network at events and, dare I say, travel.

    We got a taste of that at RIMS Florida Educational Conference, the Society’s first major in-person event since 2020.  In late-July, 600 risk management professionals joined us for a five-day risk management extravaganza.  I can’t commend the RIMS chapter volunteers enough for developing a sensational program and giving us the opportunity to, once again, network in-person in a safe and welcoming environment.  In all my years as a RIMS volunteer, this was my first time at the conference and they’ve definitely gained a repeat attendee in me.

    At the Florida Educational, I had the privilege to announce this year’s Spencer Educational Foundationhonorees. EPIC Insurance Brokers and Consultants’ Peter Garvey is being honored for his exceptional career giving back and supporting the next generation of risk professionals. And, the second honoree is RIMS CEO Mary Roth.  Mary and I have known each other a long time and I can’t think of anyone more deserving.  The honors are a part of Spencer’s “Funding Their Future” campaign, a virtual fundraising initiative being held in lieu of their annual gala.  If you’d like to make a donation in Mary or Peter’s name you can.  Spencer continues to do remarkable work building a pipeline of talent and, I encourage you to support this crucially important cause.    

    At the end of this month, RIMS Board Director Penni Chambers will attend the RIMS Western Regional Conference in Park City, Utah. And, planning is well-underway for RIMS in-person ERM Conference in November in New York City.  Mary Roth and I are disappointed international travel is still not an option, but we are ready to take part virtually in RIMS Australasia Conference scheduled for September 6 - 9.

    Becoming more digital was always a part of RIMS long-term strategy.  The pandemic only accelerated that. Now, as risk professionals start to venture out from behind their desks again, the Society announced its latest resource to keep members engaged and informed while “on-the-go”:  RIMS Mobile App. From anywhere in the world, the App gives members access to: RIMS Risk Management Magazine; RIMS Risk Management Monitor blog articles; RIMScast; Risk Knowledge’s reports and research; Opis; as well, as updates about events, resources and Society news. Once you’re done reading this, take out your phones and download the App from the App Store or Google Play Store.

    On the Mobile App and in RIMS Risk Knowledge Library, you can find our newly released executive report, “Rethinking the Impact of Disruption on Enterprise Risk Management Tools and Processes.” The ability to detect and recognize sources and impacts of risk and disruption is always a top concern. This report covers the basics of emerging risks and business disruption, the drivers of disruption, and what role the Strategic and Enterprise Risk Management practitioner can have in better preparing and managing corporate disruption. Check out this new report and others in the online library.

    Finally, if there is one thing that sets RIMS apart from all others, it’s RIMS Annual Conference & Exhibition.  RIMS is revving up for its grand return to in-person meetings in San Francisco from April 10 -13, 2022. This month, teams from the biggest brokerage firms, insurance companies, risk management solution providers and other world-class partners will join RIMS for our Insite Tour.  This opportunity gives exhibitors and sponsors the opportunity to explore the City of San Francisco, the exhibit hall, hotels and other event spaces to build the ultimate conference experience for our attendees. The call for RIMS 2022 session submissions is open and we have already received some outstanding responses that will surely be part of the conference program.    

    The prospect of getting out, back into the world and “on-the-go” is exciting.  And, for me personally, travelling has always been the perfect opportunity to catch-up on the latest trends and strategies that I have applied throughout my career. We can all agree that those moments for professional development are sometimes hard to come by but, at RIMS, we are determined to present new ways for you to take advantage of those moments, to strengthen your skills and excel professionally.  Thank you for allowing us to share them with you.

    Sincerely,

    Ellen Dunkin

    RIMS 2021 President

  • Connect with RIMS on the new mobile app

    We are thrilled to announce our latest project—the RIMS mobile app. Now you can stay up-to-date on all things RIMS—from anywhere.

    Download the app to:

    • Enjoy articles from Risk Management
    • View upcoming events and workshops
    • Listen to RIMScast, the risk management podcast
    • Browse Risk Knowledge and read white papers
    • Read the latest RIMS news
    • Connect with RIMS members via Opis

     

    Designed specifically for members, RIMS mobile app provides you with a new way to connect and engage with each other and with RIMS.

     

    The RIMS mobile app is for members only and is available in the App Store and Google Play Store. Log in with your existing RIMS username and password.

    Get the app:

    Google Play https://play.google.com/store/apps/details?id=com.clowder.rims

    App store https://apps.apple.com/us/app/rims-risk-management-society/id1564909969

  • RIMS REPORT: RETHINKING THE IMPACT OF DISRUPTION ON ENTERPRISE RISK MANAGEMENT TOOLS AND PROCESSES

    The ability to detect and recognize sources and impacts of risk and disruption, whether due to technological innovation, shifts in societal values, or unintended consequences of pandemic disease control, may determine the commercial survival of an organization, according to the newly published RIMS Executive Report “Rethinking the Impact of Disruption on Enterprise Risk Management Tools and Processes.”

     

    The report covers the basics of emerging risks and business disruption, the drivers of disruption, and what role the Strategic and Enterprise Risk Management practitioner can have in better preparing and managing corporate disruption.

     

    “Given the tremendous amount of disruption, change, and ever-increasing new risks, it only makes sense for ERM leaders to rethink their role and skill set,” the report states. “Once the company is responding and creating their own future and wave of disruption, the risk leader can be a valuable partner in helping them identify and manage the risks associated with the plans, goals and initiatives, thereby improving resource allocation and increasing the chances of success.”

     

    The report is authored by:

    Dr. Paul Walker, James J. Schiro/Zurich Chair in Enterprise Risk Management, St. John’s University Peter J. Tobin College of Business; and

    Ward Ching, Adjunct Professor of Risk Management, University of Southern California Marshall Business School/Leventhal School of Accounting, and Managing Director at Aon.

     

    The “Rethinking the Impact of disruption on Enterprise Risk Management Tools and Processes” report 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 11 and 12 in New York, the Society with host RIMS ERM Conference: ERM in an ESG World.  The hybrid conference will bring together ERM leaders from around the world to share their experiences implementing and elevating their programs. In addition to ERM’s impact on ESG management, the sessions will cover a range of ERM topics, best practices, opportunities and explore Board expectations. To register or view the full agenda for the RIMS ERM Conference, visit www.RIMS.org/ERM2021. For information about sponsorships, contact RIMS Exhibitions and Sponsorship Sales Manager Matt Whyte at mwhyte@RIMS.org.

  • RIMS President's Corner: Review and Renew

    Signs of economic recovery continue to pop up everywhere. Businesses are welcoming their remote workforces back to the office, consumers are once again visiting retail locations, restaurants and other entertainment destinations, and the travel industry is experiencing a resurgence.  Another sign of a return to normal has been the insurance market. While many risk professionals are still seeing substantial increases in their recent renewals, the hard insurance market is showing signs of stability.  

    As we turn a corner and the global risk management community plans for life post-COVID, we – both our members and RIMS – must review and renew strategies to ensure they meet new expectations.

    As the leading risk management association in the world, we are expected to advocate for our members and this profession.  One of the biggest areas of concerns impacting our members is the development of a business interruption solution to prevent future economic catastrophes. To that end and among several other initiatives, the Society joined the Business Continuity Coalition to help build a more stable insurance market that will support organizations as they navigate future pandemics.

    Additionally, in response to a report issued by the Insurance Bureau of Canada National Commercial Insurance Task Force, the RIMS Canada Council voiced its approval for recommendations for more risk management education for consumers, as well as for organizations to strengthen their risk management strategies. More information and opportunities for you to get involved with RIMS advocacy efforts can be found in the RIMS Advocacy Center.

    The pandemic also highlighted the importance of professional development so that, if ever challenged like this again, we are even more prepared. The RIMS-CRMP certification is one of those exceptional professional development tools that focuses on strategic risk management practices that empower business success. RIMS continues to have tremendous success partnering with higher-education institutions, allowing us to share the certification’s advantages with a broader audience. Most recently, the Society has entered into agreements with St. John’s University, UCLA Extension, the University of Hartford, and George Mason University. The courses being offered at each university align with the RIMS-CRMP certification exam but also explore risk management trends and best practices.

    Although it might seem like a far ways away, planning for RIMS in-person ERM Conference in November has kicked into high-gear. “ESG in an ERM World” is the theme and the Society is now accepting session submissions to build the conference’s agenda. Also, in the coming weeks, we will send out the call for nominations for the 2021 Global ERM Award of Distinction. If you’d like to share your ERM stories, strategies and achievements, please visit the ERM Conference’s newly launched event page. I hope to see you in New York later this year.

    In addition to the challenges of a global pandemic, addressing social issues and driving actionable DE&I strategies for our organizations must also be a priority. RIMS and Marsh took this opportunity to have candid conversations and survey risk professionals, C-suite executives, and DE&I experts on the topic and are proud to share this year’s RIMS Marsh Excellence in Risk Management 2021 Report. The report takes an in-depth look at how organizations are looking at DE&I, undertaking related initiatives, and measuring their impacts. While there is still much work to be done in this space, RIMS is proud to partner with Marsh to continue to bring these important DE&I conversations to forefront.

    How businesses, consumer habits and our communities will evolve and adapt to recent adversities is becoming just a little bit clearer.  RIMS Board and Staff are set to meet this month to review the Society’s immediate strategy, explore the initiatives that are critical to RIMS success and set a plan to successfully deliver them. These meetings are always exciting and lead to program enhancements and new resources that have a direct impact on the work you do.   

    As RIMS continues to produce and deliver for the world’s risk management community, I want to take this opportunity to thank our chapter leaders, volunteers, presenters, article contributors, RIMScast guests and partners. Your commitment to sharing with RIMS not only supports risk professionals as they take action to review and renew their programs, it also allows them to shine and further demonstrate how indispensable we really are. 

    Sincerely,

    Ellen Dunkin
    RIMS 2021 President

  • RIMS JOINS BUSINESS CONTINUITY COALITION TO DEVELOP AN INSURANCE SOLUTION FOR PANDEMICS

    Recognizing the devastating economic impact caused by COVID-19, RIMS, the risk management society® joined the Business Continuity Coalition to build a more stable insurance market that will support organizations as they navigate future pandemics.

     

    The Business Continuity Coalition represents a broad range of business insurance policyholders – large and small – from across the country. It works constructively with policymakers and other U.S. stakeholders to develop an insurance program that ensures business continuity from future economic losses from pandemics and other emergencies necessitating widespread closures of the economy.

     

    “The COVID-19 global health pandemic has taught business leaders many valuable lessons, most importantly, the need for insurance solutions to protect assets, employees and keep their enterprises up-and-running amidst a health crisis,” said RIMS CEO Mary Roth. “It is encouraging to see so many organizations – even those outside of the risk management and insurance space – recognize the value of risk management. We are excited to be a part of the Business Continuity Coalition, look forward to collaborating with others and are ready to share RIMS network’s vast experience to help advance this effort.”

     

    Last year, RIMS announced its support for H.R. 7011 the Pandemic Risk Insurance Act of 2020 (PRIA) that was introduced by Congresswoman Carolyn Maloney (D-NY).  Prior to that, the Society issued a letter in April 2020 to Congress and the Trump Administration supporting PRIA, highlighting the legislation’s propensity to provide greater access to capital from lenders, establish a viable insurance market with sufficient, affordable capacity and create certainty for businesses and organizations of all sizes across the United States.

     

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

     

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

  • RIMS MICHAEL PETERS INDUCTED INTO EC-COUNCIL’S CERTIFIED ETHICAL HACKER HALL OF FAME

    Michael Peters, CCISO, CEH, CHFI, ENSA, CCFE, PCFE, DSMO, EDRP, RIMS Vice President Information Technology, was part of select group of cyber security experts inducted into the International Council of E-Commerce Consultants’ (EC-Council) 2021 Certified Ethical Hacker (CEH) Hall of Fame.

     

    The EC-Council is the world’s largest cyber security technical certification body, operating in 145 countries globally. The Council has trained and certified over 200,000 information security professionals worldwide and is the owner and developer of the respected CEH, Computer Hacking Forensics Investigator (C|HFI), Certified Security Analyst (ECSA), License Penetration Testing (Practical) programs, among others.

     

    Michael was recognized for his exceptional professional achievements, applying his education and experience to strengthen RIMS technology security measures, infrastructure, as well as his success helping the Society thwart several cyberattacks. To be eligible for the CEH Hall of Fame, Michael scored in the top of his class, above 90% on the certification exam.

     

    “As the world becomes increasingly more reliant on technology, it could not be more important for an organization to have highly-skilled and qualified cyber experts on staff to help guide the businesses’ digital transformation,” said RIMS CEO Mary Roth. “Michael has been a critical player in RIMS digital security and infrastructure strategy, from guiding the execution of a new website, designing and protecting event and association management platforms, to ensuring that RIMS had the technology and the cyber security protocols in place to shift to a fully remote workforce. Michael is an exceptional cyber risk professional and truly deserving of this Hall of Fame honor.” 

     

    Michael is an accomplished senior IT management executive with 20+ years of verifiable success in designing, developing and deploying high-performance, cost-efficient, flexible and fully scalable technology solutions to meet diverse and complex business challenges. He has served as the lead for RIMS Information Technology Department since 2009 and has held senior IT positions at Alvarez & Marsal, J.Crew, Aetna, Lawrence Erlbaum Associates and AXA Financial.

     

    The CEH Hall of Fame Committee carefully reviews the applications based on their accomplishments, contribution to society, their career transformation story, and their role in the organization where they are employed.

  • RIMS FORGES PARTNERSHIPS WITH LEADING UNIVERSITIES TO STRENGTHEN THE RISK MANAGEMENT PROFESSION

    RIMS, the risk management society®, continues to identify higher-education partners to help deliver cutting-edge risk management education for graduate-level students and business executives around the world. Most recently, the Society has entered into agreements with St. John’s University, UCLA Extension, the University of Hartford, and George Mason University, building learning experiences that focus on the risk management trends, best practices, skills and competencies that comprise the RIMS-CRMP certification.

     

    “Higher-education institutions are invaluable partners to RIMS, helping the Society deliver impactful risk insights globally,” said RIMS CEO Mary Roth. “These partnerships present incredible opportunities for professionals to earn the RIMS-CRMP certification, to advance in their careers and support their organizations’ growth and innovation initiatives.”

     

    1. JOHN’S UNIVERSITY

    RIMS and St. John’s University (SJU) have entered into their first agreement to elevate the risk management profession. RIMS and SJU will offer a joint RIMS-CRMP prep course, focusing on the certification’s five risk management domains and best practices for successful RIMS-CRMP exam test-taking. The first course is scheduled for June 29 – 30 with more planned for the future.

     

    To learn more about RIMS endeavors with SJU, click here.

     

    UNIVERSITY OF CALIFORNIA LOS ANGELES

    RIMS is collaborating with UCLA Extension, one of the nation’s oldest, largest and most comprehensive continuing and professional studies programs. The UCLA Extension program now offers a newly developed continuing education risk management program that aligns with the RIMS-CRMP. The Society and UCLA Extension have created a pathway to the RIMS-CRMP certification. Program content and curriculum highlights will be featured during a live webinar on August 18, 2021 from 10 a.m. – 12:30 p.m. PT.

     

    To join the August 18th webinar, click here.

     

    UNIVERSITY OF HARTFORD

    RIMS and the University of Hartford (UHart) Barney School of Business have agreed to deepen an existing relationship to continue to deliver educational opportunities to the University’s network.  In July 2021, RIMS and UHart will present a course centered on the ORSA (Own Risk Solvency Act—regulations that impact insurance companies’ risk reporting practices). In October 2021, a second joint program will focus on opportunities for risk professionals to positively impact ORSA initiatives with enterprise risk management. In addition to these programs, the two entities will continue to collaborate and offer prep courses for the RIMS-CRMP certification.

     

    To learn more about RIMS endeavors with UHart, click here.

     

    GEORGE MASON UNIVERSITY

    Supporting a call for stronger risk management practices in the Federal Government, RIMS and George Mason University’s Continuing and Professional Education 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 workshops aim to support Federal Risk Professionals who are interested in earning the RIMS-CRMP-FED (RIMS-Certified Risk Management Professional Federal Government credential), a micro-credential of the RIMS-CRMP.

     

    To learn more about RIMS endeavors with George Mason University, click here.

     

    ABOUT THE RIMS-CRMP CERTIFICATION

    The RIMS-CRMP is the only accredited risk management certification in the world. The certification has received official accreditation by the American National Standards Institute (ANSI) under ISO/IEC 17024:2012. This signifies that ANSI 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 tests individuals on their knowledge and abilities to:

    1. Analyze the Business Model
    2. Design Organizational Risk Strategies
    3. Implement the Risk Process
    4. Develop Organizational Risk Competency
    5. Support Decision-Making

     

    To earn the RIMS-CRMP certification, applicants must possess significant professional risk management experience and education.  Continuing education is required for recertification.  To learn more about the RIMS-CRMP certification, visit www.RIMS.org/certification.

  • RIMS JOINS BUSINESS CONTINUITY COALITION TO DEVELOP AN INSURANCE SOLUTION FOR PANDEMICS

    Recognizing the devastating economic impact caused by COVID-19, RIMS, the risk management society®  joined the Business Continuity Coalition to build a more stable insurance market that will support organizations as they navigate future pandemics.

     

    The Business Continuity Coalition represents a broad range of business insurance policyholders – large and small – from across the country. It works constructively with policymakers and other U.S. stakeholders to develop an insurance program that ensures business continuity from future economic losses from pandemics and other emergencies necessitating widespread closures of the economy.

     

    “The COVID-19 global health pandemic has taught business leaders many valuable lessons, most importantly, the need for insurance solutions to protect assets, employees and keep their enterprises up-and-running amidst a health crisis,” said RIMS CEO Mary Roth. “It is encouraging to see so many organizations – even those outside of the risk management and insurance space – recognize the value of risk management. We are excited to be a part of the Business Continuity Coalition, look forward to collaborating with others and are ready to share RIMS network’s vast experience to help advance this effort.”

     

    Last year, RIMS announced its support for H.R. 7011 the Pandemic Risk Insurance Act of 2020 (PRIA) that was introduced by Congresswoman Carolyn Maloney (D-NY).  Prior to that, the Society issued a letter in April 2020 to Congress and the Trump Administration supporting PRIA, highlighting the legislation’s propensity to provide greater access to capital from lenders, establish a viable insurance market with sufficient, affordable capacity and create certainty for businesses and organizations of all sizes across the United States.

     

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

     

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

  • RIMS 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.