Insights for Contract Drafters: New Report from IRMI Available in RIMS Resource Library

12/9/2010

Risk Management in the Front Line: New Content from RIMS’ ERM Center of Excellence

12/6/2010

New Foundation Study Points Public Affairs Professionals toward Enterprise Risk Management

12/2/2010

The report is designed to help public affairs practitioners earn a "seat at the table" in critical discussions regarding their respective organizations’ political, operational, economic or governmental risks across the entire company.   

Written by Tom Price, "Managing Risk" uses examples from companies including Union Pacific, Chevron and Deere & Company to demonstrate how public affairs practitioners increasingly participate in their companies' efforts to manage risk at the enterprise level. Director of RIMS' Strategic and Enterprise Risk Practice, Carol Fox, contributed to the report.  

RIMS CourseCast to Focus on Casualty Claim Handling Techniques

11/15/2010

The Evolving Impact of Self-Insured Retentions and Deductibles – Exclusive Online Content from RM Magazine

10/21/2010

Pace of Premium Decreases Slows, but Soft Market Presses on, According to RIMS Benchmark Survey™

10/20/2010

“Premiums didn’t fall much this past quarter, at least not in a couple of key lines, but the soft market is far from over,” says Dave Bradford, Advisen’s Executive Vice President and editor-in-chief of the Survey. “If insurers avoid large losses this hurricane season, which seems likely at this point, competition may pick up across all lines. There is still too much capacity chasing too little premium.”

Average premiums for general liability and works compensation both fell less than 1 percent. The average property premium declined about 3 percent and the average D&O premium dropped 4 percent.

Advisen researchers and other analysts forecast protracted commercial lines soft market conditions due in part to the lingering effects of the global recession. Companies that downsized or went out of business have reduced the amount of insurance premium in the market, encouraging insurance companies to vigorously compete for their share of a shrinking pie. Economists have declared the recession over, but recovery has been slow and written premium remains depressed in many lines.

“Rates in some lines are back to where they were at the depths of the last soft market,” says Robert Cartwright, loss prevention manager for Bridgestone Americas Holding, Inc. and a member of the RIMS board of directors. “That might suggest that the market is poised for a turn, but competition is still intense. Barring a large catastrophe loss, insurance buyers should continue to enjoy favorable pricing for the foreseeable future.”

About The RIMS Benchmark Survey^TM
RIMS Benchmark Survey™ is produced by Advisen, Ltd., which collects and analyzes the data and provides the technology infrastructure for the survey’s online services. Risk managers and buyers of insurance either contribute directly to RIMS Benchmark Survey™ or by using our “data participation letter” to authorize their broker to provide the client’s program details. The letter is available at www.RIMS.org/brokerform or by calling 800-655-6590. Risk management professionals can also contribute by e-mailing current and prior year policy schedules to Benchmark@RIMS.org or by faxing to 212-655-7453.

Risk managers who contribute data to the survey can benchmark the structure of their commercial insurance programs, retained loss costs, exposure demographics and Total Cost of Risk (TCOR) against a highly relevant group of peer companies. Additionally, survey respondents can use software personalized and configured for their needs to view detailed schedules of insurance, programs for current and past years and full-color program tower charts. Both benchmark charts and program charts can be downloaded into any presentation for senior management. The results of the RIMS Benchmark Survey™ are available online or in an annually-published book. Visit www.RIMS.org/benchmark for details.

RIMS and Ernst & Young Explore Text Analytics in Latest Installment of Risk Insights

10/11/2010

In today’s climate, risk managers are being challenged to not only measure and mitigate risk, but to help identify and reduce it. Word Insurance: Integrating text analytics into your risk assessments illustrates how, though stakeholders have used risk functions to keep their companies out of trouble, with text analytics, risk managers can add greater efficiency to that effort and seek to exceed stakeholders’ expectations by making their business better.

The paper offers practical steps for achieving this, including: 

• Define the high risk areas within the company
• Define the nature of documents you want to review and determine if an electronic solution may be quicker than a manual one.
• Develop a sampling approach if needed
• Talk to outside professionals who are familiar with text analytics, especially in using text analytics within risk assessments and discuss the potential to use within your company. 

Word Insurance: Integrating text analytics into your risk assessments was authored by Daniel Torpey, partner, Ernst & Young and Vincent Walden, senior manager, Ernst & Young.

This issue of Risk Insights is available to RIMS members free of charge here. Launched in 2008, this white paper series focuses on a different topic each quarter. Ernst & Young is pleased to announce they will continue authoring this series through 2011.

Note: Members of the media who would like to obtain a copy of the paper may contact Amy Benson at abenson@RIMS.org or (212) 655-6059.

RIMS Board Member to Address ERM at APICS 2010

10/5/2010

On October 20, Cartwright’s session, Exploring ERM: Best practices for implementing business-wide risk management, will examine both theory and practical, hands-on approaches to ERM implementation in order to help attendees protect and create value for key stakeholders. Cartwright will discuss how ERM strengthens the entire organization, the five steps to effective risk management and the role of a risk champion in bringing about positive results.

Register for APICS 2010 to hear from Cartwright, as well as learn from the top thinkers in the supply chain and operations management space.

RIMS Ontario Chapter Awards Highest Risk Management Honor in Canada

9/27/2010

Recipient of prestigious Donald M. Stuart Award announced at 2010 RIMS Canada Conference in Edmonton, Alberta

New York, NY (September 27, 2010) — The Risk and Insurance Management Society, Inc. (RIMS) Ontario Chapter today presented the Donald M. Stuart Award to Tina Gardiner, CRM, CIP, manager of insurance and risk at The Regional Municipality of York. Presented at the 2010 RIMS Canada Conference in Edmonton, Alberta, the award is widely recognized as Canada’s highest honor within the risk management field. The Donald M. Stuart Award has been bestowed annually since 1979 to acknowledge those Canadians who have made outstanding contributions in the field of risk management.   

“Tina is unmistakably deserving of this great honor and it is our great pleasure to be able to bestow it upon an individual who has been a source of such value for our industry throughout her career,” says April Savchuk, president of RIMS Ontario Chapter. “Her commitment to her craft and her fellow risk managers is remarkable and we are grateful for the contributions she has brought to our community.”     

In her position with The Regional Municipality of York, Tina Gardiner oversees all insurance and risk related issues in a region with a population of over one million people in nine municipalities with many separate business units including Transit, Roads, Environmental Services, Public Health, EMS, Police, Community Services and Housing. Prior to this position, Gardiner worked as a risk manager for Thrifty Canada LTD and later Hertz Canada Limited. She was instrumental in creating the inter-company working group known as the Car Rental Anti-Fraud Coalition, an industry specific anti-fraud coalition that worked to combat insurance claim fraud.

Since joining York Region, Gardiner has streamlined the claims and certificate processes and redeveloped interdepartmental relationships and protocols. She and her team have implemented and led York’s Risk Aware program that focuses on staff training, claims and risk management feedback to all major departments. She also provides insurance and risk advice and guidance for capital projects.  

“In accepting this award, I am reminded of and deeply humbled by its namesake who embodied the values of the risk management community,” says Tina Gardiner, CRM, CIP, manager, insurance and risk, The Regional Municipality of York. “It is individuals like Don Stuart, and the members of the terrific team I am so fortunate to lead, that make our industry great. They mentor one another, they give back to their community and they do stellar work. I look forward to many more years working alongside such an impressive and altruistic group of people.”

Also presented during the conference was the Fred H. Bossons Award, which each year honors the risk management professional who earns the highest marks on the three courses required to receive the Canadian Risk Management designation. This year the winner is Walter J. Scodeller, senior vice president of Marsh Canada.

For more information about the honorees please contact Amy Benson at (212) 655-6059 or abenson@rims.org.

RIMS Broadens Focus with Formation of Strategic and Enterprise Risk Practice

9/21/2010

“Our focus at RIMS is consistently on monitoring the evolution of the discipline, and this is a case in which the changing role of risk management clearly demanded preemptive action on our part,” says Mary Roth, ARM, executive director of RIMS. “As risk management becomes more involved in the overall strategy discussion within organizations, new education and management tools will be an imperative. This department will ensure that the appropriate tools and resources are available. We are committed to being at the forefront of the changing risk management landscape.”

“I have been extraordinarily fortunate to lead RIMS at a time of great innovation within both our industry and the Society,” says Terry Fleming, president of RIMS. “This major expansion of our programming comes at a time when we are celebrating the 60^th anniversary of RIMS and when we are seeing risk managers have greater influence over total organization strategy than at any time in the past. It’s an exciting time to be part of this discipline.”

The historical focus of RIMS has been to support the advancement of risk management by supporting the needs of its members through education and research designed to help them enhance their professional standard of practice. Recent pressures from regulators, market oversight institutions, and investors have caused risk practitioners to become increasingly concerned about developing the ability to demonstrate that their decisions explicitly consider risk. RIMS found its members calling for a broader scope, which led to the decision to create programming that helps them to integrate Enterprise Risk Management (ERM), as a strategic and operational business capability, into their organizations.

Carol Fox will join the RIMS staff as the Director of Strategic and Enterprise Risk Practice. Ms. Fox was previously the senior director of risk management for Convergys Corporation, a $2.8 billion, publicly traded company headquartered in Cincinnati. There, she created, directed and executed advanced risk management, crisis management and business continuity systems that are recognized as leading practices by clients and industry leaders. Prior to her position with Convergys, Fox was director of risk management for Cincinnati Bell, a U.S. local exchange and wireless provider, where she assessed business risks and advised executives on mergers and acquisitions, corporate insurance, and contractual risks.

Fox has served RIMS as a member of its board of directors, as vice president of Professional Development and as vice president of Governance and Secretary. She has held a number of other leadership positions within the organization, including chair of the membership, governance, enterprise risk management development and standards and practices committees. She has also served as a board member on the nonprofit Spencer Educational Foundation and currently serves as a member of Spencer Educational Foundation’s Education Committee. In 2009, Fox was presented with RIMS most prestigious recognition, the Harry & Dorothy Goodell Award, for her outstanding achievements in advancing the risk management discipline.

RIMS Board Member Receives Risk Innovation Award

9/21/2010

  Risk and Insurance Management Society Board Member Receives Risk & Insurance^® Risk Innovator^™ Award

Miami-resident makes national list honoring innovation and excellence in risk management

NEW YORK (September 21, 2010) — The Risk and Insurance Management Society, Inc. (RIMS) is delighted to announce that its own Scott Clark, AAI, member of RIMS board of directors and risk and benefits officer of Miami-Dade County Public Schools, has received a Risk & Insurance^® Risk Innovator^™ Award for demonstrated innovation and excellence in risk management in the public sector. Awardees are chosen for this award based on having resolved risk-related problems in a unique or innovative way, and are regarded as viewing risk not only as a threat, but also as an opportunity for their organizations.

Mr. Clark received his Bachelor of Science in business administration from the University of Illinois, College of Commerce. He obtained his Accredited Advisor of Insurance (AAI) designation from the Insurance Institute of America and his Certified Educational Risk Manager accreditation from the State of Florida. In 2007, Mr. Clark was named as a member of the Business Insurance Magazine's Risk Manager of the Year Honor Roll.

Mr. Clark served as the state officer of the Florida Educational Risk Managers Association (FERMA) from 1989 -1991, and president from 1991-1992. He received the Lifetime Achievement Award in 2003. He currently serves RIMS as secretary and has served on RIMS board since 2000 in various capacities, including treasurer.He is a the founder of RIMS Greater Miami Chapter where he served as president from 1992—1993 and 2003-2004, is a past member of RIMS South Florida Chapter (1987-1992) and has was the chair of the Florida Joint Chapters Conference in 1997 and 2004, serving in that capacity again in 2010.

Other RIMS members who received the award include: 

• Mark Manion, Insurance Manager BAE Systems, Winthrop, MA (aviation)
• Melanie Stanisic, Senior Claims Manager, HD Supply Inc., Orlando, FL (construction)
• Tom Warischeck, Risk Manager, Kimmins Inc., Tampa, FL (construction)
• Scott Solberg, Manager, Insurance & Loss Control, ConAgra Foods Inc., Omaha, NE (manufacturing)
• Claudia Temple, Assistant Treasurer, Kraft Foods Global, Northfield, IL (manufacturing)
• David Smith, Divisional Vice President, Risk Management, Family Dollar, Matthews, NC (retail/wholesale)
• Sheila Small, Assistant Treasurer of Risk Management, Verizon Communications Inc., New York, NY (technology)
• Karin Landry, Managing Partner, Spring Consulting Group LLC, Boston, MA (utilities)
  
  

RIMS President to Deliver Keynote Address at RMIA 2010

9/21/2010

RIMS president, Terry Fleming, will deliver a keynote address at the 7th annual Risk Management Institute of Australasia (RMIA) Conference in Sydney in November.

Each November, the RMIA Annual Conference and Exhibition is the focal gathering point of risk management professionals in the Asia-Pacific region, attracting delegates from all corners of the globe. Through this international forum for risk management education and learning, risk professionals are given the opportunity to exchange ideas and network among world leading specialists.

Terry will discuss enterprise risk management from a global perspective during his presentation, Achieving Global Leadership in Enterprise Risk Management (ERM) Excellence: A RIMS Perspective.

RIMS to Co-Host CLM National Women’s Forum

9/8/2010

“Women comprise a crucial and ever-growing segment of the insurance, risk management and legal professions and RIMS is thrilled to be able to take an active role in furthering that progress,” says Mary Roth, executive director of RIMS. “The theme of this year’s event, ‘Seizing the Moment,’ is a critical message for today’s female professionals who have an opportunity to benefit from a very accessible business climate.”  

Featured speakers include RIMS board member Julie Pemberton, who serves as Chiquita Brands International’s manager of enterprise risk management, as well as: 

·         Kate Bertini, Assistant General Counsel, United Technologies Corporation

·         Irene Chiu, Chief Legal Officer, General Counsel, Systagenix Wound Management

·         Carol DiBattiste, SVP Privacy, Security, Compliance and Government Affairs, LexisNexis

·         Julie Fortune, Sr. Vice President and Chief Claims Officer, Arrowpoint Capital

·         Lois Fuchs, Vice President, Risk Management, Honeywell

·         Helen Gillcrist, Vice President, Liberty Mutual

·         Trish Henry, Executive Vice President & Deputy General Counsel, ACE Group

·         LoriAnn Lowery, President, Field Operations, Navigators Management Company

·         Deborah Masucci, Vice President, Chartis

·         Fran McCaffrey, Corporate Counsel, BMW of North America

·         Pamela Newman, President & CEO, The Newman Team, Aon

·         Robin Sangston, VP, Legal Affairs, Cox Communications

·         Dorien Smithson, Executive Vice President, Practice Leader, Willis

·         Jane Tutoki, Chief Claims Officer, Zurich North America

·         Paula Watson, Vice President and Senior Counsel, TD Bank

To RSVP for the event, you must first register for Fellowship with CLM.  Fellowship is free and can be completed quickly on CLM’s website. Fees for the event are $50 for Fellows (corporate counsel, litigation and risk managers, insurance and claims professionals, etc.) and $100 for members (defense attorneys).

Let the Buyer Beware on Broker Compensation

9/7/2010

Creative Value Through Risk – Exclusive Online Content from RM Magazine

8/25/2010

He says that one way to reach this understanding is through the development and implementation of a practical framework to systematically manage both value and risk so that one’s company can better take advantage of ways to increase value for its stakeholders. Check out the full piece for his six basic steps in this value and risk management process.

RIMS Offers All-New Website, Improves Navigation & Convenience of Content

8/24/2010

Based on extensive input from RIMS members, the redesigned site offers:

·improved navigational features, including a reorganization of pages and use of categorized mega menus

·enhanced homepage layout that delivers rich and accessible content

·modern, uncomplicated design.

“As the needs of our members evolved and RIMS offerings grew, it became clear that it was time for a comprehensive restructuring of our online presence,” says Mary Roth, ARM, executive director of RIMS. “The new www.RIMS.org is easier to use, reflects a diverse range of offerings and greatly improves the experience of RIMS members and non-members alike.”

Each year, www.RIMS.org attracts more than 450,000 unique visitors who explore continuing education opportunities, retrieve information about RIMS Annual Conference & Exhibition, visit the ERM Center of Excellence, take advantage of the many RIMS tools and publications and learn about legislative issues that affect their industry. The redesigned site, the development of which began in late 2009, streamlines the accessibility of this content.

July/August Issue of Risk Management Explores the Looming Hard Market

8/3/2010

Developing a Winning Organization – Exclusive Online Content from RM Magazine

7/23/2010

In this exclusive online article, Barfuss outlines the key attributes of successful organizations (strong leadership; individual accountability; effective risk management; and human resources reinforcement).

Check out the full article for tips on how to create a practical action plan to garner better control of your company.

Commercial Insurance Premiums Still Under Pressure, According to the RIMS Benchmark Survey™

7/22/2010

  An active hurricane season, however, could bring a swift end to the soft market.

New York (July 21, 2010) – Excess capacity in the commercial lines insurance marketplace continued to keep  premiums under pressure during the second quarter of 2010, according to the RIMS Benchmark Survey™, administered by Advisen Ltd. Risk managers reported decreases in average renewal premium of between 2.5 and 3.8 percent for property, general liability, directors & officers liability (D&O) and workers’ compensation insurance.

“The soft market is still going strong,” says David K. Bradford, Advisen executive vice president and editor-in-chief of the Survey. “Insurance capacity remains abundant in almost every line and, as a result of the recession, demand for that capacity has fallen. Unless something happens to wipe out the excess capacity, premiums should continue to drop this year.”

Workers’ compensation saw the largest decrease in average renewal premium during the quarter, falling 3.8 percent. The average property premium was 3.5 percent lower, while general liability dropped 2.5 percent. The average D&O premium, which had been buoyed by rate increases in the financial institution sector in 2008 and 2009, fell throughout the first half of 2010, sliding 3.5 percent in the second quarter.

Although prices continue to fall, predictions for a very active hurricane season may portend higher premiums.

“Risk managers continue to benefit from lower premiums, but a big storm could cause the market to turn at any time,” says Robert Cartwright, loss prevention manager for Bridgestone Americas Holding, Inc. and a member of the RIMS Board of Directors. “Forecasts for the 2010 hurricane season are ominous, and a Gulf Coast hurricane could be especially disastrous because of the oil spill. If catastrophe losses soak up enough capacity, prices could increase for all lines, not just property insurance.”

Scientists at Colorado State University’s Department of Atmospheric Science forecast 18 named storms in 2010, of which 10 will be hurricanes, and 5 of which will be major hurricanes (Category 3, 4 or 5). They predict the probability of a U.S. major hurricane landfall and Caribbean major hurricane activity to be well above the long-period average. A storm in the Gulf of Mexico could be particularly damaging because of the millions of gallons of oil in the Gulf from the Deepwater Horizon disaster.

About The RIMS Benchmark Survey^TM

RIMS Benchmark Survey™ is produced by Advisen, Ltd., which collects and analyzes the data and provides the technology infrastructure for the survey’s online services. Risk managers and buyers of insurance either contribute directly to RIMS Benchmark Survey™ or by using our “data participation letter” to authorize their broker to provide the client’s program details. The letter is available at www.RIMS.org/brokerform or by calling 800-655-6590. Risk management professionals can also contribute by e-mailing current and prior year policy schedules to Benchmark@RIMS.org or by faxing to 212-655-7453.

Risk managers who contribute data to the survey can benchmark the structure of their commercial insurance programs, retained loss costs, exposure demographics and Total Cost of Risk (TCOR) against a highly relevant group of peer companies. Additionally, survey respondents can use software personalized and configured for their needs to view detailed schedules of insurance, programs for current and past years and full-color program tower charts. Both benchmark charts and program charts can be downloaded into any presentation for senior management. The results of the RIMS Benchmark Survey™ are available online or in an annually-published book. Visit www.RIMS.org/benchmark for details.

RIMS Disappointed in Aon’s Decision to Resume Collecting Contingent Commissions

7/21/2010

“RIMS urges Aon to join other large brokers in agreeing not to accept contingent commissions,” says Scott Clark, RIMS secretary and director of RIMS External Affairs Committee and Risk and Benefits officer for Miami-Dade County School Board. “Ultimately, we would like to see the insurance industry as a whole adopt practices that place the broker in a position that best serves purchasers of insurance.”

RIMS has always maintained the position that contingent commissions should be universally banned and views Aon’s intentions as a step backwards with regard to the level of service it provides to its clients. RIMS will continue to call upon all brokers to refrain from accepting contingent commissions, as they pose an inherent conflict of interest and interfere with the relationship of trust between the broker and insurance consumer, regardless of the nature of the client or the intermediary. .

RIMS will continue to work closely with all parties on the issues of producer compensation and disclosure.    

RIMS Maintains Opposition of New Insurance Tax

7/14/2010

  RIMS maintains tax on foreign-based insurance companies will have

crippling effect on consumers

 NEW YORK (July 14, 2010) — The Risk and Insurance Management Society, Inc. (RIMS) today announced its continuing opposition to any effort to move forward legislation that would increase taxes on foreign-based insurance companies and, therefore, the cost of insurance to its members. 

H.R. 3424, which was introduced by Rep. Richard Neal (D-MA), will negatively impact members nationwide, but particularly those in regions threatened by natural disasters and terrorism events, as they depend largely on foreign-based reinsurers to protect them. The bill will be the subject of a hearing today in the House of Representatives Select Revenue Measures Subcommittee chaired by Rep. Neal.

“The global insurance market insures Americans against the economic costs of these natural disasters and terrorism events,” says Scott Clark, RIMS secretary and director of RIMS External Affairs Committee and risk and benefits officer for Miami-Dade County School Board. “RIMS membership ranges from small businesses to Fortune 100 companies to universities, hospitals and public sector entities, and they will all feel the repercussions of this legislation. With a national economic recession and an international financial crisis, we don’t need to raise taxes on international insurers, as Rep. Neal has proposed.”

A 2009 study by The Brattle Group, the results of which were reaffirmed by its more recent 2010 report, finds that consumer costs would go up anywhere from $10 to $13 billion per year to purchase the same amount of insurance. The study also indicates that reinsurance capacity in the U.S. would be reduced by 20 percent with the passage of this legislation, and that businesses across the country would have more difficulty obtaining insurance.

For more information on RIMS’ legislative initiatives, please visit the RIMS Legislative Action Center.

Avoiding the Pitfalls of Certificates of Insurance (Exclusive Web Content from RM Magazine)

7/13/2010

30th Anniversary Edition of RIMS Benchmark Survey™ Book Now Available

7/9/2010

RIMS Applauds Conclusion of Financial Reform Negotiations

6/28/2010

The provisions coming out of the joint conference committee include surplus lines legislation, and allow for the creation of a federal insurance office—satisfying two of RIMS’ long-term legislative priorities. The conference report also contains “risk committee” provisions that RIMS helped to shape, marking another legislative victory for RIMS.  

“For most of 2009, the House Financial Services Committee and Senate Banking Committee focused on an overall effort to modernize our federal financial regulatory structure, and we have taken the opportunity to further our agenda on Capitol Hill with regard to the commercial insurance industry,” says Scott Clark, board liaison to RIMS External Affairs Committee and risk and benefits officer for Miami-Dade County Public Schools. “The legislation we’ve seen come out of Congress this morning gives us much reason for optimism about how our efforts will shape the financial future of the country, and how they will positively impact individual risk managers.”

The surplus lines language sustained throughout the negotiations contains RIMS’ preferred definition of a “qualified risk manager,” which allows more sophisticated insurance buyers to directly access the surplus lines or nonadmitted insurance market.

Additionally, the provision that allows for the creation of a Federal Insurance Office (FIO) would allow the federal government to collect data and develop an overdue expertise on insurance matters. The FIO is designed to coordinate with the U.S. Trade Representative to jointly negotiate on international insurance matters, allowing the U.S. to further its influence abroad. RIMS also views the creation of the FIO as a necessary first step toward the creation of an optional federal charter for commercial property and casualty insurers. 

The language in the Senate version of the bill and, ultimately the underlying text of the conference, requires “risk committees” to be comprised of independent directors and at least one “risk management expert” to consider enterprise wide risk, a result of RIMS’ involvement in crafting the language. During Senate deliberations, these provisions were narrowed to apply only to publicly traded holding companies and thrift holding companies with assets over $10 billion. RIMS’ ultimate goal is to secure a more widespread application of the risk committee requirement and will work toward that end in the future.

For more information on RIMS’ agenda and/or to take part in the legislative process, please visit the RIMS Legislative Action Center.

Risk Management to Offer Exclusive Online Content

6/16/2010

In this spirit, Risk Management is pleased to announce the latest installment in this campaign: exclusive feature content available via RMmagazine.com that won’t be found in the print edition. The first article is now available, in which Caroline Spangenberg and Brian Epps of Kilpatrick Stockton's insurance recovery team offer practical tips to get the most out of your D&O coverage.

Check back often for exclusive online content from Risk Management.

June Issue of Risk Management Now Online

6/3/2010

RIMS and Ernst & Young Take on Captives in Risk Insights

5/24/2010

  White paper explores the risks and benefits of forming a captive

NEW YORK (May 24, 2010) — The Risk and Insurance Management Society (RIMS) and Ernst & Young announce the release of Thinking of Forming a Captive? Don’t Get Caught Short, the latest installment of Risk Insights, their ongoing series of white papers. The paper weighs the pros and cons of forming a captive and guides the risk professional through the evaluation process.

The use of captive insurers to insure the risks of a parent group has grown in popularity worldwide and, for some companies, is a major component of their risk management and financing strategy. With many factors in play, including a company’s size, risk appetite and risk exposures, to determine whether forming a captive is the right answer, risk managers should know how to conduct a captive feasibility analysis. Thinking of Forming a Captive? Don’t Get Caught Short leads the risk manager through preparing for, conducting and evaluating such an analysis.

The paper delves into: 

• how to determine where a captive could reasonably participate in the assumption of risk
• the process of managing the capital necessary for forming a captive
• steps for conducting an actuarial analysis
• how to perform a relevant tax analysis
• alternatives to captives, and much more. 

The paper was authored by James Bulkowski, an executive in the insurance and actuarial advisory services practice of Ernst & Young LLP’s Financial Services Office. 

This issue of Risk Insights is available to RIMS members free of charge here. Launched in 2008, this white paper series will continue through 2010. 

Note: Members of the media who would like to obtain a copy of the paper may contact Amy Benson at abenson@RIMS.org or (212) 655-6059.

Ocean Cargo: Risky Business, A New Webinar from RIMS

5/7/2010

• The challenges of national and multinational cargo programs;
• Ocean cargo solutions;
• Hull and marine liability coverages.  

In addition, panelists will explain how companies can take advantage of customized risk control programs designed to reduce exposures and minimize losses associated with cargo transport and storage.

Panel members include James Nawojchik, senior vice president, Zurich Marine; Patrick Hickey, vice president, global corporate cargo, Zurich Marine; Dan Purtell, senior vice president, supply chain solutions, BSI; and Erin M. Thomasson, senior vice president, risk management & insurance, Expeditors.

The webinar is FREE for RIMS members. All others may participate for a fee of $30.  For more information, please click here.

May Issue of Risk Management is Now Online

5/5/2010

RIMS Presents Highest Industry Honors at 2010 Annual Conference & Exhibition

4/26/2010

NEW YORK (April 26, 2010) — The Risk and Insurance Management Society (RIMS) today announced the winners of its series of industry awards, presented during RIMS 2010 Annual Conference & Exhibition Award Luncheon.

RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Stephen M. Wilder, ARM, vice president of risk management at The Walt Disney Company. 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.

The Society recognized other outstanding risk practitioners, as well. The Richard W. Bland Memorial Award was presented to Lance Kayfish, risk manager at the City of Kelowna, British Columbia. 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.

The Ron Judd “Heart of RIMS” Award was presented to Mark Ryan, ARM, director of casualty insurance at Occidental Petroleum Corporation and member of the Dallas-Fort Worth Chapter. The award pays tribute to the legacy of Ron Judd, who served as RIMS executive director for 22 years. Individuals are nominated by chapters for outstanding performance in furthering risk management at the chapter level.

The Arthur Quern Quality Award was presented to Paychex, Inc. for its predictive model within its enterprise risk management program. This honor showcases innovation within the risk management industry that has contributed to increased quality in products, services and enterprise risk management within an organization.

The Cristy Award was presented to Stanley Jurewicz, director of risk management at Florida State University, Jacksonville. This award acknowledges the individual who earned the highest marks on the three exams required to earn the Associate of Risk Management designation.

RIMS and Business Insurance magazine presented the 2010 Risk Manager of the Year^® Award to Debra L. Rodgers, ARM, vice president of global risk management at Philadelphia-based ARAMARK Corporation.

Also announced were members of the 2010 Risk Management Honor Roll^®:

• Scott Borup, director of corporate risk management at Johnson & Johnson in New Brunswick, N.J.
• Christine Eick, ARM, DRM, executive director of risk management and safety at Auburn University in Auburn, Alabama

RIMS also recognized the exceptional work of its Chapters for Outstanding Chapter Programming, Advancing the Risk Management Profession, Outstanding Member Services, Overall Chapter Excellence and the new Membership Growth Awards.

Stay current with all the news on RIMS 2010 Annual Conference & Exhibition online at www.RIMS.org/RIMS2010.

About RIMS Annual Conference & Exhibition

Launched in 1963, RIMS Annual Conference & Exhibition attracts 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. The five-day event offers more than 120 educational sessions, keynote presentations, special events and an expansive Exhibit Hall with more than 400 exhibitors. Following Boston, the event will be hosted in Vancouver in 2011. For more information, click here.

Elevating the Practice of Strategic Risk Management: Excellence in Risk Management VII

4/22/2010

RIMS to Release Executive Report: Emerging Risks and Enterprise Risk Management

4/22/2010

  Risk managers called upon to examine emerging risks.

NEW YORK (April 22, 2010) — The Risk and Insurance Management Society, Inc. (RIMS) today announced that it will release its latest executive report, Emerging Risks and Enterprise Risk Management, at RIMS 2010 Annual & Conference & Exhibition in Boston. The report calls for risk managers to address the potential challenges created by the existence and development of emerging risks in order to protect and generate opportunity for their respective organizations.  

RIMS’ emphasizes that a dialogue about emerging risks is necessary to continue the evolution of the risk management discipline and to help practitioners and organizations achieve full value from their investment in ERM. The recent global financial crisis, which was identified early by some risk managers as an emerging risk, raised many serious questions, some of which focused on the effectiveness of risk management practices and, more specifically, ERM.

The report helps risk managers to address these concerns by illustrating how to balance emerging risks with internal and better-known issues; why external risks should be taken seriously and not overlooked as mere macro-level global issues; steps to identify the interconnectedness of various risk factors, including emerging risks. Other topics covered within the report include the characteristics of emerging risks and best practices for identifying and assessing them.

“Today’s risk managers have an extensive toolkit from which to draw to address developing macro-level trends and micro-level organizational issues,” says Pete Fahrenthold, chair of RIMS ERM Committee and managing director of risk management for Continental Airlines, Inc. “The key to properly addressing emerging risks is applying these tools and techniques in new areas and considering not only known risks but the long-term impact of emerging risks on organizational objectives. Risk managers need to look for the deeply rooted emerging risks of which well-understood risks may be a symptom.”

Emerging Risks and Enterprise Risk Management will be available free of charge at RIMS’ ERM Center of Excellence Booth, number 1631 in the Exhibit Hall, throughout the course of RIMS 2010. Following the conference, it will be offered through RIMStore at no charge to members and for $99 to non-members.

RIMS 2010 Community Service Day to Promote Literacy

4/22/2010

  Volunteers to build and stock bookshelves as part of RIMS’

fourth annual Community Service Day.

NEW YORK (April 22, 2010) — Over 100 attendees and exhibitors at the Risk and Insurance Management Society (RIMS) 2010 Annual Conference & Exhibition will gather on Sunday, April 25 from 8:30 a.m. to 3:00 p.m. at the Boston Convention and Exhibition Center to build and stock bookshelves that will be donated to two local Boston organizations.

“Establishing solid literacy skills early in life is critical to personal success and RIMS is pleased to have the opportunity to provide children with better access to books and reading materials,” says Terry Fleming, RIMS president and director, division of risk management for Montgomery County, Maryland. “We thank all conference attendees and exhibitors who will take part in this important event. We also extend a special thanks to Aon, a generous supporter of RIMS Community Service Day.”

RIMS 2010 attendees and their guests are invited to take part in this event. Those unable to participate can do their part to encourage literacy and share the magic of reading by donating a children’s book. RIMS will be collecting books from Sunday, April 25 to Tuesday, April 27 near the Bookstore located at the BCEC Level 1; NE Lobby A. Books will also be collected at the Aon booth #1501.

"Aon is committed to not only helping businesses manage their risks on a daily basis, but fostering innovative and fact-based ideas to help clients grow," says Doug Turk, executive vice president at Aon Corporation. "Aon colleagues are united in our efforts to serve the local communities in which we work, including Boston, and we applaud these to provide children with the tools they need to spark ideas and succeed."

More information on RIMS 2010 Annual Conference & Exhibition is available online at www.RIMS.org/RIMS2010.

RIMS 2010 Annual Conference & Exhibition to Address Climate Change and Contingent Commissions

4/1/2010

 World’s largest gathering of risk professionals takes place April 25-29 in Boston

NEW YORK (April 1, 2010) — The Risk and Insurance Management Society, Inc. (RIMS) will host its Annual Conference & Exhibition at the Boston Convention & Exhibition Center, April 25-29, 2010. Contingent commissions, climate change, crisis management, global risk and pending legislation, dubbed the “Shareholder Bill of Rights,” will be just a few of the many topics covered in the 120+ sessions covering critical risk management issues.

Launched in 1963, RIMS Annual Conference & Exhibition attracts 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. The five-day event offers keynote presentations, special events and an expansive Exhibit Hall with more than 400 exhibitors. Following Boston, the event will be hosted in Vancouver in 2011.

“The depth and scope of the line-up at RIMS 2010 Annual Conference & Exhibition reflects our commitment to bringing attendees the most current information and resources they need to keep pace with the evolving business climate,” says Mary Roth, ARM, RIMS executive director. “With all eyes focused on risk management, now is the time for risk professionals to expand their skills and explore new opportunities to add value to their organizations—the sessions at RIMS 2010 are designed to help them do that.”

Speakers
The conference features keynote presentations from the world’s top authorities on leadership and business strategy, including: 

• Gary Loveman, a former associate professor at the Harvard University Graduate School of Business Administration. He joined Harrah’s Entertainment as chief operating officer in 1998 and drew on his extensive background in retail marketing and service-management to develop and implement the gaming industry's most sophisticated and successful loyalty program, Total Rewards.  
• Nassim N. Taleb, a scholar of risk and model error, literary essayist, and derivatives trader. He is known for a multidisciplinary approach to the role that rare, high-impact events play on shaping economics, philosophy, finance, engineering and history. He is author of the New York Times best-seller The Black Swan: The Impact of the Highly Improbable which was hailed by the Times as one of the 12 most influential books since World War II.  
• Rebecca Ryan, an energetic entrepreneur and the founder of Next Generation Consulting (NGC), a research and consulting firm that helps clients engage the next generation. NGC has conducted interviews, focus groups, and surveys with over 30,000 young professionals since 1998. Ryan is author of Live First, Work Second: Getting Inside the Minds of the Next Generation and was named the 2004 Entrepreneur of the Year by the U.S. Association for Small Business and Entrepreneurship, as well as the 2006 Communicator of the Year by Women in Communication.

Educational Lineup 
More than 350 expert speakers will lead 120+ sessions on a variety of critical risk management issues. Hot Topic sessions include:  

• Solar Storms: Protecting Your Operations Against the Sun's 'Dark Side'
• Insurance Purchasers Unite! Know Your Rights on Contingent Commissions
• Corporate Governance and the "Shareholder Bill of Rights"  

RIMS 2010 will also offer Strategic Partner Sessions from leading insurers and brokers covering topics that address the needs and concerns of the risk management and insurance community.

Networking Events
There will be a number of networking opportunities for risk practitioners during the conference, including RIMS’ fourth annual Community Service Day, supported by Aon; Spencer Educational Foundation’s annual golf and hockey tournament fundraisers; the Exhibit Hall Lunch & Learn roundtable discussions; and an opening reception dubbed 32 degrees Fahrenheit, at which guests will dine on an array of ethnic delicacies representing Boston’s cultural diversity.

The Exhibit Hall will feature more than 400 providers offering the latest in products and services for the risk management profession, including insurers, claims services, disaster recovery, workers compensation providers and much more.

Risk Management Monitor and Twitter
RIMS is using social media to provide conference highlights for attendees and for risk practitioners who are unable to attend the conference. The editors of Risk Management magazine will be blogging every day, providing coverage and commentary on many of the 120+ sessions and other events. In addition, RIMS will be tweeting at @RIMSconference.

More information on RIMS 2010 Annual Conference & Exhibition is available online at www.RIMS.org/RIMS2010.

Interested in covering RIMS 2010 for your publication?
Accredited press may obtain a press pass on-site by contacting Amy Benson at abenson@RIMS.org or (212) 655-6059.

April issue of Risk Management is biggest issue of the year - Now online!

4/1/2010

RIMS Hosts 2nd Annual California RIMS on the Mall

3/23/2010

RIMS Supports Expansion of Liability Risk Retention Act

3/11/2010

New measure to include commercial property insurance

NEW YORK (March 11, 2010) — The Risk and Insurance Management Society (RIMS) today announced its support of legislation that would amend and expand the Liability Risk Retention Act (LRRA) to include commercial property insurance.

Reintroduced by Rep. Dennis Moore (D-KS), the measure, (H.R. 4802, the “Risk Retention Modernization Act of 2010”) marks the second consecutive congress that Rep. Moore has led efforts to extend the LRRA’s reach to cover commercial property insurance to address potential capacity shortages. 

The LRRA permits Risk Retention Groups to self insure risk on a group basis and create Risk Purchasing Groups to allow insurers to market commercial insurance on a group basis.

“The new legislation, if passed, would provide another critical venue for insurance purchasers to secure commercial property insurance,” says Scott Clark, RIMS board member and risk and benefits officer for Miami-Dade County Public Schools. “Such an option can make insurance more affordable, especially when natural disasters in some U.S. regions have made it more difficult to purchase commercial property insurance. Many liability risks are related to property owned by business entities and non-profit organizations, and this bill will enable those businesses to obtain coverages that might not otherwise be readily available.” 

Rep. Moore is joined by cosponsors Rep. Tom Campbell (R-CA) and Rep. Suzanne Kosmas (D-FL).  

March Issue of Risk Management Now Available!

3/1/2010

RIMS Clarifies Statement on Broker Practices

2/23/2010

When Scott Clark, member of RIMS board of directors and risk and benefits officer for Miami-Dade County Public Schools, commented in the National Underwriter on Gallagher’s decision to disclose contingent payments and provide clients the choice of whether they receive them, he used a figure of speech to express RIMS approval of that decision. 

RIMS does not claim authority in assigning or granting “gold standard” status or any other classification for any broker, nor does it plan to in the future.

An extensive outline of RIMS position on broker compensation can be found in RIMS executive report, A Practical Guide to Insurance Broker Compensation and Potential Conflicts of Interest for the Risk Manager. The report is free for RIMS members and can be purchased by non-members by clicking here.

RIMS reaffirms its position that contingent fees for insurance producers should be prohibited, and that in the absence of prohibition, all compensation arrangements should be fully disclosed to the client.

RIMS 2010 Publication Display Requests Now Available

2/5/2010

Publishers are invited to display their pulbications at RIMS 2010, where thousands of risk management professionals will gather this April in Boston. The RIMS 2010 Publication Display area is made up exclusively of industry magazines, journals, white papers, relevant newspapers, etc. and is located in the highly visible sessions and exhibit corridor.

Gain more readers—submit your Publication Display Order Form today!

RIMS Launches 60th Anniversary Homepage

2/2/2010

RIMS thanks you for your support and looks forward to another 60 years of critical strides within the risk management community!

Check out the January/February Issue of Risk Management!

2/2/2010

RIMS Joins Haiti Relief Effort

1/21/2010

Year Closes with No End in Sight to Soft Commercial Insurance Market, according to RIMS Benchmark Survey™

1/13/2010

  Risk managers continue to enjoy favorable insurance prices, but brokers struggle with declining revenues.

NEW YORK (January 13, 2010) — Commercial insurance buyers saw premiums continue to tumble in the fourth quarter, with few signs that that the soft phase of the pricing cycle is near its end, according to the RIMS Benchmark Survey™, administered by Advisen Ltd. The survey tracks changes in insurance policy renewal prices as reported by North American corporate risk managers. Directors and officers liability (D&O), general liability and workers compensation all posted decreases in average premium, while property once again held steady.

“Pricing trends have been remarkably consistent over the past several quarters,” said Dave Bradford, executive vice president of Advisen and editor-in-chief of the survey. “The combination of a weak economy, which has suppressed demand for insurance capacity, combined with a very mild year for natural catastrophes, has kept downward pressure on rate levels. Unless very large catastrophe losses soak up excess capacity, we expect to see this trend continue well into 2010.”

Workers’ compensation and general liability saw the largest decreases, with average declines in renewal premiums of 5.5 percent and 5.0 percent respectively. Average D&O premium fell 2.8 percent, and property was essentially unchanged, falling less than half of a percentage point.

“Some risk managers are reporting higher renewal premiums but, overall, the market continues to be very favorable for insurance buyers,” said Daniel H. Kugler, ARM, CEBS, CPCU, AIC, ACI, member of RIMS board of directors and assistant treasurer, risk management, at Snap-on, Inc. “Capacity is abundant in almost every line of insurance. As things now stand, there is little reason to expect commercial insurance prices to increase in the near future. More likely, they will fall yet further.”

While market conditions are benefiting insurance buyers, they are contributing to growing financial stress on agents and brokers that derive much of their income from commissions on insurance premiums. Not only is commission income down because of falling rates, the global recession has cut into insurance premium volume as companies downsize or go out of business. Insurance companies also are suffering from lower premium volume, but the impact is lessened by income from invested assets and by favorable claims experience due to the fact that no major natural catastrophes occurred in the U.S. in 2009. The U.S. property & casualty insurance industry posted a 4.5 percent return on average surplus for the first nine months, rebounding from a negative rate of return in the first quarter, according to the Insurance Information Institute.

About The RIMS Benchmark Survey^TM
RIMS Benchmark Survey™ is produced by Advisen, Ltd., which collects and analyzes the data and provides the technology infrastructure for the survey’s online services. Risk managers and buyers of insurance either contribute directly to RIMS Benchmark Survey™ or by using our “data participation letter” to authorize their broker to provide the client’s program details. The letter is available at www.RIMS.org/brokerform or by calling 800-655-6590. Risk management professionals can also contribute by e-mailing current and prior year policy schedules to Benchmark@RIMS.org or by faxing to 212-655-7453.

Risk managers who contribute data to the survey can benchmark the structure of their commercial insurance programs, retained loss costs, exposure demographics and Total Cost of Risk (TCOR) against a highly relevant group of peer companies. Additionally, survey respondents can use software personalized and configured for their needs to view detailed schedules of insurance, programs for current and past years and full-color program tower charts. Both benchmark charts and program charts can be downloaded into any presentation for senior management. The results of the RIMS Benchmark Survey™ are available online or in an annually-published book. Visit www.RIMS.org/benchmark for details.

About Advisen
Advisen integrates business information and market data for the commercial insurance industry and maintains critical risk analytics and time-saving workflow tools for over 530 industry leading firms. Through its work for the broadest customer base among information service providers, Advisen delivers actionable information and risk models at a fraction of the cost to have them built internally. Designed and evolved by risk and insurance experts, and used daily by more than 100,000 professionals, Advisen combines the industry’s deepest data sets with proprietary analytics and offers insight into risk and insurance that is not available on any other system.  Advisen is headquartered in New York. For more information, visit http://www.advisen.com or call +1.212.897.4800 in New York or +44(0)20.7929.5929 in London.

RIMS Announces 2010 President and Board of Directors

12/21/2009

Fleming, currently vice president of the Society, has served on RIMS board of directors since 2004. He is the board liaison to the Finance Committee and has served on RIMS Conference Programming and Audit Committees in the past. Fleming is also a former president of RIMS Potomac Chapter and a former president of the Public Risk Management Association (PRIMA) Maryland Chapter.

Joining Fleming as officers on RIMS 2010 board of directors:

Deborah M. Luthi, ARM, CCSA
Director, Enterprise Risk Management Services, Matheson, Inc.
Luthi will serve as vice president;

John R. Phelps, ARM, CPCU, CBCP
Director of Business Risk Solutions at Blue Cross and Blue Shield of Florida, Inc.
Phelps will serve as treasurer; and

Scott B. Clark, AAI,
Risk and Benefits Officer for the School Board of Miami-Dade County, Florida.
Clark will serve as secretary.

The newly-elected members of the board are:

Julie C. Pemberton, ARM
Manager, Enterprise Risk Management, Chiquita Brands International, Inc.

Michael D. Phillipus, ARM
Director, Insurance and Risk Management, ATP Oil & Gas Corporation

The following members of RIMS board were re-elected for the 2009 term:

Robert Cartwright Jr., CRM
Loss Prevention Manager, Bridgestone Retail Operations, LLC

Frederick J. Savage, FCII, ARM
Director, Risk Management (San Ramon), Chevron Corporation

Janet E. Barnes, ARM
Risk Manager and Security Administrator, Snohomish County PUD No.1

Daniel H. Kugler, ARM, CEBS, CPCU, AIC, ACI
Assistant Treasurer, Corporate Risk Management, Snap-on Incorporated

W. Michael McDonald, ARM
Vice President, Risk Management, Quality Distribution, Inc.

Richard J. Roberts, Jr., ALCM, ARM, CPCU, RF
Corporate Risk Manager, Ensign-Bickford Industries, Inc.

Wayne Salen, ARM, CHCM, CPSM
Director of Risk Management, Labor Finders International, Inc.

Nowell Seaman, CIP, CRM
Manager, Risk Management and Insurance Services, University of Saskatchewan

Carolyn M. Snow, CPCU
Director, Insurance Risk Management, Humana Inc.

Joseph A. Restoule, CIP, CRM (Ex Officio)
Leader, Risk Management, NOVA Chemicals Corporation

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

RIMS members save $300 on 2010 Enterprise Risk Management: Retooling the Discipline

12/8/2009

The conference takes place January 27 & 28, 2010 in Toronto. View the full agenda, and the list of speakers here.

This is the Conference Board’s 12^th annual ERM conference, and will help attendees to refine their ERM program to focus on future risk potential, develop strategies to increase resilience, and improve their organizations’ ability to respond to external shocks and changes in the business environment.

December Issue of Risk Management Features the Magazine’s Annual “Year in Risk”

12/4/2009

RIMS Supports Federal Insurance Office Legislation

12/3/2009

RIMS is encouraged by the House of Representatives inclusion of H.R. 2609 in the regulatory modernization effort, and calls upon the Senate to include this same proposal in its version.

Keynote Speaker Lineup Announced for RIMS 2010 Boston

11/16/2009

NEW YORK (November 16, 2009) —The Risk and Insurance Management Society (RIMS) today announced its three keynote speakers for RIMS 2010 Annual Conference & Exhibition, taking place April 25-29 in Boston. They include Gary Loveman, chairman, CEO and president of Harrah’s Entertainment, Inc.; Nassim Taleb, professor of risk engineering at the Polytechnic Institute of New York University and principal at Universa Investments; and Rebecca Ryan, founder of Next Generation Consulting.

“Risk professionals today face a rapidly changing landscape as the discipline adapts to the post financial crisis business climate,” says Mary Roth, ARM, executive director of RIMS. “This was our mindset as we set out to bring the brightest, most innovative speakers to RIMS 2010. I am confident that the keynote addresses will be packed with both sound practical advice and inspiration.”

The Speakers:

Gary Loveman is a former associate professor at the Harvard University Graduate School of Business Administration. He joined Harrah’s Entertainment as chief operating officer in 1998 and drew on his extensive background in retail marketing and service-management to develop and implement the gaming industry's most sophisticated and successful loyalty program, Total Rewards. Loveman has earned the distinction of being recognized as the gaming and lodging industry's best CEO by Institutional Investor magazine for four consecutive years. He is the past chairman of the American Gaming Association and a director of Coach, Inc. and FedEx Corporation. He also sits on the Board of Trustees at JoslinDiabetes Center in Boston and on the Trust Board at Children's Hospital Boston. He holds a Ph.D. in economics from M.I.T., where he was an Alfred Sloan Doctoral Dissertation Fellow, and a B.A. in economics from Wesleyan University.

Nassim N. Taleb is a scholar of risk and model error, literary essayist, and derivatives trader. He is known for a multidisciplinary approach to the role of the high-impact rare event –across economics, philosophy, finance, engineering, and history. He is author of the New York Times best-seller The Black Swan: The Impact of the Highly Improbable which was voted by paper as one of the 12 most influential books since World War II. His books have more than two and a half million copies in print in 31 languages, making him one the most read and most translated essayists. Taleb is currently distinguished professor in risk engineering at New York University Polytechnic Institute and Principal at Universa Investments. He has an MBA from Wharton and a PhD from the University of Paris.

Rebecca Ryan is an energetic entrepreneur and the founder of Next Generation Consulting (NGC), a research and consulting firm that helps clients engage the next generation. NGC has conducted interviews, focus groups, and surveys with over 30,000 young professionals since 1998. Ryan is author of Live First, Work Second: Getting Inside the Minds of the Next Generation and was named the 2004 Entrepreneur of the Year by the U.S. Association for Small Business and Entrepreneurship, as well as the 2006 Communicator of the Year by Women in Communication. Prior to starting NGC in 1998, Ryan held posts with the Iowa Department of Economic Development, Iowa Department of Education, Iowa Association of Business and Industry, and Keep Iowa Beautiful. She has played professional basketball in Iowa, Minneapolis, Germany, and Hungary.

About RIMS Annual Conference & Exhibition

Launched in 1963, RIMS Annual Conference & Exhibition attracts 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. The five-day event offers more than 120 educational sessions, keynote presentations, special events and an expansive Exhibit Hall with more than 400 exhibitors. Following Boston, the event will be hosted in Vancouver in 2011. For more information, visit www.RIMS.org/RIMS2010.

RIMS Remembers Samantha Cohn

11/4/2009

RIMS is deeply saddened by the untimely passing of staff member Samantha Cohn, a Senior Meeting Planner with the Meetings & Events department for over four years.

In 2008, Samantha received her Certified Meeting Professional designation and was the MPI Greater New York Chapter’s “rising star”. In 2009, Samantha was appointed to the MPIGNY 2009-10 Board of Directors.

Samantha was a highly regarded member of the RIMS team who excelled at her profession and who had many bright years ahead of her. Her colleagues will remember a sunny individual driven to serve and support everyone around her. Samantha was particularly dedicated to working at RIMS Community Service Day each year and was one of that event’s most motivated participants.

Please join RIMS in remembering a member of our community.

November Issue of Risk Management Now Available!

11/3/2009

3Q RIMS Benchmark Survey Now Available

10/7/2009

“Insurers have bounced back from the worst first quarter on record, but their results are still pretty grim,” says Dave Bradford, Advisen executive vice president and editor-in-chief of the survey. “Carriers are posting underwriting losses, but in this recession, they have found it nearly impossible to push through rate increases except in a few especially distressed areas.”

Property insurance policies renewed in the third quarter with essentially no change in average premium. Directors and officers liability (D&O) policies also renewed with no change in average premium, though the D&O market remains divided between the financial institution segment, which was pummeled by the subprime mortgage market meltdown and has seen premiums rise, and the rest of the market, which still is seeing premiums drift lower. The average general liability premium fell 3.7 percent and the average workers’ compensation premium was down 4.5 percent. Contributing to lower general liability and workers compensation average premiums were declining sales and payrolls, which are used to calculate premiums.

“It’s still a buyer’s market, and it looks as if it may stay that way for a while,” says Daniel H. Kugler, ARM, CEBS, CPCU, AIC, ACI, member of RIMS board of directors and assistant treasurer, risk management, at Snap-on, Inc. “Under normal circumstances, premiums should be rising by now. But many companies are buying less insurance, and underwriters feel pressured to keep prices low to hold on to the remaining premium dollars.”

About The RIMS Benchmark Survey^TM

RIMS Benchmark Survey™ is produced by Advisen, Ltd., which collects and analyzes the data and provides the technology infrastructure for the survey’s online services. Risk managers and buyers of insurance either contribute directly to RIMS Benchmark Survey™ or by using our “data participation letter” to authorize their broker to provide the client’s program details. The letter is available at www.RIMS.org/brokerform or by calling 800-655-6590. Risk management professionals can also contribute by e-mailing current and prior year policy schedules to Benchmark@RIMS.org or by faxing to 212-655-7453.

Risk managers who contribute data to the survey can benchmark the structure of their commercial insurance programs, retained loss costs, exposure demographics and Total Cost of Risk (TCOR) against a highly relevant group of peer companies. Additionally, survey respondents can use software personalized and configured for their needs to view detailed schedules of insurance, programs for current and past years and full-color program tower charts. Both benchmark charts and program charts can be downloaded into any presentation for senior management. The results of the RIMS Benchmark Survey™ are available online or in an annually-published book. Visit www.RIMS.org/benchmark for details.

October Issue of Risk Management Magazine Now Available!

10/5/2009

Fall 2009 RIMSCOPE is Now Available Online!

9/24/2009

RIMS Rolls Out First-Ever Branded Ad Campaign

9/21/2009

“This brand positioning is intended to capture the attention of current and potential members, alike, reminding them of the uniquely collaborative nature of RIMS membership, and the vast network of informational resources we offer,” said Mary Roth, ARM, executive director of RIMS.  “This is a natural extension of the mission we’ve espoused for the past 60 years—providing innovative education opportunities and attracting a diverse membership to enrich our field.”

The ads are designed to trigger a dialogue among risk managers surrounding such issues as business risk and the vulnerabilities that can result from poor risk management.  They deliver a distinct message to nontraditional members of the risk management community, as well, such as compliance officers, CEOs and CFOs, who should be participating in risk management functions.  Growing RIMS membership in these niche areas is crucial to integrating risk management into a range of diverse business activities.

For more information about RIMS contact Amy Benson at 212.655.6059 or abenson@rims.org.

RIMS to Host Webinar on Medicare Secondary Payer Reporting

9/17/2009

The webinar is FREE for RIMS members. All others may participate for a fee of $30.  For more information, please visit www.RIMS.org/Medicare2009.  

Note: Accredited members of the press are invited to participate in the webinar free of charge.  To register, please contact Amy Benson, RIMS communications associate, at (212) 655-6059 or abenson@rims.org.

RIMS Ontario Chapter Awards Highest Canadian Risk Management Honor

9/15/2009

“We are delighted to have the opportunity to pay tribute to Janice, who is now deservedly ranked among the greatest minds in our field,” says Steve Pottle, president of RIMS Ontario Chapter and risk manager at York University. “Her commitment to risk management is second to none and we are grateful for the talent, innovation and integrity she has brought to the Canadian community of risk managers.”     

McGraw, a RIMS fellow holder, is a part-time lecturer at McGill University’s Centre for Continuing Education. She has served as a member of RIMS Canada Council’s National Education Committee (NEC) and is a past member of RIMS board of directors, RIMS Conference Programming Committee and the Global Risk Management Institute (GRMI) board of directors. McGraw is also a past president of the Québec Risk and Insurance Management Association (QRIMA), and is currently a member of the QRIMA board of directors. She is the recipient of the 2007 QRIMA “Excellentia” Prize, created by QRIMA in 2005 to promote advancement in the field of risk management and insurance.

“It is a great honor to accept the 2009 Don Stuart Award,” says McGraw. “This award is particularly meaningful to me considering the influential group of awardees that precedes me. Recognizing the list of past recipients, and their significant contributions in the field, crystallized my belief that each of us is entrusted with ensuring that the legacy endures for those who will follow us. Volunteering in RIMS ensures the sustainability of these fine organizations, through mentorship and public service, and it gives me incredible satisfaction knowing that I am a part of this enduring legacy.”

Also presented during the conference was the Fred H. Bossons Award, which each year honors the risk management professional who earns the highest marks on the three courses required to receive the Canadian Risk Management designation. This year, a tie resulted in two winners: Samuel Holliss, risk analyst at Magna International Inc. and Brian Jeans, regional technical dangerous goods inspector at Transport Canada.

RIMS to Host Pandemic Action Plan Webinar

9/2/2009

The webinar is FREE for RIMS members. All others may participate for a fee of $30.  For more information, please visit www.RIMS.org/pandemicaction.  

Note: Accredited members of the press are invited to participate in the webinar free of charge.  To register, please contact Amy Benson, RIMS communications associate, at (212) 655-6059 or abenson@rims.org.

Risk Management Magazine Features Military Risk Assessment Report

9/2/2009

RIMS Canada Conference Convenes September 13-16

8/14/2009

Climate change, enterprise risk management and insurer insolvency are three key topics to be explored at the 35th Annual RIMS Canada Conference on September 13-16, in St. John's, Newfoundland. Dubbed "Charting the Course-Navigating Your Risk," the conference is hosted by RIMS Newfoundland and Labrador Chapter. This year's conference features more than 20 breakout sessions. Featured speakers include:

• Gen. R. J. Hillier, retired from the Canadian Forces, speaking on "Corporate and Military Risk Management Strategies"
• Dr. Richard Leblanc, assistant professor of corporate governance, law and ethics at the Atkinson Faculty of Liberal and Professional Studies, York University, speaking on "Enabling and Empowering the Risk Manager"
• Gwynne Dyer, author and freelance journalist, speaking on "Global Events Affecting Canadian Business"
• Rex Murphy, CBC personality, author and columnist at the Globe and Mail, speaking on "Politics, Business and the Media: Communicating in an Age of Clamour"

Other events at the conference include the sixth annual McGannon Foundation 5K Fun Run / Walk, sponsored by FM Global and RIMS Canada Council. Proceeds will benefit the William H. McGannon Foundation, which provides resources and grants to advance risk management in Canada. Other networking events include an opening reception, gala and Exhibit Hall coffee breaks and luncheons.

Online registration closes August 28. On-site registration will be available on September 12. Complete details and registration for RIMS Canada Conference are available at http://conference.RIMScanada.org.

RIMS Members: Financial Solutions Just a Click Away

8/13/2009

RIMS now offers its members the services of a full-fledged credit union and financial advisory to support them with a variety of commercial and personal financial solutions including real estate programs, loans and wealth management services.

To learn more about RIMS financial services program, visit www.RIMS.org/financialservices.

New RIMS Committee Assists in Development of Risk Management Standards Internationally

8/13/2009

RIMS Standards and Practices Committee will enable the Society to increase its profile in the standards and practices arena and make it the primary resource in shaping and developing global risk management standards. Initial tasks of the committee include educating risk managers and organizations on various risk management standards, including ISO 31000 and Guide 73. The committee will also work with the U.S. Department of Homeland Security on voluntary preparedness and business continuity.

Wayne L. Salen, ARM, CHCM, CPSM, member of RIMS board of directors and director of risk management at Labor Finders International, Inc., serves as the first board liaison for the committee. The committee is chaired by Carol A. Fox, ARM, past chair of RIMS ERM Development Committee and senior director of risk management at Convergys Corporation. The vice chair of the Standards and Practices Committee is Manus C. O'Donnell, ARM, CPCU, administrative vice president and director of corporate insurance and risk at M&T Bank. Other members include:

• Susan T. Barry, ARM, CPEA, PG, director of risk management at DRS Technologies, Inc.
• Sandra J. Bodensteiner, ARM, claims manager at the City of St. Paul, Minn.
• Kristen Drobnis, CBCP, CSOX, PMP, senior vice president of risk management at MassDevelopment
• Lois A. Gardiner, CMA, FCIP, FRM, director of risk management at Canadian Pacific Railway
• Yvette Ho Sang, ARM, risk management analyst at the Institute of Electrical and Electronics Engineers, Inc. (IEEE)
• Paul B. Piazza, risk manager at Honeywell International Inc.
• Nathan Bacchus, RIMS state and regulatory affairs associate

RIMS to Host Hurricane Disaster and Recovery Webinar

8/6/2009

RIMS will host a webinar, Disaster and Recovery: Preparing Your Business for Hurricane Season, on Thursday, August 13, at 1:00-2:00 pm EST. This webinar, sponsored by Ernst & Young, will discuss what companies can do right now, and immediately after a hurricane or other disaster strikes, to expedite and optimize operational, business and financial recovery. Panelists include David B. Goodwin, partner at Covington & Burling LLP; Nigel Henley, senior manager of insurance claims services practice at Ernst & Young; Polly E. James, manager of risk analysis and control at General Motors; and Allen Melton, partner and Americas leader of insurance claims services practice at Ernst & Young.

The webinar is free for RIMS members. All others may participate for a fee of $30. For more information, visit www.RIMS.org/2009HurricaneWebinar.

RIMS Western Regional Conference to Convene on September 22-25

8/5/2009

Top executives from Aon Risk Services and Marsh will address the current state of the insurance market and how companies can save money and look to alternatives to transfer and finance risk at RIMS Western Regional Conference on September 22-25 in Seattle, Washington. Risk managers will hear from Eric Andersen, CEO, ARS - U.S. Retail, Aon Risk Services and Joe McSweeney, president, U.S. & Canada Operations, Marsh discuss new and creative solutions to manage risks through an economic downturn. The conference, tagged "Fresh Ideas, Market Choices and Sound Decisions," is hosted by RIMS Washington Chapter. The deadline for early bird registration is August 21.

The conference features more than 30 educational sessions on a variety of industry issues such as the current macro and micro economic situation, the value of insurance in a recession, mergers and acquisitions, pandemics, piracy and sustainability.

The deadline for early bird registration is August 21. Online registration closes September 8. On-site registration will be available on September 22. Complete details on RIMS Western Regional Conference may be found at www.RIMS.org/WRC.

Risk Management Magazine Features Captive Domicile Review

8/3/2009

The July/August issue of Risk Management features our Fifth Annual Captive Domicile Review with a listing of 25 of the world's most popular captive domiciles. Also featured is our annual mid-year review of the property/casualty industry along with features about using group captives for health insurance and utilizing return-to-work programs in unionized companies. Columns covering how to look at risk strategically and how to control public perception are also included, among others.

Read the June issue online at www.RMmagazine.com.

RIMS Opposes H.R. 3424

7/31/2009

RIMS reiterated its opposition to legislative efforts disallowing the tax deduction for reinsurance premiums paid to foreign affiliates by domestic insurers. The legislation, H.R. 3424, was reintroduced by Rep. Richard Neal, D-Mass., a senior member of the U.S. House of Representatives Committee on Ways and Means and chair of the House Subcommittee on Select Revenue Measures.

"H.R. 3424 would limit the tax deduction to the industry index for each line of property and casualty insurance and, in doing so, would have a chilling effect on these entities and their willingness to serve as a safety valve in many areas of the country," says Deborah M. Luthi, ARM, CCSA, member of RIMS board of directors and director of enterprise risk management services at Matheson. "This bill would severely inhibit domestics with foreign affiliates from engaging in a legitimate risk management practice. The result is a disruption to the market, reduction in the supply of insurance in the United States and an increased cost to the commercial insurance consumer by $10-12 billion per year for the same amount of insurance."

RIMS is very concerned that this legislation goes against the recent Brattle Group report, "The Impact on the U.S. Insurance Market of a Tax on Offshore Affiliate Reinsurance: An Economic Analysis," which found that the bill could eliminate the practice of domestic insurers ceding to their offshore affiliate reinsurers.

Current tax code law permits insurers to deduct reinsurance premiums paid to affiliate foreign reinsurers with no penalty or cap. Over the years, non-U.S. reinsurers have served as an important backstop, ensuring the availability of insurance, particularly in areas prone to natural disasters. RIMS opposed similar legislation in 2001, 2007 and 2008. For more information on RIMS legislative activities, visit www.RIMS.org/LegislativeAction.

Illinois Decision to Allow Contingent Commissions Disappoints RIMS

7/29/2009

RIMS is disappointed with the decision taken by the Illinois Attorney General and the Illinois Department of Insurance to allow Arthur J. Gallagher & Co. to begin accepting contingent commissions. RIMS has consistently stated that contingent commissions should be broadly prohibited as they represent an inherent conflict of interest. The investigations, admissions and fines that culminated in the agreement signed by some brokers in 2005 prove that these practices can be, and were, manipulated to the detriment of the insurance consumer.

"RIMS is concerned that Arthur J. Gallagher & Co., who signed the agreement in 2005, is now permitted to participate in this compensation practice," says Terry Fleming, RIMS vice president and director of the division of risk management at Montgomery County, Maryland. "However, we hope that full disclosure of all forms of compensation will be provided to the insurance buyer in a timely manner. This will allow the consumer to determine whether the broker is acting in their best interest, before binding the contract."

The decision to lift the ban on contingent commissions comes without any concurrent proposal by the Illinois Department of Insurance and Attorney General to regulate producer disclosure. RIMS has great reservations about lifting the ban on contingent commissions without strong protections for consumers.

RIMS strongly urges Arthur J. Gallagher & Co. to continue to use the compensation disclosure requirements that were part of the 2005 agreement. Historically, RIMS has argued that, in the absence of a ban on contingent commissions, all forms of compensation-direct and indirect-should be fully disclosed to the consumer. This is a crucial component to the relationship between producer and consumer.

RIMS remains troubled that the insurance industry promotes compensation practices that can lead to conflicts of interest. The Society hopes for a continued open dialogue between all parties on issues of producer compensation and disclosure.

Second Quarter RIMS Benchmark Survey Shows Commercial Insurance Premiums Under Pressure

7/28/2009

However, depletion of insurance capacity signals rising commercial insurance rates

Despite poor financial results, insurance companies continued to compete vigorously for business in the second quarter, according to RIMS Benchmark Survey™. General liability and workers' compensation policies both posted average decreases in renewal premiums. Directors and officers liability (D&O) policies renewed at higher premiums on average, but the increase was due to financial sector companies, a segment that has been bloodied by the subprime mortgage meltdown and credit crisis. Property policies renewed at essentially no change.

Workers' compensation recorded a 2.8 percent average decrease in renewal premiums, as compared to a 1.7 percent drop in the second quarter of 2008, and general liability posted a 1.1 percent drop as compared to nearly a 5 percent decline a year ago. D&O increased 2.9 percent, a reversal of the 6.4 percent average decrease in the second quarter of 2008. However, excluding financial services companies, D&O policies renewed with a 4.1 percent average decrease. Property premiums fell less than 1 percent, which compares to a 6.1 percent drop in the second quarter of 2008.

For more information, visit www.RIMS.org/benchmark.

Spencer Educational Foundation Launches New Website with Professional Networking Tools

7/27/2009

Spencer Educational Foundation, Inc. today unveiled its new website, www.spencered.org. The newly designed site provides professional networking opportunities for students studying risk management and insurance, and offers a convenient way for students to interact with risk practitioners. On the site, users can create and manage profiles, form special interest groups, participate in online discussions, explore scholarship and grant programs, learn about upcoming events and make a donation. Other features of the re-launched website include:

• easy access to information about the Foundation's programs;
• the Foundation's events calendar;
• an improved online payment system for contributors; and,
• a link to the Foundation Community (eGroups, Member Directory and Resource Library).

Support Spencer Educational Foundation in its pursuit of excellence—tour www.spencered.org today! 

“Building an Enterprise Approach to Risk and Performance” White Paper Now Available

7/15/2009

The article focuses on certain elements of RIMS Risk Maturity Model (RMM), namely adoption of an ERM-based approach, process management and risk appetite management.

The article is available to RIMS members at www.RIMS.org/RiskInsights.

RIMS and Marsh Release Excellence in Risk Management VI Report

7/14/2009

RIMS members can download a copy of the report at www.RIMS.org/ResourceLibrary.  Others may access the report by registering at http://global.marsh.com/news/articles/excellence/register.php. 

Call for Sessions: RIMS 2010 Annual Conference & Exhibition

7/10/2009

Spencer Educational Foundation 30th Anniversary Fundraising Gala September 10

7/10/2009

RIMS Expresses Disappointment in Response to Revised New York State Producer Compensation Regulation

7/9/2009

Florida RIMS Educational Conference to Address Recession

7/1/2009

Today’s economic challenges and leadership techniques are two of the topics to be addressed at the 34th annual Florida RIMS Educational Conference on July 28-August 1 in Naples. More than 500 risk management professionals are expected to attend. The conference is hosted by all seven RIMS Florida chapters. The deadline to register online is July 20.

RIMS Announces Northern Nevada Chapter

6/30/2009

Risk professionals in the Reno metropolitan area now have easy access to a RIMS chapter—RIMS Northern Nevada Chapter. With this new charter, the Society now has 81 chapters—69 in the United States, 10 in Canada, and one each in Japan and Mexico. The last chapter chartered was RIMS Mexico Chapter in 2004.

For more information about RIMS Northern Nevada Chapter, visit www.NorthernNevadaRIMS.org.

RIMS Supports Senate's Surplus Lines Bill

6/25/2009

RIMS announced today that it supports the efforts of Sen. Mel Martinez, R-Fla., Sen. Evan Bayh, D-Ind., Sen. Bill Nelson, D-Fla., and Sen. Mike Crapo, R-Idaho, on reintroducing the Non-Admitted and Reinsurance Reform Act of 2009 to the U.S. Senate.

According to the legislation, in order for commercial insurance purchasers to gain expedited access to the non-admitted market, an insured must employ a "qualified risk manager" to work with a broker. Previously, RIMS lobbied members of the House Financial Services Committee to modify the original legislation to provide a broader definition of a "qualified risk manager". The Society is pleased that the Senate version now incorporates the RIMS-approved definition of a "qualified risk manager," and urges the Senate to pass the bill as soon as possible.

For more information on RIMS legislative activities, visit www.RIMS.org/LegislativeAction.

RIMS and IRMI Offer New Online Curriculum

6/22/2009

Risk managers who want to enhance their skills in D&O, EPL, fiduciary and other professional liability practices can take a new online course—the Management Liability Insurance Specialist (MLIS™) program. RIMS and the International Risk Management Institute, Inc. (IRMI) have teamed up to offer program.

The MLIS™ program is divided into two parts. Part one includes three basic- to intermediate-level courses that cover the fundamentals of professional, errors and omissions (E&O), and D&O liability insurance. Part two includes four courses that focus on the specific nuances of D&O liability, EPL and fiduciary liability exposures and insurance. Participants can enroll in the online courses at any time and take the exams at their convenience.

The program is available at www.RIMS.org/MLIS for an introductory rate of $69 per course. RIMS members receive a 10 percent discount. More information and a complete list of RIMS online courses are available at www.RIMS.org/onlinecourses.

RIMS Offers Free 30-day Job Postings Through June

6/18/2009

Any employer or recruiter seeking risk practitioners for open positions can post one free 30-day job listing on RIMS Career Center until the end of June—a savings of $130. To take advantage of this special offer, companies can post an open position at www.RIMS.org/JobBank by using reference code JBP09.

For more information, visit www.RIMS.org/CareerCenter.

RIMS Benchmark Survey™ Book: Total Cost of Risk Plummets in 2008

6/18/2009

Lower average premiums in almost every line of business contributed to a 9.4 percent drop in average total cost of risk (TCOR) per $1,000 of revenue, according to the 2009 RIMS Benchmark Survey™ book. The book allows risk managers to compare their TCOR to similar organizations and benchmark insurance program limits and retentions based on data collected on more than 1,300 companies in the U.S. and Canada.

The 2009 RIMS Benchmark Survey™ book is available for a fee of $750 and the online program for a fee of $2,500. Purchase orders are available at www.RIMS.org/book. RIMS members and survey data contributors receive special discounts. For more information about the RIMS Benchmark Survey™, visit www.RIMS.org/benchmark.

RIMS on the Hill: The Lobbying Event of the Year!

6/17/2009

As the U.S. Administration and Congress were in the midst of deliberating the modernization of the financial regulatory system, more than 60 RIMS members gathered for the 11th annual RIMS on the Hill Legislative Conference in Washington, D.C., on June 7-9.

On the first day of the program, RIMS legislative priorities were presented to attendees in preparation for lobbying members of Congress. This year's event focused on legislation affecting the price of commercial property casualty insurance, financial regulatory restructuring and the optional federal charter. During panel discussions, lobbyists from the American Bankers Insurance Association, Association of Bermuda Insurers and Reinsurers, Council of Insurance Agents and Brokers, and Reinsurance Association of America spoke about regulatory modernization. In a separate session, Rep. Melissa L. Bean, D-Ill., discussed proposed legislation on greater federal regulation of insurance and the political climate surrounding the larger debate over federal financial modernization. Other highlights from the first day include:

• A Keynote Luncheon featuring Donna Brazile, nationally syndicated columnist and regular contributor to CNN, ABC News and National Public Radio, who discussed anecdotes about previous campaigns to reflections on New Orleans post-Katrina; and,
• A class covering lobbying techniques.

On day two, members took action on Capitol Hill. This year, more than 70 meetings were arranged for RIMS members to meet with their legislative representatives. In some cases, members were able to speak with the elected officials themselves.

For more details about the 11th annual RIMS on the Hill Legislative Conference, click here. Visit the RIMS on the Hill 2009 image gallery to browse through more photos. 

RIMS President Among 100 Most Influential People in Finance

6/15/2009

RIMS President Joseph A. Restoule, CIP, CRM, was named as one of the 100 Most Influential People in Finance by Treasury & Risk magazine. Also named was Peter D. Fahrenthold, CPA, CTP, CPCU, CEBS, vice chair of RIMS ERM Development Committee and managing director of risk management at Continental Airlines, Inc. Others on the list include President Barack Obama, Warren E. Buffett, Timothy F. Geithner, numerous CEOs and CFOs of major companies, and other business executives.

To read the article, click here.

More than 60 Risk Managers Attend RIMS on the Hill Legislative Conference

6/12/2009

The 11th annual RIMS on the Hill Legislative Conference was held June 7-9 in Washington D.C. This year, more than 60 RIMS members gathered to discuss RIMS agenda with more than 70 congressmen on legislation affecting the price of commercial property and casualty insurance, financial regulatory restructuring and the optional federal charter.

A complete recap of the event will be available next week, but, in the meantime, browse through the image gallery here.

Upcoming Marsh Webcast Features RIMS/Marsh Excellence in Risk Management VI Survey Findings

6/10/2009

Key findings from RIMS/Marsh Excellence in Risk Management VI survey will be discussed during an upcoming Marsh New Reality of Risk webcast. The session, "Excellence in Risk Management—Meeting Today's Extraordinary Challenges," will be held June 24 at 11:00 am EST. In the webinar, a panel of experts will share the survey results, address ways to foster deeper engagement between risk practitioners and the C-Suite, and present results from a comprehensive new survey of risk management in Europe. Scheduled panelists include:

• Richard J. Roberts, Jr., ALCM, ARM, CPCU, RF, member of RIMS board of directors and corporate risk manager at Ensign-Bickford Industries;
• Pamela G. Rogers, managing consultant with Marsh's Risk Consulting Practice;
• Brian C. Elowe, managing director with Marsh's Global Risk Management group; and,
• Mark Pollard, head of Marsh's Industry Practices, Europe, Middle East and Africa.

To register for this free webcast, click here. Questions or issues for the panel to address can be sent in advance to questions@marsh.com.

RIMS New Career Center Special: Free 30-day Job Postings

6/3/2009

Companies and recruiters can turn to the newly re-launched RIMS Career Center to fill open risk management positions. And, in an effort to assist companies during the recession, RIMS is touting a special offer for the month of June—companies can post one job listing in RIMS Career Center free for 30 days—a savings of $130. Companies can post an open position at www.RIMS.org/JobBank by using reference code JBP09.

RIMS Career Center offers employers and human resources professionals the ability to post jobs, search résumés of potential candidates and view sample risk management job descriptions. Employers can also access RIMS 2008 Risk Management Compensation Survey to compare their companies' compensation programs against other organizations.

Job seekers can:

• post or build résumés;
• view new career opportunities;
• seek training programs;
• use RIMS Risk Management Professional Growth Model to help design their careers;
• network with other professionals in the Career Management and Education eGroup;
• access executive recruiters who specialize in the risk management and insurance industries; and,
• receive career counseling via the International Coach Federation.

In the Resources and Services section of the Career Center, risk professionals will find information and valuable tips to help them shape career goals, find the right courses to learn new skills and risk management techniques, and even develop Enterprise Risk Management initiatives within their companies.

For students, RIMS Career Center now provides a dedicated Student Resource Center to make finding that first job or internship easier, including a link to the Spencer Educational Foundation Student Internship Program.

To access RIMS Career Center, visit www.RIMS.org/CareerCenter.

RIMS Buyer's Guide Connects Risk Professionals with Suppliers

6/1/2009

Risk professionals now have access to an extensive directory of industry-focused products and services in the newly re-launched RIMS Buyer's Guide™. The guide allows users to perform searches by keyword, category and geographic area to locate vendors in the areas of claims services, construction, consultants, document services, equipment, finance, human resources, insurance providers, legal services, software and underwriting services. It also allows users to limit searches to RIMS associate members (service providers) and exhibitors at RIMS Annual Conference & Exhibition. In addition, visitors can download a free application to their computers. The guide includes a Request for Information (RFI) feature so that users can contact suppliers with the simple click of a mouse.

Service providers that are featured in RIMS Buyer's Guide™ can include their companies' logos and descriptions, contact information and links to websites and videos that spotlight their products. For pricing information and a complete description of listing options, click here.

The site was developed by MultiView, Inc., a leading publisher of Online Supplier Directories for associations.

To access RIMS Buyer's Guide™, visit www.RIMS.org/BuyersGuide.

Risk Management Magazine Focuses on the Issue of Water Scarcity

6/1/2009

The June issue of Risk Management magazine takes an in-depth look at water scarcity and how businesses are coping in a world with less water. Other weather-related features are included, along with articles spotlighting the optional federal charter, the future of banking with intangible assets and an interview with Swiss Re CRO Raj Singh, among others.

Read the June issue online at www.RMmagazine.com.

RIMS Hosts Webinar on How Risk Professionals Can Add Value to Their Organization

5/28/2009

RIMS Supports Surplus Lines Legislation

5/21/2009

RIMS looks forward to prompt passage of the Non-Admitted and Reinsurance Reform Act of 2009

RIMS issued its support today to Rep. Dennis Moore, D-Kansas, and Rep. Scott Garrett, R-New Jersey, on reintroducing the Non-Admitted and Reinsurance Reform Act of 2009 to the U.S. House of Representatives. According to the legislation, in order for commercial insurance purchasers to gain expedited access to the non-admitted market, an insured must employ a "qualified risk manager" to work with a broker. RIMS is pleased that the current bill incorporates the RIMS-approved definition of a "qualified risk manager".

The Non-Admitted and Reinsurance Reform Act of 2009 would:

• Allow brokers representing large policy holders to go directly to the non-admitted market to purchase insurance;
• Require all surplus lines carriers to meet certain financial, capital and other criteria in order to be eligible to provide surplus lines insurance in states; and,
• Preempt state insurance regulators from interfering in reinsurance agreements of ceding insurers domiciled in other states.

"RIMS believes that the Non-Admitted and Reinsurance Reform Act of 2009 reduces the regulatory costs for insurers that are passed on to consumers and would make insurance more available and affordable," says Deborah M. Luthi, ARM, CCSA, member of RIMS board of directors and director of enterprise risk management services at Matheson. "RIMS urges the House of Representatives to once again pass this legislation and for the U.S. Senate to take it up as soon as possible."

For more information on RIMS legislative activities, visit www.RIMS.org/LegislativeAction.

Change is in the Air at RIMS on the Hill

5/18/2009

The 11th annual RIMS on the Hill Legislative Conference will be held on June 7-9 at The Madison, A Lowes Hotel in Washington D.C. The event will provide RIMS members the opportunity to meet with leading risk practitioners, learn lobbying strategies first-hand from government affairs experts and connect with policy makers to influence legislation in favor of risk management. Key issues to be discussed this year include legislation affecting the price of commercial property and casualty insurance, financial regulatory restructuring and the optional federal charter. Speakers include Donna Brazile, a nationally syndicated columnist and regular contributor to CNN, ABC News and NPR (National Public Radio), as well as industry lobbyists and congressional committee staff.

Members can participate for a fee of $100. Space is limited. For more information, visit www.RIMS.org/Hill.

Risk Management Magazine Rolls Out New Blog

5/13/2009

All of the blog posts you've enjoyed at Risk Management magazine's website can now be found at Risk Management Monitor. Risk Management Monitor provides daily risk-related content in the form of original stories, live event updates, news commentary, interviews, podcasts and videos. Readers are encouraged to log on often to hear the latest perspectives from the editors of Risk Management magazine on everything from the traditional realms of risk avoidance and insurance to the advanced concepts of reputational risk and ERM. And, don't forget to bookmark the new site, subscribe to the RSS feed and visit regularly.

Read Risk Management Monitor online at www.RiskManagementMonitor.com.

RIMS Releases Second Influenza A(H1N1) Podcast

5/5/2009

Risk Management Magazine Features Demise of the Newspaper Industry

5/4/2009

Newspapers are the latest victim of the digital revolution, but their demise is a lesson for all companies about what can happen when an industry does not react to a rapidly changing market. In May, Risk Management features an essay by "Here Comes Everybody" author Clay Shirky on the industry's downfall. Also included are features covering business interruption, embezzlement and global risks for drug manufaturers, among others.

Read the May issue online at www.RMmagazine.com.

RIMS Issues Influenza A(H1N1) Virus Podcast Series

5/1/2009

To help risk practitioners during the Influenza A(H1N1) virus epidemic, RIMS has made available a free podcast series, Influenza A(H1N1) virus and Pandemic Plan of Action. In the first podcast, Fact vs. Fiction, Bill Coffin, publisher and editorial director of Risk Management magazine, gets the inside story from Michael Liebowitz, past president of RIMS and director of risk management and insurance at New York University. They will discuss how bad the Influenza A(H1N1) virus may become, what insurance implications will stem from it and what can be done to manage the risk the virus poses to companies large and small.

Check back next week for upcoming segments in the series. For more information, visit www.RIMS.org/podcasts.

RIMS Endorses Brattle Group’s Report on Reinsurance Taxation

5/1/2009

RIMS issued its support today on findings of a Brattle Group report which reveals that reinsurance taxation legislation, similar to H.R. 6969 under consideration in the U.S. Congress, would have a devastating effect on the American insurance marketplace. The report, titled "The Impact on the U.S. Insurance Market of a Tax on Offshore Affiliate Reinsurance: An Economic Analysis," finds that legislation to increase tax on non-U.S. reinsurers would reduce the supply of reinsurance by 20 percent, cost insurance consumers more than $10 billion per year and be particularly onerous for disaster-prone states.

H.R. 6969, which was championed by Rep. Richard Neal, D-Mass., in the 110th Congress, would cap the deductibility of reinsurance premiums paid by U.S. insurers to their foreign affiliates. Current law allows domestic insurers to cede reinsurance to their foreign affiliates with no penalty or cap. A discussion draft of legislation similar to H.R. 6969 was circulated for comment by U.S. Senate Finance Committee Chairman Max Baucus, D-Mont., earlier this year. RIMS is opposed to both proposals.

"The report is a clarion call to members of Congress and the administration who might support such legislation under the guise of protecting American insurers," says Deborah M. Luthi, ARM, CCSA, member of RIMS board of directors and director of enterprise risk management services at Matheson. "RIMS believes that this report provides well-documented evidence of the detrimental impact to the global insurance market, domestic property and casualty insurance market, insurance consumers and several states that may be prone to one or more natural disasters."

The report is sponsored by the Coalition for Competitive Insurance Rates, an alliance of consumers, insurers and reinsurers. RIMS is a member of the coalition. To read the report, click here.

Influenza A(H1N1) Virus Update

5/1/2009

• The United States Government has reported 91 laboratory confirmed human cases, with one death.
• The following countries have reported laboratory confirmed cases with no deaths - Austria (1), Canada (13), Germany (4), Israel (2), New Zealand (4), Spain (13), the United Kingdom (8), Switzerland (1) and the Netherlands (1).
• The state with the highest number of confirmed cases is New York with 50. California has reported 14 confirmed cases, Texas has reported 26 and South Carolina has reported 10. Maine, Massachusetts, Ohio, Michigan, Indiana, Kansas, Arizona and Nevada are all reporting under 5 confirmed cases. This morning, state officials confirmed five in New Jersey and four in Delaware. 
• Total confirmed cases worldwide is 331, according to the World Health Organization (WHO).

Tips for Risk Managers

• A review of your firm's insurance program is needed at this point. Workers compensation as well as employee life and health are all on the front line when it comes to dealing with pandemics such as the Influenza A(H1N1) virus. 'In terms of workers comp, you'd have to demonstrate in satisfactory fashion that contracting the disease arose out of or in the course of employment,' said Dr. Steven Weisbart, senior vice president and chief economist of the Insurance Information Institute. 'I would think that that would be somewhat hard to prove unless maybe a cluster of employees at a given employer came down with it and then you could argue that they gave it to each other at the workplace. So I think it would be kind of a case by case thing.' 
• Though the Centers for Disease Control has not implemented restrictions on travel as of yet, it may be wise to devise alternative methods for business operations if your position requires travel to highly infected areas such as Mexico City, New York, Texas or California.
• Businesses should also prepare for the possibility of widespread employee absenteeism and possible disruptions to third-party deliveries of goods and services. For more information on business continuity, visit the RIMS website.

Influenza A(H1N1) virus Facts and Fiction

• There is no risk of infection from consumption of well-cooked pork and pork products. As with other types of influenza, Influenza A(H1N1) virus is thought to spread by sneezing and coughing, or by coming into contact with infected bodily fluids and touching them to one's own eyes or mouth. According to the Centers for Disease Control, cooking pork above 160 degrees will kill the Influenza A(H1N1) virus, rendering the meat safe for consumption.
• The current Influenza A(H1N1) virus is not a pandemic. The WHO has classified this situation as near pandemic status, meaning widespread human-to-human transmission in at least two countries has been confirmed. It is uncertain that the current Influenza A(H1N1) virus will become a true pandemic, as the WHO announced on Thursday, 4/30, that it had no immediate plans to raise the outbreak's pandemic status any further.
• Pandemics are not necessarily fatal. A pandemic indicates breadth of infection, rather than the severity of its effects. According to the Centers for Disease Control, many thousands of people may already have had Influenza A(H1N1) virus and recovered, or may have Influenza A(H1N1) virus yet exhibit relatively mild characteristics.
• As a perspective, the average flu kills tens of thousands of people in the U.S. and hundreds of thousands of people worldwide each year. Although numbers of infected patients could still rise dramatically, the current Influenza A(H1N1) virus epidemic pales in comparison to previous flu pandemics such as 1918, 1957 and 1976.
• The use of basic surgical masks to prevent the contraction of the Influenza A(H1N1) virus is not effective. 'The only masks that might be of some help are the N95 masks and the reason they might be of some help is because they are much finer in their ability to block out droplets that might contain the virus,' Weisbart said. 'Anything that is not as fine a filter as an N95 would probably be of no help at all.'  

Useful Websites
World Health Organization
Centers for Disease Control
Risk Management Monitor (with the complete Dr. Steven Weisbart interview)


Further Reading
The Wall St. Journal covers economist's reaction to the outbreak
The Los Angeles Times reports scientist's view of this 'mild' flu strain
WHO to change name of flu to protect pigs


Podcast Series
Influenza A(H1N1) Virus and Pandemic Plan of Action
Part 1: Fact vs. Fiction
As the Influenza A(H1N1) virus epidemic continues to dominate headlines worldwide, it is getting more difficult to separate facts from fear. Listen as Risk Management magazine's Bill Coffin gets the inside story from Michael Liebowitz, director of risk management and insurance at New York University and past president of RIMS. Check back for upcoming segments at: www.RIMS.org/podcasts.

more Resources for RIMS Members
RIMS understands that this can be an unsettling time for our members and their businesses. As such, we would like to provide additional resources where you can gain more information.

Check in with eGroups where you can post and answer questions with your peers.

Log on to the Resource Library to find more articles on this pandemic and other risks in the community.

Visit RIMS new Risk Management Monitor blog to find daily stories, commentary, interviews, podcasts and videos related to the world of risk management and insurance. 

Wall Street Journal Covers 'Perspectives on Managing Risk'

5/1/2009

A recent special ad section in the Wall Street Journal spotlights the need for organizations to adopt a more strategic approach to managing risk. The section, titled "Perspectives on Managing Risk," includes articles such as "Rising Trends in Risk Management," "ERM: Viewing Risk as Opportunity," "Minimizing Transportation Risk" and "Reducing Disruption in the Global Supply Chain." To read the Wall Street Journal special section, click here.

Influenza A(H1N1) Virus and Pandemics Plan of Action

4/29/2009

In response to the Influenza A(H1N1) virus incidents, RIMS would like to offer some tips to support your business operations. Here are some guidelines and suggestions, as well as links to resources on pandemic planning and pandemic risk management. 

• Travel: While the Centers for Disease Control have not advised against travel at this time, it may be prudent for companies to reconsider any non-essential business travel to known outbreak clusters of the disease, such as Mexico City. At the moment, cases of Influenza A(H1N1) virus have been confirmed in New York City, California, Texas, Kansas and Ohio. It has also been confirmed in Canada and Spain and suspected in the United Kingdom, France, Israel, Brazil, Australia and New Zealand. Consult local or national boards of health for updates prior to travel.
• Business Continuity: If you have not already devised and rehearsed a business continuity plan, keep in mind the key elements of your daily operations that are most likely to be impacted by a widespread Influenza A(H1N1) virus outbreak. Consider widespread employee absenteeism, possible disruptions in third-party deliveries of goods and services, and also the inability to do business in flu-affected areas. For more information on business continuity and pandemics resources, visit RIMS website.
• Insurance: Review your firm's insurance programs to determine the degree of coverage offered and if any restrictions apply. Workers compensation as well as employee life and health policies are all on the front line when dealing with Influenza A(H1N1) virus. Contact your insurance carrier or broker with any questions you have regarding current coverage.
• Preventative Measures: At the moment, there is no vaccination for the Influenza A(H1N1) virus, so preventative measures will be helpful, especially for operations at risk, such as farms. Consider implementing a sick day policy if one is already not in place, as it can help keep ill employees from infecting the rest of the workforce. (People typically are infectious for three to seven days once infected.)  Stress the use of proper basic hygiene, such as avoiding hand-to-hand contact, washing hands, use of a tissue or handkerchief when coughing or sneezing and avoiding hand-face contact when prudent.
• Communication: Varying degrees of public emergency regarding Influenza A(H1N1) virusoutbreaks have been issued by various local, state, national and international government. Stay on top of news updates on this rapidly changing situation and be sure to communicate regularly within your own organization to keep personnel up to date on the facts. Rumor and wrong information can spread faster than any disease, and is as about as helpful.

Some links to additional resources:

P is for Pandemic  (4/25/09 post on the Risk Management Monitor)

Avian Flu: Bracing for a Pandemic  (Risk Management, July 2006)

Managing Influenza Pandemic Risk (Risk Management Solutions, Inc., 2007)

World Health Organization Influenza A(H1N1) virus updates

Centers for Disease Control Influenza A(H1N1) virus page

Public Health Agency of Canada

RIMS Thanks Ernst & Young for Platinum Sponsorship of RiskWire

4/22/2009

RIMS President Joseph A. Restoule, CIP, CRM, and RIMS Executive Director Mary Roth, ARM, thank Allen Melton of Ernst & Young for the platinum sponsorship of RiskWire during RIMS 2009 Annual Conference & Exhibition.

RIMS and the Institutes Announce Advanced ERM Course

4/20/2009

The American Institute for CPCU/Insurance Institute of America (the Institutes), through its Center for the Advancement of Risk Management Education (CARME), have joined RIMS to develop a new course titled “Enterprise-wide Risk Management (ERM): Developing and Implementing.” Designed for practitioners with strong risk management and business backgrounds, this new advanced ERM curriculum focuses on how to optimize risk-taking to meet strategic goals and the practical steps to develop and implement an ERM program. Enrollees who have earned the ARM will be able to take the Institutes’ exam to earn the ARM-E designation. RIMS will start offering the course in 2010.

Topics addressed in the ERM course include “ERM, Strategy, and Exposure Spaces; Integrating Risk Management and Organizational Strategy” and “ERM as a Project—Building the Business Case”. The intensive three-day course, conducted by RIMS, gives participants the opportunity to work with trained instructors and fellow practitioners to learn how to best implement ERM within their organizations.  

More information is available at www.aicpcu.org.

Volunteers Give Back to Orlando During RIMS Third Annual Community Service Day

4/20/2009

Approximately 100 attendees and exhibitors at RIMS 2009 Annual Conference & Exhibition volunteered to build a sensory garden, gazebo and park benches for Give Kids the World Village during the third annual Aon-supported RIMS Community Service Day, on Sunday, April 19. Give Kids the World Village is a 70-acre resort that fulfills the wishes of children with life-threatening illnesses and their families at central Florida’s attractions.

In a separate event on April 17, RIMS presented a donation to the Russell Home, a private, non-profit facility for severely handicapped children in central Florida, on behalf of RIMS 350+ conference speakers.

“RIMS is pleased to make contributions to organizations such as Give Kids the World Village which, like other charitable organizations today, are feeling the impact of the recession,” says Joseph A. Restoule, CIP, CRM, RIMS president and leader of risk management at NOVA Chemicals Corporation.

More information is available online at www.RIMS.org/RIMS2009.  

First Quarter RIMS Benchmark Survey™ Shows Soft Landing

4/20/2009

Data shows hard market in financial institutions’ directors and officers; Rates flat or modestly down in other product lines

Amid an unprecedented economic crisis, insurance premiums for businesses continued to slide towards a “soft landing” rather than an abrupt reversal resulting in rate increases. While banks and other financial institutions bought directors and officers (D&O) insurance at substantially higher rates, the rest of the commercial insurance market in the first three months of 2009 saw a continuing trend of little or no change in rates, according to RIMS Benchmark Survey™.

For more information, visit www.RIMS.org/benchmark.

Carol Fox Receives RIMS Highest Honor at RIMS 2009 Annual Conference & Exhibition

4/20/2009

Society recognizes outstanding achievements at Awards Luncheon

RIMS honored the industry’s shining stars at RIMS 2009 Annual Conference & Exhibition Awards Luncheon. RIMS most prestigious award, the Harry and Dorothy Goodell Award, was presented to Carol A. Fox, ARM, senior director of risk management at Convergys Corporation. Named in honor of RIMS first president, Harry Goodell, 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.

During RIMS 2009 Award Luncheon, the Society recognized other outstanding risk practitioners. The Richard W. Bland Memorial Award was presented to Robert Cartwright, Jr., CRM, member of RIMS board of directors and loss prevention manager at Bridgestone Americas Holding, Inc.

The Ron Judd “Heart of RIMS” Award was presented to Marley Drainville, CRM, risk manager at Enerplus Resources Fund; and Al Gorski, risk manager at the Orange County Transportation Authority.

The Arthur Quern Quality Award was presented to Lawyers Insurance Fund, the Law Society of British Columbia for its Beat the Clock publication.

The Cristy Award was presented to Lori Kahwache, ARM, corporate risk manager at BlueLinx Corporation.

RIMS and Business Insurance magazine presented the 2009 Risk Manager of the Year^® Award to Fred O. Pachón, ARM, CPDM, WCCP, vice president of risk management and insurance at Select Staffing. Also announced were members of the 2009 Risk Management Honor Roll^®:

• Raymond J. Alletto, ARM, CIC, vice president of risk management at United Rentals, Inc.
• Lori Jorgensen, senior director of finance/risk management at Microsoft Corp.
• Gary W. Langsdale, ARM, university risk officer at Pennsylvania State University

RIMS also recognized the exceptional work of some of its 80 Chapters for Outstanding Chapter Programming, Advancing the Risk Management Profession, Outstanding Member Services, Overall Chapter Excellence and the new Membership Growth Awards. A complete list of RIMS chapter award winners is available here.

Stay current with all the news on RIMS 2009 Annual Conference & Exhibition online at www.RIMS.org/RIMS2009. 

Spencer Educational Foundation Awards Loss Prevention Education Grants

4/20/2009

Spencer Educational Foundation, Inc. has awarded the University of Hartford and Virginia Commonwealth University with $50,000 grants each for the development of loss prevention course curricula for students studying risk management and insurance. FM Global funded the grants to support the development of undergraduate course modules and a graduate loss prevention course curriculum.

The University of Hartford Barney School of Business will use the grant to develop three course modules that focus on the importance of loss prevention in reducing an organization’s total cost of risk.

The Virginia Commonwealth University (VCU) School of Business Risk and Insurance Studies Center will use the funds to create a graduate-level loss prevention course designed to train current and prospective business managers to plan, develop and implement risk analysis and loss prevention programs.

“Congratulations to these university programs that demonstrate superior risk management education,” says Donna L. Galer, chairwoman of Spencer Educational Foundation, Inc. “These grants will enable the University of Hartford and Virginia Commonwealth University to take a leading role in loss prevention advocacy and, in turn, add value to their collegiate programs.”

For more information, visit www.spencered.org.

RIMS 2009 Annual Conference & Exhibition to Address Emerging Risks and Economic Challenges

4/14/2009

Emerging risks and the impact of the current economic situation will be two of the topics covered at RIMS 2009 Annual Conference & Exhibition in Orlando, Florida on April 19-23. Other topics at the week-long conference will include the latest enterprise risk management (ERM) tools and techniques, the top 10 litigation traps for risk professionals and insurance contract negotiation.

"RIMS 2009 Annual Conference & Exhibition has more learning and networking opportunities than any other event for risk professionals," says Mary Roth, ARM, RIMS executive director. "With the business spotlight focused on risk management practices, this is the time for risk professionals to stretch their knowledge, expand their resources and develop strategies to further their organizations' strategic business goals."

Speakers
The conference features keynote presentations from some of the world's authorities on leadership and change including:

• Leadership consultant Dr. Dennis N.T. Perkins who will present strategies for success based on effective leadership in demanding environments;
• Harvard Business School professor John Kotter, change consultant and author who will share the secrets to aligning business goals and embracing effective change management; and,
• Financial journalist Roger Lowenstein who will discuss the downfall of the U.S. hedge fund company Long-Term Capital Management and the issues facing the current global credit crisis.

Educational Lineup
RIMS 2009 Annual Conference & Exhibition boasts more than 350 expert speakers who will lead 120+ sessions on a variety of critical risk management issues. Hot Topic sessions include Navigating the Financial Tsunami, Five Questions to Ask Before Switching Insurance Companies, Insurance Coverage for Subprime Mortgage Lawsuits and D&O Insurance During the Economic Crisis. RIMS 2009 will also offer Strategic Partner Sessions from the nation's leading insurers and brokers covering topics that address the needs and concerns of the risk management and insurance community.

Networking Events
There will be a number of networking opportunities for risk practitioners during the conference, including RIMS third annual Community Service Day, Spencer Educational Foundation's annual golf and hockey tournament fundraisers, an internationally inspired Opening Reception at Walt Disney World's Epcot® Center and an Exhibit Hall wine and cheese reception, to name a few.

The Exhibit Hall will feature more than 400 companies offering the latest in products and services for the risk management profession. For the first time, RIMS popular online ERM Center of Excellence sets up shop in the Exhibit Hall. The booth will be staffed by risk managers, including members of RIMS ERM Development Committee. The booth is also the place to pick up a copy of Enterprise Risk Management for Dummies guide, RIMS State of ERM Report 2008 and other reports. For those interested in learning more about RIMS Risk Maturity Model for ERM, the booth will have a computer to check out this valuable online ERM tool.  Check out all of the Society's offerings at RIMS ERM Center of Excellence, located at booth No. 1129, right next to RIMS booth, No. 921.

Daily Blog and Twitter Provides Conference Highlights
RIMS is using technology to provide conference highlights for attendees and for risk practitioners who are unable to attend the conference. The editors of Risk Management magazine will be blogging every day, providing comments and critique of many of the 120+ sessions and other events. In addition, RIMS will be posting tidbits about the conference on Twitter, the popular micro-blogging site. Follow the action at http://twitter.com/RIMS2009.

More information on RIMS 2009 Annual Conference & Exhibition is available at www.RIMS.org/RIMS2009.

RIMS Launches Online Networking Community

4/9/2009

RIMS has launched a new online networking platform for members. RIMS Community, which includes an enhanced member directory, allows members to blog, create peer networks and interest groups, share white papers and other documents and much more.

Highlights of new offerings from RIMS Community include:

• Member Directory for professional networking, finding peers and blogging on industry topics;
• eGroups for connecting and exchanging knowledge in 40+ topical discussion groups;
• Resource Library for sharing, viewing, rating, and commenting on files such as white papers, industry reports, risk management document templates, articles, videos and podcasts; and,
• Glossary, a wiki for searching and updating risk management terms.

For more information about RIMS Community, visit www.RIMS.org/Community.

RIMS Announces Location for 2012 Annual Conference & Exhibition

4/9/2009

Mark your calendars! The Society is excited to announce that RIMS 2012 Annual Conference & Exhibition will be held in Philadelphia, the “City of Brotherly Love,” on April 15–19.

“RIMS is thrilled to bring the event back to Philadelphia,” says Mary Roth, ARM, RIMS executive director. “The city was the host for a very successful event in 2005 and we anticipate another highly attended conference in 2012.”

RIMS 2009 Annual Conference & Exhibition takes place in Orlando on April 19-23. The event will be hosted in Boston in 2010 and Vancouver in 2011. For more information on future conferences, click here.

RIMS Applauds Push for Insurance Regulation Reform

4/3/2009

RIMS congratulates U.S. Reps. Melissa Bean, D-Ill., and Ed Royce, R-Calif., in introducing the National Insurance Consumer Protection Act (NICPA) yesterday. RIMS supports efforts to address the antiquated state system of insurance regulation, which increases costs to commercial insurance buyers—represented by RIMS and who are the primary purchasers of commercial insurance.

The Society is pleased to see that the NICPA authorizes the National Insurance Commissioner to issue charters for national insurers for both life and property and casualty insurance as well as reinsurance. The bill establishes federal regulatory framework which will be optional for certain insurers and mandatory for those deemed systemically important.

The new regulatory framework designed by this legislation balances two policy goals:

• It assures stronger and more comprehensive federal oversight; and
• It provides a more efficient delivery system of insurance products to consumers at potentially more affordable prices.

RIMS looks forward to working with Reps. Bean and Royce to pass this legislation.

Risk Management Magazine Highlights the New DNA of Risk

4/2/2009

Risk Management's April issue examines the building blocks of risk. As the financial crisis underscores the need for improved risk management, this issue takes a four-part look at ERM and the future of the chief risk officer. An in-depth look at rebuilding financial risk management, the current era of mega-catastrophes and the new difficulties in managing currency risk are also offered, along with numerous other risk and insurance related articles in our biggest issue of the year.

Read the April issue online at www.RMmagazine.com.

RIMS Welcomes CMS Extension of MSP Reporting Requirements

4/1/2009

RIMS announced its support for a federal extension of the Medicare Secondary Payer (MSP) reporting requirements for group health plans, liability insurers, self-insurers, no-fault insurers and workers' compensation claims. The Center for Medicare and Medicaid Services (CMS) announced that it was extending implementation of the MSP reporting process by three months, until January 1, 2010, and that it would also impose an interim reporting threshold for liability claims of $5,000, which is phased down to $600 beginning January 2012.

To read RIMS statement, click here.

Risk Insights—Global Property and Business Interruption Claims: Think Locally to Act Globally

3/31/2009

RIMS and Ernst & Young present Risk Insights, a series of articles that provide insight into various risk management and insurance-related issues. The latest in this series, "Global Property and Business Interruption Claims: Think Locally to Act Globally," focuses on the challenges associated with global property and business interruption claims. The article will address: communication and coordination; identifying the right team; managing expectations; and claim measurement issues unique to global claims.

"Global Property and Business Interruption Claims: Think Locally to Act Globally" is available at no cost to RIMS members at www.RIMS.org/RiskInsights.

RIMS Members Receive Free Subscription to National Underwriter P&C

3/20/2009

For a limited time, RIMS members can sign up for a free subscription to National Underwriter P&C.

National Underwriter P&C is a weekly publication dedicated to the news and analysis of the property and casualty industry. And, the monthly Corporate Insurance Buyers/Risk Management Report supplies you with essential information about providers, services and alternative risk-financing options. Plus, sign up for National Underwriter P&C Daily e-newsletter and get the latest headlines and breaking news sent to your inbox free!

Click here to subscribe to National Underwriter P&C.

RIMS Hosts Webinar on Bundling RMIS and ERM

3/20/2009

RIMS will host a webinar, Risk Management on Steroids: Crossing the Chasm with Bundled RMIS and ERM, on Thursday, March 26, at 1:00-2:00 pm EST. Sponsored by Riskonnect, the webinar will discuss how risk professionals can lower Total Costs of Risk (TCOR) and improve the flow of communication from their department to the C-suite. Panelists include Derek Regier, vice president of Riskonnect; and Chris Duncan, advisor to Riskonnect. The webinar is free for RIMS members. All others may participate for a fee of $30. For more information, visit www.RIMS.org/upcomingwebinars.

RIMS Executive Summary Provides Guidance on Enhancing ERM Programs

3/19/2009

RIMS released an executive report that provides insights to risk practitioners who are at the beginning and intermediate stages of adopting ERM, and are considering using technology solutions to implement a new or next phase in the process.

The report, titled "Enterprise Risk Management Technology Solutions," is based on results from two surveys—one to ERM practitioners and one to system providers. Data was collected in the summer of 2008 from 651 risk practitioners who identified more than 20 different technology solutions they are using, and the key functionality for their ERM programs.

"Enterprise Risk Management Technology Solutions" is available for free to everyone who registers at www.RIMS.org/ResourceLibrary.

Texas RIMS on the Hill Attracts 20 Practitioners to Lone Star State Capitol

3/13/2009

The inaugural Texas RIMS on the Hill Legislative Conference was held March 2-3 in Austin, Texas.  Twenty members—representing all four Texas chapters—united to discuss state policy issues affecting the risk management profession in the Lone Star State.

RIMS members interacted with state legislative representatives and senators to introduce the Society, provide education on the risk management profession and encourage legislative support for the contract certainty issue. 

"Representatives are now aware we represent a coalition of nearly 1,000 risk managers across Texas who purchase billions of dollars in coverage for our many organizations," says Charles "Buddy" Gillenwater, RIMS Dallas-Ft. Worth Chapter member and risk manager of the City of Mesquite, Texas. "Each attendee witnessed the impact that their presence in front of our representatives can have on the financial health of the insurance marketplace and state business climate. This legislative conference not only represents change we can believe in, it represents change we will benefit from with active participation in making our profession's concerns known to the elected and appointed officials within the state of Texas."  

Speakers at the event included Carol Cates, associate commissioner of government relations at the Texas Department of Insurance; Robert Stokes, attorney at Flahive, Ogden, and Latson; Darrell Wells, legislative liaison for the Texas Public Risk Management Association; and Lee Ann Alexander, assistant vice president of public affiars and senior legislative counsel at Liberty Mutual. 

Are you interested in holding a Legislative Conference in your state? Contact Nathan Bacchus, RIMS State and Regulatory Affairs Associate, at 212-655-6215 for more details.

IRMI Special Reports Available at No Charge

3/11/2009

International Risk Management Institute, Inc. (IRMI) has published two special reports, now available as e-books at no charge on IRMI.com.

When you sign up for IRMI Update you'll receive the special report 25 Risk-Conquering Ideas. IRMI Update is a free e-mail newsletter read by nearly 34,000 of your peers. It provides thought-provoking industry commentary every other week, with links to articles from industry experts. You will get two new, practical risk management tips every month, and be the first to receive important news regarding IRMI risk management conferences and insurance seminars. Information on new insurance continuing education programs, and news about other industry related products and services is also included. Sign up for IRMI Update and get 25 Risk-Conquering Ideas.

20 Ways To Improve Directors and Officers Liability Coverage or Practices is a special, 20-page report providing actionable suggestions for improving directors and officers liability insurance coverage or programs designed to manage D&O liability exposures. It also discusses important coverage issues to consider when buying, selling, or underwriting D&O insurance, with realistic suggestions for addressing each. The special report is free when you sign up for D&O Compass, a free, monthly e-mail newsletter from IRMI. Each issue of D&O Compass provides at least one new insurance or risk management tactic gleaned by the authors from their study and comparisons of D&O policy forms and legal cases interpreting D&O insurance coverage provisions. Sign up for D&O Compass and get 20 Ways To Improve Directors and Officers Liability Coverage or Practices.

RIMS Speaks Out on Producer Compensation Disclosure in NY Insurance Department Discussion

3/11/2009

On March 10, the New York State Insurance Department hosted a roundtable discussion between insurance carriers, brokers and commercial insurance buyers on the issue of producer compensation disclosure. During the discussion, the Society reiterated its position that all forms of broker compensation, both direct and indirect, should be disclosed in writing to the buyer. This will allow the buyer to evaluate all possible factors which may have influenced the broker’s recommendation. The Society will be providing formal comments on the Department’s proposed regulation by March 13.

Click here to read the complete draft of the proposed regulation. For more information on RIMS position on contract certainty, click here.

RIMS Publications Director Featured in Financier Worldwide

3/6/2009

RIMS Hosts Webinar Series on Financial Crisis

3/3/2009

RIMS will host a two-part webinar series, Operating in Today's Business Environment, on Thursday, March 5, and Friday, March 6, to help explain the potential impact the latest changes in the financial markets may have on risk managers.

In the first webinar, AIG Commercial Insurance: Latest Developments, on Thursday, March 5, from 2:00-3:00 pm EDT, senior executives from AIG Commercial Insurance will discuss the latest news at their company. Panelists include John Doyle, president and CEO of commercial insurance at AIG; and Robert S. Schimek, executive vice president and CFO of the property casualty group at AIG. The webinar is sponsored by RIMS Chicago Chapter.

In part two, Critical View on Today's Insurance Market, on Friday, March 6, from 2:00-3:00 pm EDT, leading financial analysts, market experts and economists will discuss the U.S. stimulus package, the recession and the opportunities that exist in today's business world. Panelists include Jay A. Cohen, equity research department managing director at Bank of America-Merrill Lynch; Keith Walsh, analyst at Citigroup Investment Research; and Dr. Robert P. Hartwig, CPCU, president of the Insurance Information Institute. The webinar is co-sponsored by RIMS Rocky Mountain and San Diego Chapters.

The series is free to RIMS members; non-members may participate for a fee of $30. For more information, visit www.RIMS.org/upcomingwebinars.

Risk Management Spotlights the Financial Crisis

3/3/2009

RIMS Attends N.Y. Insurance Department Roundtable Discussion

2/24/2009

On February 20, the New York State Insurance Department hosted a roundtable discussion between insurance carriers, brokers and commercial insurance buyers on the issue of contract certainty. During the discussion, the Society advocated that a strict policy on contract certainty is necessary to ensure that the insurance consumer knows exactly what is in the policy they are purchasing. The Society looks forward to working further with the New York Insurance Department as well as other industry groups on this issue.

For more information on RIMS position on contract certainty, click here.

RIMS Offers New Online Accounting Course

2/19/2009

To have a successful career in risk management, practitioners need a solid understanding of accounting procedures. In an effort to help risk managers learn these skills, RIMS has partnered with Accounting In An Hour, LLC to add a new course online titled "Accounting In An Hour."

The 60-minute course explains financial statements and shows participants how organizations make and lose money. It teaches participants how to interpret accounting terminology, read reports and take part in financial discussions within the organization. Participants can measure their progress with pre- and post-course quizzes, and earn a certificate after finishing the course. The course costs $35.95 and RIMS members receive a 10 percent discount.

For more information and a complete list of RIMS online courses, visit www.RIMS.org/onlinecourses.

California 'RIMS on the Mall' a Tremendous Success

2/11/2009

The four RIMS Texas chapters will also host their first Texas Legislative Conference on March 2-3 in Austin. Session will focus on workers compensation concerns, Texas State Department of Insurance issues, and how to effectively communicate with legislators and their staff.

Are you interested in holding a Legislative Conference in your state? Contact Nathan Bacchus, RIMS State and Regulatory Affairs Associate, at 212-655-6215 for more details.

National Underwriter Seeks Entries for Excellence in Workers' Compensation Award

2/11/2009

National Underwriter P&C weekly news-magazine is seeking entries from risk managers for its Excellence in Workers' Compensation Risk Management award. The award recognizes companies that do an outstanding job managing their workers' compensation risks, in terms of both lowering loss costs and getting people healthy and back on the job as quickly as possible.

A representative from the risk management departments of three company finalists will win a trip to Orlando to attend the Workers' Compensation Educational Conference (WCEC) on August 16-19, where the 2009 champion will receive a trophy and the other two finalists will be given a plaque for an honorable mention. All three finalists will be profiled in the August 17 edition of National Underwriter.

Agents and brokers as well as insurance carriers are also welcome to nominate risk managers by April 7. Risk managers are invited to submit their own programs for consideration by May 11.

For more information about the National Underwriter Award for Excellence in Workers' Compensation Risk Management, click here.

RIMS Supports GAO Report on U.S. Financial Regulatory Framework

2/10/2009

From RIMS perspective, the report is notable for highlighting the trend toward increasing globalization of financial instruments. Just as important, the report identifies the current fragmented United States regulatory structure as both an impediment to coordinating with other regulators on an international scale as well as contributing to regulatory inefficiency and ineffectiveness domestically. These factors impact insurance affordability and availability and are important to risk managers as purchasers of commercial insurance.

In fact, RIMS believes a similar argument or application of the recommendation can be made to further advance legislation addressing the non-admitted market—or surplus lines—legislation which was passed by the U.S. House of Representatives twice, but died again in the U.S. Senate last Congress. Legislation would rectify the current cumbersome regulatory scheme applicable to surplus lines insurers whereby insurers are subject to premium taxes not only in their home states but also in states where they place insurance. This is another example of how, quite often, duplicative regulations hamper the efficient delivery of insurance to purchasers and could be remedied by federal action.

RIMS calls upon Congress to also address these important reforms as they consider this much needed financial modernization and regulatory restructuring legislation.

Participate in RIMS/Marsh Excellence in Risk Management Survey

2/6/2009

Hurry! Survey closes February 12

RIMS and Marsh invite you to participate in the sixth annual Excellence in Risk Management Survey.

This year's survey focuses on the effects of the economic crisis on risk management practices, trends in risk management investment, and the alignment of risk management methods to a firm's strategic, operational and risk management objectives. The results of the survey will be presented during a session at RIMS 2009 Annual Conference & Exhibition taking place in Orlando on Tuesday, April 21, from 10:45 a.m.-12:15 p.m. Survey participants will receive a free copy of the report after the conference.

Please click here to access the survey, which will take approximately 15 minutes to complete.

RIMS Praises New York Insurance Department Broker Compensation Regulation

2/6/2009

The Risk and Insurance Management Society (RIMS) commends the New York State Insurance Department for issuing a proposed regulation requiring complete written disclosure of compensation arrangements in the insurance purchasing transaction.

While the proposal falls short of a flat-out prohibition of contingent fees for all insurance producers and maintains the two-tier system, RIMS views the regulation as a step forward in ensuring complete transparency in the process. Complete disclosure of compensation arrangements goes a long way towards promoting transparency and re-establishing trust between the broker and consumer, while also providing the consumer with sufficient information to evaluate potential conflicts of interest in the placement of insurance policies.

However, RIMS believes that this is only a first step toward complete transparency as contingency fees continue to present an inherent conflict of interest between the broker and the insurance purchaser. RIMS reaffirms its position that contingency fees should be broadly prohibited. The Society looks forward to working with the New York Insurance Department on the issue going forward.

Just Announced: RIMS 2009 Hot Topic Sessions

2/5/2009

The Hot Topic sessions to be explored at RIMS 2009 Annual Conference & Exhibition on April 19-23 in Orlando will help risk professionals address the impact of the financial crisis. Hot Topic sessions include:

• Navigating the Financial Tsunami will lead attendees through recommendations to help their organizations prepare for economic recovery.
• Five Questions to Ask Before Switching Insurance Companies will help attendees examine the effectiveness of their insurance portfolios.
• Insurance Coverage for Subprime Mortgage Lawsuits will educate attendees on how to defend their organizations against mortgage litigation.
• D&O Insurance During the Economic Crisis will show attendees how to stay a step ahead of the economic crisis.

"The financial industry fallout of 2008 has forced companies to rethink the importance of risk management as a strategic element of their business plans," says Mary Roth, RIMS executive director. "RIMS 2009 Annual Conference & Exhibition provides an unmatched forum for the risk community to discuss strategies for assessing and managing risk in today's turbulent economy."

Take advantage of the best rates and register before the Early Bird discount expires on February 20. More information on RIMS 2009 Annual Conference & Exhibition, travel arrangements and registration are available at www.RIMS.org/RIMS2009.

RIMS Announces New Member Discount

2/5/2009

As a RIMS member, you are now eligible to receive a 15 percent discount on all courses offered at the Duke University's Fuqua School of Business in Durham, NC. Duke University Executive Education offers a broad range of non-degree leadership and management development programs designed specifically for working professionals. The programs provide practical skills and knowledge which can be applied immediately. Top ranked programs include:

The Advanced Management Program
High Potential Executive Program
The Duke Leadership
Financial Analysis and Reporting
Dynamic Management
Fundamentals of Management

To learn more about this new member discount, click here.

World Economic Forum Report Highlights Risk Lessons of Financial Crisis

2/4/2009

The World Economic Forum's Global Risk Network's Global Risks 2009 report identifies a set of economic risks on the rise as a result of the financial crisis. Published in cooperation with Citigroup, Marsh & McLennan Companies, Swiss Re, the Wharton School Risk Center and Zurich Financial Services, the report is based on a qualitative assessment of global risks, workshops and input from business leaders and experts consulted throughout 2008.

Click here to read the report.

RIMS Executive Report Outlines Next Steps for ERM

1/26/2009

RIMS released today an executive report that explains how ERM could have helped to prevent last year's financial crisis. The report, titled "The 2008 Financial Crisis: A Wake-up Call for Enterprise Risk Management," also provides insight on how ERM can help to prevent future financial catastrophes.

In the report, RIMS contends that there were a number of behavioral breakdowns that contributed to the financial crisis. These failures include the over-use of financial models, the over-reliance on compliance and controls, the failure to understand risk tolerance and the failure to embed risk management within the organizations. Additionally, there was no governance failsafe built into risk management frameworks.

To read "The 2008 Financial Crisis: A Wake-up Call for Enterprise Risk Management", visit www.RIMS.org/ERMwhitepaper.  

RIMS President Featured in National Underwriter P&C

1/21/2009

The January 19 issue of National Underwriter P&C features and in-depth article about RIMS President Joseph Restoule, CIP, CRM. The article, titled "'Joe the Risk Manager' Restoule Sees Opportunities Despite Economic Threats" by Caroline McDonald, touches on Restoule's vision for the Society in 2009 and how he hopes to inspire his risk management colleagues to take a proactive—and creative—approach to their organizations risk program. To read the full story, click here.

RIMS Benchmark Survey™: Soft Market Losing Steam

1/20/2009

Insurance premiums for businesses continued a five-year trend of falling rates during the fourth quarter of 2008, but recent data suggest a reversal of this trend may soon be underway. Rates for property, general liability, and directors' and officers' (D&O) insurance premiums all decreased at a materially slower pace than in recent quarters, according to RIMS Benchmark Survey™. To read the complete release, click here.

RIMS State of ERM Report 2008 Webinar January 22

1/16/2009

RIMS will host a webinar on January 22 to review the findings of RIMS State of ERM Report 2008 and introduce the next steps for moving an ERM program forward. The groundbreaking report is based on data collected from 564 corporate risk practitioners who assessed their risk management strategies using RIMS Risk Maturity Model for ERM©.

Titled "Reducing Uncertainty in Volatile Times: RIMS State of ERM Report 2008," the one-hour session will be held between 1:00-2:00 pm EST. Panelists include Carol A. Fox, ARM, senior director of risk management at Convergys Corporation and immediate past chair of RIMS ERM Development Committee; Jeffrey Vernor, ARM, global risk manager at Russell Investment Group and chair of RIMS ERM Development Committee; and Steven Minsky, CEO of LogicManager and author and producer of the report.

The webinar fee is $30 for RIMS members. All others may participate for a fee of $75. For more information, visit www.RIMS.org/stateoferm.

RIMS Calls for Regulation Governing Broker Compensation

1/15/2009

RIMS calls upon the New York State Attorney General's Office and the New York Insurance Department to issue new regulations to govern broker compensation.

Despite the efforts of some insurance trade groups to place the issues of broker compensation and contingent fees on the New York State legislative agenda, commercial insurance buyers-represented by RIMS and who are the primary purchasers of commercial insurance-argue that the series of hearings that took place last summer under the auspices of the state Attorney General and Insurance Department offices set the stage for developing new and critical regulations in respect to broker compensation and contingent fees.

RIMS reaffirms its position that contingent fees for insurance producers should be prohibited, and that in the absence of prohibition, all compensation arrangements should be fully disclosed to the client in writing. The acceptance of such fees in transactions that are made on behalf of the buyer represents an inherent conflict of interest. Furthermore, RIMS believes that all sources of compensation, direct or indirect, now or in the future, should be disclosed to the client whether or not it is requested.

RIMS looks forward to the release of the findings and policy recommendations made by the New York Insurance Department and Attorney General.

For details on legislation impacting the risk management community and more information on RIMS legislative activities, visit RIMS Legislative Action Center.

Risk Management Focuses on the Financial Sector in the Year’s First Issue

1/8/2009

In the first issue of 2009, Risk Management looks at the failure of certain organizations in the area of risk management and the obstacles those businesses face in the regrouping phase. The issue also focuses on how to improve the claims process, the importance of understanding the role of foreign insurers, follow form excess liability insurers and the risks associated with expanding business into emerging markets. The January/February 2009 issue also features the transcript of an exciting roundtable discussion with industry leaders in regards to managing risk in recessionary times. Read 2009’s first issue online at www.RMmagazine.com.

U.S. Department of Homeland Security Requests Comments on PS-Prep

1/8/2009

The U.S. Department of Homeland Security (DHS) invites risk professionals to provide comments on the Voluntary Private Sector Preparedness Accreditation and Certification Program (PS-Prep) by January 23. PS-Prep will assess whether a private sector entity complies with one or more voluntary preparedness standards adopted by DHS. The program will raise the level of private sector preparedness through a number of means, including:

• establishing a system for DHS to adopt private sector preparedness standards; 
• encouraging creation of those standards; 
• developing a method for a private sector entity to obtain a certification of conformity with a particular DHS-adopted private sector standard, and encouraging such certification; and  
• making preparedness standards adopted by DHS more widely available.

Submissions may be made online at www.regulations.gov, using docket ID FEMA-2008-0017. For more information, click here. 

In Uncertain Times, Effective Risk Management is Key

1/5/2009

RIMS 2009 Annual Conference & Exhibition unveils rich program outlining latest leadership strategies and techniques

Amidst the recent turmoil in the financial markets, the risk management industry has been placed into the spotlight and risk practitioners are being asked to re-evaluate their risks and exposures. RIMS 2009 Annual Conference & Exhibition, taking place April 19-23 in Orlando, Florida will provide risk managers and other executives charged with risk management responsibilities with proven leadership strategies and techniques to successfully navigate this time of economic uncertainty, and the surfacing global threats.

"Risk professionals today face a very challenging economy with tough decisions to make for their organization. Now more than ever, it is vital that practitioners stay connected and informed," says Mary Roth, ARM, RIMS executive director. "What practitioners will learn, see and hear at RIMS 2009 Annual Conference & Exhibition should not be missed. This is the conference for risk professionals to question industry partners about business tactics, learn from experts about the latest leadership strategies and hear how peers are addressing challenges in their own organization."

Speakers
The Keynote speaker at the conference General Session is Dr. Dennis N.T. Perkins, leadership consultant and author, who will present his 10 strategies for success based on effective leadership in demanding environments. Other speakers include Harvard Business School professor, change consultant and author John Kotter, who will share the secrets to aligning business goals and embracing effective change management; and financial journalist and author Roger Lowenstein, who will discuss the downfall of U.S. hedge fund company Long-Term Capital Management and the issues facing the current global credit crises.

Educational Lineup
RIMS 2009 Annual Conference & Exhibition boasts more than 400 speakers who will lead some 120 workshops in the 10 category areas of claims management, employment risks, ERM, finance, industry, insurance, international, legal legislation, loss control and risk management. Sessions cover current issues such as tactics that will help to improve an organizations risk management approach, and how to address the risks involved in using products and materials from developing countries as well as traditional trading partners. "Hot Topic" sessions will be announced in January to offer attendees forward-looking content based on current events.

Networking Events
RIMS 2009 Annual Conference & Exhibition will offer several opportunities for risk practitioners to meet with peers in a relaxed atmosphere. RIMS will host its third Community Service Day, once again supported by Aon, at Give Kids the World—a 70-acre resort that fulfills the wishes of children with life-threatening illnesses and their families at central Florida's attractions. Other networking events include the Spencer Educational Foundation's annual golf and hockey tournament fundraisers, an internationally inspired Opening Reception held at Walt Disney World's Epcot® Center, a special Wednesday evening entertainment—SeaWorld Spectacular, and an Exhibit Hall wine and cheese reception.

RIMS Goes Green
RIMS will be working closely with the Orange County Convention Center to support and execute an environmentally-friendly event throughout the week. For example, to reduce energy consumption, the center's lights, heat and air conditioning will be turned off in rooms not in use. Also, many conference materials such as banners, carpeting, signage, badge holders, among others will use recyclable materials and soy-based inks.

The deadline for the Early Bird discount is February 20. More information on RIMS 2009 Annual Conference & Exhibition, travel arrangements and registration are available at www.RIMS.org/RIMS2009.

Attention Universities: Spencer Educational Foundation Seeks Proposals for Loss Prevention Courses

12/19/2008

On Thursday, Spencer Education Foundation, Inc. announced it established two grants for universities and colleges with risk management programs seeking to create a loss prevention course curriculum.

The grants, funded by FM Global, are two awards of up to $50,000 each for the development of undergraduate course modules and graduate loss prevention course curricula for students studying risk management.

"Risk management programs have a growing need for current and more extensive loss prevention material at both the undergraduate and graduate levels," says Donna L. Galer, chairwoman at Spencer Educational Foundation, Inc.

"We hope that these educational grants will enable academic institutions with risk management programs to focus on the value of engineering in loss prevention and better prepare students to meet the challenges of the organizations they will one day represent," says Shivan S. Subramaniam, chairman and CEO at FM Global.

Grant applications are due by Jan. 30, and will be awarded March 2009. For more information, please contact Angela Sabatino, administrative manager at Spencer Educational Foundation, Inc., at (212) 655-6223 or asabatino@spencered.org.

RIMS Announces Board of Directors for 2009 Term

12/18/2008

RIMS Calls for United States Government Action on Terrorism Insurance Solutions for Nuclear, Biological, Chemical or Radiological Events

12/18/2008

The Risk and Insurance Management Society (RIMS) commends the Government Accountability Office (GAO) for its report on the availability of insurance coverage caused by acts of terrorism involving nuclear, biological, chemical or radiological (NBCR) weapons. The GAO was tasked to undertake the study by Congress when it passed the "Terrorism Risk Insurance Program Reauthorization Act of 2007" in December of last year.

RIMS has been actively involved in advocating for the availability of NBCR insurance and served as a resource to GAO when it conducted its study. RIMS applauds GAO for its comprehensive analysis of the extent to which NBCR is available; the difficulty in accurately predicting risk and damage associated with these events; and the consequent challenges with regard to insurance pricing. Despite concluding that insurance for NBCR is not widely available, the GAO stopped short of recommending specific policy solutions. RIMS maintains that the country's economic health and well being require a long-term solution that addresses both conventional and NBCR terrorism risks. The need for this solution was reinforced strongly in a recent study by the Commission on the Prevention of WMD Proliferation and Terrorism that declares that within the next five years it expects an NBCR-related attack to occur.

RIMS calls for a long-term solution that will assist organizations to manage NBCR risks by the creation of a separate federal insurance program, rather than a short-term solution requiring insurers to "make-available" insurance for these risks. Because NBCR exposure is not calculable for premium purposes—and is therefore an uninsurable risk—RIMS is concerned that smaller insurers may opt to exit the NBCR coverage market, leaving only larger insurers to offer minimum limits at a high price.  RIMS calls on the 111th Congress to revisit the issue of NBCR coverage in light of the GAO study findings.

Guilt Free Holiday Spending

12/15/2008

Give the gift of education this holiday season

If you’re in search of the perfect gift for the people on your list this holiday season, think of making a donation in their honor to the Spencer Educational Foundation. Your tax-deductible pledge will benefit gifted students pursuing a career in risk management or insurance.

“Spencer Educational Foundation takes much pride in the difference that we make in the lives of students and professionals in the risk management and insurance disciplines,” says Donna L. Galer, chair of Spencer Educational Foundation. “Without you, we couldn’t help as many talented risk practitioners and promising students as we do each year.”

Students like Aelon Porat, a student at Temple University who received the September 11 Memorial Scholarship in 2007, and Ashley A. Murphy, a student at the University of Louisiana at Monroe who received the XL Ian R. Heap Memorial Scholarship in 2008, have benefited from the donations from risk practitioners.

“I highly doubt that I could be where I am now without the support of Spencer Educational Foundation,” says Aelon. “Not only has the Foundation provided me with crucial financial aid, but it has given me an incentive to push my limits and excel academically.”

Ashley agrees. “I find it very encouraging to see a prestigious Foundation taking an interest and investing in the future of students across the country,” she says.

To make a donation, or learn more about Spencer Educational Foundation, visit www.spencered.org.

RIMS Supports NAIC Reinsurance Regulatory Modernization Framework Proposal

12/10/2008

The Risk and Insurance Management Society, Inc. (RIMS) is encouraged that the National Association of Insurance Commissioners (NAIC) has approved the Reinsurance Regulatory Modernization Framework Proposal at its recent Winter National meeting.

NAIC's adoption of the Framework is a small step forward in the process of developing a new regulatory regime for reinsurance; however, many details remain to be worked out.

The NAIC reinsurance task force proposal creates two classes of reinsurers in the United States. One class is for reinsurers domiciled in the United States and the second is for non-United States based port of entry (POE) reinsurers. Features of the new framework include modified collateral requirements for eligible entities, new state-based reinsurance regulations based on supervisory recognition, single-state licensure for United States reinsurers and single-state certification for non-United States reinsurers from approved jurisdictions.

RIMS is hopeful that this modified regulatory framework, when fully implemented, will result in additional capacity and the equitable and efficient regulation of the reinsurance industry in a manner that meets the needs of commercial policyholders.

Top Reasons to Submit Data to RIMS Benchmark Survey

12/10/2008

Risk practitioners who submit data before December 31 will receive a complimentary copy of the 2009 edition of RIMS Benchmark Survey book after it is published in May 2009. And, as an added benefit, participants will also receive a complimentary subscription to the professional edition of Advisen's Front Page News.

RIMS Benchmark Survey™ is the leading source of market intelligence for risk management decisions, with industry data from nearly one third of the Fortune 500 companies and across 70 industry categories. The survey captures information on the state of the insurance marketplace and provides the only independent fact-based review of the cost of risk to insurance purchasers-unbiased by brokers or insurers involved.

Visit www.RIMS.org/Benchmark to submit data online. Or simply complete the broker authorization form and we'll contact your broker for the information.

RIMS Chicago Chapter Pledges $100,000 to Spencer Educational Foundation

12/8/2008

Spencer Educational Foundation has received a $100,000 commitment from RIMS Chicago Chapter. The scholarship will be awarded annually to risk management or insurance students at colleges and universities in Illinois, Indiana, Iowa, Michigan and Wisconsin. The first recipient will be announced in March of 2009.

"RIMS Chicago Chapter has always supported the goals of Spencer Educational Foundation, but this gift is its most generous to date," says Donna L. Galer, chairwoman of Spencer Educational Foundation, Inc. "The Foundation is proud to receive the support of one of the largest RIMS chapters. The donation is evidence of the chapter's profound dedication to the future of the risk management and insurance profession."

For more information on Spencer Educational Foundation, or to donate, visit www.spencered.org.

Nominations for 2009 Risk Manager of the Year Award Due December 15!

12/5/2008

Nominations for 2009 Risk Manager of the Year award have been extended to December 15. RIMS and Business Insurance magazine announced in October that they would collaborate on the award and the Risk Management Honor Roll. RIMS current president will join an independent panel of judges who select the winner, and RIMS and BI will jointly present the award at RIMS Annual Conference & Exhibition in Orlando on April 19-23.

For more information, or to submit a nomination, visit www.BusinessInsurance.com/RMOY.

RIMS Board of Directors Approves Five Percent Dues Increase

12/1/2008

Some years ago, in order to avoid dramatic dues increases that could impact member budgets, RIMS board of directors determined that small dues increases every-other-year would be more acceptable to members while keeping the Society fiscally sound. The last dues increase went into effect on January 1, 2007.

At its October meeting, RIMS board of directors approved a five percent dues increase for corporate, associate and additional deputy dues effective January 1, 2009. Corporate membership, covering up to two deputy members, will increase to $490 while additional deputy dues will increase to $160.  Associate dues, which are individual, will increase to $500. All other dues categories—affiliate, retired, educational and student—will remain at the 2008 levels.

For more information, contact Jill Levy, RIMS director of membership and chapter services, through RIMS online contact form, or 212-655-6030.

Risk Management Magazine Reviews Risk in 2008

12/1/2008

This month, Risk Management looks back at 2008—the year in risk. From the financial crisis and energy pricing volatility to devastating natural disasters and historic food recalls, 2008 will go down as a year marked by the failure of risk management. And in addition to recapping the year's headline-grabbing events, we also look forward to analyze the lessons learned and ensure that 2009 will finally be the year risk management becomes paramount for every organization. Read the December issue online at www.RMmagazine.com.

RIMS President Presents Buyer's Perspective on Global Risk Management Stratgies at Reactions Conference

11/25/2008

RIMS President Janice Ochenkowski, ARM, presented "Global Risk and Capital Management Strategies--The Buyer's Perspective" at Reactions Magazine's launch conference, Risk and Capital Management in the International Insurance Industry, earlier this month in New York. Maurice R. Greenberg, chairman and CEO at CV Starr & Co Inc., provided a keynote presentation at the conference. Other speakers include senior executives from ACE, Aegon, AIG, Aon Capital Markets, Deutsche Insurance Asset Management, Goldman Sachs, Standard and Poor's, XL Insurance and Zurich Financial Services.

New RIMS Study Links ERM to Higher Credit Ratings

11/19/2008

RIMS and LogicManager have published the first in-depth study on ERM practices—RIMS State of ERM Report 2008. The report substantiates the value of ERM for organizations of all types and indicates that companies that have greater risk management and ERM maturity levels enjoy higher credit ratings. In addition to key findings, RIMS State of ERM Report 2008 uniquely outlines priorities for best practice criteria that organizations may use to improve ERM competency.

Conducted from December 2006 to January 2008, corporate risk practitioners from 564 organizations assessed their risk management strategy with RIMS Risk Maturity Model for ERM© (RMM).

Report Key Findings include:

• Organizations that have embraced ERM have realized a concrete advantage in their risk management competency. The study found that 93% of organizations with formalized ERM programs in place make better risk-informed decisions—a recognized competitive advantage over those that do not have an ERM program.
• Organizations that report they have an ERM program in place still fall significantly short of achieving managed or better risk maturity. The study demonstrates that, based on the ERM guidelines presented in RIMS Risk Maturity Model for ERM, only 4% of these companies have achieved a managed or better level of risk management competency in all risk competencies. This suggests that organizations may have a false sense about all that is required for an effective risk management program.
• Data from the study verifies that formalized infrastructures in well-managed ERM programs embody the 68 best practice guidelines for efficient and effective risk management programs as presented in RIMS Risk Maturity Model for ERM.
• The study links ERM to better business performance. There is a distinct correlation between companies that score higher on RIMS Risk Maturity assessment and companies that possess higher credit ratings. The same is true of low scoring companies that, typically, possess lower credit ratings. Hence, better managed companies in terms of ERM practices benefit from better business performance.

"In order for organizations to capitalize on the strategic and tactical value creation enabled by ERM, management--from the board room to the front line--must play an active role in the risk management process," says Carol A. Fox, ARM, senior director of risk management at Convergys Corporation and chair of RIMS ERM Development Committee whose members, risk practitioners, contributed to the report. "This report identifies fundamental requirements for management to build and maintain a resilient and sustainable organization."

For organizations that want to further develop their current ERM program, or learn how to implement one, RIMS recommends that an important first step is to understand where they stand. RIMS Risk Maturity Model for ERM and the free online Risk Maturity Assessment allows companies to assess their current practices against validated risk competencies and develop an action plan to take your risk management program to the next level. RIMS State of ERM Report 2008 is available for free to risk practitioners who complete an online Risk Maturity Assessment at: http://www.RIMS.org/RMM. Others may purchase the report online.

New Online Business Training Library Available

11/17/2008

RIMS has made available a new library of online courses to help enhance risk practitioner business management and leadership skills. The 50-course collection, developed by Winchester Center for Management Development, a subsidiary of MindEdge, Inc., provides a collection of courses such as communications, finance, leadership, management and strategy, among others. Sessions include interactive exercises, case studies, assessments and focused readings. Completion of select courses earns participants a half continuing education unit for those who require annual or bi-annual continuing education hours and a program certification. Risk practitioners can enroll in the courses at any time in the convenience of their home or office. Fees for many of the courses range between $79 to $95 and can be completed in three to six hours.

"A successful career as a risk management professional requires continuous learning in many disciplines to enhance both technical and soft skills," says Janet Barnes, ARM, member of RIMS board of directors and risk manager for Snohomish County Public Utility District No.1. "MindEdge's online programs offer professionals an easy, convenient and affordable way to further develop the critical skills they need to become successful managers and leaders within their organizations."

For more information about the Winchester Center for Management Development online courses, visit www.RIMS.org/WinchesterCenter.

RIMS Releases On Demand Webinar: ERM Boot Camp

11/14/2008

RIMS releases its first pre-recorded webinar, ERM Boot Camp, hosted by RIMS ERM Development Committee. In this 45-minute webinar, speakers will provide a practical and hands-on approach to ERM with practical examples for implementation from their own organizations. Panelists include Julie Pemberton, manager of enterprise risk management at Chiquita Brands International, Inc.; and Ruth Unks, risk manager at Maricopa County Community College District.

The webinar is $30 for RIMS members; non-members may participate for a fee of $75. For more information, visit www.RIMS.org/ermbootcampwebinar.

Need Help Identifying Inadequately Addressed Risks and Opportunities?

11/10/2008

RIMS ERM Development Committee vice chair to speak at upcoming ERM for the Re/Insurance Industry Conference

Jeffrey Vernor, RIMS ERM Development Committee vice chair and global risk manager at Russell Investment Group, will present "Utilizing the Risk Maturity Model to Benchmark an ERM Program and its Progress" at the ERM for the Re/Insurance Industry Conference taking place December 8-9 in Chicago. In this session, Vernor will discuss how risk practitioners can assess their company's ERM maturity with proven attributes defined in RIMS Risk Maturity Model (RMM), identify inadequately addressed risks and opportunities as well as provide steps boards and CEOs can take to advance ERM throughout their organization.

Other speakers include senior executives from A.M. Best Co., Allianz Global Corporate & Specialty, Conseco Inc., Fitch Insurance Ratings Group, Platinum Re, Travelers Companies Inc., Ultimate Risk Solutions LLC, White Mountains Re Bermuda Ltd., among others.

For more information, visit www.marcusevansbb.com/InsuranceERM.

November Issue of Risk Management Examines Race

11/7/2008

In November, Risk Management examines the racial makeup of the risk and insurance industries and the challenges they face in diversifying their workforces. Read the November issue online at www.RMmagazine.com.

Two Days Remain to Register for RiskLive!

11/6/2008

Society leverages 3-D technology for optimal conference experience!

RIMS announces a new learning forum for risk practitioners—the first-ever RiskLive! RIMS Virtual Conference & Expo taking place November 12-13 in cyberspace. The conference will be hosted in a cutting-edge 3-D technology world that simulates a real-life conference experience and facilitates advanced online networking. RiskLive! boasts 14 educational sessions on topics such as captives, claims management, ERM, insurance and loss control. Speakers include risk practitioners from leading companies such as Burger King^®, Computer Associates, Harrah's Entertainment, The Home Depot^®, Michelin North America Inc. and Wal-Mart Stores, Inc. Sessions include “Indemnify This! The Art and Science of Contractual Risk Transfer,” “Upstream/Downstream: Negotiating Contractual Insurance Requirements” and “Reducing Costs through Early Resolution and Indemnity Clauses,” among others. The RiskLive! exhibit hall will feature some of the industry’s latest products and services.

Wall Street Journal Tackles IT Security and Risk Management

10/31/2008

A recent special ad section in the Wall Street Journal addresses the increasing concerns of risk practitioners in today's cyber-world. The section, titled "IT Security: Risk Management in the Digital Age", includes articles such as "Emerging Cyber Threats" and "Securing the Vault".

The article titled "Paid to Worry" touches on the discipline of risk management, first-hand views on what it's like to be a risk practitioner in today's global business environment and some of the key challenges facing risk professionals. Featured in the article are the perspectives of RIMS president Janice Ochenkowski, who heads up global risk management at real estate and financial services firm Jones Lang LaSalle Incorporated; Wayne Salen, director of risk management at Labor Finders International and member of RIMS board of directors; Pete Fahrenthold, managing director of risk management at Continental Airlines; Deborah Luthi, director of ERM at Matheson Trucking and member of RIMS board of directors; and Nowell Seaman, manager of risk management and insurance services at the University of Saskatchewan and member of RIMS board of directors.

"Holding the Line Against Cyber Liability" was written by publisher and editorial director of RIMS monthly Risk Management magazine, Bill Coffin, and touches on IT and data breaches, as well as cyber liability insurance.

The Wall Street Journal special section will be available online for a limited time. Read the full content from the section online today at: http://online.wsj.com/ad/itsecurity

RIMS Members: Update Contact Information by November 10

10/31/2008

RIMS is dedicated to ensuring that our members receive the many valuable benefits of membership. To continue to deliver the services you expect, we ask that you review and update your contact information in RIMS database by Monday, November 10.

To do so, please visit the Membership and Chapter Services section of RIMS website and click on "My RIMS". In the next screen, please click on the "My Profile" tab to view your contact information. Even if you have no changes, please verify your information and then click on the orange SAVE button at the bottom of the screen to record that your information is correct.

If you have any questions or difficulties updating the information, please contact RIMS member records department at 212-655-6002 or RIMS membership department at 212-655-6040.

RIMS and Ernst & Young Launch Risk Insights

10/28/2008

White paper series addresses current issues impacting the risk management profession

RIMS and Ernst & Young present Risk Insights, a series of articles that provide insight into various risk management and insurance-related issues. This first issue, "Proving Your Insurance Claim," focuses on the complexities of proving a company's claim from catastrophic loss. The article explores common elements of the process and offers suggestions for successfully proving claims and expediting the recovery process. Future white papers in the series will cover topics such as "Getting Out From Behind the Desk—The RIMS Professional Growth Model," "Global Property and Business Interruption Claims" and "Enterprise Risk Management—What 'They' Are Not Telling You," among others. The first issue of Risk Insights is available at no cost to RIMS members at www.RIMS.org/RiskInsights.

RIMS Webinar Series: Risk Management Strategies in an Unsettled Financial Market Part IV

10/23/2008

Did you miss the Risk Management Strategies in an Unsettled Financial Market Part Four: The Analyst's Perspective webinar? You can view the archived version online at www.RIMS.org/Webinars. The webinar is free to RIMS members; non-members may participate for a fee of $30.

Benchmark Survey: Soft Markert Continues Through Third Quarter

10/23/2008

Two major hurricanes and a global credit crunch were not enough to derail the relentless soft commercial insurance market in the third quarter, according to RIMS Benchmark Survey™. However, lower insurance industry net income may signal a coming turn in the insurance pricing cycle. To read the complete release, click here.

Risk Management Spotlights International Risk in Special Issue

10/22/2008

Risk Management recently published its Spotlight Issue on International Risk designed to provide subscribers a map to navigating the world of international risk. Globalization has connected business, politics and culture in ways never before imaginable. But as markets broaden and opportunities expand, so do risks. Read the special edition online at www.RMmagazine.com.

RIMS President to Speak at Reactions Insurance Conference 2008

10/21/2008

Janice Ochenkowski, ARM, RIMS president and managing director at Jones Lang LaSalle Incorporated, will be giving a presentation titled "Global Risk and Capital Management Strategies—The Buyer's Perspective" at Reactions Magazine's launch conference, Risk and Capital Management in the International Insurance Industry, taking place November 11-12 in New York.

The inaugural conference will bring leading insurance professionals together with capital providers, investors, bankers, lawyers and accountants to discuss effective risk and capital management strategies for the international insurance industry.

Maurice R. Greenberg, chairman and CEO at CV Starr & Co Inc., will be keynoting the conference. Other speakers include senior executives from ACE, Aegon, AIG, Aon Capital Markets, Deutsche Insurance Asset Management, Goldman Sachs, Standard and Poor's, XL Insurance and Zurich Financial Services. For more information, visit www.euromoneyseminars.com/insur-usa.

RIMS Endorses NY Insurance Superintendent's Policy on Contract Certainty

10/21/2008

RIMS encourages other states to follow New York's lead
The Risk and Insurance Management Society, Inc. (RIMS) commends New York State Insurance Department Superintendent Eric Dinallo for asserting a strict policy on contract certainty for brokers and insurers operating in-state, calling for 90 percent of cases to achieve contract certainty within 30 days of inception and enforcing that service providers are in compliance within the next 12 months.

Contract certainty is an issue at the heart of customer service deficiencies on the part of brokers and insurers, according to the risk management community as represented by RIMS, the largest body of risk practitioners and commercial insurance buyers. RIMS is grateful to Superintendent Dinallo for taking the necessary steps to tackle the issue and hopes that providers will work speedily and aggressively to comply.

RIMS is eager to learn the next steps for the program, particularly how the New York Insurance Department intends to measure compliance and what penalties non-compliant companies can expect to face. RIMS expects that other state insurance offices will also take the initiative to reform the insurance placement process or, at the minimum, providers themselves will take steps to lead the process internally. The Society is prepared to offer guidance to those service providers seeking the buyer perspective as they are developing measures for meeting the contract certainty requirements. RIMS also urges an evaluation program whereby clients would provide feedback on whether providers meet, exceed or fall short of expectations.

RIMS Perspective: A History on Contract Certainty
For many years, risk professionals have voiced increasing concerns about the lack of responsiveness and quality of services offered by insurance providers. This prompted RIMS, in 2005, to develop a Quality Program to improve the service and delivery of insurance-related products to buyers.

Contract certainty is a core part of RIMS Quality Program. Among the tools developed to aid risk managers in the process are the Quality Guidelines for Performance Expectations—28 principles that focus on the main aspects of effective relationship—and insurance program-management. RIMS also launched a Quality Forum, an annual meeting convening risk practitioners and CEOs and other top executives from the largest brokers and insurers, to discuss quality improvement in the insurance placement process. Contract certainly has been at the forefront of the Forum's agenda for the past three years. The dialogue proved to advance providers' understanding of the issue from the buyer's perspective and even, in some cases, has allowed some companies to develop internal programs to expedite the insurance placement process. Currently, RIMS Quality Guidelines are being updated to a format that can be customized to each user's needs.

RIMS Quality Guidelines for Performance Expectations may be accessed at: http://www.rims.org/resources/QualityProgram/Documents/QIP_Guidelines_ONLINE.pdf. More information on RIMS Quality Program may be found at www.RIMS.org/Quality.

Upcoming D&O Conference Examines Global Executive Liability Insurance

10/16/2008

Come hear Bill Coffin, Risk Management publisher and editorial director, speak at the American Conference Institute’s upcoming conference in New York

Increased globalization, changing regulatory regimes and growing use of litigation have altered the playing field for corporate executives outside of the United States. To ensure your policies are keeping pace, the American Conference Institute will hold “Global Executive Liability Insurance”, November 12-13 at The Carlton Hotel in New York City. Gain expert analysis from around the world on issues affecting D&O insurance including indemnification, use of local/admitted policies and how various jurisdictions around the world differ. Speakers include Bill Coffin, Risk Management publisher and editorial director; Ann Longmore, executive vice president at Willis Executive Risks Practice; Fred Murnane, senior vice president at Zurich North America; among others.

RIMS members receive a $200 discount on registration. Enter “SP1” in the Priority Service Code to receive the discount. Spaces will go quickly for this event. Register now by calling (212) 352-3220 extension 227 or visiting www.americanconference.com/GlobalExec.

How Can RIMS Better Serve You?

10/16/2008

What can RIMS do to better address your needs as a risk manager or service provider to the risk management industry? Fill out RIMS 2008 RIMS Member Satisfaction Survey to let us know how we are doing!

The 2008 RIMS Member Satisfaction Survey is designed to get your feedback about what resources, technology and programs you need to enhance your risk program and career. Your response to the questionnaire is anonymous and confidential. Visit www.RIMS.org/MemberSurvey to fill out the survey. Deadline for submissions is Tuesday, October 28.

RIMS Webinar: Insurance Coverage Issues for Data Security and Data Loss Liability

10/15/2008

Did you miss RIMS Insurance Coverage Issues for Data Security and Data Loss Liability webinar? You can view the archived version online at www.RIMS.org/Webinars. The webinar is free to RIMS members; non-members may participate for a fee of $30.

RIMS Webinar Explores AIG’s Latest Strategic Developments

10/15/2008

RIMS Partners with Business Insurance for Risk Manager of the Year Award

10/14/2008

RIMS and Business Insurance will collaborate on the 2009 Risk Manager of the Year award and Risk Management Honor Roll. RIMS current president will join the independent panel of judges who select the winner, and RIMS and BI will jointly present the award at RIMS Annual Conference & Exhibition. For more information, click here.

To submit a nomination for the 2009 Risk Manager of the Year award, download a nomination form at www.BusinessInsurance.com/RMOY. The deadline for submitting nominations is Dec. 1.

Brokers Remain Confident in AIG

10/8/2008

According to a special report released October 7 by Advisen Ltd, brokers remain confident in the financial strength of American International Group Inc.'s insurance subsidiaries. Results from the survey, sponsored by Anderson Kill & Olick, show that 75 percent of the 611 respondents said they were "very confident" or "somewhat confident" in AIG security.  To read the report, click here.

Join RIMS for the Learning Event of the Year in Cyberspace!

10/6/2008

On November 12-13, the Society will host RiskLive!—RIMS first ever virtual conference & expo. This interactive event will offer everything found at a traditional conference—quality educational sessions, a bustling exhibit hall and networking events galore. Participants can attend workshops and ask questions, chat with exhibitors about new products and network with attendees. But the best part is that it is all available live on your desktop! And, RIMS members don’t have to pay to attend. Visit www.RIMS.org/RiskLive for more information.

The October Issue of Risk Management Examines the Perils and Promises in the World of Technology

10/3/2008

RIMS Webinar Explores Property and Business Interruption Loss and Hurricane Ike

9/30/2008

Did you miss the Property and Business Interruption Loss and Hurricane Ike webinar? You can view the archived version online at www.RIMS.org/Webinars.

RIMS Releases New Salary Survey

9/29/2008

This year, Risk Management Compensation Survey covers salary information for Chief Risk Officers

The average base salary for a chief risk officer/vice president, risk management, of a U.S.-based company is $170,683, according to RIMS 2008 Risk Management Compensation Survey. Salary information for this position as well as other senior risk management levels is included for the first time in the survey. To read the executive summary of the 2008 Risk Management Compensation Survey, click here.

RIMS members may order a PDF copy online at 2008 Compensation Survey for $250; nonmembers may purchase the report online for $750.

Society Announces Award Winners at RIMS Canada Conference in Toronto

9/22/2008

RIMS Ontario Chapter Presents Donald M. Stuart Award; Society honors recipients of Fred H. Bossons Award

RIMS Ontario Chapter earlier today presented the Donald M. Stuart Award to George Simpson, CRM, FCIP, at the 2008 RIMS Canada Conference in Toronto. Created by RIMS Ontario Chapter in 1979, the award is granted annually to a Canadian risk professional in recognition of one's outstanding contributions to the profession. The Donald M. Stuart Award is RIMS highest honor for risk management in Canada.

Also presented at the conference was the Fred H. Bossons Award, earned by Albert T. Ho, director of property risk management at ING Real Estate Canada; Anand V. Shastri, senior underwriter at Economical Mutual Insurance Group; and Cristian Zamrii, IT manager at CI Investments. The award acknowledges individuals who earn the highest marks on the three courses required to receive the Canadian Risk Management designation.

Click here to read more.

RIMS Opposes Legislation to Increase Tax on Non-U.S. Reinsurers

9/22/2008

RIMS announced today its opposition to H.R. 6969, legislation disallowing tax deductions for reinsurance premiums paid to foreign affiliates that exceed the industry average for each line of property and casualty insurance business. Under the current tax code, the law permits insurers to deduct reinsurance premiums paid to affiliate foreign reinsurers without any limitations. H.R. 6969 would place an artificial cap on the deduction, potentially causing market disruptions.

For more information, click here.

RIMS Webinar Series: Risk Management Strategies in an Unsettled Financial Market

9/22/2008

To help risk managers navigate these complex issues, RIMS has organized a series of webinars featuring thought leaders who will provide insight on various aspects of insurance and financial market changes. To view archived versions of Risk Management Strategies in an Unsettled Financial Market Part One: The Insurer’s Perspective, Part Two: The Broker’s Perspective, Part Three: The Risk Manager's Perspective and Part Four: The Analyst's Perspective visit www.RIMS.org/Webinars. The webinars are free to RIMS members; non-members may participate for a fee of $30.

Message from RIMS Executive Director

9/18/2008

I would like to take this opportunity express my deepest concern to RIMS members and their families who have been affected by Hurricane Ike and other recent storms, particularly those in the Gulf region. Please know that you and your families are in our thoughts and that we are all hoping for a speedy recovery from this tragedy.

On the topic of responding to catastrophic loss, we're pleased to offer a FREE webinar for RIMS members, "Property and Business Interruption Loss and Hurricane Ike," on October 2 at 1:00 pm EST. This webinar will explore the challenges that many risk managers experience when faced with a complex loss that may have directly or indirectly impacted their operations. Complete details on the webinar are at www.RIMS.org/hurricanewebinar.

Request Congress to review legislation that will affect your business environment

9/8/2008

Today, we are asking that members send an e-mail through RIMS Legislative Action Center to their member on the Senate Banking Committee urging them to mark up the legislation. We need members in the following states to help:

Alabama – Sen. Richard C. Shelby (Senate Banking Committee Ranking Member)
Colorado – Sen. Wayne Allard
Connecticut – Sen. Christopher J. Dodd (Senate Banking Committee Chairman)
Delaware – Sen. Tom Carper
Florida – Sen. Mel Martinez
Hawaii – Sen. Daniel K. Akaka
Idaho – Sen. Mike Crapo
Indiana – Sen. Evan Bayh
Kentucky – Sen. Jim Burning
Montana – Sen. Jon Tester
Nebraska – Sen. Chuck Hagel
New Jersey – Sen. Robert Menendez
New York – Sen. Charles E. Schumer
North Carolina – Sen. Elizabeth Dole
Ohio – Sen. Sherrod Brown
Pennsylvania – Sen. Robert P. Casey
Rhode Island – Sen. Jack Reed
South Dakota – Sen. Tim Johnson
Tennessee – Sen. Bob Corker
Utah – Sen. Robert F. Bennett
Wyoming – Sen. Michael B. Enzi

Please notify Kathy Doddridge, RIMS Government Affairs director, at kdoddridge@RIMS.org so that we can monitor our grassroots activities.

RIMS and Marsh Release Excellence in Risk Management V Report

9/8/2008

Nearly two in three executives with risk management responsibilities feel their organizations would benefit by taking a more strategic approach to risk, while fewer than one in five views their current risk program as strategic, according to RIMS/Marsh Excellence in Risk Management V: Viewing Risk Management Strategically. The report, released Sept. 4, expands on findings of an extensive survey of risk practitioners presented in April during a session at RIMS 2008 Annual Conference & Exhibition in San Diego. Visit RIMS Resource Library to read the complete report. 

It’s back to school for the September issue of Risk Management as we look at some of the nation’s most prominent university risk management education programs

9/1/2008

The September issue of Risk Management takes readers back to school with a look at risk management education and some of the nation’s best programs. We also offer advice on how to prepare for an inevitable hard market and examine the parallels between the financial crisis of today and the spectacular demise the hedge fund Long-Term Capital Management some 10 years ago. And FM Global’s Shivan Subramaniam shares his thoughts on leadership and executive challenges in an exclusive interview. Read the September issue online at www.RMmagazine.com.

RIMS Canada Conference to attract more than 1,500 risk professionals for four days in Toronto

8/25/2008

The 33rd Annual RIMS Canada Conference will take place on September 21-24 in Toronto, Ontario, with more than 1,500 risk professionals and industry partners slated to attend. The conference is hosted by RIMS Ontario Chapter. This year's event boasts some 20 educational sessions, a record-setting 80+ exhibitors and networking events galore. Click here for detailed information on sessions and networking events at RIMS Canada Conference.

Online registration ends September 12. Complete details on RIMS Canada Conference are available at http://conference.RIMScanada.org.

Upcoming RIMS Webinar: FEMA and Disaster Aid to Public Entities

8/22/2008

In The August Issue Of RIMSCOPE, Read About Risklive!, Get Updates On RIMS Regional Conferences And Much More!

8/20/2008

In this month’s issue of RIMSCOPE, read about RiskLive! RIMS first-ever Virtual Conference & Expo taking place November 12-13 live on your desktop! Learn how to submit data for the 2009 RIMS Benchmark Survey™, the industry's leading survey on policy renewal prices; and get updates on RIMS Western Regional Conference and RIMS Canada Conference. The Society is also seeking volunteers for a new planning committee to organize some special activities for RIMS 60th anniversary in 2010! Click here to read the August 2008 issue of RIMSCOPE.

John Linear Report Features E-Discovery Rules and Risks

8/19/2008

REMINDER: Online Registration for RIMS Western Regional Conference Ends Friday, August 22!

8/18/2008

Online registration ends Friday, August 22 for RIMS Western Regional Conference on September 2-5 in San Francisco. Hosted by RIMS Golden Gate Chapter this year, the popular event features panel sessions comprised of risk managers and industry experts in order to provide a multi-faceted perspective on the issues. Topics include "The Changing Landscape of D&O Liability Insurance: Are you Prepared?"; "Catastrophic Risk Management-Going Beyond Insurance"; "The Ten Worst Mistakes on Property and Business Interruption Claims"; and "Fundamentals of a Successful TPA Claims Service Partnership". Complete details on RIMS Western Regional Conference are available at www.RIMS.org/wrc.

Spencer Educational Foundation Seeks Risk Managers for Program

8/11/2008

Spencer Educational Foundation is seeking resumes from risk professionals and grant proposals from universities and colleges in the United States and Canada for the Risk Manager in Residence program. Fellow resident professionals have hailed the program as an excellent opportunity for seasoned practitioners to give back to the profession and provide guidance to risk and insurance management students with practical views on practicing risk management.

If you are interested in participating in the Risk Manager in Residence program for the 2008-2009 academic year, applications will be accepted until October 1, 2008. Prospective risk managers must be a member of RIMS and have:

• 10 years risk management experience
• Communication skills
• Classroom experience
• CPCU or ARM teaching experience
• Ability to spend two or three days on a college or university campus

To get started, download an RMIR supplemental application form here. Qualified risk managers are asked to send a copy of an updated resume with a supplemental application form to:

Spencer Educational Foundation
Risk Manager in Residence Program
1065 Avenue of the Americas, 13th Floor
New York, NY 10018

For more information, contact Angela Sabatino, Spencer Educational Foundation administrative manager, at (212) 655-6223 or asabatino@spencered.org.

RIMS Benchmark Survey: Premium Price Drops Continue

8/5/2008

Average premiums fell for all major commercial line insurance in the second quarter of 2008, according to RIMS Benchmark Survey™, the industry's leading survey of policy renewal prices as reported by North American corporate risk managers.

Click here for more information about RIMS Benchmark Survey™.

Call for Data: 2009 RIMS Benchmark Survey™

8/4/2008

Check out the August issue of Risk Management for an in-depth, four-part look at the captive insurance industry

8/4/2008

RIMS Testifies at Broker Compensation Hearings

7/25/2008

RIMS called upon the insurance industry to eliminate certain broker compensation arrangements at a public hearing in New York City on July 25. RIMS President Janice Ochenkowski, ARM, testified to New York Superintendent of Insurance Eric Dinallo and New York Attorney General Andrew Cuomo.

“RIMS has for some time maintained that the relationship between brokers and insurance consumers should be governed by the principle of complete transparency,” said Ms. Ochenkowski during her testimony. “We believe that a contingent fee system creates an inherent conflict of interest. The best way to level the playing field is to eliminate such compensation arrangements.”

In her testimony, Ms. Ochenkowski stressed that RIMS position is a broad prohibition on contingent fees for insurance producers. However, should the New York Department of Insurance and Attorney General choose not to endorse this approach, the Society believes that all compensation arrangements should be fully disclosed in writing. “The relationship between the broker and the commercial consumer must be based on a foundation of trust, truth and honesty. Complete disclosure of all compensation arrangements is not the perfect solution, but it will go a long way to promoting transparency, reestablishing the trust between the broker and the customer, and providing customers with sufficient information to evaluate any potential conflicts of interest in the placement of insurance policies,” stated Ms. Ochenkowski.

Read Ms. Ochenkowski’s complete testimony here.

In the July 2008 issue of RIMSCOPE, read about new Business Continuity Planning workshops, get updates on RIMS legislative affairs and much more!

7/16/2008

RIMS supports legislation mark up by House subcommittee to promote insurance accessibility and affordability

7/9/2008

RIMS endorses the legislation marked up and favorably reported by the U.S. House of Representatives Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. The Insurance Information Act and the Increasing Insurance Coverage Options for Consumers Act were hot topics at RIMS on the Hill legislative conference where RIMS members met with members of Congress and staff to lobby for both bills in June 2008. The two bills are legislative priorities for insurance buyers and risk managers.

RIMS commends subcommittee chair Paul Kanjorski, D-Penn.; ranking member Deborah Pryce, R-Ohio; Rep. Dennis Moore, D-Kansas; and Rep. Tom Campbell, R-Calif., for their efforts to successfully move the legislation that would better facilitate access to affordable insurance for commercial consumers.

For more information, click here.

ERM webinar explores what top management wants in an ERM program

7/3/2008

RIMS has paired with Stanford Center for Professional Development and Strategic Decisions Group to host "Enterprise Risk Management: What Top Management Wants from its ERM Program". Two C-suite advisors will take risk professionals through a case study of one company that views risk as an opportunity and competitive advantage. Participants will take away steps to successfully implement a value-driven ERM approach. The webinar is free to all participants.

For more information and to register for "Enterprise Risk Management: What Top Management Wants from its ERM Program", visit www.RIMS.org/ERMwebinar.

Check out the July issue of Risk Management for a mid-year update on the property/casualty market and an interview with former FEMA Director James Lee Witt

7/1/2008

As we come to the halfway point of 2008, the July issue of Risk Management looks at the property/casualty insurance market to see if the current soft market is showing any signs of abating. We also speak to James Lee Witt, former director for the Federal Emergency Management Agency (FEMA), to get his unique perspective on disaster preparedness. Other features examine the effect climate change is having on the insurance market, the risk faced by the railroad industry, the benefits of Sarbanes-Oxley implementation and how predictive modeling technology can be used to improve claims management. And don’t miss our expanded Details section featuring monthly columns by Risk Management editors.

Read the July issue of online at www.RMmagazine.com.

In the June 2008 issue of RIMSCOPE, read about the “Heart of RIMS”, new online course offerings and much more!

6/24/2008

In June, Risk Management examines the subprime meltdown and offers strategies on how companies can avoid the next financial crisis.

6/1/2008

The June issue of Risk Management delves into the subprime meltdown with a two-part look at the insurance coverage battles ahead and how the crisis demonstrates how ERM and IT investment could help prevent a similar catastrophe in the future. We also examine the impact of data security breaches, the value of smoothing cash flows, the importance of board-level risk management committees and how developing proper product safety warnings can keep you out of court. And don’t miss out expanded Forefront and Details sections for the latest news and views that affect the risk management world.

To read the June issue of Risk Management, visit www.RMmagzine.com.

Dare to Make a Difference!

5/12/2008

Dare to make a difference! RIMS on the Hill will take place June 8-10 at the Marriott at Metro Center in Washington, D.C. Take advantage of this unique opportunity to shape policy on the issues that affect your business most.

Submit a RIMS 2009 Program Suggestion Form by July 22!

5/9/2008

Share your expertise, gain visibility, network, enhance your professional growth and promote your organization by submitting a Program Suggestion for RIMS 2009 Annual Conference & Exhibition in Orlando, Florida on April 19-23. Help shape the educational content that will influence more than 5,000 risk managers at the premier risk management event. Deadline for submissions has been extended to Tuesday, July 22!

Read about S&P's Enterprise Risk Analysis to Corporate Ratings

5/7/2008

Standard & Poor's Issues plans to apply Enterprise Risk Analysis to Corporate Ratings. Find out what your business needs to know here.

Change the Way You Talk About Risk!

5/5/2008

RIMS 2008 Annual Conference & Exhibition in San Diego introduced new ways to talk about risk. Dynamize. Gung-ho. Razzle-Dazzle. Do these words spark your creativity? Submit your own word here.

RIMS 2008 Conference Coverage

5/2/2008

RIMS 2008 Annual Conference & Exhibition in San Diego had it all--dazzling special events, inspiring keynote presentations, mind-blowing educational sessions, and an Exhibit Hall filled with tons of ideas--to help you change the way you talk about risk. If you weren't able to attend, or even if you were, read all about the premier risk management event online at RIMS 2008 Conference Coverage!

RIMS Launches Professional Growth Model

4/29/2008

RIMS launches Risk Management Professional Growth Model. New career tool provides risk practitioners with a roadmap to assess various experience levels and corresponding skill sets, and to be used as a guide in professional development. Access the model at www.RIMS.org/Quality.

Former RIMS President gives advice on pandemics

3/3/2008

Former RIMS President Michael Liebowitz, director of risk management and insurance at New York University, gives advice on how you can minimize potential risks from a H5N1 pandemic simulation. Click here to view the interview on "Risk Television".

Note: You must subscribe to "Risk Television" to view the video.

Homeland Security Legislation Response

1/18/2008

Access the Risk Maturity Model guidelines and best practices

1/1/2008