Turning Up the Volume
Wed, Jun 17, 2015 -
The value of strong risk management capabilities is no longer a mystery. As the world’s leading association dedicated to this essential business function, it is RIMS’ job to amplify this message and keep the momentum going through advocacy efforts, new conferences and valuable resources.
To ensure risk professionals’ voices are heard on legislative issues, last week, the Society held RIMS Legislative Summit in Washington, D.C. The two-day Summit brought RIMS’ members and congressional leaders face-to-face to discuss key risk management issues including the Policyholder Act and the Data Security and Breach Notification Act.
The Summit featured presentations from Christian Fjeld, Sr. Counsel for Senate Subcommittee on Consumer Protection, Product Safety, and Insurance; Paul Nagle, Chief Counsel for House Subcommittee on Commerce, Manufacturing, and Trade; and Patrick Satalin, Legislative Director for Rep. Peter Welch (D-VT). Approximately 55 meetings were set up for attendees with elected-officials and their representatives.
Keeping with our theme of strengthening our international network, RIMS is proud to announce its first-ever event in South America – RIMS Risk Forum Latin America. In Lima, Peru on November 8 and 9, RIMS will share its thought-leading insight with the area’s flourishing risk management community. The agenda is currently in the development stage and registration is scheduled to open in August.
The Society also opened registration for two more conferences:
RIMS Risk Forum Australasia is set for August 17 – 18. Once again in Melbourne, the speaker lineup at this year’s conference includes a sampling of risk professionals from around the world including: Australia, the United States, the United Kingdom, Singapore and China. Each speaker is poised to bring their unique global perspective to the program, making this year’s Risk Forum Australasia a “can’t miss” event.
Just this week, RIMS opened registration for RIMS ERM Conference 2015, October 26-27 in Chicago. Year-after-year, RIMS ERM Conference continues grow. For the first time, this year’s conference will feature the ERM Leaders Recognition Luncheon. There, we will celebrate and hear from exceptional organizations that have successfully implemented ERM programs.
Also this month, RIMS released findings from its first Cyber Survey. The survey included feedback from nearly 300 risk professionals and explores cyber insurance investments, feared exposures, cyber security ownership, government involvement, as well as methods for identifying cyber exposures and response strategies. The report is now available in RIMS Risk Knowledge library.
Finally, in our mission to strengthen RIMS’ internal network, the Society unveiled its new Online Join application. This new feature on the RIMS website creates a more efficient and sophisticated interface for online visitors. We’ve also revised the registration questions to make that process quicker and easier for the end user. The new application makes it easier for RIMS to collect and sort demographic data – essentially allowing us to send you targeted communications on the topics you find most important.
As our regional conference season kicks off, not only do we look forward to bringing you more resources, but we are also excited to learn from your experience and gain an even better understanding of your professional needs. Thank you again for your continued support.
RIMS 2015 President
Mon, May 11, 2015 -
The risk professional’s day-to-day responsibilities, as well as their impact on their organization’s strategy, continues to increase and each of our “to do” lists have gotten just a bit longer. That’s great news for our profession. Our work is gaining recognition from the top leaders in our organizations and the future is bright for risk management.
But, sometimes it’s good to take a break from what we’re so focused on within our organizations, to assess our risk management practices, the direction of our organization and think about ways to improve our work and ourselves. RIMS Annual Conference & Exhibition provides just that escape and I hope our more than 10,000 attendees from more than 60 countries gained the same inspiration as I did from last week’s conference in New Orleans.
Our three keynoters – Eric Wahl, Simon Bailey and Arianna Huffington – spoke to our global audience about the value of rethinking the way we approach our work, the way we harness our ideas to become “brilliant” leaders and, most importantly, to be mindful of our own personal well-being so that we can achieve maximum performance in the workplace. RIMS ’15’s 160 educational sessions covered everything from the risks of drones to the art of negotiations. And, its 400 exhibitors proved that this industry is indeed growing fast, and that this Society continues to be the leader centered on strengthening the networks of the risk management community.
At RIMS ’15, two RIMS Executive reports entitled “Is a Mature Enterprise Risk Management Effort Worth the Investment?” and “Testing Value Creation Through Enterprise Risk Management Maturity” were released. The reports resulted from RIMS’ and LogicManager’s strategic relationship with Mark Farrell of Queens University Management School and Dr. Ronan Gallagher of the University of Edinburgh Business School. They are based on an independent academic research project studying correlations between business value and the maturity of the respective organizations’ ERM programs, as assessed using the RIMS Risk Maturity Model (RMM). If you haven’t completed your free assessment, visit www.rims.org/resources/ERM to learn more.
While we’re on the topic of the RMM, it is important to note that just prior to the Annual Conference the complimentary resource was adopted by the NAIC in yet another attempt to formalize how organizations achieve risk management competency. The NAIC specifically identifies the RMM as “an effective tool for evaluating the state of an organizations program,” and indicates that “insurers should strive to meet a 'repeatable' level of Enterprise Risk Management maturity in each principle to comply with the Own Risk and Solvency Assessment requirements.”
More resources were made available to RIMS members, especially for those conducting business in international markets or that are in the process of evaluating global expansion projects. AXCO Insight Risk Manager is now available complimentary for RIMS professional members. With an understanding of the challenges risk professionals may encounter when entering new geographic markets, this resource provides our members with critical information about insurance requirements and other regulations to note when expanding internationally.
RIMS continues its outreach to other standards development organizations and others influencing the risk management profession. Both the International Organization of Standardization (ISO) and the Committee of Sponsoring Organizations (COSO) are in the middle of revising their respective risk management documents. RIMS Carol Fox, our Director of Strategic and Enterprise Practice was recently appointed to a three-year term as Chair of the U.S. Technical Advisory Group by the American Society of Safety Engineers (ASSE), the U.S. Secretariat for ISO 31000 risk management standards for the American National Standards Institute (ANSI). She was also invited by COSO to participate in its Advisory Council on the COSO ERM Framework revision. Our members’ voice is definitely being heard in these conversations and RIMS’ engagement will benefit risk professionals everywhere.
Finally, I would like to thank everyone who helped make our world renowned-Annual Conference & Exhibition an overwhelming success. From RIMS staff and exhibitors to attendees and speakers, thank you so much for your contributions to RIMS and for making my experience as the Society’s president during RIMS ’15 truly unforgettable.
If you couldn’t join us in NOLA or wish to relive your experience, visit www.RIMS.org/RIMS15 for all of our post-conference coverage.
RIMS 2015 President
Let the Countdown Begin
Tue, Apr 07, 2015 -
Less than 20 days until RIMS ’15 and I couldn’t be more excited. To say “Let the Count Down Begin” is not completely accurate. Truth is that planning for RIMS Annual Conference begins years and years before the actual event. Right now is crunch time but I’m confident the staff at RIMS is ready to deliver to you yet another amazing experience in New Orleans.
There are some new features at this year’s conference that I’m really looking forward to:
As the number of international attendees who join us for the Annual Conference continues to increase, we felt a need to provide them with a designated meeting space to exchange ideas and connect with other risk professionals who have travelled from afar. RIMS International Lounge will offer just this. In addition to a networking area, the lounge will feature a tailored education track designed specifically for our international attendees.
Throughout the first months of my presidency, I’ve stressed the importance of creating opportunities for new risk professionals – whether they’re students just graduating or individuals who have transitioned into the profession.
To support this goal, we will present the first-ever RIMS Rising Star Award. With so many universities now offering curriculums to prepare students for careers in risk management, future leaders are stepping into this field and delivering superior risk management perspective right away. This award recognizes these outstanding practitioners.
Because of the great success and great interest in RIMS and J.D. Power 2014 Large Commercial Insurance Report, the Society will be teaming up with JD Power for another year. J.D. Power representatives will be at the conference, surveying the crowd, to get your thoughts on commercial insurers.
While New Orleans nightlife has a lot to offer attendees, we encourage them to rest up on Monday night and participate in the Spencer Educational Foundation’s 5K Fun Run, sponsored by Sedgwick. The run will take place first thing in the morning on Tuesday and will benefit the nonprofit’s scholarship, grant and intern programs.
To keep up with others news and announcements about the conference you can follow us on Twitter and Instagram at @RIMSorg and follow the hashtag #RIMS2015. Also, while in New Orleans, look for our “Selfie Spots.” There are prizes for the best photos.
RIMS is also making great progress on not only strengthening its internal structure but enhancing it so that we are able to quickly adapt to risk management trends and member needs. A Bylaws Task Force was formed that comprises board directors, past presidents, a chapter delegate and RIMS staff. Together, the group presented revised Bylaws to all Chapter Officers who will vote on them following this year’s House of Delegates meeting in New Orleans. If you are a Chapter Officer and have not received communication about the revised Bylwas contact firstname.lastname@example.org.
RIMS External Affairs Committee continues its work to ensure that TRIA is implemented in a way that best serves commercial insurance buyers and their organizations. In March, RIMS submitted a comment letter with recommendations for expediting the process for certifying acts of terror. RIMS will continue to monitor the implementation of TRIA and offer its support to the United States Department of the Treasury.
Finally, just last week I returned from Japan where I met with members of RIMS Japan Chapter. In both Osaka and Tokyo, I delivered remarks on the value risk professionals and internal auditors can deliver to the organization by working together. While I was there in a capacity to share risk management knowledge, I learned a whole lot myself. Whether their risk practices and programs were familiar, or whether they approached risk in a completely different way, it’s always fascinating to hear the perspective from professionals in other parts of the world and in other industries.
In my opinion, it is that perspective that makes attending RIMS Annual Conference & Exhibition so important. Nowhere else in the world will you have access to so much risk management education opportunities, resources and people.
We look forward to welcoming you to New Orleans and doing our part to help you strengthen your network.
RIMS 2015 President
Turning Up The Heat...
Thu, Feb 26, 2015 -
It always seems that at this time of year RIMS President wishes warmer weather, and less snow, for our members in the Northeast. But, as a Connecticut resident myself, it just doesn’t seem right. The winter has been especially tough this year, making it very difficult for many businesses to carry-on as usual. That said, RIMS always seems to persevere. The Society is right on schedule for RIMS ‘15 and I’m witnessing this massive undertaking happen first-hand.
The latest announcement from RIMS 2015 Annual Conference & Exhibition is our “Hot Topic Sessions.” There are so many areas of risk management that require the immediate attention of risk professionals. As a result, RIMS has selected eight hot topics that include discussions about drones, 3-D printing, geopolitical issues, e-healthcare, remote surveillance and, of course, social media challenges.
We’re also happy to announce that we’ll be able to share the outstanding educational programming and networking opportunities at RIMS ’15 with 30 future risk management leaders. Thirty undergraduate students from universities across the U.S. were awarded this year’s Anita Benedetti Student Involvement Program Scholarship. The scholarship provides them with the opportunity to attend and take advantage of all that RIMS ’15 has to offer.
Other news on the Rising Risk Professional front is that 20 universities were selected to participate in the first round of the Spencer-RIMS Risk Management Challenge. The teams’ presentations are currently being judged and eight of the 20 will be chosen to compete at RIMS ’15.
The team at RIMS responsible for professional development opportunities has also been hard at work. This year, at the request of our members, two new online courses that address some critical areas of risk management were launched. The first, Risk Analysis Forecasting Tools reviews best-practices for quantifying risk so that risk professionals can make more informed decisions.
The second new course, Designing an Enterprise Risk Management Framework, explores the fundamental steps in implementing an organization’s ERM strategy. Also, RIMS and SambaSafety are presenting a webcast on driver safety and driver risk management in April. Details about the courses and how to register are now listed in the “Education” section of the RIMS website.
RIMS also released a new Executive Report this month: “Exploring the Risk Committee Advantage.” The report defines the risk committee concept with insight on the types of committees and roles risk professionals can take during its implementation, facilitation and the communication of its findings. It also highlights the value of developing a strong operational risk committee, while reviewing regulations and potential challenges. The report is now available in the RIMS Risk Knowledge library.
As you can imagine, things at RIMS really heat up in the months leading up to RIMS ’15. While a lot of focus will be placed on delivering the world’s biggest and best risk management conference, RIMS remains committed to offering our members the day-to-day support and knowledge they need to sustain and advance their risk management programs.
RIMS 2015 President
Strengthening Our Networks
Tue, Jan 20, 2015 -
Back in December, I grabbed a leftover copy of the RIMS Annual Conference guide that lists all of RIMS’ past presidents just to figure out how many presidents were before me. I found what I was looking for – I’m number 61. But, as I scrolled down the list and read the names, I realized that I am joining a very accomplished, almost legendary, group of risk management leaders.
It is an absolute honor to join this group and serve as the president of the greatest risk management association in the world. I also realize that this prestigious title comes with great responsibility. I am looking forward to the year ahead and helping this Society remain at the forefront.
When news arrived that I had been nominated, my first thoughts were: How can RIMS better prepare our members for the uncertainties that lie ahead? What can RIMS offer risk professionals to help them navigate the increasingly complex and quickly evolving risks our organizations now face?
As president, I will focus on strengthening, what I believe to be, RIMS’ and risk professionals’ greatest asset: our networks.
Our International Network – RIMS is a global Society. Our members hail from countries around the world. For most entities, the risk of not thinking like a global enterprise can be detrimental to its future success. In 2015, RIMS will continue to review opportunities to reach new international audiences including enhancing our professional development offerings, participating in worldwide industry events, developing resources that address risk management strategies for global expansion, and, perhaps, adding to this Society’s lineup of international events.
Our Rising Risk Professional Network – Business and the risks our organizations are facing are evolving fast. We will need to lean on the fresh and innovative perspectives of both our current network and the next generation of professionals. This Society has a responsibility to assess the resources and opportunities we offer to those entering the profession, as well as students, so that we can develop products that align with their level of experience.
RIMS’ Internal Network – We must remain relevant and continue to deliver thought-leading content. Our infrastructure must be strong and nimble so that we can make strategic decisions for our members, faster. This year, we will focus on the Society’s governance and structure, reviewing the processes of our Board of Directors, House of Delegates, Committees, Councils and Chapter networks. The first year of RIMS 2020 Task Force was very successful and we look forward to continuing with this initiative in the upcoming year.
We’re already off to a great start with the inaugural RIMS Leadership Forum just concluding. The RIMS BOD, senior staffers and current committee leaders got together to collaborate and strategize for the year ahead. It was a super productive experience and we’re eager to share the results. The Board really appreciates the outstanding input received from our committee and council leaders and that they took the time out their busy schedules to attend.
The risk management industry as a whole benefits from RIMS’ expansive network of risk professionals, solutions providers, its dedicated and committed volunteers and staff.
My priority is to ensure that RIMS continues to deliver the resources that have made it successful for the last 65 years and build on them so that the Society is well-positioned to remain the preeminent organization dedicated to advancing the practice of risk management.
Looking forward to an amazing 2015.
Rick Roberts Named 2015 President of RIMS
Mon, Jan 05, 2015 -
risk management society™, today announced that Rick Roberts, RF, ALCM, ARM,
ARME, CPCU will
lead the Society as president for the 2015 term, effective January 1.
is the Director of Risk Management and Employee Benefits for Ensign-Bickford
Industries, Inc. He has been a member of RIMS for 25 years and on its Board of
Directors for seven years. Previously, Mr. Roberts served as the Society’s
Vice President and Board liaison to RIMS External Affairs Committee. He is a member of RIMS Connecticut Valley
Chapter where he served as the chapter’s president from 1997 to 1998.
days as a risk professional are ever the same,” said Mr. Roberts. “Current
events, new technologies and global initiatives continue to keep risk
professionals searching for the latest industry information and best practices.
greatest asset is its members, an engaged and generous network of professionals
who willingly share their experiences to help colleagues better prepare their
organizations for the unknown. With a focus on the Society’s long-term
strategy, we will continue to strengthen our networks, enhancing our ability to
deliver thought-leading content to the global risk management community.”
on RIMS 2015 Board of Directors:
- President: Richard
J. Roberts, Jr., RF, ALCM, ARM, ARME, CPCU;
Director of Risk Management and Employee Benefits,
Ensign-Bickford Industries, Inc.;
- Vice President: Julie
C. Pemberton, ARM; Director, Enterprise Risk and Insurance Management, Outerwall
- Treasurer: Robert
Cartwright, Jr., CRM; Safety and Health Manager, Bridgestone
Retail Operations, LLC;
Secretary: Jennifer Santiago, ARM; Director of
Insurance, Novartis Corporation.
- Robert Zhang, China
Risk and Compliance Manager, IKEA (China) Investment Co., Ltd.
- Gordon Adams; Chief Risk Officer, Tri-Marine International, Inc.;
- Gloria Brosius;
Director, Risk Management and Insurance Programs, Farm Credit Council
- Al Gorski; Chief
Risk Officer, Orange County Transportation Authority;
- Leslie Lamb; Director,
Global Risk Management, Cisco Systems, Inc.;
- Steve Pottle;
Director, Risk Management Services, York University;
- Frederick J.
Savage, FCII, ARM; Director, Risk
Management (San Ramon), Chevron Corporation;
- Lori Seidenberg, RF,
ARM; Senior Vice President, Insurance/Risk Management, Hunt Companies;
- Carolyn M. Snow,
CPCU; Director, Risk Management, Humana Inc. (Ex-Officio);
- Janet Stein, Director,
Risk Management & Insurance, University of Calgary.
Here's to RIMS' Future...
Thu, Dec 18, 2014 -
It has been a pleasure and an absolute honor to have served as RIMS President for 2014. While representing RIMS I met so many talented and amazing risk professionals, and I continue to be impressed with the great risk management ideas and programs that you have designed.
In January I helped the Greater Miami Chapter celebrate their 20th anniversary and appropriately ended 2014 with my own chapter, Kentuckiana Bluegrass, which announced a new slate of officers and new energy this year.
This year, I represented RIMS in Japan, Australia, Singapore, Bermuda, Vermont, Denver, Winnipeg, Rio de Janiero and Washington DC. While our businesses and geographic locations may be very different, we share similar concerns and risk management goals. Some are beginning with the basics and others are so advanced that we can only marvel at the concepts, but there is an overwhelming willingness to share what we know with our peers.
One of our noteworthy successes this year was establishing our long range plan “RIMS 2020,” providing a platform for the organization to move forward. Much of the work this year centered on governance changes, reduction in board size and updating our bylaws to be a more nimble society. The board plans to consider proposed bylaw changes at our January 2015 meeting, and will share any decisions or updates with the House of Delegates (HOD) prior to requesting a vote at our annual meeting in April. Thanks to the committee composed of representatives from the HOD, Former Presidents, Nominating Committee, Board Members and the work of RIMS General Counsel Mark Prysock who led the initiatives.
The biggest disappointment this year was the failure of Congress to reauthorize the extension of TRIA. Unfortunately, politics once again got in the way of progress. Despite the best efforts of the RIMS members, External Affairs Committee, Congressional testimony, RIMS staff and support from our business partners, our members were let down by their Congressional representatives. RIMS will continue the efforts into 2015 and has every intention of making the reauthorization of TRIA a top priority.
I am very appreciative for the support of our members, the Board and the RIMS staff this past year. Mary and her team are dedicated professionals who work mainly behind the scenes to promote the Society. In addition, the support from Humana and particularly our Risk Management team allowed me the time to travel and represent RIMS.
RIMS is in great shape as an organization and, as the Board continues to move from operational to focus more on strategy, there are many opportunities for us to remain the world’s leading risk management organization. It is an exciting time to be a member of RIMS and the 2015 Board under our new president’s leadership will continue to be successful.
2015 will be an awesome year.
Keep on Moving...
Mon, Dec 01, 2014 -
RIMS ERM Conference was a huge success. It had it all. Excellent program, presenters and certainly there is no matching the value you gain from networking with other risk professionals – especially those who are fully vested in advancing the profession. For those of you who joined us in Miami, the presentations are now available on the conference site.Gauging the maturity of an ERM program was one of the key discussions during the Conference and this is a great time to remind you about RIMS Risk Maturity Model (RMM) – a free online program that helps risk professionals do just that. To fully understand the advantage of using this assessment tool, RMM’s co-developer Steven Minsky, the CEO of LogicManager, Inc., has written a series of blog posts for RISK MANAGEMENT MONITOR that are now featured in the Popular Content section on the front of the RIMS website. RIMS Board of Directors also met in Miami to review and approve the Society’s 2015 operating budget and to continue to set plans for 2015. Next year’s board size will reflect the bylaw amendment approved by the HOD and will be smaller than in prior years. Final approval of the slate is due by December 20 so if you are a delegate and have not voted please send in your chapter’s vote. On December 10th, be on the lookout for results from the inaugural J.D. Power 2014 Large Business Commercial Insurance Satisfaction Study.SM This study will give both buyers and sellers of insurance a new perspective on this competitive market and meets one of the Society’s goal of delivering knowledge and resources to our members.Recently, RIMS hosted a roundtable discussion, sponsored by Zurich, titled “Using Big Data to Improve Risk Management.” Our Risk Management magazine reported on the discussion that addressed “how companies can use big data to help gain a comprehensive, 360-degree view of total cost of risk and…optimize the return on their mitigation investment.” Finally, I spent this Thanksgiving Holiday in Brazil as a speaker at XI Congress of the Fundacion Latinoamericana de Adminstration de Riesgos ALARYS. There, Mary Roth and I delivered two presentations: one on linking ERM to strategy and the other focusing on industry trends. And, almost immediately following that conference, I will fly to Singapore to speak at The Asian Risk Management Conference.With each of these trips and with each of the reports, RIMS continues to strengthen its global network, enhancing its resources for our members and demonstrating our value to potential members. We look forward to providing you with more in the months ahead but, in the meantime, I wish you all the best during this holiday season.Sincerely,Carolyn Snow
More Resources, More Value
Wed, Oct 22, 2014 -
to over 1,100 of you who responded to the annual Membership Survey, as your
voice is important to the development of educational programming, conferences
and executive reports and other risk management tools that RIMS delivers. The survey is our best tool in getting
feedback from over 11,000 members.
October we released two new Executive Reports: “Claims
Reporting & Management Practices” and “Managing
Reputational Risk to Drive Strategic Performance.”
Claims Reporting & Management Practices” report was authored by members of
Standards and Practices Council and explores the characteristics of a
successful claims reporting and management program. I think members will really
benefit from its step-by-step guide to implementing a claims program, as well
as its tips for integrating claims management into an ERM program.
Committee Member Andrew Bent, author of the “Managing Reputational Risk” report,
drives home the idea that organizations that develop a framework for managing
reputational risks are not only better positioned to anticipate and defend
against threats, but can also gain a significant competitive advantage and
unlock new and valuable opportunities. This report walks risk professionals
through a reputational risk situation, providing instruction on how to apply
the components of the strategic risk management framework.
reports and other relevant risk management articles and surveys can be found in
the RIMS Risk
Knowledge library. If you haven’t yet, I encourage you to check it out.
2020 Task Force met in early October and has focused its attention on our
Bylaws. A subcommittee was struck with representatives from House of
Delegates (HOD), Nominating
Committee, Former Presidents and current Board members. The task force, led by RIMS General Counsel
Mark Prysock, will present its recommendations to the Board of Directors.
And, upon their approval, they will be presented to the HOD. More
information about this process to follow.
Board of Directors will meet in Miami for its final board meeting of the year
to review and approve the Society’s operating budget for 2015. The best
part of the Board Meeting is that it was strategically coordinated with RIMS ERM
Conference 2014 which I will have an opportunity to attend.
it is never too early to start talking about RIMS 2015 Annual Conference
& Exhibition in New Orleans. Already, a save-the-date
email went out to remind risk professionals that registration opens December 4th.
Remember, you can’t book your hotels without registering and the closer hotel
rooms are reserved for members and full-conference registrants. Be sure
to mark your calendars and I look forward to seeing a record number of you
Carolyn M. Snow
A Global Education
Fri, Sep 19, 2014 -
The second RIMS Risk Forum in Sydney was a real success. It
is great to see so many passionate risk professionals in attendance and, even
greater to see their continued support for RIMS. The program featured a
lineup of local risk managers, many of whom already practice enterprise risk management
and freely shared their expertise. Carol Fox, RIMS Director of Strategic
& Enterprise Risk practice, participated in two presentations and I
presented on Reputation Risk Management. The two-day event was topped off with
an exceptional keynote by Captain David Evans, a Qantas pilot who successfully
helped land an Airbus after its loss of three engines with no loss of life and
no lawsuits against the airline.
I am writing this
from Winnipeg at RIMS Canada Conference which is also full of good presentations by
Canadian risk managers and speakers. This year Canada’s risk
management community will celebrate the conference’s 40th
anniversary and I’m pleased to be a part of the festivities.
RIMS is in the
process of revamping its professional development offerings…making sure that they remain relevant and
address our members’ needs. Immediately following the RIMS Canada
Conference, we held a Cyber Risk & Data Security Management
Workshop – a topic that
always ranks high on risk professionals’ top concerns. And, just last
week, RIMS held its “D&O Insurance Around the World: Understanding
International Implications” webcast. And, although you might have missed
it live, the webcast is archived and can be viewed and listened to here.
This past April we
announced a project with JD Power & Associates to measure large business
commercial insurer and broker satisfaction. This project
is important for our members because it provides our global network
of risk professionals with the knowledge to make smart decisions for their
organizations. Secondly, the study will help insurers and brokers
understand their own strengths and weaknesses—and those of their
competitors—and build customer loyalty and increase competitiveness. We see
this as a positive for both our professional and associate members and look
forward the release of these initial findings toward the end of 2014.
RIMS 2020 Task Force
continues to make strides in developing a long range plan for the
Society. The Task Force is now focusing on emerging risks. While
we’re busy tending to the risks that impact our Society now, there is always
that fear concern we are not doing enough to prepare for those issues that have
yet to manifest themselves. Are the tools and resources we’re using now
sufficient? Will they help us predict and test for potential risks?
This full review will undoubtedly provide direction for the future of the
Society and ensure that the risk management community continues to find
valuable resources, ideas and opportunities with RIMS.
A reminder the RIMS ERM Conference in Miami is scheduled for October 26th
through the 28th. Hopefully I will see many of you there.
All the best,
Carolyn M. Snow
More Than A Wish…
Tue, Aug 05, 2014 -
There is a famous quote that says, “a goal without a plan is
just a wish.” At RIMS, we take great
pride in the planning process. We know
from years of experience that our planning meetings are crucial to providing
our members with the best resources, conferences and member value to help them
achieve their professional goals.
In late July, the RIMS Board of Directors and Senior Staff met
in New York for our annual planning session. The Futures Company led an interactive
workshop on anticipating and planning for the “certainties and uncertainties”
that lay ahead. Ideas to enhance the
platforms we use to engage members, our conferences, as well as the value of
industry certifications were among some of the topics discussed.
The Nominating Committee (NC), chaired by Deb Samuels, also
met to conduct board interviews and to begin to develop their recommended slate
for 2015. Part of their process includes
having one of NC members sit in on part of the board meeting so that the Board
can share with them the goals and plans we are developing.
It’s never too early to start planning for RIMS ’15 in New
Orleans. RIMS Annual Conference
Programming Committee (ACPC) is also scheduled to meet in August. The deadline for submitting session ideas for
the conference has passed. The ACPC will
spend two days together to review more than 600 submissions. Their goal is to narrow those submissions to
less than 200 sessions in order to ensure RIMS ‘15 educational component
continues to shine and is filled with thought-leading and highly-relevant
Planning our organizations’ risk financing programs could
become a little bit more transparent in months ahead as RIMS welcomed theintroduction and approval of a TRIA bill from the Senate. Now, with both the House and Senate in
agreement that a reauthorized TRIA bill is needed, we’re hoping that the two
groups can come to a consensus on a final bill soon.
I just returned from attending the 39th Annual Florida EducationalConference in beautiful Naples, Florida.
Mary Roth provided an update about the Society and I had an opportunity
to speak and to meet with many of the Florida members. The
conference is not only educational, but family oriented and fun. At the end of August, along with a team of
RIMS staff members, I will attend the second annual Forum in Australia. I’m looking forward to meeting our members in
the region will be speaking on reputational risk.
The 2020 Task Force also met in
late-July. The group has developed and
submitted a detailed project plan that focuses on areas such as the future
structure of the Society, membership categories, mission and purpose, “Rising
Risk Professionals” involvement and governance. For the remainder of 2014, the
Task Force will focus on governance and will then prioritize and address each
of the future projects included on the plan.
In the following months, you will hear more about RIMS 2020 and other
RIMS initiatives. Enjoy the rest of your
Tue, Jul 15, 2014 -
was happy to see the House Committee on Financial Services approve a bill
to reauthorize the TRIA, providing policymakers with time to negotiate the
terms of the final extension. RIMS continues to voice its support for
TRIA’s reauthorization. As part of that initiative, in June, RIMS Senior
Government Affairs Manager Nathan Bacchus traveled to the London Workshop on
Radiological Sources and Liability Issues and gave a presentation titled
“Filling the Gaps in NBCR Coverage.” And, this August, RIMS External
Affairs Chair Richard Rabs will attend an ARIA Conference in Seattle to present
RIMS’ legislative priorities.
the House of Delegates meeting in April we introduced three Board proposed
amendments to the Bylaws that were sent to delegates for ratification. The
proposed amendments would reduce the size of RIMS Board, allow for the Board to
recommend criteria to the Nominating Committee for selecting future Board
Members and change the format of the House of Delegates meetings from an
in-person to a virtual meeting. On July 10 the voting closed. The amendment to reduce board size (60/10)
and recommend criteria to the Nominating Committee (42/28) passed. The proposed amendment to change the format
of the House of Delegates meeting failed (22/47 with one abstention). The idea behind the third amendment was to
allow more chapters to “attend” the House of Delegates Meeting. Although this version of the amendment did
not pass, RIMS Board of Directors will continue to research other possibilities
to make the meeting more accessible.
are taking orders for the 2014
RIMS Benchmark Survey. To kick-off
the launch of this year’s survey, Advisen will host a free, on July 16 we held a one-hour
webinar on exploring the factors driving the cost of risk. Panelists were: Bobby Bowden, Executive Vice President, Chief Marketing
Officer, U.S. Branch Network and Business Development, Allied World; Wesley Dupont, Executive Vice President
and General Counsel, Allied World; Steve
Truono, Vice President, Global Risk Management, Starwood Hotels; Michael Liebowitz, Senior Director,
Insurance and Enterprise Risk Management, New York University. Jim Blinn, Principal, Advisen will
moderate the panel. A link to the video of this panel discussion will soon be available. We'll post it here when it's ready.
has become an established discipline that many RIMS members have already
implemented or are considering. Recognizing the demand for information
about this risk management discipline, we opened early registration for RIMS ERM
Conference 2014. Scheduled for October 26 – 28 in Miami, the three-day conference will provide practical
solutions to help practitioners build and sustain their enterprise risk
management programs and will feature keynote remarks from New York
Times bestselling author Josh Linkner.
I mentioned last month that
registration for RIMS
Risk Forum in Sydney is now
open. Our volunteers in the region have already made tremendous strides
to develop a sensational program and just announced that Michael Pascoe,
one of Australia's most experienced and thoughtful finance and economics commentators,
will deliver the conference’s keynote address.
we’re on the topic of conferences, it’s never too early to talk about RIMS 2015 Annual Conference & Exhibition
in New Orleans. We are currently
accepting session submissions for the conference and will do so until July
25. So let this be a call to all risk
professionals. Learning from our colleagues’ experiences is what makes this
Society great. If you’re interested and
willing to share at RIMS ’15, visit www.RIMS.org/RIMS15
or click here.
the next few weeks, RIMS will provide additional updates about our conferences,
reports, surveys and legislative initiatives. Thank you again for your
continued support and for choosing RIMS as your go-to source for your risk
How Do We Look Now?
Thu, Jun 12, 2014 -
If you’re reading this President’s Corner Message, it is a safe bet
that you’ve visited our newly designed website. So, how does it look? I like the changes and I’m confident that our
members will benefit from this new layout.
It is focused on content delivery.
The site now features some of our most popular content and resources on
its front page and we’ve simplified the navigation menu. The design process involved a lot of staff
resources, feedback from key stakeholders, and analytics about the way our site
was being used. We also used outside consultants to ensure that we created a
website that better supports your changing business needs – and is easy to use.
My personal favorite is the new RIMS
Marketplace under resources.
While our website might be the first place many learn about the
Society, representing RIMS at industry events and other professional
conferences is unquestionably invaluable to bolstering our image and sharing
the many advantages we offer the risk management community.
My trip to the Bermuda Captive
Conference was very successful. The opening session was a Roundtable that
included the Bermuda Minister of Finance which .was well received, as was my
other session that explored the employee benefits and the Affordable Care Act. The RIMS
Legislative Summit in Washington, D.C. on June 9-10 was well attended by
several RIMS members including quite a few first timers. We met with key legislators discussing the
importance of TRIA’s reauthorization, as well as other legislative issues. If you
eligible to be a PAC member please consider joining now. We need a broad base of members to support
our legislative efforts. Donations of
all sizes are welcome.
RIMS Vice President Rick Roberts and Board Director Steve Pottle are also
scheduled to represent the Society this summer. Rick has been invited to speak at CFO
Magazine’s Treasury Management Summit on July 10th in Boston on the
importance of effectively communicating the value of risk management to the
C-Suite to reach strategic objectives. Steve will take a leading role at a “Building a
Better Chapter” workshop – attended by all Canadian chapters – in Toronto in
mid-June. Remember that your Board
members welcome opportunities to visit with the chapters and to be a speaker at
Building off the success from last year’s inaugural Risk
Forum, I’m pleased to announce that registration for this year’s event is
now open. Scheduled for August 31st
through September 2nd in Sydney, Australia, this event is an outstanding opportunity for risk
professionals and other professional executives to gain insight about the
latest global and regional risk management trends. Exhibiting opportunities and sponsorship
opportunities are also available. We’re
looking forward to another great event.
Finally, I’d like congratulate RIMS
Executive Director Mary Roth. Mary was
recently named President of the International Federation of Risk and
Insurance Management Associations – an international umbrella organization for
risk management associations, representing 23 organizations in over 30
countries around the world. The board
supported Mary’s appointment as feels it not only is an honor for Mary and
acknowledges her accomplishments but also the recognition of RIMS as the
leading risk management association.
Soon we will release a new executive report, RIMS Benchmark Survey and
announcements about other resources and initiatives to help support your work.
Out From Behind My Desk...
Mon, May 12, 2014 -
At RIMS ’14, I mentioned in my General Session speech that risk management can’t be done from behind one’s desk but most of us probably need a few days behind the desk, and off our feet, to catch up from what was an action-packed and super successful RIMS 2014 Annual Conference & Exhibition.
As I write this message, it is hard to believe that RIMS ’14 has come and gone so fast. All that hard work and all that planning were definitely worth it and the results were definitely evident in Denver.
RIMS attendance in Denver exceeded all expectations. The four-day conference drew more than 9,700 attendees, a seven percent increase from last year. We had 399 exhibiting companies, 87 of which were first timers. And, the Society is really proud to announce, this year’s conference saw a record-breaking 183 student registrants, as well as a record-breaking 67 countries represented – a stat that reinforces our commitment to engaging rising risk professionals and global audiences.
From our Opening Welcome Reception at the Denver Art Museum to the Conference Finale, serving as RIMS President for this conference was truly an honor and I want to thank the risk management community for your support, as well as RIMS’ staff and volunteers for making our 52nd annual conference such a huge success. I want to especially thank those who stopped me in the exhibit hall, during the conference events, sent emails and those who stopped me in the airport to say what a great conference it was. It is the feedback from our members that the Board and Staff really value.
It was not all fun and games in Denver. Attendees had access to over 170 educational sessions. For those that didn’t make the trip or missed a session that they’d wanted to attend, handouts for them can be downloaded at www.RIMS.org/2014handouts. Some of the sessions were taped and we’ll make those files available in the weeks ahead.
Additionally, in Denver, RIMS Board of Directors proposed changes to the Society’s bylaws at the House of Delegates (HOD) Meeting that would impact the number of voting Board Members, the criteria for becoming a Board Director and the format of the HOD meeting. Communication will be delivered to your Chapter Delegates about these suggested changes for their vote on the recommended changes.
In June, I will represent RIMS on a panel at the Bermuda Captive Conference. Along with members from Bermuda’s government and the local captive owners association, the panel will discuss the value of implementing a captive and strategies for getting the most out of your captive investment.
Shortly following that speaking engagement, I will attend RIMS Legislative Summit in Washington, D.C. on June 9-10. We are pleased to bring this important event back and look forward to hosting RIMS members, giving them a chance to meet and speak with legislators who have shown an interest in the issues that impact our profession. I’m sure the reauthorization of TRIA will dominate the conversation but other topics such as the SMART Act’s implementation and the “Neal Bill” will certainly be addressed. I encourage our members to join us in D.C. to ensure the risk manager’s voice is heard on Capitol Hill.
RIMS new website will be up and running in a few weeks. RIMS’ website is full of useful information for risk practitioners -- Risk Knowledge library, RIMS Marketplace, the Career Center and eGroups are perfect examples. A new eGroup for Chapter delegates has been created since the conference. The new interface will make it easier for you to find exactly what you need, faster. As the new site is rolled out, if you have any questions, please do not hesitate to contact RIMS Client Services Team email@example.com for help.
RIMS 2020 Task Force met in Denver to continue its work for the future of the Society. There, the group continued to review opportunities to engage the Rising Risk Professionals group, specifically looking at the gap between the expiration of student memberships, their career path, the opportunity for their organization to sponsor a RIMS membership, as well as the convenience and availability of chapter events for these new employees.
As usual, there is no time for risk managers to rest. Too many challenges, opportunities and possibilities so in the days ahead be on the lookout for more from your Society. For those that made it to RIMS ’14, again thank you for your support. For those that didn’t, we hope to see you next year for RIMS ’15 in New Orleans.
The World’s Risk Management Community is Ready!
Wed, Apr 09, 2014 -
Five thousand and eight hundred miles away from Denver in Tokyo, Japan, there was excitement and anticipation for RIMS ’14. For the last week and a half, I visited with members of RIMS Japan Chapter in Tokyo and Osaka where I spoke on managing reputational risk. The trip is part of RIMS’ global initiative to not only engage international risk professionals, but to learn from their experiences and deliver that knowledge back to the Society. It was a great trip and the hospitality was warm and welcoming.
I am excited about attending RIMS Annual Conference as the President of the Society and am amazed to be in this position when I reflect on how dazed and confused I was at my first conference in 2000 in San Francisco.
For those attending RIMS Annual Conference for the first time, we’ve designed a program to help you set a game plan for your conference. The First Time Attendee Orientation is on Sunday evening from 4:00 – 5:30 p.m. and you can expect to gain a better “lay-of-the-land” and some tips on how to maximize networking opportunities. We’ve also invited Thom Singer – a conference expert – to deliver some quick remarks on best ways to create connections while at a conference. It is always a great event and I encourage all first timers to attend.
We recently announced our “Hot Topic Sessions” at RIMS ’14. These sessions frequently attract the most attendees and explore some of the most pressing issues in risk management. This year there are six “Hot Topics” that include cyber liability, FACTA, global warming/climate change, the legalization of marijuana and what it means to employment policies, business continuity, and TRIA.
It’s a good time to start planning your conference. The website is a great resource and extremely comprehensive and we’re also pleased to announce that the RIMS ’14 mobile app is now ready for download on your mobile device.
While RIMS ’14 is top of mind right now, RIMS is continuing to push forward with other significant initiatives.
In the month of March, RIMS held two State Legislative Conferences: one in Tallahassee and the other in Sacramento. These gatherings are a tremendous opportunity for our risk practicing members to meet with their local elected officials and discuss regulatory issues that impact the industry. Also this month, RIMS submitted an official comment letter to OSHA regarding a proposed rule that would require companies to file injury reports electronically.
The RIMS 2020 Task Force continues to make progress in developing their report on the future of risk management and RIMS. The group is currently reviewing recommendations on Society governance and has established focus groups comprising risk practitioners to really understand their immediate needs and how those needs might evolve in the future. The group is also soliciting feedback from chapter officers.
Thank you all for your continued support of RIMS and I look forward to meeting with many of you in Denver. Safe travels everyone.