Message from RIMS Executive Director
The global business landscape has undergone many changes over the past year, most notably an increased focus on risk management practices. Boards of directors, regulators, rating agencies and even legislators are taking an approach to risk management that reflects an ongoing shift in ideology to one of integration. RIMS and its members have a unique opportunity to shape the evolving landscape by speaking out about best practices in the field.
We know that Standard & Poor’s is expanding its evaluation of corporate credit ratings to include ERM practices. Is your company up to speed on ERM? Unfortunately, many companies will find themselves rushing to meet the new criteria—avoid being unprepared! In this issue of RIMSCOPE, learn what to expect from S&P.
Given the society’s work on ISO 31000, Guide 73, Public Law 110-53/Title IX, the need for resources on the standards front has greatly increased, resulting in the formation of RIMS Standards and Practices Committee. Chaired by Carol A. Fox, former chair of RIMS ERM Development Committee, this group will continue work on the ISO standard and others. Learn more about the committee’s initiatives here.
On the advocacy front, RIMS and its members are speaking out on issues that impact the risk community. And we’ve made our positions known to legislators and regulators at the state and federal levels. Many thanks to chapter members who participated in RIMS on the Mall in Sacramento, California, the local version of RIMS on the Hill in Austin, Texas, as well as the 11th Annual RIMS on the Hill in Washington, D.C.
In New York, RIMS is pushing for stronger consumer protections guiding the New York State Insurance Department’s proposed regulation on broker compensation. At the federal level, RIMS is working with senior members of the Senate Committee on Banking, Housing and Urban Affairs on key legislation, as well as Sen. Charles Schumer’s (D-N.Y.) office on a “Shareholders Bill of Rights” proposal that, among other things, would require companies to establish board-level risk committees.
I’m thrilled to report that members are taking full advantage of RIMS Community to network with colleagues and peers. What’s especially gratifying is the extent to which members are embracing the new opportunities for social networking, creating groups by interest and publishing blogs. eGroups are also sparking new discussions on various topics from risk assessment tools to Medicare reporting requirements. An important element of RIMS Community is your member profile, so make sure your profile is complete and up-to-date!
Finally, RIMS is looking forward to celebrating its 60th anniversary next year and we have a number of activities and events lined up to celebrate this milestone occasion. Stay tuned for more details!
Mary Roth, ARM