PAYCHEX WINS THE 2011 RIMS ERM AWARD OF DISTINCTION
Award Honors Outstanding Enterprise Risk Management Programs at
RIMS First-Ever ERM Conference
NEW YORK (November 4, 2011) - At the RIMS (Risk and Insurance Management Society) inaugural ERM Conference 2011 in San Diego, Paychex was named this year’s winner of the Society’s ERM Award of Distinction. The award was created to honor organizations that have shown a tremendous commitment to their Enterprise Risk Management program and have thrived as a result of its existence.
Paychex implemented an ERM program to add value throughout the entire organization making sure its coverage went beyond traditional risk oversight but rather sparking revenue opportunities for the company. With an expansive ERM program in place, in its inaugural year – 2003 – the company only saw a small $20,000 increase in revenue resulting from its ERM program. This number has ballooned to over $100 million since then.
“We are truly honored to receive the inaugural RIMS Enterprise Risk Management Award of Distinction. It's a tremendous recognition from this leading risk management organization," said Frank Fiorille, director of risk management at Paychex. "The establishment of this award further illustrates the transformation of the risk management discipline from a bottom-line protection measure to a strategic value-creation engine."
RIMS defines ERM as a strategic business discipline that supports the achievement of an organization’s objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio.
“RIMS strongly believes that the implementation of sound Enterprise Risk Management program will better prepare businesses to manage risk and, in some cases, turn them into valuable opportunities,” said Nowell Seaman, member of RIMS Board of Directors. “It is a great honor to present this award for the first time to Paychex and acknowledge its commitment to developing an exceptional program that has been instrumental in strengthening their brand and capturing additional revenue.”
Judging criteria for the ERM Award of Distinction includes the scope of the ERM program and how it engages different levels throughout the organization; the programs link or connection to the company’s overall mission; and its ability to create additional value for the organization.
Honorable mention for this year’s ERM Award of Distinction went to Goodwill Industries International.
Paychex, Inc. (NASDAQ:PAYX) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 564,000 payroll clients nationwide as of May 31, 2011. For more information about Paychex and our products, visit www.paychex.com.