Invest in the Future of Risk Management

The newly launched RIMS, The Foundation for Risk Management® (“The Foundation”) is dedicated to shaping the future of the profession. Your support helps empower Rising Risk Professionals, advance critical risk management research, expand RIMS engagement, and accelerate inclusion across the industry. By making a contribution, you’re investing in the next generation of risk leaders and strengthening the global risk management community.

Join us in making an impact. Donation details coming soon!

Building the Future of Risk Management

As RIMS celebrates its remarkable 75-year history, risk management leaders must consider what resources will be necessary to advance the profession, nurture the best talent, create an engaging community, and drive thought-leadership to ensure future success.

RIMS, the Foundation for Risk Management^TM, (The Foundation) is charged by the RIMS Board of Directors to support the mission of The Society and ensure the long-term future of risk management. This Case Statement summarizes initial objectives to stimulate innovative thinking about how The Foundation can drive value for the risk and insurance community.

GOAL 1: Enhance the Risk Management Profession.

Credibility and respect for risk management’s impact is predicated on developing universally shared standards, frameworks and advancing learning opportunities. The Foundation invites partners to help expand access to and support the development of risk management professionals through professional development and certification. Potential offerings could include:

Participation Grants would expand involvement in RIMS educational offerings (e.g. RIMS Canada Conference, RIMS Texas Regional Conference, etc.) for risk professionals in need of such support, especially those from smaller and midsized companies, and those from developing countries. Grants could also support access to the RIMS-CRMP certification for qualified applicants.
- RIMS Chapters are invited to create named funds administered by The Foundation for this and other qualified purposes.
Outreach to adjacent professionals (i.e. legal, finance, information technology, HR and others) who have risk management responsibilities. Efforts could include funding for webinars, grants to attend RIMS conferences, access to RIMS white papers and other educational resources.
Convene senior risk professionals (15+ years’ experience) for a high- quality, strategically focused learning experience. This annual retreat will offer a carefully curated opportunity to share experiences and insights with leaders in the insurance and risk management community under a “Chatham House Rules” environment.
Mentor early-career professionals. A cohort of 15-20 early career risk professionals will be selected and 1) matched with senior mentors, 2) gathered for a “Future Risk Leaders” workshop and 3) held together via regular online meetings and a meet-up during RISKWORLD.
Policy Education is essential to create a grassroots community knowledgeable about policy issues relevant to risk management. Convened annually in Washington, DC, the RIMS Public Policy Seminar would bring together leading experts from Think Tanks, academia, and independent analysts to deepen understanding of salient issues. Grants would fund participants’ costs of travel, lodging and speaker fees.

GOAL 2: Build Capacity of RIMS and RIMS Chapters.

Over the past 75 years, RIMS has built a strong organization with a reputation for quality. But as a non-profit organization, RIMS lacks sufficient access to the capital needed to ensure long-term success. RIMS strives to break even on an annual basis. While RIMS has some reserves, they were depleted due to the COVID19 pandemic, and now equal to less than 6 months operating cash. RIMS, the Foundation for Risk Management, is designed to build assets to sustain the Society over the long-term through designated, donor-advised endowment funds. RIMS, the Foundation for Risk Management, seeks donors for the following:

The Endowment for Risk Management, when fully funded at $20 million, will generate approximately $800,000 annually to undertake research, support educational programs, invest in innovation, and advance programs that support risk professionals. Such funding will allow the Society to undertake non-revenue generating programs, invest in programs that might not be break-even for several years, and otherwise invest in new, more uncertain – but promising - ventures.
- The Fund for Chapter Governance would provide resources to train and support RIMS chapter leaders, who play a key role in local and regional education and outreach to university students.
The goal of The Endowment for Risk Management Certification is more targeted: a $2 million fund that will generate approximately $80,000 annually to maintain the quality of the RIMS-CRMP examination and invest in other risk management certifications and micro-credentials over time.
The Global Risk Management Institute® (GRMI) is designed to endow expansion of best practices in risk management outside of the U.S. and Canada through a $4 million endowment. With this support, GRMI will be able to offer low-cost or no-cost education to raise the level of risk management knowledge in developing countries.
The Endowment for RIMS Canada, with a fund goal of $2 million would generate resources to support risk management education and community building in Canada.

GOAL 3: Foster Inclusivity and Belonging.

A more diverse and inclusive community will create a more welcoming and dynamic profession. The Foundation seeks partners eager to create opportunities that expand diversity, deepen connections, strengthen mentorship programs, and support every individual during their career journey. Potential offerings include:

Build allyship programs that deepen RIMS relationships with partners such as NAAIA, APIW, AAPI, Rainbow Risk Alliance, LINK 2SLGBTQ+, CABIP and LAAIA, among others. Allyship may include underwriting professional development for the executives and boards of partner organizations, funding retreats or strategic planning projects to advance their next steps and support organizational growth and development.
RIMS Engagement. Cover the cost of annual membership in RIMS for and/or pay for RISKWORLD registration for members of Allyship partners (above) or underrepresented communities in general.
- RIMS Chapters are invited to create named funds administered by The Foundation for this and other qualified purposes.
Development Programs for Underrepresented Rising Risk Professionals
- Structured Rotational Programs: Offer structured programs where recent graduates rotate through different departments, such as underwriting, claims, risk management, and brokerage, to gain a comprehensive understanding of the industry.
- Graduate Fellowships: Provide fellowships for recent graduates to work on specialized projects within the risk and insurance industry.
- Diverse Leaders Mentorship Program – Develop a mentorship initiative that pairs inexperienced with experienced risk and insurance professionals.
Leadership and Professional Development Programs
- Emerging Leaders Programs: Offer programs aimed at identifying and developing high-potential professionals early in their careers, with a focus on leadership skills and strategic thinking.
- Soft Skills Development Workshops: Conduct workshops on communication, negotiation, and networking, which are essential for success in the risk and insurance sectors.

GOAL 4: Accelerate Future-Focused Research.

Innovation is essential to address tomorrow’s risks. The Foundation welcomes the ideas and support of donors seeking to expand current thinking about the future of risk management. Projects could include:

A Think Tank to undertake a deep dive into a specific issue or topic in risk management or current events and issue an annual white paper. The white paper will also result in a related webinar, article in Risk Management Magazine, and a session at RISKWORLD.
Targeted Grants to advance understanding of risk management issues. Grants could be used to fund independent research by academics, think tanks or others.
Risk and Insurance Innovation Challenges: Host competitions where early-career professionals can present innovative solutions to current and emerging industry challenges.

GOAL 5: Advance the Spencer Educational Foundation.

RIMS’ longstanding partnership with the Spencer Educational Foundation provides a unique opportunity to support the future of risk management through a recognized, leading nonprofit organization that has for decades worked tirelessly to attract new talent to the industry through its scholarships and grant programs and its ongoing talent initiatives. Specifically, The Foundation would aim to support or increase its support for the following student-related initiatives in collaboration with Spencer:

Grow Student Attendance at RISKWORLD and other RIMS Conferences. Currently, RIMS provides a limited number of complimentary RISKWORLD registrations to university students. The Foundation seeks to raise funds to subsidize more students to attend, and cover more of the cost of attending (travel, lodging, etc.)
Fund named scholarships and other programs that enable students to pursue careers in insurance as well as to support continuing education, certifications, and/or graduate degrees.
Provide scholarships in other parts of the world where needs are expressed, and donor collaborators have been identified.
Evaluate additional opportunities to support students at the collegiate, high school, and post-graduate level with the aim of attracting them to Risk Management careers.