2012 Annual Report

Just as organizations began to settle down and rebuild after several years of catastrophic and unprecedented events, the Northeastern region of the U.S. suffered yet another devastating blow from the effects of Super Storm Sandy late in 2012.

The ensuing effects from these tragedies in terms of market and supply chain disruptions, reputation destruction, lawsuits and human capital loss has taught corporate boards around the world that integrating a strong risk function into an organization’s strategic planning is no longer a “nice idea,” it is a necessity. And, perhaps more importantly, organizations are now seeing that while risk management is instrumental in protecting corporate assets, it can quickly become an essential business capability that creates tangible value for the organization.

The key for risk professionals is their ability to create, demonstrate and communicate the value of risk management and RIMS continues to focus on providing our membership with the tools to do just that.

In 2012, RIMS released seven Executive Reports that touched on key competencies used by an array of risk professionals – whether they focused on traditional insurance, enterprise risk management, internal audit and even for those who are just getting started in the industry.

And, toward the end of the year, RIMS proudly released its Strategic Risk Management Implementation Guide.  This 68-page book was a product of the hard work of RIMS Strategic Risk Management Development Council. With great detail, the guide successfully illustrates the implementation of a strategic risk management framework while also giving readers an inside look at how some of the world’s leading organizations have adopted a balanced risk-taking approach.

RIMS professional development workshops and webinars are another resource designed to help risk professionals advance their programs.  With over 50 workshops and webinars that spanned the globe, RIMS continues to deliver relevant and accessible risk management content.   Programs and services like these all combine to help risk professionals create and demonstrate the value of risk management in their organizations.

Being a resource for risk practitioners to excel and demonstrate the intrinsic value of risk management is one of RIMS’ priorities.  Another was ensuring that the future of the profession is bright, that we provide the next generation of risk professionals with the means to succeed.

In 2012, RIMS established its Young Risk Practitioners Group, a group comprising RIMS members between the ages of 21 and 35 who are dedicated to pursuing risk management careers.  Additionally, the Society focused on the success of risk management and insurance students by establishing a collaborative recruiting effort with Gamma Iota Sigma – the university fraternity for risk management, insurance and actuarial studies.  The partnership ensures that this critical demographic is afforded the educational resources and networking opportunities they need to enter the industry and succeed in their career.

Creating value, thinking globally and developing the future of the risk management profession are core pillars of this Society that we will continue to build upon and strengthen for years to come.  We look forward to that challenge and will be prepared to guide our membership through the future of risk.

Read the 2012 Annual Report for more on the latest from RIMS.

John R. Phelps
RIMS 2013 President
Mary Roth
RIMS Executive Director