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  “ETHICS AND THE RISK MANAGER”

RIMS Quality Advisory Council Case Study Reviews

Approaches to Ethical Decision-Making for Risk Professionals

NEW YORK (April 4, 2012) — RIMS Quality Advisory Council (QAC) has announced the release of a new case study titled “Ethics and The Risk Manager” that addresses common ethical dilemmas risk practitioners may encounter during the course of their careers. The article was created to stimulate discussion among risk professionals in an effort to better prepare them for a myriad of complex situations.  The paper is available to the public at www.RIMS.org/Quality.

Some of the fictitious but possible scenarios addressed in the case study include:

• The cost of employee safety;
• New product launches and premium increases;
• Personal versus professional relationships;
• Conflicts of interest regarding professional expectations.

“A day in the office isn’t what it used to be for risk managers,” said Al Gorski, RIMS Board Liaison to the QAC. “In addition to traditional risk management strategies, economic conditions and emerging risks have made it that much more important for practitioners to be able to make sound, ethical decisions at a moment’s notice. This QAC paper is a great resource to help create dialogue among practitioners on common but complex scenarios.”

RIMS QAC was originally created in 2005 to review broker compensation disclosure rules.  Since then, the group has been tasked to evaluate issues critical to advancing quality for the risk management and commercial insurance industry.

About RIMS Quality Advisory Council

RIMS Quality Advisory Council (QAC) offers products and services that foster quality within the industry and raise awareness of the risk management profession. The QAC selects projects in line with its mission to:  promote professional growth; facilitate quality in risk management; recognize innovation; and foster the relationship between the risk manager, broker, and underwriter.