• Spencer Educational Foundation Awards 40 Internship Grants

    The Spencer Educational Foundation announced that 40 companies will have the opportunity to hire a summer risk management intern because of $5,000 grants they each will receive from the Foundation. The Foundation acknowledges the RIMS Northeast Florida Chapter and the Risk and Insurance Management Society for their continued sponsorship of this program. The full list of grant recipients can be seen here:

    "Spencer has a proven record of providing experiential learning opportunities to students. Our internship program is a prime example," said Roger Andrews, Chairman of Spencer's Internship Grant Committee. "As the industry celebrates Insurance Careers Month, we are excited to announce these 40 internship grants that will provide students hands-on experience in a corporate risk management department. Since 1997, the Foundation has awarded more than $1.7 million in internship grants -- including $200,000 this year -- to expose students to a dynamic industry with vast career potential. We appreciate the industry's support of this program and thank our generous sponsors."
  • RIMS Awards the Risk Manager of the Year Honor to Children's National Medical Center's Rebecca Cady

    RIMS, the risk management society™, has announced Rebecca F. Cady, Vice President and Chief Risk Officer of the Children’s National Medical Center in Washington D.C., as the 2018 RIMS Risk Manager of the Year. The award will be presented to Ms. Cady at a ceremonial breakfast at RIMS 2018 Annual Conference & Exhibition on April 17th in San Antonio.

     Donald (Sandy) Aspinall, Jr., Vice President of Global Risk Management for Comcast Corporation; Jennifer Hills, Director of the Office of Risk Management Services for King County (Washington); and Joseph Meaney, Jr., Vice President of Global Insurance and Risk Engineering for AES Corporation were named to the 2018 RIMS Risk Management Honor Roll.

     The Risk Manager of the Year program aims to raise the profile of the risk management profession and the outstanding programs the honorees have implemented within their organizations. The program was initiated in 1977 and the Risk Management Honor Roll was added in 1981.

     “Expectations of risk professionals vary from organization to organization,” said RIMS CEO Mary Roth. “Our Risk Manager of the Year and Risk Management Honor Roll winners have demonstrated their ability to identify organizational needs and capitalize on new opportunities.

     “Whether it is enhancing processes, reducing costs or strengthening communications, this year’s class has shown extraordinary skill, knowledge and ingenuity. They are a testament to the significance of this profession and RIMS congratulates them for their achievements.”

     Any full-time professional who administers risk management programs for a corporation, nonprofit institution or government entity is eligible for submission in the Risk Manager of the Year program. The nominations are judged by an independent panel comprising prior honorees and other risk management and insurance industry leaders. 



    Rebecca Cady is the Vice President and Chief Risk Officer at Children’s National Medical Center (CNMC), a freestanding pediatric academic medical center and health system based in Washington, D.C.

     Rebecca is responsible for CNMC’s enterprise risk management department, management of their litigation program including serving as counsel to the Compliance Officer and Human Resources. Additionally, she oversees the operationalization of the organization’s clinical risk management program; insurance program including managing the organization’s captive insurance company; its ombudsman program, as well as the workers’ compensation program.

     With excess of 10,000 incident reports a year, Rebecca’s work to update antiquated event reporting software and revamping the litigation management function was critical to the Center’s sustainability. By establishing best in class processes for managing outside counsel, decision analysis and case settlements, she directly contributed to a net positive movement on reserves of over $100M in the last five years. Additionally, under her direction, expenses in the management of CNMC’s program – including attorneys’ fees – decreased by over 47% in the same period.

     Rebecca creatively and effectively uses and improves risk financing/insurance to structure a risk financing and risk transfer program that serves the needs of the organization and supports its ERM initiative. She led the elimination of a redundant captive used for excess coverage, restructured program retentions in using the captive and a trust, strengthened claim reserving practices, and established a funding methodology to eliminate a $30M shortfall in reserves.

    Over the past nine years, Rebecca has established and implemented innovative programs and approaches to risk management and risk financing for CNMC that have been used as templates for the organization’s compliance program model.

    At CNMC, Rebecca previously served as interim Executive Director of a subsidiary patient safety organization and as interim VP, Chief Compliance and Privacy Officer. Prior to joining the Center, she was a Partner at Grace Hollis Lowe Hanson & Schaeffer, LLP.

     RISK MANAGEMENT HONOR ROLL: Donald (Sandy) B. Aspinall, Jr.

    Donald (Sandy) Aspinall, Jr. has enjoyed a nearly 30-year career in insurance brokerage and risk management.

    In his current role as Vice President of Global Risk Management for Comcast Corporation, Sandy leads risk management, claims management and risk assessment strategy and implementation for Comcast businesses worldwide. Through strategic initiatives and thoughtful planning, he integrated the people, processes and programs on an improvement continuum to develop a more cohesive and effective risk management approach.

     Sandy selects and provides management oversight and directs the activities of the various service providers, brokers, and insurers to assist the company in efficiently financing and managing risk. He oversees a claims management team that provides oversight, advocacy, and management of more than 16,000 claims per year and a rolling portfolio of approximately $400M of outstanding liability financed via retained risk and captive insurer reserves.

     In addition to acting as president of Comcast's two single parent captives and serving as a member of the company's Enterprise Risk Management Steering Committee and Risk Leadership Team, Sandy has transformed the corporation’s global risk management function. In just four years, he guided the organizations global risk management activities, allowing it to realize nearly $114M in savings.

     A true champion of enterprise-wide risk management, in his first four months, Sandy conducted 62 one-on-one discussions with leaders from diverse business practices and geographies. The meetings allowed him to successfully share the Global Risk Management team’s philosophy and better understand business leaders’ priorities. This laid the groundwork for continuing, highly communicative relationships and effective risk monitoring.

     Prior to Comcast Corporation, Sandy was the Managing Director, Strategic Account Management at Aon Risk Solutions. In addition to delivering significant value to the organization in this capacity, he served as a mentor to dozens of junior employees, promoting their interests, sharing his perspective and considerable technical knowledge.


    Jennifer Hills is the Director of Risk Management for King County, Washington. King County, the 13th largest county in the United States, includes the Seattle-Bellevue metropolitan area and serves over 2 million people.

     Jennifer and her staff of 31 are responsible for all aspects of managing, transferring, and financing risks that flow from the County’s operations. This includes its 14,000 employees, law enforcement, correctional facilities, public health and community services, wastewater treatment, legal system, as well as the 140 million annual trips taken on board its regional bus, light rail, street car, and passenger ferry services, as well as the operations of its international airport.

     Her team has aligned ERM with the mission and vision of King County, transforming its risk culture from “risk averse” to “risk optimized.” This culture shift is gaining momentum throughout County operations as strategic risks are taken to increase enterprise value. She has successfully motivated her team who give their best each day and contribute to the organization’s success, facilitating an increase in the employee engagement score for the Office of Risk Management Services from 66% in 2015 to 85% in 2017. 

     As a result of these ERM efforts, King County has a Priority Risk Register which addresses its top 30 risks and identifies their likelihood and impact, risk owners and action plans. With buy-in from senior leaders, Jennifer’s team hosts quarterly ERM Working Group meetings that are attended by representatives from King County’s largest agencies. Subsequently, losses have developed more favorably than predicted, and the Risk Management group was able to rebate $20M from an undesignated fund balance to County departments in the 2017-2018 biennial budget.

     Additionally, Jennifer has helped develop a more mature process for analyzing significant losses, shortening the time from claim filing to settlement from an average of 3.5 years to 1.5 years. This reduction has dropped significantly lower than the industry average (3.3 years) and continues to save time and money for both claimants and King County.

     Jennifer joined King County in 1999 and holds the ARM-P and CRM designations.

     RISK MANAGEMENT HONOR ROLL: Joseph (Joe) T. Meaney, Jr.

    As Vice President of Global Insurance and Risk Engineering for AES Corporation, Joseph Meaney is responsible for establishing and directing the global insurance and risk management practice, including the identification, management and efficient financing of construction, operational, and business risks. In addition, he oversees all global risk engineering activities and is an advisor to the senior leadership team on risk issues. 

    Under Joe’s leadership, AES’s Risk Engineering Program is now recognized as a world-leading self-directed engineering program. The program extends to all operational power plants and power plants under construction including several involving complex civil engineering challenges and single project investments in excess of $1 billion. Since the program’s inception, there have been more than 2,200 site visits, over 10,900 risk improvement opportunities identified, and AES’s potential for loss has been reduced by over $30.4 billion.

     Joe focuses on advancing communication across AES’s global operations. This requires oversight of AES presence in 16 countries on four continents and features a diverse workforce, cultural differences, multiple languages, different accounting practices, a range of power generation equipment and technology issues. By level-setting risk quantification and more efficiently tracking risk trends, Joe has developed a process that delivers emerging risk information to leadership. In addition to gaining trust from leadership, his guidance has promoted a culture of risk-informed decision making regarding a wide range of strategic initiatives from new project development, plant repowering, mergers and acquisitions and emerging technologies.

     Additionally, Joe has successfully enhanced AES’s captive (AGIC), allowing for it to become a sophisticated risk financing tool delivering unique solutions that enable AES to effectively compete in its marketplaces. In turn, AGIC has become a revenue generator, providing material annual corporate contributions over the last five years to the parent company.
  • Thirty-Seven Risk Management Students Invited to "Go Big" at RIMS 2018 in San Antonio

    RIMS, the risk management society™, presented 37 students with a 2018 Anita Benedetti Student Involvement Program grant. The program, sponsored by The Spencer Educational Foundation, recognizes the achievements of outstanding undergraduate and graduate risk management students, providing them with funds for travel expenses, complimentary hotel accommodations and registration to RIMS 2018 Annual Conference & Exhibition scheduled for April 15 – 18 in San Antonio.  

     This year’s class of Anita Benedetti Student Scholars includes six students from outside of North America, as well as greater participation from universities outside of the Northeast region of the United States.

    “The international and regional diversity of this year’s scholars reflects the evolution of the risk management profession,” said RIMS CEO Mary Roth. “RIMS collaboration with a growing number of universities that offer risk management curriculums is critical to closing a talent gap and supporting this profession’s future. We are excited to welcome this ambitious group of students to RIMS 2018, introduce them to the global risk community and learn from their unique perspectives.”

    Below is a complete list of this year’s grant recipients:

    ·         Kendall Banks, University of North Carolina - Charlotte

    ·         Jenna Benvenuti, Olivet College

    ·         Yuuki Bomar-Kawakita, University of Georgia

    ·         Rebecca Cacioppo, University of Wisconsin-Madison

    ·         Laura Colmenares, Universidad EAFIT (Colombia)

    ·         Abby Cothran, Mississippi State University

    ·         Daniel Coyle, Temple University

    ·         Douglas Dick, Troy University

    ·         Maggie Flynn, Illinois State University

    ·         Ashley Gao, University of Akron

    ·         Matthew Garofalo, University of Hartford

    ·         Nicholas Goers, Missouri State University

    ·         Carina Gonzalez, St. Mary's University

    ·         Jason Hall, British Columbia Institute of Technology

    ·         Madison Hardy, University of Mississippi

    ·         Noah Hicks, University of North Carolina - Charlotte

    ·         Maranda Johnson, University of North Texas

    ·         Megan Keathley, Olivet College

    ·         Akash Kheterpal, National Insurance Academy (India)

    ·         Logan Krause, East Carolina University

    ·         Nick Kubala, Eastern Kentucky University

    ·         Pratik Kumawat, Birla Institute of Management Technology (India)

    ·         Ben Landes, University of Georgia

    ·         Chunyan Lei, Peking University (China)

    ·         Kyle McDonald, Ball State University

    ·         Shannon Nisi, Troy University

    ·         Nicholas Patnode, University of Wisconsin - Madison

    ·         Nathan Paulik, Missouri State University

    ·         Sam Reese, Butler University

    ·         Abygail Schukin, Lasalle University

    ·         Christy  Simpers, Appalachian State University

    ·         Andrew Smith, University of Calgary

    ·         Alexandra Stoughton, University of Mississippi

    ·         Brent Vansickle, British Columbia Institute of Technology

    ·         Santiago Villa, Universidad EAFIT (Colombia)

    ·         Amanda Wolfgang, Temple University

    ·         Yangfan Yao, Peking University (China)

     Initiated as a pilot program at the 1978 RIMS Annual Conference, the program recognizes exceptional students involved in the study of risk management, and has grown into a differentiating part of the RIMS Annual Conference and Exhibition. The program became known as the Anita Benedetti Student Involvement Program in 1997 to honor Ms. Benedetti's commitment to developing the next generation of risk professionals.
  • RIMS President's Corner: Your Legacy, Our Legacy

    It is an absolute honor to deliver this first message and serve this Society as president in 2018.  I’ve been a member of RIMS for over 20 years, have been an active member of my local RIMS Delaware Valley Chapter and this will be my 10th year serving on the RIMS Board.

    I’m a history buff, especially when it comes to RIMS history.  I love where we stand today and see great opportunities and success in this Society’s future. 

    RIMS was built by passionate professionals who realized just how crucial risk management is to the organization’s success; who dedicated themselves to the advancement of risk management practices; who envisioned a future where risk management would be recognized around the world as a fundamental business function; and who believed in the discipline’s potential to become a rewarding and highly-sought-after career path.


    My focus for the year is Your Legacy, Our Legacy. It’s a call to action. First, in order to get to where we are going, we must recognize the past. With that understanding, individually we can work on improving ourselves. And, collectively, those individual efforts will benefit the whole.


    This call to action implores risk professionals around the world to step back from their daily routines and ask themselves, “what mark will I leave on my organization, on my fellow and future colleagues, on the risk management community as a whole?”


    The opportunities are abundant. Will you develop or implement new strategies that take your organization to new heights? Will you embrace a mentorship role, sharing ideas and best practices? Will your focus be altruism, giving back to your local risk management community? Maybe it will be your work on risk management advocacy efforts and changing legislation that directly impacts the profession. Or, perhaps, a commitment to engaging and connecting with your peers around the globe.


    In just my first month as president, we’ve already initiated some new opportunities and resources to support our members’ professional journeys.

    RIMS released two new publications this past month. A new report “Top Five Steps for Communicating with Executives” addresses soft-skills risk professionals might need to effectively deliver the right information to leadership. And, as part of RIMS ongoing advocacy efforts, RIMS External Affairs Committee issued a Legislative Review. The review explores the implications of the Base Erosion and Anti-Abuse Tax (BEAT) on insurance and reinsurance programs. Both publications can be found in RIMS Risk Knowledge library.


    We also just held our first President’s Call. This initiative is designed to enhance communication between RIMS, its chapter leaders and, ultimately, RIMS members. More than 80 local chapter leaders joined the call and you should be getting an update from them soon. The next call is scheduled for March 29, 2018. Please feel free to contact RIMS Client Services to gain more information about them (


    And, in just under 70 days, we will convene for the greatest risk management event in the industry. Registration for RIMS 2018 in San Antonio April 15 – 18 is well underway. The Annual Conference always offers exceptional educational programming and we are proud to welcome professionals from over 70 countries – making it truly a world-leading conference. Get ready to GO BIG! and stay tuned for new updates that only add to this can’t-miss event.


    As a RIMS member, you have already taken the first step. Hopefully, you’ve realized that the career opportunities in risk management are diverse and limitless. That said, the only way to achieve greatness in this profession is to constantly enhance our capabilities.


    As we all strive toward establishing our own legacy, together we will positively impact the future of the profession, building a powerful and sustainable global risk management community for years to come.


    Thank you for all of your support.  We are looking forward to a great year.



    Robert Cartwright, Jr.

    RIMS 2018 President
  • Overseas Reinsurance Implications of the Base Erosion and Anti-Abuse Tax (BEAT) Provisions of H.R. 1

    In response to H.R. 1 – the “Tax Cuts and Jobs Act” recently signed into law by President Donald Trump, RIMS, the risk management society™, published a Legislative Review to address certain international tax provisions included in the final bill. RIMS anticipates that the Base Erosion and Anti-Abuse Tax (BEAT) provisions, which will levy a 10% tax on transactions with foreign affiliates, will negatively impact member organizations’ insurance and reinsurance programs.  

     Issued by RIMS External Affairs Committee, the newly released RIMS Legislative Review addresses the following questions regarding BEAT:

     ·         How does BEAT change the taxation rules for non-domestic insurers and reinsurers?

    ·         How are modified taxable income and base erosion minimum amount generally defined in this provision?

    ·         What is a “foreign person” under the Act, and how are the “foreign person’s” relationships with the taxpayer defined?

    ·         What is an “applicable taxpayer” under this provision?

    ·         Is there any uncertainty or ambiguity as to whether the BEAT provision affects reinsurance premiums?

    ·         What is the reasoning behind BEAT?

    ·         What are the main concerns with BEAT as it applies to the insurance industry?

    RIMS Legislative Review exploring the implications of the BEAT provision included in the Tax Cuts and Jobs Act can be found in RIMS Risk Knowledge library  

     RIMS Advocacy is guided by the RIMS mission. The Society advocates on behalf of risk professionals worldwide to Members of Congress, federal agencies, state legislative and regulatory bodies, and international regulatory authorities. For more information about RIMS Advocacy initiatives, visit
  • Top Five Steps for Communicating with Executives

    Communication is the key for risk management professionals to engage leadership, become trusted partners and strategic advisors, according to RIMS’ new professional report “The Top Five Steps for Communicating with Executives.”  


    The newly released RIMS report features real accounts offered by risk professionals. Contributors shared challenges, opportunities and successful strategies for delivering effective risk management communications to senior executives.


    Some of the communications tips offered in the report include:


    ·         “You can’t give people too much information,” said Suzanne Christensen, treasurer and head of investor relations and risk at Invesco. “There’s brilliance to simplicity.”


    ·         “Interactions with executives need to be solution-focused and to-the-point,” said Morgan Keane, former the ERM general manager at the Port Authority of New York and New Jersey.


    ·         “The risk manager needs to challenge himself or herself: What are you bringing to the table? In order to get a seat at the table, you have to earn it,” said an ERM leader at a global consumer packaged goods company.”


    The Top Five Steps for Communicating with Executives report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. To download the report, visit RIMS Risk Knowledge library at For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit
  • Robert Cartwright, Jr. Named 2018 President of RIMS

    RIMS, the risk management society™, today announced that Robert Cartwright, Jr. CRM, BSB/OP will lead the Society as president for the 2018 term, effective January 1. 

     Mr. Cartwright is the Division Manager of Environmental, Health, Safety and Sustainability for Bridgestone Retail Operations in the Northeast Region. He has been a member of RIMS for more than 25 years and on its Board of Directors for ten years. Mr. Cartwright has held every Board position with the RIMS Delaware Valley Chapter, including serving as its president from 2005-2007. He was also the recipient of the 2009 RIMS Richard W. Bland Award for exceptional contributions to the Society’s legislative initiatives.

    “In order to advance the risk management profession we must recognize those who came before us,” said RIMS 2018 President Robert Cartwright, Jr. “Risk management has evolved leaps and bounds from just a decade ago and that progress is a direct result of our predecessors’ passion and perseverance.

     “Today, industry professionals have the same opportunity to become trailblazers, increasing organizational awareness of risk management’s diversity and value. As we work to establish our individual legacies, together we will strengthen and solidify the collective legacy of the global risk management community.”

     Officers on RIMS 2018 Board of Directors:

    President: Robert Cartwright, Jr., CRM, BSB/OP; Division Manager, Northeast Region, Environmental, Health, Safety and Sustainability, Bridgestone Retail Operations, LLC.
    Vice President: Steve Pottle, CIP, CRM; Director Risk Management Services, York University.
    Treasurer: Gloria Brosius; Corporate Risk Manager, Pinnacle Agriculture Holdings.
    Secretary: Robert Zhang; China Risk and Compliance Manager, IKEA (China) Investment Co., Ltd.
    New Board Members:

    ·         Susan Hiteshew, RIMS-CRMP, ARM; Senior Manager, Global Insurance and Risk Financing, Under Armour, Inc.

    ·         Kristen Peed, CPCU, RPLU, CRM, ARM-E, CIC, AAI; Director of Corporate Risk Management, CBIZ, Inc.

    ·         Jennifer Santiago, RIMS-CRMP, ARM; Director, Risk Management, Novartis Pharmaceutical Corporation.

    ·         Patrick Sterling, SPHR, SHRM-SCP; Senior Director, Legendary People and Risk, Texas Roadhouse.

     Incumbent Board Members:

    Emily Cummins, CPA, CPCU, CISSP, ARM, ARE; Managing Director of Tax and Risk Management, National Rifle Association.
    Barry Dillard; Director, Claims Management, Walt Disney Parks and Resorts US.
    ·         Ellen R. Dunkin, Esq.; Senior Vice President, General Counsel & Chief Risk Officer, Amalgamated Life Insurance Company.

    Laura Langone, JD, MBA; Senior Director, Global Risk Management and Insurance, PayPal, Inc. Holdings.
    ·         Soubhagya Parija; Senior Vice President and Chief Risk Officer, New York Power Authority.

    Ex Officio: Nowell R. Seaman, RIMS-CRMP, FCIP, CRM; Director, Global Risk Management, Potash Corporation of Saskatchewan Inc.
  • RIMS President's Corner: Building Our Momentum

    During the past year as RIMS President, I have been constantly inspired by the power and passion of the global risk management community.  Through our exchange of knowledge and experience, we can create compelling value for our organizations, and together we will continue to move the Society forward. 

     During December 2017, several important initiatives have allowed RIMS to showcase its resources, continue to grow its global network and learn from some of the brightest international risk professionals in the industry.

     On December 12th and 13th, RIMS Risk Forum Middle East in Dubai drew nearly 250 attendees. Our partners at the Dubai’s General Directorate of Residency and Foreigners Affairs must be commended for their efforts that made this year’s event a great success. RIMS assembled a two-day educational program that featured risk professionals from some of the region’s leading organizations. I was honored to deliver the closing remarks and we look forward to building upon the relationships and friendships that we have formed.

     Our relationship with our partners in India continues to flourish. On December 6th and 7th, RIMS held its first-ever Risk Summit in Mumbai. Thirty risk management professionals were invited to explore best practices and challenges and the discussions were energetic and engaging. In addition, RIMS Vice President Robert Cartwright and Board Director Robert Zhang spoke at India’s Institute of Directors Global Convention on Corporate Risk Management and Ethics in Singapore on December 14th and 15th. The focus on risk management is intense in both India and Singapore, and RIMS is excited about the opportunities we have been afforded to be a part of that development. And being able to share what we have learned at each of these events will help to further connect the global risk management community.

     The Society just announced that the RIMS-Certified Risk Management Professional (RIMS-CRMP) certification is now internationally accredited by the American National Standards Institute (ANSI) under the ISO/IEC 17024:2012 standard. As the first risk management certification in the world to achieve this accreditation, we are beyond proud to offer this credential to qualifying risk professionals.  

     Last, but certainly not least, the RIMS 2017 Compensation Survey published this month provides detailed compensation analysis by industry, location and position for virtually all risk professional positions. It offers insight for organizations into investment in designated risk management functions, and high-quality benchmark information for comparison purposes. The RIMS 2017 Compensation Survey can be found in the RIMS Store.

     So much has transpired over the course of 2017. From the Leadership Forum in January, to RIMS Annual Conference and Exhibition in April, to changes in our membership structure, to our many global, regional, and local events, and the wide-range of reports and surveys published, it truly has been an amazing year.

     It has been a privilege to serve as your RIMS President during 2017. There have been many highlights, but I would have to say that the best part for me has been meeting and working with so many great RIMS members, associates and partners. Your support and participation keeps RIMS moving forward together. Thank you!

     Now, as RIMS leadership and staff are busy planning even greater things for 2018, I want to extend very best wishes to you for a wonderful holiday season and a happy and prosperous New Year.

     Yours sincerely,

     Nowell R. Seaman

    RIMS 2017 President
  • Submit Your Data for the RIMS Benchmark Survey

    We are nearing the end of the data collection period and we still need insurance data from all industries. The Survey is a single source of benchmark statistics with data for more than 20,000 insurance programs from 759 organizations – many of which are Fortune 500 companies.  RIMS wants the 2018 to be balanced and inclusive of industries, which is why we need your contribution. 

    The RIMS Benchmark Survey will help you:

    -Shape your understanding of the market.
    -Hold more informed and productive discussions among risk managers, brokers and underwriters.
    -Explain the market to internal management.

    The RIMS Benchmark Survey provides the only independent, fact-based review of the cost of risk to insurance purchasers—unbiased by brokers or insurers involved.

    As a thank you for contributing your data, you’ll receive the complete survey when it is published in 2018 (an $899 value).

    Contributing your data takes only a few minutes:

    1. Email your schedule of insurance to us at
    2. Have your broker submit your data.
    3. Call us at 212-286-9292.

    Thank you for your participation in this valuable survey. Learn more at

    The deadline to submit data is December 31.
  • RIMS REPORT - Ties That Bind: Business Continuity Management, Resilience and Geopolitical Risk

    Business continuity management provides an opportunity for resilient organizations to help safeguard both economic factors and societal responsibilities, according to a new RIMS Professional Report titled, Ties That Bind: Business Continuity Management, Resilience and Geopolitical Risk.


    Authored by Elsa Goutveniger for RIMS, the report highlights the value of a proactive business continuity management system and its ability to support risk management professionals’ capacity to address emerging risks. The report focuses on geopolitical risks and urges organizations’ to incorporate social responsibilities into its business continuity efforts.


    “Business continuity management can and should extend beyond the organization’s finances and operations,” said Ms. Goutveniger. “An effective plan can improve productivity, reliability and enhance competitiveness and, perhaps most importantly, strengthen its reputation among its consumers, key stakeholders and surrounding community.”


    Ties That Bind: Business Continuity Management, Resilience and Geopolitical Risk report is available in RIMS Risk Knowledge library at The report is available to RIMS members-only for the first 60 days and then will be available to the greater risk management community. For more information about RIMS and to learn about other educational opportunities, conferences and resources, visit
  • RIMS-CRMP Certification Earns International Accreditation

    Now the only risk management certification in the world to hold accredited status, the RIMS-Certified Risk Management Professional certification (RIMS-CRMP) received official accreditation by the American National Standards Institute (ANSI) under ISO/IEC 17024:2012. The ANSI Accreditation of RIMS-CRMP signifies that the Institute recognizes the competence of RIMS to carry out certification activities in accordance with requirements defined in International Standards and confirms approval by government and peer review assessments.

     With the accreditation of the RIMS-CRMP under ISO/IEC 17024:2012:

    ·         RIMS is the only risk management certification to currently have earned such status;

    ·         RIMS-CRMP conforms to international standards;

    ·         RIMS is one of the youngest programs to earn accreditation in any industry;

    ·         An independent third-party has evaluated and approved the certification program, its processes and procedures;

    ·         RIMS commitment to continuous quality reviews and improvements is solidified.

     “Achieving accreditation status for RIMS-CRMP reaffirms the Society’s commitment to excellence and delivering powerful programs for the global risk community,” said RIMS CEO Mary Roth. “As an internationally recognized mark of achievement, the certification demonstrates professionals’ dedication to their work and validates their risk management knowledge and skills.”

     RIMS Director of Certification Programs Veronica Whitehead said, “Compliance to an ISO standard is a prestigious accomplishment in the United States and carries even greater prestige around the world where it might be required to do business. No matter the country, the accreditation of RIMS-CRMP certification cements it as the ultimate measure of risk management competency and reinforces the incredible value of becoming a RIMS-CRMP holder.”

     ISO is an independent, non-governmental membership organization and the world’s largest developer of voluntary International Standards.  ISO is comprised of 162 member countries who are the national standards bodies around the world.  The United States representative to ISO is the American National Standards Institute (ANSI). ISO has published more than 19,500 International Standards covering almost every industry, from technology and food safety to agriculture and healthcare. 

     For more information about the RIMS-CRMP certification, to register online or for the in-person exam at RIMS 2018 Annual Conference & Exhibition in San Antonio, visit or contact RIMS Client Service Team at  Availability is limited for the in-person exam.
  • RIMS President's Corner: It’s Our Time

    It’s our time to shine and to continue to promote the value risk management adds to our organizations.

    For risk professionals, there’s no better time – and no better place – to advance professionally, to connect with risk leaders, to share ideas and learn from best than RIMS Annual Conference & Exhibition. Registration for RIMS 2018 is now open – almost a full-month earlier than last year – giving the global risk management community ample time to join us in San Antonio on April 15 - 18, 2018.

    RIMS 2018 will feature some new additions to enhance the experience for attendees including: the Innovation Hub – with more TED-style-like educational sessions; a more streamlined education program; an expanded and more encompassing RIMS HQ in the RIMS Marketplace; as well as the opportunity to take the RIMS-CRMP certification exam in-person.

    The website is up-and-running and I encourage you to take a look at the sessions, the keynote speakers and the events. This conference’s theme is “Go Big,” and we are planning to deliver a program full of big ideas, big connections and big solutions. We hope you will join us.

    The opportunity for risk professionals to share experience and practices continues to grow worldwide. RIMS Risk Management Forum China was an overwhelming success, and I want to congratulate Board Director Robert Zhang and RIMS staff for delivering an impressive event. With support from government agencies, industry leading companies, universities and local corporate risk managers, the inaugural Forum in China welcomed over 200 guests during a two-day period. The results were extremely encouraging, and we have already started the conversations for a follow-up event next year.

    As always, RIMS is dedicated to connecting risk professionals across the globe, as well as delivering essential industry knowledge. On that note, the RIMS 2017 Compensation Survey is now available for purchase. Produced every two years, the survey not only provides risk professionals with tools to assess their careers, but it also provides leadership insight to make informed decisions about their risk programs.

    In addition, Total Cost of Risk has been an effective method for risk professionals to gauge and demonstrate risk management’s success. RIMS Benchmark Survey is now accepting input from our members. In exchange for anonymously sharing details about your insurance programs and premiums, contributors are awarded with a complimentary copy of the final report.

    At the RIMS ERM Conference in Los Angeles, we recognized organizations that have seized the moment and developed ERM programs that truly stand out, and can be directly linked to growth and innovation.  The Toronto Transit Commission was presented with this year’s RIMS ERM Award of Distinction and Honorable Mentions given to Argo Group International Holdings, Inc. and the Edmonton Police Service. We congratulate these entities for a job well-done, and we thank them for sharing their experiences and allowing others to follow in their footsteps.

    Although the year is coming to an end, at RIMS we still have much more to offer in 2017. RIMS Risk Summit India will be held on December 6th and 7th in Mumbai, and the RIMS Risk Forum Middle East will take place in Dubai December 11th and 12th. RIMS is also a key partner in the Institute of Directors Global Convention on Corporate Ethics & Risk Management in Singapore, where RIMS Vice President Robert Cartwright, Jr. will deliver the keynote address.

    RIMS remains passionate about our mission to educate, engage and advocate for the global risk management community. There is no better time than the present to be in this profession and the Society is committed to helping you make the most of it. 


    Nowell R. Seaman

    RIMS 2017 President


    Risk professionals at all levels and responsibilities in the United States experienced an average 3.5% base salary increase this year, while Canadian practitioners experienced an average 2.0% increase, according to RIMS 2017 Compensation Survey. The survey – published every two years – is now available in the RIMStore at


    The 93-page survey provides detailed compensation analysis by industry, location and position for virtually all risk professional positions. The survey also explores the impact of education, experience and demographical data on compensation, as well as benefits and additional cash compensation programs available to practitioners.


    Compared to RIMS 2015 Compensation Survey, key findings include:

    ·         Average base salary for CROs in the United States increased 11% to $190,800;

    ·         Average base salary for Director of ERM/Strategic Risk Management in Canada saw the biggest increase for the country, up 8% to $130,000;

    ·         63% of risk management professionals in both the US and Canada perform functions in addition to risk management in their organizations.


    “In a competitive job market, it is imperative to have the tools to formulate compelling compensation programs,” said RIMS CEO Mary Roth. “Understanding the elements that impact compensation and career growth, provides risk professionals with a road map for advancement.”


    The survey was conducted by email and disseminated to qualified professional RIMS members. It comprises data from 950 completed surveys submitted by full-time risk professionals and offers findings for seven different risk management job titles. RIMS 2017 Compensation Survey incorporates data from 781 risk professionals in the United States and 138 in Canada.


    RIMS 2017 Compensation Survey is available to both members and nonmembers. To order a copy, visit Survey contributors are entitled to a complimentary copy of the survey’s Executive Summary. The full survey is $30 for contributors; $250 for member/noncontributors; and $500 for nonmember/noncontributors.

    RIMS, the risk management society™, has opened registration for RIMS 2018 Annual Conference & Exhibition, the world’s premier risk management and insurance industry event. Scheduled for April 15 – 18 at San Antonio’s Henry B. Gonzalez Convention Center, the four-day event will feature a wide-range of educational sessions, 400 exhibitors and is expected to draw more than 10,000 professionals from around the world. Visit to register.


     Chris Bashinelli – RIMS General Session – Monday, April 16

    Vernice “FlyGirl” Armour – Awards Luncheon – Monday, April 16

    Jay Leno – RIMS Conference Finale – Wednesday, April 18



     To continue to provide attendees with a superior experience, RIMS conducts a comprehensive analysis of previous conferences and has announced these additions to the 2018 program:

    ·         INNOVATION HUB – Aligned with the fast-paced energy of the conference, the new Innovation Hub offers RIMS 2018 attendees with an even wider selection of educational programming set in 20-minute presentations. The Innovation Hub is in addition to RIMS 2018 Thought Leader Theater.


    ·         IN-PERSON CERTIFICATION TESTING – The RIMS-CRMP certification has become a globally recognized professional achievement that affirms risk professionals’ skills and expertise. This year, attendees will have the opportunity to take the exam in-person in San Antonio. Limited seats are available so attendees must register in advance.

    ·         RIMS HQ – RIMS newly expanded booth includes the Thought Leader Theater, Professional Development Lounge, Publications Corner, Wellness ZENter, Advocacy Lounge, Member Lounge and Smart Bar in one convenient location.

    ·         COMPLIMENTARY AIRPORT SHUTTLE SERVICE – To accommodate our attendees who will travel from more than 70 countries around the world, RIMS 2018 attendees will have access to complimentary shuttle service from the airport on April 14th and 15th.

     For questions about registration, contact or U.S. callers can call +1-866-538-3858, international callers +1-847-620-4473.

    For questions about exhibiting or sponsorship opportunities at RIMS 2018, contact Matt Whyte at or +1-212-655-6052.

     All speaking opportunities at RIMS 2018 are confirmed. Confirmed speakers who have questions may contact

    Press registration:
  • RIMS Celebrates House Approval of National Flood Insurance Program; Awaits Senate's Next Move

    RIMS, the risk management society ™, applauds the U.S. House of Representatives’ decision to reauthorize the National Flood Insurance Program (NFIP) yesterday and urges the Senate to quickly follow before the program’s December 8th expiration. 

     To support a swift decision by the Senate, RIMS has launched a NFIP grassroots advocacy initiative. The effort comprises a varied communications strategy while providing RIMS members with resources to effectively engage and educate their local elected-officials.

     “RIMS is thrilled that the House has taken the initiative to examine, understand and reauthorize the National Flood Insurance Program,” said RIMS Vice President Robert Cartwright, Jr. “It is now the Senate’s turn. The NFIP’s expiration would have significant repercussions, impacting both corporate and residential property owners. The Society’s grassroots effort provides yet another vehicle for our members to get involved in the legislative process and emphasizes the criticality of this program’s existence.”

     The NFIP has been a longtime priority of RIMS and was the focus of the Society’s 2017 Legislative Summit held in October in Washington, DC. At the Summit, RIMS members participated in more than 50 meetings with House and Senate offices to discuss the risk management community’s concerns regarding the NFIP.

     Additionally, RIMS’ Political Action Committee (RISK PAC) has been soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit
  • RIMS 2018 Annual Conference Registration Now Open For Members

    Thank you for being a member of RIMS! Take advantage of your member perk of priority registration, and get first dibs on these amenities:

    First Choice of Hotels - Access the best selection in our housing block
    Priority Seating at Special Events - Upfront seating for keynotes
    Up to $450 on Registration Savings - Early Bird rates expire February 16

    Reserved, up-front seating for members at the Opening General Session, Awards Luncheon and Conference Finale. Did we mention Jay Leno will be our Closing Entertainer?

    RIMS HQ! Our newly expanded booth includes Thought Leader Theater sessions, Professional Development Lounge, Publications Corner, Wellness ZENter, Advocacy Lounge, Member Lounge and Smart Bar in one convenient location.

    The Innovation Hub. Attend exciting 20-minute presentations on emerging risks, claims and cyber risks right outside the Marketplace. Sponsored by Willis Towers Watson.
  • Toronto Transit Commission Win RIMS 2017 Enterprise Risk Management Award of Distinction

    Integrated throughout the governance structure of the organization, the Toronto Transit Commission’s (TTC) enterprise risk management program has contributed to streamlined processes, greater collaboration, improved safety and enhanced financial decision-making. In recognition of the tremendous results achieved through TTC’s ERM program, RIMS, the risk management society™, presented its 2017 Enterprise Risk Management Award of Distinction to the TTC at the Society’s ERM Conference in Los Angeles. 


    In 2013, the TTC embarked on an ERM Program to assist in advancing TTC’s Five-Year Corporate Plan. Since its inception, the ERM program has succeeded in creating significant value, including prioritizing processes for over $2.6 billion in capital projects. The ERM program is credited for synchronizing risk management efforts with those of Internal Audit, as well as for the development of a Board-approved Risk Appetite Statement that aligns with its strategic goals.


    “The TTC is honoured to receive the RIMS ERM Award of Distinction.,” said TTC CEO Andy Byford. “The TTC’s ERM program provides support and oversight for risks that could impact the achievement of our strategic objectives. By facilitating meaningful discussion around risk, our management team is able to focus on our common goals and our vision to deliver a transit system that makes Toronto proud.”


    Honorable mentions for this year’s ERM Award of Distinction went to Argo Group International Holdings, Inc. and the Edmonton Police Service. Argo Group’s ERM program was credited by the company’s leadership for its propensity to create value, as well as for its contributions to achieving an ‘A’ credit rating from Standard & Poor’s. The Edmonton Police Service’s ERM program aligns directly with organizational goals, allowing it to provide the community with innovative, professional policing services.


    “Successful organizations take smart, well-informed risks and rely on the collective expertise of their employees to make those important decisions,” said RIMS CEO Mary Roth. “Effective ERM programs promote collaboration and have proven to be a key element to unlocking untapped potential for the organization. Our award winners continue to demonstrate the value of ERM and its ability to achieving organizational objectives.”   


    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 program’s link or connection to the company’s overall mission; and its ability to create additional value for the organization.
  • 2017 Enterprise Risk Management Benchmark Survey

    The fact that more than half of the respondents reported that their enterprise risk management programs are informing and influencing strategy is a testament to the discipline’s value, according to RIMS 2017 Enterprise Risk Management Benchmark Survey.


    The recently published RIMS 2017 Enterprise Risk Management Survey explores the evolution of ERM, drawing comparisons to the Society’s 2013 survey. The survey highlights the effectiveness and advantages of ERM programs, as well as leadership’s expectations of ERM, implementation strategies and challenges.


    Key findings from the survey include:

    ·       73% of respondents report either having fully or partially integrated ERM programs;

    ·       87% agreed that executive management expects the ERM program to identify, prioritize, manage and monitor major risks;

    ·       61% say that ERM is being used to inform and influence strategy;

    ·       62% say that the risk management department is responsible for ERM activities.


    “We have seen great progress in the effectiveness of ERM but there is still a large percentage of organizations that have yet to take advantage of the potential value of a fully-integrated ERM approach,” said RIMS Vice President of Strategic Initiatives Carol Fox. “As more information becomes available, the onus is on the risk professional to communicate the benefits of ERM to gain critical buy-in and resources from leadership.”


    Responses to the survey were collected via internet link from March 6, 2017 to May 6, 2017. There were 397 respondents from more than 14 different industries. The RIMS 2017 Enterprise Risk Management Survey is now available to members-only in RIMS Risk Knowledge library at It will become available to the broader risk management community in 60-days.
  • President's Corner: Can You Hear Us?

    During my 20 years as a RIMS member, I’ve witnessed the wonderful power of this Society to provide countless risk professionals with the resources to add more value as leaders within their organizations. RIMS is proud to support risk management professionals and to continue to deliver an array of initiatives to ensure our voices are heard.

    Just back from Washington, DC, the RIMS Legislative Summit was once again a success. RIMS members from across the US met in the capital for a series of panel discussions and meetings with congressional leaders. Advocacy remains a priority for the Society, and it was important to share this community’s concern for the looming expiration of the National Flood Insurance Program. The conversations were well-received and we anticipate great results.

    RIMS Chapters continue to produce outstanding programming and opportunities for local members and we want to ensure those success stories are heard, too. This year, RIMS launched the ECHO (Enhancing Chapter Outcome) awards program. ECHO allows our chapters to showcase their great work, while providing a roadmap for building a strong chapter. We are currently accepting submissions for this new program which will be awarded in San Antonio at RIMS 2018.

    The recognition doesn’t stop there. The profession is filled with remarkable practitioners and we have proudly opened the nomination process for all of our awards.

    To provide you with current and relevant data, the RIMS Benchmark Survey and RIMS Compensation Survey are quantitative tools that help risk professionals to demonstrate value, as well as highlight new opportunities for organizational and professional success.

    RIMS Benchmark Survey provides benchmarking statistics for the Total Cost of Risk across a selection of industries and lines of coverage. The Survey is currently calling on practitioners to contribute their data. All data is shared anonymously and in aggregated form. As always, survey participants are rewarded with a discounted or complimentary copy once it is complete.

    The Society is putting the finishing touches on the 2017 RIMS Compensation Survey and will have that ready for the public in November. Stay tuned to see what career opportunities might be in store for you next.

    ERM continues to be an integral practice for risk professionals and their organizations. We’re looking forward to welcoming more than 350 practitioners from around the world to RIMS ERM Conference 2017 in Los Angeles on November 6th and 7th. Now in its seventh year, the conference continues to offer an outstanding educational program for practitioners at every level of the ERM process.  There is still time to register. For a look at the full agenda, click here.

    You might think it is too early to start talking about RIMS 2018 Annual Conference & Exhibition in San Antonio, but members will have the opportunity to register starting November 14th and non-members on November 28. 

    In other exciting news about the Annual Conference, the case champion for the 2018 Spencer-RIMS Risk Management Challenge has been selected. I want to thank SAGE Companies, a UK-headquartered market and technology leader for integrated accounting, payroll and payment systems, and their risk manager Andrew Bent for volunteering their time to support the next generation of risk professionals. We know that SAGE will provide our student teams with an excellent opportunity to demonstrate their knowledge and talents with innovative risk management approaches.

    Mark your calendars for April 15 – 18 in San Antonio. Our Annual Conference never disappoints, and we hope you’ll join us there.

    Whether it is through online learning opportunities, new reports and surveys, events or awards program, RIMS strives to advance the risk management profession, giving our members the resources to be heard and achieve their goals. Thank you for being a part of RIMS.


    Nowell R. Seaman
    RIMS President

  • 2018 Conference Registration Opens for Members November 14

    RIMS is happy to announce that registration for the 2018 Annual Conference and Exhibition will open exclusively for members on November 14. RIMS members are being given the first opportunity to register for the annual conference until November 28, when registration will open to the general public.

    All RIMS members will receive an email on November 14 providing a link to the annual conference website and inviting members to register to attend.
  • An Evolving Model for Board Risk Governance: Revisited

    Boards are receiving more risk management data today than ever before, but there is still significant room for improvement when it comes to providing information that improves strategic decision-making, according to RIMS new Executive Report titled, “An Evolving Model for Board Risk Governance: Revisited.”


    Five years since the original RIMS Executive Report, this revised version looks at the 30 companies that comprise the Dow Jones Industrial Average. It examines trends in risk governance, how those organizations are now advising their investors about the board’s involvement in risk oversight and key actions to enhance enterprise-wide risk management governance.


    “As regulatory changes thrust risk management into the corporate mainstream and made boards squarely responsible for risk management oversight, organizations responded by modifying board and management governance models” said RIMS Vice President of Strategic Initiatives Carol Fox. “This report highlights those adjustments and calls for refreshing our views on board governance for risk management.”


    An Evolving Model for Board Risk Governance: Revisited report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. To download the report, visit RIMS Risk Knowledge library at For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit
  • Terrorism Insurance: Understanding the Boundaries of Coverage for a Risk Without Borders

    Terrorism risk insurance, whether through traditional or stand-alone policies, is an increasingly important element of domestic corporate insurance programs, according to a new RIMS Professional Report titled, Terrorism Insurance: Understanding the Boundaries of Coverage for a Risk Without Borders.


    Authored for RIMS by Micah Skidmore of Haynes and Boone, LLP, the report provides corporate risk managers, insurance brokers and coverage counsel with guidance on determining if terrorism risk insurance coverage is necessary and identifying terrorism risk solutions that exist in the market. The report also offers insight on negotiating for terrorism coverage.


    “While concern over terrorism risk is palpable, information and understanding of terrorism risk insurance is not as well known,” said Mr. Skidmore. “With terrorism risk being an unfortunate reality, corporate risk managers and counsel can take proactive measures to contain a risk that otherwise knows no bounds.”


    Terrorism Insurance: Understanding the Boundaries of Coverage for a Risk Without Borders report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. To download the report, visit RIMS Risk Knowledge library at For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit
  • Applications available for 2018 Spencer Summer Internship Grants

    Spencer Educational Foundation has opened the application process for its 2018 Summer Internship Grant Program. Through our this program risk managers can apply for a $5,000 grant to hire a summer intern in their department. This program provides risk managers with extra assistance while giving students a real world setting where they can apply what they know, respond to new experiences, and begin to develop contacts in the industry. The deadline to apply is January 9, 2018. 

     If you have questions, please contact Angela Sabatino (
  • A Common Language: Aligning Third-Party Contracts with Insurance Policies

    Uncertainty about an insurance policy’s language, its limitations and exclusions can unintentionally lead organizations to enter into contractual agreements that may fail to transfer risk to a third-party, according to RIMS new Professional Report titled, “A Common Language: Aligning Third-Party Contracts with Insurance Policies.”


    Authored for RIMS by Brenda Tappan of United Educators, the report defines key insurance terms that should be understood by contract reviewers, as well as common contract clauses that impact the validity of both the contract and insurance policies. Among the topics reviewed in the report are indemnification clauses, waivers of subrogation, excess and umbrella coverage and others.


    “At any given time, an organization could have hundreds of contracts with external stakeholders,” said Ms. Tappan. “With in-depth knowledge of coverages held by the organization, risk professionals can play an integral role in ensuring terminology is understood and that discrepancies between third-party contracts and insurance policies are identified.”


    A Common Language: Aligning Third-Party Contracts with Insurance Policies report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. To download the report, visit RIMS Risk Knowledge library at For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit

    At the 2017 RIMS Canada Conference, RIMS Ontario Chapter presented the Donald M. Stuart Award to Tony Lackey, Director, Risk and Insurance Services for Carleton University in Ottawa. Widely recognized as Canada’s highest honour within the risk management field, the Donald M. Stuart Award has been bestowed annually since 1979 by the RIMS Ontario Chapter (ORIMS) to celebrate Canadians who have made outstanding contributions in the risk management profession.   

    “Risk professionals continue to be seen as vital contributors to achieving strategic goals and the key to unlocking great potential for the organization,” said Tina Gardiner, President of RIMS Ontario Chapter. “Individuals like Tony Lackey demonstrate the undeniable value we can deliver. Not only is he an exceptional risk manager, he is selfless and passionate about advancing this profession. It is an honour to present him with the Donald M. Stuart Award.”

    Upon joining Carleton University in 2001, Mr. Lackey assumed responsibility for the University’s risk management program that included the development and implementation of its Annual Enterprise Risk Assessment, the management of operational risks, as well as its risk financing and business continuity programs. Additionally, he serves as co-chairman of the University’s Joint Occupational Health and Safety Committee.

    One of the first universities in Canada to implement Enterprise Risk Management practices, Mr. Lackey and his team have been involved in its continuous implementation and improvement. He also developed the University’s Operational Risk Management Manual, an essential tool that enables the University to successfully complete over $240 million in new construction projects, effectively manage reputation risks, while protecting the well-being and safety of more than 26,000 full- and part-time students and 3,000 staff members who partake in academic endeavors around the globe.

    “I am truly overwhelmed by being the Donald M. Stuart Award winner this year,” said Mr. Lackey. “Over my career, I have seen risk management evolve, and am very honoured that my efforts in promoting risk management through education and my participation with RIMS has been recognized with such a prestigious award from my peers.”

    Mr. Lackey became a member of RIMS in 2001 and immediately volunteered on the Board of Directors of the Canadian Capital Chapter. He has held various Board positions with the chapter including serving as its president from 2003 to 2007. Mr. Lackey maintains a position on the Chapter Board and is credited for forging its strong relationship with Carleton University’s Sprott School of Business to promote and administer CRM programming. Mr. Lackey also served as co-chairman of RIMS Canada Conference Program Committee in 2011.


    Mr. Lackey has been a strong supporter of and proponent for insurance and risk management education. After obtaining his Associate of the Insurance Institute of Canada (AIIC now CIP), he became an instructor, teaching the CRM course at the Sprott School of Business. He has been a guest lecturer of risk management topics at key industry events including RIMS Canada Conference, Ontario Higher Education Risk Management Symposium, Chartered Professional Accountants of Ontario, Bank of Canada and others.

    Fred H. Bossons Award

    Also presented at the conference was the Fred H. Bossons Award, which each year honours the risk management professional who earns the highest average mark on the three examinations required to attain the Canadian Risk Management (CRM) designation. This year’s winner is Deborah Moor, Vice President, HIIG Underwriters Agency (Canada) Ltd.  

    The CRM designation is a widely recognized qualification that provides risk professionals a foundation of knowledge and skills needed to identify, assess, monitor and limit risks. Recognized by RIMS and awarded by the Global Risk Management Institute (GRMI), the designation demonstrates a level of professional commitment and proficiency.
  • RIMS Professional Report: The Top 8 Legal Developments You Need to Know About in 2017

    Recognizing the impact legal developments can have on an organization’s insurance program, RIMS’ new Professional Report “The Top 8 Legal Developments You Need to Know About in 2017” explores key insurance-related decisions in the United States.

     The legal decisions highlighted in the report address pertinent risk management issues such as rights to coverage, notice, cyber claims, consent to settle, among others. The cases were chosen by the authors based on subject matter importance, legal pedigree and practical relevance.

     “Risk professionals and their organizations’ legal teams must forge strong, collaborative relationships to effectively manage claims and procure appropriate insurance coverage,” said RIMS Chief Executive Officer Mary Roth. “Being aware of recent legal developments can be a major advantage and contribute to the organization’s ability to remain focused on strategic goals.”

     The Top 8 Legal Developments You Need to Know About in 2017 report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. To download the report, visit RIMS Risk Knowledge library at For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit

     The report expresses the views of the authors and not any, law firm, company or client. Further it does not provide legal advice, as such advice would require review of particular facts and law.
  • Strength in Community

    RIMS is filled with exceptional members from all parts of the world. In recent weeks, many of our peers have been called to respond to immense challenges caused by natural disasters. As a profession that takes pride in preparing our organizations for uncertainty, we hope that losses will be mitigated for those in afflicted regions.  Our thoughts are with you, and we wish you all strength and a speedy return to normal.

    The risk professional’s role during natural disasters – such as Hurricanes Harvey and Irma – is often critical. Many of us play a significant role in developing strategies to help ensure safety, health and business continuity.  Insurance has always been a fundamental piece of such plans but, in some regions, it isn’t enough.

    That’s why RIMS advocacy efforts have focused on the reauthorization of the National Flood Insurance Program (NFIP). Although the NFIP was given a temporary, 90-day extension, without a permanent solution, thousands of organizations will be susceptible to devastating financial losses resulting from floods. The Society has initiated a grassroots effort to remind congressional leaders of the importance of this legislation. Its permanent reauthorization will be a top priority at the RIMS Legislative Summit scheduled for October 18 – 19 in Washington, D.C.

    In August, a very successful RIMS Risk Forum Australasia once again highlighted the leadership of risk programs and practitioners in the region. With excellence and passion, presenters and attendees came together as a community to consider current and future trends and best practices in risk management. It was a privilege to be a part of it.

    RIMS’ continued its momentum in China. This month, we met with industry partners in Beijing to discuss risk management trends and needs, as well as how the Society’s resources can benefit the region’s practitioners. The trip culminated at one of the country’s largest universities – Peking University. There, the School of Economics Dean, Professor Sun Qixiang, and the department of Risk Management and Insurance welcomed us and announced the RIMS Corner in their library, which will provide students and faculty with access to RIMS publications. We look forward to continuing this relationship and we are excited about the future for risk management in China.

    RIMS chapters continue to offer valuable support to practitioners. In the coming months, our chapters will hold several regional conferences including the RIMS Canada Conference that will bring professionals from across Canada and other parts of the world to Toronto for a four-day event. In September we will also host the Southeastern RIMS Conference in Charleston and the RIMS Western Regional Conference in San Francisco. And then, in October, our Northeast Ohio Regional Conference will take place in Cleveland and we will host the Chicagoland Risk Forum. Regional conferences are a great opportunity for practitioners to connect with local colleagues. All of RIMS events can be found here.

    This week, we celebrated the future of risk management at the Spencer Educational Foundation’s Annual Gala Dinner in New York. Spencer, our affiliate that provides crucial funding to support risk management and insurance students, honored XL Catlin’s Joseph Tocco and JLT Specialty’s Michael Rice. It’s always exciting to hear from our aspiring scholars and, with our industry partners, take part in this very important fundraiser.

    Finally, I want to congratulate the Committee of Sponsoring Organizations of the Treadway Commission (COSO) for the recent updates to its Enterprise Risk Management (ERM) Framework: Integrating with Strategy and Performance. I would like to thank COSO for reaching out to RIMS for our input, and thank our members who drafted responses to influence one of the industry’s major guidance documents. As the business environment changes, so must our risk management frameworks. It’s an exciting time for risk management, and we’re thrilled to contribute to its evolution.

    In the upcoming weeks, you can expect to see some new Executive Reports from RIMS, as well as our Compensation Survey that is slated for publication later this Fall.  Thank you again for your commitment to this profession and your contributions to RIMS. 


    Nowell R. Seaman

    RIMS 2017 President

  • RIMS Welcomes Revision of COSO ERM Framework

    RIMS, the risk management society ™, announces its support for the recent revision of The Committee of Sponsoring Organization of the Treadway Commission (COSO) Enterprise Risk Management Framework: Enterprise Risk Management-Integrating with Strategy and Performance. The new publication serves as an update to its 2004 Enterprise Risk Management – Integrated Framework, recognizing the evolution of enterprise risk management over the past decade and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment.

    “This revision highlights the importance and value of enterprise risk management when setting and carrying out an organization’s strategy,” said Carol Fox, RIMS Vice President of Strategic Initiatives and invited participant on COSO’s advisory council on this issue. “We appreciate COSO’s inclusiveness in seeking feedback from risk management professionals, and applaud our volunteer members who took advantage of this unique opportunity to influence one of risk management’s major guidance documents.”

     Developed by PwC under the direction of the COSO Board, the framework’s five-component structure considers various viewpoints and operating structures while stressing the importance of considering risk in decision-making, in the strategy-setting process and in driving performance. The revision presents ways to view risk to set and achieve objectives in the context of greater business complexity.

     Enterprise Risk Management: Integrating with Strategy and Performance is available in printed form, e-book, on-line subscription and pdf licensing for large organizations, accounting and consulting firms. Additionally, COSO is planning for the framework to be translated into several languages, including Chinese, Japanese, Spanish and French.

    Visit for purchase information and for a link to the framework’s executive summary.
  • RIMS’ Thoughts with Hurricane Harvey Victims

    Severe weather events like Hurricane Harvey test our resolve and highlight the importance of preparation, and most importantly, the power of community.

     To our risk management colleagues in the affected region, to your families and to your friends, we wish you all health, safety and a speedy recovery. Our thoughts and prayers are with you all.


    Mary Roth
    RIMS Chief Executive Officer
  • Four Out of Five Risk Professionals Purchase Stand-Alone Cyber Insurance

    According to the 2017 RIMS Cyber Survey, risk professionals’ continued to show confidence in stand-alone cyber insurance policies as the number of  practitioners who purchased the coverage increased moderately in 2017.

     Key findings from the 2017 RIMS Cyber Survey include:

    ·         Organizations with a stand-alone cyber insurance policy increased three percent (to 83 percent) from 2016.

    ·         Of the organizations without a stand-alone cyber policy, 84 percent indicated that other insurance policies include cyber liability coverage.

    ·         Seventy-two percent of respondents transfer cyber exposures to a third-party (up four percent from 2016).

    ·         Business interruption – 80 percent – and cyber extortion – 72 percent – top the list of first-party cyber exposures.

    ·         Only 34 percent of respondents thought that the government should mandate cyber security standards.

     “At any given moment, cyber-predators can unleash a new hack to infiltrate an organization’s system, steal or lock critical data and cause significant business interruption damages,” said RIMS President Nowell Seaman. “RIMS Cyber Survey shows that risk professionals continue to invest in cyber insurance products and must work in tandem with their insurers and IT professionals to help develop innovative and adaptable solutions for the next generation of cyber threats.”

     Compared to the modest changes seen in the 2017 RIMS Cyber Survey, the 2016 survey showed more drastic changes in the management of cyber exposure than its preceding 2015 survey. Notably, there was a sharp 29 percent increase in the procurement of stand-alone cyber insurance than recorded in 2015 (51 percent in 2015, 80 percent in 2016). Also, there was a 10 percent increase in the number of organizations that transferred cyber exposure to a third-party from 2015 to 2016 (58 percent to 68 percent).

     This year’s RIMS Cyber Survey had 288 respondents with demographics regarding industry sector, organization revenue and number of employees holding close to 2016 results. The survey was distributed to RIMS membership via an internet link and was accepted between May 18 and June 25, 2017.

     For the first 60-days, the 2017 RIMS Cyber Survey is available to RIMS members only in the RIMS Risk Knowledge library. Following the introductory period it will be available to all risk professionals at
  • RIMS Warns of the Consequences of the National Flood Insurance Program Expiration

    RIMS, the risk management society ™, delivered a message to its U.S. membership of risk management and insurance professionals, calling on them to support the Society’s push for the reauthorization of the National Flood Insurance Program (NFIP). According to the Society, the program’s expiration on September 30, 2017 would leave many businesses with significant lapses in flood coverage, difficulty in procuring affordable coverage and uncertain of current and future flood regulation within their jurisdictions.

     Currently, the House and Senate have combined to introduce a number of bills intended to reauthorize and improve the program. However, differences in the bills must be agreed upon before the deadline is reached. RIMS is seeking a long-term solution that includes provisions that continue to allow organizations to effectively manage flood risk.

     “For thousands of organizations, the reality that access to affordable flood insurance might disappear and that their businesses would instantly become susceptible to destruction caused by flooding is unacceptable,” said RIMS Vice President Robert Cartwright, Jr. “RIMS has launched a grassroots effort to ensure that the commercial insurance buyer’s voice is heard and that legislators are reminded of the consequences of the NFIP’s expiration and the need for expedient action.” 


    Starting Wednesday, August 23, RIMS’ Political Action Committee (RISK PAC) will begin soliciting donations to allow the Society to continue to engage and support Members of Congress who have demonstrated their commitment to the reauthorization of the NFIP. For more information about RISK PAC or to donate, visit
  • RIMS Canada Council Embraces Nation's Diverse Risk Management Community at 43rd Annual Conference

    Canada’s thriving risk management community will convene at the 43rd annual RIMS Canada Conference scheduled for September 24 – 27 at the Metro Toronto Convention Centre. “Community,” this year’s conference theme, illustrates the importance of collaboration and its undeniable impact on risk professionals’ ability to achieve and exceed expectations.

     For the first time, RIMS Canada Conference will host the “Pride in Our Community” inclusion event sponsored by Marsh’s Pride Colleague Resources Group. The networking reception is aimed at bringing the risk management community together, fostering understanding and full inclusion of all people and cultures. The event is on Tuesday, September 26 at 9 p.m. at the Canyon Creek Chophouse. Registration is required.

     The four-day conference attracts more than 1,000 risk and insurance professionals at all experience levels, business executives with risk management interests, brokers, insurers and service providers for the ultimate educational and networking experience. Conference educational offerings will feature more than 25 concurrent sessions on topics ranging from enterprise risk management and cyber risks, to property, business continuity and social media risks.

     “Much like Canada’s risk management community, our host city Toronto is an amazing place built on the wonderfully diverse, intertwined and symbiotic cultures and relationships of its constituents,” said April Savchuk, conference co-chair, and the director of insurance and risk management for Yamana Gold. “Our conference theme ‘Community’ not only embodies the collaborative spirit of the surrounding city but it reflects the sharing culture that has allowed this profession to grow and prosper.”

    “Year-after-year, RIMS Canada Conference delivers a powerful agenda that is dependent on our exceptionally talented and informed network of volunteers and industry partners,” said Karin McDonald, conference co-chair and the director of risk and insurance at Hydro One Networks, Inc. “Together, we have, once again, created an exciting program that offers highly relevant content for practitioners of all experience levels, industries and backgrounds.”

     For more information about the conference agenda or to register for RIMS Canada Conference and the inclusion networking event, visit Follow the event by using #RIMSCanada2017.
  • RIMS President's Corner: The Driving Force

    One of the great rewards of volunteering with RIMS leadership is having the opportunity to contribute to planning and goals that help shape the future of our Society. Made up of risk professionals like yourself, I can attest that your RIMS Board of Directors is a passionate group, dedicated to making RIMS as great as it can be.  

    Two weeks ago, the Board met in New York for its annual planning meetings. In the course of lively discussions, we reviewed upcoming initiatives and the Society’s plans and objectives for moving forward. A key aspect was around RIMS’ global initiatives, and their importance for enhancing our ability to develop new and relevant content for members. We continue to see great value in initiatives to support and connect the world’s risk management community.

    Conferences and events were also a hot topic, and we are very pleased with the interest and support that our specialized and international events continue to receive throughout the year.

    On August 29-30, 2017, RIMS will host the fifth annual RIMS Australasia Forum in Sydney, Australia. The Forum brings together the Australasia region’s thriving risk management community with outstanding educational sessions to advance the profession. We are excited to welcome celebrity speakers including Michael Pascoe, one of Australia's most experienced finance and economics commentators, and Michael O’Loughlin, an Australian Football League hall of famer and one of the most celebrated players of all time. I’m looking forward to meeting with our Australasia Chapter and delivering welcome remarks to kick-off the Forum.  

    It seems like it is a long way off, but the RIMS ERM Conference scheduled for November 6-7 in Los Angeles will be here before you know it. Already, we’ve seen a great response to our registration kick-off, and we are delighted to welcome Professor Colin Coulson-Thomas as our keynote speaker. Just a quick reminder; submissions for RIMS ERM Award of Distinction – presented at the event – are still being accepted through August 15.

    Our in-person learning opportunities do not end with events. RIMS offers a full calendar of workshops, held in cities across North America. New to the lineup is our Pre-Loss Scenario Analysis course scheduled for October 19 in New York City. RIMS’ in-person workshops, as well as our wide selection of webcasts, offer you the opportunity to learn and interact with risk management leaders in a more intimate setting.

    RIMS’ strategy also includes advocacy efforts focused on potential and existing legislation that impacts our work. In July, we saw the U.S. Department of Treasury and the Office of U.S. Trade Representatives agree to sign the EU-US Covered Agreement – an issue that RIMS officially supported back in April. In addition, RIMS advocacy efforts will be focused on the reauthorization of the National Flood Insurance Program. If this program is not reauthorized by September 30th it will cease to exist.

    Finally, this month, RIMS added new membership categories, making the path for membership more accessible. The Society now offers new membership categories for international professionals, rising risk professionals, another for risk professionals in regions where chapters are not available or for those who unable to join with an organization. 

    RIMS’ Board of Directors and staff are excited to bring the Society’s strategic vision to life and offer the world’s risk management community an even greater variety of risk management resources and professional opportunities. Your contributions continue to be the driving force behind these initiatives and we truly appreciate your support. Thank you!


    Nowell R. Seaman

    RIMS 2017 President
  • RIMS 2018 Session Submission Deadline Extended

    The RIMS 2018 session submission deadline has been extended to July 28. Don’t miss this FINAL chance to speak in San Antonio next year on April 15-18.
  • Mounting Cyber Concerns Prompts RIMS to Unveil New Cyber Risk Forum

    Technology and Security Futurist Peter Singer to Keynote Inaugural Event


    With cyber concerns topping most organizations’ risk management priority list, RIMS, the risk management society™, has announced its first-ever Cyber Risk Forum. Scheduled for September 7 – 8 at the Four Seasons Hotel in Las Vegas, the inaugural event will feature a powerful lineup of industry experts from respected organizations who will cover trending risk management and cyber concerns.

     Topics at RIMS Cyber Risk Forum 2017 will include:

    ·         Collaboration between CISOs and Risk Management

    ·         Risk Management’s Cyber Responsibilities

    ·         Emerging Cyber Risks

    ·         Cyber Risk Mitigation Strategies; as well as

    ·         Cyber Insurance

     “To remain competitive, organizations must embrace new technologies and face cyber uncertainties head-on,” said RIMS CEO Mary Roth. “While business leaders are aware of the importance of cybersecurity, the challenge is in keeping pace with the evolution of new threats. RIMS Cyber Risk Forum will bring together leading minds in the cybersecurity space to provide risk professionals with the knowledge to successfully guide their organizations through this changing environment.”

     Peter Singer, the keynote speaker at this year’s RIMS Cyber Risk Forum, is a best-selling author described by the Wall Street Journal as "one of Washington's pre-eminent futurists." A consultant for groups that range from the CIA and the Chairman of the Joint Chiefs to Hollywood and the Call of Duty video game series, Singer will explore the key trends emerging today that will shape the world of technology and security tomorrow.​

     Leading up to RIMS Cyber Risk Forum 2017, the Society has released two new Professional Reports that address cyber risk management best practices. “Cyber Insurance – Considerations for Businesses” and “Cyber Protection: What to Do Before and After a Cyber Incident” reports are available in RIMS Risk Knowledge library at

     For more information or to register for RIMS Cyber Risk Forum 2017, visit . Follow the event using #RIMSCyberRisk2017.
  • Webinar: Time for Change? Business Interruption and Time Element Coverage

    This new webinar will highlight the results of the recent RIMS Business Interruption study and the consequent report including challenges faced by risk managers in submitting and settling claims, the risk of co-insurance and the setting of appropriate policy limits, the development of more specific contingent, cyber, and supply chain cover, and expert recommendations around key pre-loss exposure assessment. Join us for this webinar on Thursday, June 22 at 1:00 pm EDT. RIMS members attend for free.
  • President's Corner: From All Directions

    The risk management profession can take a practitioner’s daily work and their career in many different directions. While it might be impossible to cover all of those “directions,” RIMS is doing its best to try. As we move into the second half the year, we are excited to share a wide range of events, education opportunities and global and advocacy initiatives that allow our members to reach and exceed expectations.   

    This past weekend, RIMS held its second NextGen Forum in Austin, Texas. Designed to meet the needs of new risk professionals, the two-day program focused on professional development, as well as risk management skills that are crucial to success. We were pleased with the turnout and proud to offer this opportunity for all of those just getting started in this rewarding field.

    Cyber concerns transcend industries and geographic borders, and RIMS is hard at work to make sure risk professionals are equipped to manage these uncertainties for their organizations.  On September 7-8 in Las Vegas, the Society will host its first-ever Cyber Risk Forum. The event will focus on enterprise risk management approaches to cyber threats, emerging trends, best-practices and insurance. Attendees will gain a unique perspective from keynoter Peter Singer, who was dubbed by the Wall Street Journal as “the premier futurist in the national security environment,” as well as from our other expert presenters.

    RIMS is also excited to welcome the Canadian risk management community to Toronto for the RIMS Canada Conference 2017. Personally, I’ve attended RIMS Canada for the past two decades, and continue to be amazed by the knowledge and insights of our presenters, and the energy and passion of our peers. We’ll be sure to keep you posted with updates about the conference’s agenda and hope that you’ll join us on September 24-27 for this ‘can’t miss’ regional event.

    As I talk about the lineup of upcoming RIMS conferences, we realize that not everyone is able to travel and attend all of them. With this in mind, we have amped up our online educational offerings through a new platform called Opis-Ed. Sessions and Thought Leader Theater presentations from RIMS 2017 Annual Conference & Exhibition are now uploaded and available – at no-charge – for conference registrants. If you didn’t attend the conference, you can still access the presentations for a nominal cost.

    Online learning continues to be a valuable resource for our members. In May, nearly 300 risk professionals tuned in for our “Bridging Strategy & Implementation with SRM” webcast presented by Monica Merrifield, vice president of risk intelligence for YMCA of Greater Toronto, and Roger Martin, institute director of the Martin Prosperity Institute and the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School of Management. If you didn’t get a chance to listen in, the webcast is now available on Opis-Ed.  On June 15th, we will host our next webcast on “China Cyber Security Law” presented by Chun Yin Cheung, partner at PwC China. Registration for it is open today.

    RIMS advocacy efforts remain an important part of our activities. It’s crucial that the risk management perspective is heard and considered when new policy is being set. Recently, the Society issued an official letter to the U.S. Department of the Treasury supporting the proposed U.S.-EU Covered Agreement on reinsurance. RIMS intends to monitor this legislation – and others – as it moves through the legislative process to ensure the best interests of the Society’s members are recognized.

    Organizations expect more from their risk professionals. RIMS prides itself on providing educational opportunities that quench the thirst for risk management knowledge and enhance your ability to support your organizations, regardless of industry or strategic direction.  We hope that you’re able to join us at our upcoming events and take advantage of the many opportunities we have in store for you in the months ahead.

    A quick note for chapter leaders: This week, we sent our chapter leaders a questionnaire to help provide the Board of Directors with essential input as we prepare for our Strategic Planning meeting in July. Your response is critical to the planning process, so please be on the lookout for this important message and return your form as soon as possible. If you do not receive it by June 8th, contact Will Gilchrist, RIMS Member Relations Manager, at


    Nowell R. Seaman

    RIMS 2017 President
  • Risk Management Magazine Snags 6 Honors from the American Society of Business Publications Editors

    Risk Management magazine, the official publication of RIMS, was presented with six Azbee Awards of Excellence by the American Society of Business Publications Editors (ASBPE) for the layout and design of two articles and a magazine cover. ASBPE is the professional association for full-time and freelance editors, writers, art directors and designers employed in the business, trade and specialty press.


    ASBPE presented six awards to Andrew Bass, Jr., RIMS Art and Production Manager, for the following articles:  

    ·         National Gold Award for opening spread design – “The Rise of the Economic Nationalism,” published May 2016;

    ·         National Silver Award for feature article design – “Tracking the Zika Pandemic,” published in May 2016;

    ·         Northeast Regional Gold Award for opening spread design – “The Rise of the Economic Nationalism,” published May 2016;

    ·         Northeast Regional Gold Award for feature article design – “Tracking the Zika Pandemic,” published in May 2016;

    ·         Northeast Regional Gold Award for overall magazine design;

    ·         Northeast Regional Gold Award for the front cover of the May 2016 issue.


    “Illustration and graphics bring stories to life,” said RIMS Director of Publications Morgan O’Rourke. “Effective art design grabs readers’ attention and enhances their ability to grasp complex issues. Andrew has masterfully captured the essence of what these articles are about, creating a visually stimulating presentation for Risk Management’s readers.”


    ASBPE’s Azbee Awards of Excellence program is one of the most competitive honors for business-to-business, trade, association and professional publications. The awards recognize outstanding work by magazines, newsletters and digital media — website, e-newsletters, digital magazines and blogs. The competition is open to all U.S.-based publications.


    Risk Management is the premier publication of analysis, insight and news for risk managers. Since 1954, Risk Management has explored the emerging techniques and concepts used by those tasked with protecting the physical, financial, human and intellectual assets of their organizations. Risk Management is published 10 times annually by RIMS, the risk management society™ and can be viewed at
  • RIMS Backs U.S. Treasury Department's Proposed United States-European Union Covered Agreement

    RIMS, the risk management society ™, delivered an official letter to The Honorable Steven T. Mnuchin, Secretary of the Treasury, U.S. Department of the Treasury, that expressed the Society’s support for the recently proposed U.S.-EU Covered Agreement on reinsurance.


    The letter, submitted by RIMS President Nowell Seaman, cites the Covered Agreement’s propensity to benefit RIMS members – a constituency of approximately 11,000 risk management professionals – by:

    ·         Eliminating collateral requirements that would result in additional capital;

    ·         Increasing reinsurance capacity;

    ·         Requiring the appointment of insurance commissioners for service; and

    ·         Streamlining the dispute process by clarifying jurisdiction and payment of final judgements.


    “For risk professionals to support their organizations’ expansion into global markets, it is important that RIMS advocates for regulation that facilitates opportunities for our members’ to effectively achieve their objectives,” said RIMS President Nowell Seaman. “RIMS is encouraged by the U.S.-EU Covered Agreement on reinsurance and looks forward to working with the Department of the Treasury to help bring this agreement to fruition.”

    For more information about RIMS External Affairs initiatives, visit
  • RIMS NextGen Forum Offers Specialized Learning Experience for New Risk Management Professionals

    RIMS, the risk management society™, has announced the agenda for the Society’s second annual NextGen Forum scheduled for June 4 and 5 in Austin, Texas. Designed to support new-to-the-field professionals meet expectations and successfully contribute to organizational success, this year’s agenda features an exceptional lineup of thought-leaders.


    Educational sessions will feature risk professionals from prominent organizations covering the most relevant topics including:

    ·         Cyber Insurance

    ·         Enterprise Risk Management and Risk Culture

    ·         Risk Finance

    ·         Strategic Risk Management and Relationship Development

    ·         Networking Strategies; as well as

    ·         Best Practices and Professional Perspectives


    “For the risk management discipline to continue to thrive, the next wave of practitioners cannot merely step into the roles that their predecessors have created,” said RIMS President Nowell Seaman. “At RIMS, it is our duty to support practitioners in the early stages of their careers and provide them with the resources to make their mark and advance their organization’s risk management capabilities. RIMS NextGen Forum is an outstanding opportunity for this group to get together, learn from others’ experiences and develop meaningful relationships that will last lifetime.”


    For more information or to register for RIMS NextGen Forum, visit
  • A Welcome Disruption

    I trust that everyone has returned home from RIMS Annual Conference & Exhibition safely and energized with new perspectives and ideas to re-think the way risk management is being done within their organizations.

    RIMS 2017 was a huge success.  In four days, we welcomed over 10,000 risk professionals, hosted 409 solutions providers in the Marketplace Exhibit Hall and offered 168 educational sessions that touched on almost every aspect of risk management imaginable.

    This was the 22nd RIMS Annual Conference that I have had the privilege to attend, and witnessing it as president shed a new light on the experience. It was gratifying to see our attendees’ enthusiasm for this profession that we are passionate about.  The work of our volunteers and staff was clearly evident. The dialogue between chapter leaders, RIMS Delegates, RIMS leaders, existing and potential partners and other international risk management associations was invaluable.  

    We honored some amazing risk professionals in Philadelphia. The RIMS Risk Manager of the Year and Honor Roll, new inductees into the RIMS Risk Management Hall of Fame, the Society’s Harry and Dorothy Goodell Award, RIMS Ambassador Group award, the Rising Star Award, and awards to honor and recognize our outstanding chapters were presented at the conference.  

    And how could we leave out the many impressive college students who attended and competed in the Spencer-RIMS Risk Management Challenge. Congratulations to St. Joseph’s University for winning this year’s competition, and to all finalists and participants!

    Thank you all for being a part of RIMS 2017 and making it so special. Attendees can still download handouts from sessions in the Attendee Service Center. For those who were unable to attend, I encourage you to check out daily coverage of the conference in the RIMS Show Daily from Monday, Tuesday and Wednesday of the conference.   

    Please be sure to mark your calendars for RIMS 2018 Annual Conference & Exhibition on April 15 – 18 in San Antonio.

    Disruption can be positive. It is critical that we test and review traditional and sometimes outdated processes, and consider how we might change to improve and advance. Throughout the year, RIMS will continue to produce resources and professional development opportunities to help you challenge that status quo.

    At the conference, the Society released three new publications: RIMS Benchmark Survey 2017, RIMS MARSH Excellence in Risk Management XIV report and the Society’s first Business Interruption Survey. Also, we’ve updated RIMS Professional Growth Model and developed the RIMS Risk Management Professional Core Competency Model.  All of these great resources can be found in RIMS Risk Knowledge library except for the Benchmark Survey which is available at

    At the RIMS NeXtGen Forum in Austin, June 4 and 5, we will be offering opportunities for rising risk professionals – risk professionals in the early stages of their careers – to meet industry thought-leaders, boost your knowledge-base and, perhaps, your professional standing. The RIMS Canada Conference, which will be in Toronto from September 24 to 27, also has opened its registration.  Hope to see you there.

    There is no question that our time in Philadelphia highlighted new strategies and best practices to enhance our work and our careers. Now it is time to implement them. RIMS stands ready to guide you in that process. We look forward to seeing you at our upcoming events, and sharing more resources throughout the year.


    Nowell Seaman

    RIMS 2017 President

    By taking control of their data, establishing a team and developing plausible business interruption (BI) figures before losses occur, risk managers can do much to lessen the confusion and frustration common to these claims process, according to RIMS Business Interruption Survey 2017.


    Key findings from the recently published survey:

    ·       Only 17% of risk managers were “extremely confident” that their BI values and limits are adequate;

    ·       58% of risk managers who have been through a claim said that “difficulty quantifying loss” was the biggest challenge they faced;

    ·       39% of risk managers indicated that their existing BI policy provides either insufficient or no coverage for cyberrisk. 10% were unsure whether the policy covered cyberrisk.


    “With a world of emerging risks keeping business leaders up at night, risk professionals must prepare their organizations for the very real possibility that their business might suddenly come to a screeching halt,” said RIMS CEO Mary Roth. “The exchange of knowledge and best practices makes it easier for risk professionals to ensure that appropriate measures are taken before, during and after an interruption occurs.”

    RIMS Business Interruption Survey 2017 was developed by members of RIMS Business Interruption Working Group. The group comprises global business interruption experts from leading underwriters, accounting firms and brokerages including Ernst & Young, Marsh, Meaden & Moore and Vericlaim. The group oversaw the survey, providing analysis and case studies to further explain the findings.


    The survey was distributed to RIMS membership via internet link and was fielded between September 28 and November 17, 2016. Nearly 400 RIMS members participated in the survey. 


    The RIMS Business Interruption Survey 2017 is now available in RIMS Risk Knowledge library at

    At the Spencer Educational Foundation reception, RIMS Board Director and Director of Global Risk Management and Insurance at PayPal Inc. Laura Langone announced St. Joseph’s University’s student team as the winners of the Spencer-RIMS Risk Management Challenge.  The team, comprised of four risk management students, competed against 23 other universities and delivered the award-winning risk management presentation in front industry leaders at RIMS 2017 Annual Conference & Exhibition in Philadelphia.


    Members of the St. Joseph’s winning team included:

    ·        Morgan Bui

    ·        Alyssa Cominsky

    ·        Nicholas D’Orazio

    ·        Andrew Grieco

    ·        Academic Advisor: Michael Angelina


    "We are delighted to continue the Foundation's support of Spencer-RIMS Risk Management Challenge and congratulate the team from St. Joseph’s," said Ron Davis, the chairman of the Spencer Educational Foundation, and EVP & Head of Customer Management for Zurich. "The competition showcases students' aptitude and allows them to apply their knowledge to practical risk management situations. Each team was highly prepared, thoughtful and diligent in their analysis and presentation of the case study. The work we have seen from all the teams this week emphasizes the important work we do to support tomorrow's risk management professionals."


    “RIMS ability to continue the momentum and further demonstrate the value risk management can bring to an organization will one day rest on the shoulders of the students who participated in our Challenge,” said RIMS CEO Mary Roth. “Their enthusiasm and fresh perspective are great indicators that the profession’s future is bright. Congratulations to St. Joseph’s University and all of our Spencer RIMS Risk Management Challenge teams for their outstanding work and risk management ingenuity.” 


    The challenge began with 23 universities, three months ago, who were each presented with a risk management case-study. The teams developed solutions and nine of the teams were selected to attend RIMS 2017. During the conference, the field was narrowed to three and those finalists presented one last time in front of risk professionals at the conference. This year’s Risk Management Challenge risk case-study was provided by PayPal Inc.


    Second place in this year’s Challenge was Appalachian State University and the third place team was Butler University.  The first place university received $4000, second $3,000 and third $2,000.


    About The Spencer Educational Foundation

    Spencer Educational Foundation is the premier organization awarding scholarships and grants in risk management and insurance industry. Since its founding in 1979, it has awarded approximately $6 million in student and part-time master’s scholarships and $3.25 million in grants to universities, corporations and professional institutions for educational programs, internships and conferences. Spencer is a registered 501(c)(3) charitable organization whose purpose is to fund the education of tomorrow’s risk management and insurance industry leaders.

    RIMS, the risk management society™, today announced the winners of its series of industry awards presented during RIMS 2017 Annual Conference & Exhibition Awards Luncheon in Philadelphia.


    RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Scott B. Clark, Area Senior Vice President, Enterprise Risk Management Consultant at Arthur J. Gallagher & Co. Named in honor of RIMS’ first president, the award pays tribute to an individual who has furthered the goals of the Society and the risk management discipline through outstanding service and achievement.


    RIMS Risk Manager of the Year and Risk Management Honor Roll aim to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations. This year’s winner was Loren Nickel, Director of Business Risk and Insurance at Google. Inductees to the RIMS Risk Management Honor Roll were Benjamin Evans, Executive Director, Office of Risk Management and Insurance at the University of Pennsylvania; Juliana J. Keaton, Director of Insurance at CSX Transportation, Inc.; and Scot Schwarting, Director of Risk Management at Whirlpool Corporation.


    The RIMS Rising Star Award honors up-and-coming risk management professionals under the age of 35 or who have seven or less years of professional experience in the industry.  This year, William Lehman, Insurance Specialist at Cook Group Incorporated, was honored for demonstrating exceptional initiative, volunteerism, professional development, achievement, and leadership potential.


    The RIMS Ambassadors Group award recognizes individuals for their continued service with RIMS, going above and beyond to help strengthen and support the Society’s strategic initiatives. This year, the Society welcomed Debra Samuel, Manager, Insurance and Risk Management at Arconic Inc. to the group.

    The Risk Management Hall of Fame is a joint venture of RIMS and AIG, and was created to preserve the history and tradition of the profession. This year’s inductees into the Hall of Fame are P. Richard Hackenburg and Glen Frederick.

    The Cristy Award was presented to Michael Ratto, Risk Procurement Manager at Kraemer North America LLC. This award acknowledges the individual who earned the highest marks on the three exams required to earn the Associate of Risk Management designation.

    The J.D. Power 2016 Large Commercial Insurance Study,SM conducted in association with RIMS the risk management society,™ has named Lockton as the top-performing broker for 2016 and XL Catlin as the top-performing insurer for 2016.  


    RIMS also recognized the exceptional work of its chapters for outstanding chapter programming and conferences; advancing the risk management profession; outstanding member services; as well as membership growth. Details about chapter award recipients are available at  


    Stay current with all the news from RIMS 2017 Annual Conference & Exhibition at
  • Live Streaming: RIMS 2017 General Session and Awards Luncheon

    We are pleased to offer complimentary live streaming from the RIMS 2017 Annual Conference & Exhibition in Philadelphia on Monday, April 24 for members only. Watch the General Session and Opening Keynote at 8:30 am EDT with Derreck Kayongo, Business Visionary, Global Soap Project Founder and CEO of the Center for Civil and Human Rights. We will also live stream the Awards Luncheon and Leadership Keynote at 12:00 pm EDT with visual artist Allison Massari. Register now and watch live on April 24.
  • RIMS/Advisen: Competitive Market Spurs Continued Decline in TCOR for Third Year

    Despite rising uncertainty and increasingly more complex risk profiles, businesses saw a decline in the total cost of risk (TCOR) for the third year in a row, according to the 2017 RIMS Benchmark Survey. The Benchmark Survey, produced with Advisen, defines TCOR as the cost of insurance, plus the costs of the losses that are retained and the administrative costs of the risk management department.

    Key findings from this year’s RIMS Benchmark Survey:

    ·         Technological advances have caused a seismic shift in the risk landscape, creating new types of claims and forcing insurers to consider new products and solutions for customers.

    ·         Insurers ended 2016 with average capital and surplus at its highest level in 10 years. However, excess capacity is undermining profitability, as seen by falling net income and return on average equity.

    ·         The personal insurance space is in the midst of a consumer-centric revolution, offering customers new transaction platforms, better metrics and more flexible pricing and coverage options. Commercial insurance is expected to adopt a similar focus, transforming the way business is transacted.

    ·         Predicted rate increases for cyber, E&O and workers’ compensation failed to materialize across the board. Projections for 2017 are more moderate, with property and most liability lines flat to down 10%.

    ·         Emerging trends in the 2017 risk landscape include the tech revolution, security issues, natural catastrophes and political upheaval. 

    The annual RIMS survey, produced with Advisen Ltd., is a single source of benchmark statistics with industry data for more than 20,000 insurance policies from 759 organizations, 553 of whom contributed data in 2016. These insurance programs represent over $4 billion in premium. It tracks changes in insurance policy renewal prices, retained loss costs and administrative costs as reported by North American corporate risk managers. Advisen compiles policy information within 10 insurance coverage lines and reports on 14 distinct industry groups, in addition to aggregating a summary of all responses.


    “The RIMS Benchmark Survey chronicles the evolution of corporate risk management costs over time.  This year’s edition highlights how risk managers have effectively managed costs in a time of evolving risks and demands, enabling them to do more with less,” said Jim Blinn, Executive Vice President of Client Solutions at Advisen.


    “Organizations lean on their risk professionals to inform strategic decision-making,” said RIMS President Nowell Seaman. “The RIMS/Advisen Benchmark Survey puts valuable data in risk professionals’ hands. It allows them to see and understand where others in their industry have made significant risk management investments, where they have saved and highlights great opportunities to further enhance their risk programs.”


    To order a copy of the 2017 Benchmark Survey, visit the Advisen website or
  • RIMS Serves Up Hope for Childhood Cancer Charity

    RIMS 2017 Community Service Day project, sponsored by ESIS, will focus on combatting childhood cancer. Throughout the convention center during RIMS 2017 Annual Conference & Exhibition, Alex’s Lemonade Stand Foundation (ALSF) – a local nonprofit with a national reach – will set up stands for risk professionals to refresh and contribute to the cause. Proceeds from lemonade sales will benefit the nonprofit’s array of services that support children and families fighting this affliction.


    Founded and inspired by a young girl named Alex who dreamed of a cure for the disease she battled every day, the charity has now raised more than $140 million, funding over 690 research projects nationally. Headquartered just outside Philadelphia in Bala Cynwyd, Pennsylvania, Alex’s Lemonade Stand Foundation aims to “fight cancer one cup at a time” by raising money and awareness for childhood cancer causes, research for new treatments and cures, and empowering others, especially children, to get involved and make a difference for children with cancer.

    “Who we are is not solely defined by our professional accomplishments but, also, personal qualities that certainly include generosity and compassion,” said RIMS CEO Mary Roth.  “While the world’s risk management community gathers in Philadelphia for the Society’s Annual Conference, it’s important for us to take a moment and give back to the community that has embraced us. Alex’s Lemonade Stand is a wonderful charity with a truly noble mission and we are so proud to make it a part our event.”


    “We’re honored to have the support of RIMS at their annual conference and on their Community Service Day Project,” said Liz Scott, co-executive director of ALSF and Alex’s mom. “We look forward to this new partnership and the amount of awareness it will bring to our cause, bringing us closer to finding cures for all kids with cancer.”


    On Tuesday, April 25th, RIMS and ESIS will host a second Community Service Day Project. Risk professionals attending the conference are asked to join the Society to assemble care packages for SuperSibs, an ALSF program that comforts, encourages and empowers siblings during their families’ battle against childhood cancer.  The program sends mailings to siblings, parent toolkits and newsletters, containing age-appropriate support resources and fun activities.


    “At ESIS, we are committed to giving back on a local and national level. That’s why we are proud to sponsor Alex’s Lemonade Stand Foundation in partnership with RIMS 2017,” said Joe Vasquez, President of ESIS. “All proceeds from the event will go towards the foundation, helping fight childhood cancer one cup at a time.”


    In 2007, RIMS was one of the first entities to host a large convention in post-Katrina New Orleans. RIMS first Community Service Day was held at that conference to support local families and rebuild infrastructure devastated by the natural disaster. Now, in its 11th year, RIMS Community Service Day projects have become a RIMS Annual Conference & Exhibition tradition.
  • President's Corner: All Together Now

    From Las Vegas to India to Canada to Japan. RIMS has been represented in every corner of the world in the first quarter of the year. Truth is, our Leadership Summit in January, our India Delegation last month and my visit to RIMS Japan Chapter events in Osaka and Tokyo were not only enlightening, but also inspiring to me.

    The global risk management community’s work continues to impress. It is a privilege to represent this Society around the globe, and to be able to share what I have learned with you.

    The presentation that I delivered in Japan focused on risk management’s role and ability to support organizational growth and innovation. Risk professionals are in a prime position to help their organizations leverage uncertainties and turn them into opportunities. This concept aligns with the advanced risk programs already in motion in Japan, and will be a leading theme as we ‘disrupt the status quo’ at RIMS Annual Conference & Exhibition in Philadelphia.

    RIMS Annual Conference is less than a month away, and the excitement is palpable. Philadelphia has such a rich history, especially in the insurance world, and will be the perfect backdrop for the industry’s biggest event.

    New to this year’s conference is the RIMS Risk Manager of the Year Award breakfast and panel discussion.  The winners have already been announced and congratulations are in order for Loren Nickel, Director of Business Risk and Insurance at Google, this year’s RIMS Risk Manager of the Year, as well as our Honor Roll inductees Benjamin Evans from the University of Pennsylvania, Juliana Keaton from CSX Transportation and Scot Schwarting from Whirlpool Inc. All attendees are welcome to honor the winners with us at breakfast on Tuesday, April 25th. The award presentation will be followed by the interactive “Risk Managers of the Year Talk High Performance Risk Management” panel discussion. You won’t want to miss it.  

    The Spencer RIMS Risk Management Challenge is another exciting RIMS 2017 program. Nine university teams – including our first from outside North America – will compete in Philadelphia, presenting their risk management solutions to a case study provided by PayPal Inc. Three teams will make it to the final round, and the champion will be announced on Monday evening at the Spencer Educational Foundation’s reception. Good luck to all of our student participants.

    If you haven’t yet, download the conference’s mobile app. RIMS EVENTS can be found in your app store and is a great guide for the RIMS 2017 experience. It gives you the layout of the Marketplace Exhibit Hall, a schedule of sessions and events, videos from RIMS-TV, shuttle bus information, connections with presenters, session handouts and more.

    In my travels it has been apparent that, no matter the country, cyber issues ranked among the greatest concerns for all risk professionals. There are countless ways to address these risks and insurance products continues to become a more viable option. I encourage you to check out RIMS’ new professional report titled, “Cyber Insurance: Considerations for Businesses” that is available in RIMS Risk Knowledge library.  

     Recently, your Board of Directors approved a series of amendments to the Society’s bylaws. The most significant changes include the creation of four new individual professional membership classes. These new categories are:

     ·         Individual Professional Member
    ·         Individual Young Professional Member (for new members age 25 and under)
    ·         Individual International Professional Member (Developed Countries)
    ·         Individual International Professional Member (Emerging Countries)

     As RIMS looks to expand its influence worldwide, it has become increasingly evident that new member categories are needed to address the needs of global organizations and practitioners, especially in regions where RIMS’ chapters are nonexistent. Additionally, is critical to the future of the Society to provide greater incentive to Rising Risk Professionals, and to allow practitioners to take their memberships with them as they transition between jobs. 

     These membership changes will make the path to a RIMS’ membership even more attainable. More information will be available soon. If you have any questions regarding these new categories, please reach out to RIMS Membership Development Manager Josh Lamangan at 

     I look forward to meeting you in Philadelphia. With attendees that operate in all facets of risk management and from around the world – 60 countries to be exact – RIMS 2017 is a can’t miss event. I hope to see you there.


    Nowell R. Seaman
    RIMS President
  • Networking Opportunities for Diners at RIMS 2017

    Are you traveling to RIMS 2017 and want to network with your peers over dinner? RIMS is partnering with SignUp  to give attendees the opportunity to sign up for dinners while in Philadelphia. Just follow the link, pick your restaurant, and reserve your seat! A few days prior to your reservation, you will receive an email confirmation with more information on your dining guests.
  • RIMS Highlights Keys to Professional Growth and Success in Risk Management

    In keeping with its strategic goal of equipping risk professionals to succeed in an evolving environment, RIMS, the risk management society™, has released a revised RIMS Professional Growth Model and a newly expanded RIMS Risk Management Professional Core Competency Model. The two models provide risk professionals with guidelines and a deeper understanding of the skills and knowledge needed for developing and applying risk management competencies to advance professionally.


    The RIMS Professional Growth Model provides a guideline for risk management professionals – and the organizations that employ them – about the professional knowledge, skills and abilities that support career development and growth. It provides guidance for individual development and describes those accomplishments that distinguish professionals at each stage in a risk management career. With the understanding that individuals may demonstrate greater strength in some areas as opposed to others, this model is valuable for benchmarking, career planning, professional development and growth opportunities. 


    Used in conjunction with the RIMS Professional Growth Model, the RIMS Risk Management Professional Core Competency Model highlights expected proficiencies in seven areas: core competencies, attributes, organizational knowledge, business knowledge, risk management knowledge, technical skills and management skills. The model reflects the need for risk management professionals to be able to analyze their organizations, design effective risk strategies, apply robust risk processes, build organizational risk competency and support decision making - mirroring the competency domains developed for the RIMS-Certified Risk Management Professional certification (RIMS-CRMP).

     “Risk management professionals are constantly working to prepare themselves and their organizations to successfully manage uncertainty,” said RIMS CEO Mary Roth. “As greater responsibilities are placed on these professionals, it is important that clear guidelines exist to help them reach and exceed expectations. The RIMS-CRMP certification, these two models and other recent RIMS initiatives further highlight the Society’s commitment to advancing risk management professionalism, and enabling future generations around the world to maximize their potential.”

     The revised RIMS Professional Growth Model was developed by members of RIMS Enterprise Risk Management (ERM) Committee and Rising Risk Professional Group. The RIMS Risk Management Professional Core Competency Model was developed by members the Society’s ERM Committee. The models were created to support RIMS’ professional members’ career development, as well as enable organizational members to set expectations and measurements for risk management capabilities. The two models can be found in RIMS Risk Knowledge library, at
  • Hotels Added for RIMS 2017!

    Good news! If you haven't booked your hotel yet for RIMS 2017, we’ve added new hotels in Cherry Hill, including the Holiday Inn. The hotels are only 7 miles from the convention center. That's a short, 15-minute shuttle bus ride, even in rush hour (we know—we timed it!). 

    As always, there will be shuttle buses making the rounds from the official RIMS hotels to/from the convention center during all RIMS 2017 events. Cherry Hill is a well known shopping and dining destination, featuring the pedestrian-friendly Market Place at Garden State Park directly across from the RIMS hotels. This Market Place includes many restaurants and shops, just in case you have some down time.  

    If you still need a hotel, please visit our hotels page. For questions about hotels, contact Connections Housing at 844-212-7467 or

    Organizations considering stand-alone cyber coverage should carefully evaluate their risk profile and determine whether more traditional policies provide adequate coverage according to some of the tips offered in a newly released RIMS Professional Report titled, Cyber Insurance: Considerations for Businesses.


    Authored by Teri Cotton Santos, a member of RIMS External Affairs Committee and senior vice president, chief compliance and risk officer at The Warranty Group, the report explores the potential for traditional policies to cover cyber events, as well as first-party coverages, third-party coverages and additional needs. Additionally, the report provides a series of potential cyber insurance nuances that risk professionals must consider.


    “Insurance providers are challenged with trying to keep pace with the evolving cyber landscape and develop products that help clients protect their organizations,” said Ms. Cotton Santos. “Working closely with your broker can help insureds purchase coverage that addresses key risks to the organization that can result from a cyber event.”

    RIMS Professional Report Cyber Insurance: Considerations for Businesses is available in RIMS Risk Knowledge library at  For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit
  • Nine Universities Selected to Compete at RIMS 2017 Annual Conference & Exhibition in Philadelphia

    RIMS, the risk management society™, selected nine universities to compete in Philadelphia for the 2017 Spencer-RIMS Risk Management Challenge top honor. Twenty-three university teams entered the competition. Based on the solutions they developed for a case-study provided by PayPal Inc., the top teams have been invited to present their findings at RIMS 2017 Annual Conference & Exhibition in Philadelphia – April 23rd – 26th.

    The top nine teams, including the challenge’s first university team from outside North America, are listed below:

    • Appalachian State University
    • British Columbia Institute of Technology (Canada)
    • Butler University
    • Florida State University
    • Nanyang Technological University (Singapore)
    • St. Joseph's University
    • St. Mary's University
    • Temple University
    • University of Wisconsin-Madison

    On April 23rd, the final three teams will be selected after the first round of presentations. The finalists will present one last time in front of risk professionals at the conference the following day. The winner will be announced at the Spencer Educational Foundation reception held during the conference.
  • President's Corner: Now We're Rocking

    CNN has ranked risk management #2 on its list of Best Jobs in America and, I can attest, the opportunities that are available and the increasingly positive reputation that risk professionals are earning for adding value to organizations transcends all geographic borders. 

    Last month, RIMS sent a delegation of Board Directors and staff to India to meet with prominent players in the country’s risk management and insurance industry.  We had the privilege of meeting with many risk practitioners, industry leaders, academics and students, and organizations such as the Insurance Regulatory and Development Authority of India and the Institute of Company Secretaries of India. At the Institute of Chartered Accountants of India, we delivered a webcast titled, “Gaining Value from ERM” to about 1,800 of their members. 

    As part of the trip, the delegation attended the Institute of Directors Global Convention on Corporate Ethics & Risk Management, held at the Bombay Stock Exchange in Mumbai.  There, I had the opportunity to deliver a keynote and share my thoughts on the intersection between risk management and ethics, and how ERM can help to drive and support an ethical corporate culture. 

    RIMS global initiatives continue this month.  I’m thrilled to be able to visit RIMS Japan Chapter and meet with our growing membership in Tokyo and Osaka.  The concept that risk professionals can play a major part in the organization’s ability to successfully innovate continues to gain momentum in Japan, and I’m honored to speak on this topic.  

    As you can imagine, the majority of our efforts are now focused on RIMS 2017 Annual Conference & Exhibition.  Just months away from the largest annual risk management event in the world, RIMS staff and volunteers are working around the clock to make this the best “RIMS” yet. 

    Scheduled for April 23rd – 26th in Philadelphia, this year’s conference program features 168 educational opportunities, presentations from nearly 350 subject matter experts, 400 exhibitors and countless networking opportunities with over 10,000 risk professionals from around the world. 

    A new addition in 2017 is the Executive Leadership Track.  The track is developed specifically for senior professionals that drive strategy throughout their organizations. We’ve enlisted some of the world’s leading business thinkers and strategists to present these high-impact sessions and have opened them up to all registrants. You can see the list of Executive Leadership Track speakers here.

    Other new additions to RIMS 2017 include the Technology and Risk education category with focus on innovation; RIMS Risk Manager of The Year and Risk Management Honor Roll Awards Breakfast on April 25th; and a Wellness ZENter located centrally in the Marketplace Exhibit Hall.

    The Anita Benedetti Student Involvement Program has been a longstanding initiative where we invite exceptional university students to experience the RIMS Annual Conference. This year, we have expanded the program and, for the first time, we will welcome students from universities outside of North America.  Jing Chen from Peking University (Beijing), Siming Fan from Peking University, Xinyi Huang from Fudan University (Shanghai) and Ashirwad Padhee from the National Insurance Academy (Pune, India) will attend RIMS 2017.

    Finally, I would like to call your attention to two new reports issued by RIMS this month. The Benefits of Developing an Own Risk and Solvency Assessment Report developed by members of a joint project team representing the ERM Committees of the Property Casualty Insurers Association of America (PCI) and RIMS, and A Risk Management Guide to Reservation of Rights report put together by members of RIMS Standards and Practices Council. These and many other useful reports and surveys are available in RIMS Risk Knowledge library.

    The first two months of 2017 has flown by, and RIMS is rocking and rolling. It is our priority to deliver the ultimate in risk management knowledge and opportunities to our members all year. And, for me, it has been more than rewarding to be a part of the action. Thank you.


    Nowell R. Seaman
    RIMS 2017 President
  • RIMS Awards Risk Manager of the Year to Google's Loren Nickel -- Honor Roll Winners Announced

    RIMS, the risk management society™, has announced Loren Nickel, Director of Business Risk and Insurance at Google, as the 2017 RIMS Risk Manager of the Year.  The award will be presented to Mr. Nickel at a ceremonial breakfast and panel discussion at RIMS 2017 Annual Conference & Exhibition on April 25th in Philadelphia.

     Benjamin Evans, Executive Director, Office of Risk Management and Insurance at the University of Pennsylvania; Juliana J. Keaton, Director of Insurance at CSX Transportation, Inc.; and Scot Schwarting, Director of Risk Management at Whirlpool Corporation were named to the 2017 RIMS Risk Management Honor Roll.

    Recently acquired by RIMS, The Risk Manager of the Year program aims to raise the profile of the risk management profession and the outstanding programs practitioners have implemented within their organizations. The program was initiated in 1977 and the Risk Management Honor Roll was added in 1981.

     “Organizations have come to rely on risk professionals’ knowledge and ingenuity to navigate the rapidly evolving and increasingly more complex risk landscape,” said RIMS CEO Mary Roth. “This year’s RIMS Risk Manager of the Year and Honor Roll awardees have risen to the occasion and successfully turned uncertainty into great opportunities for their organizations. 

    “Loren Nickel’s success at Google exemplifies the invaluable role risk professionals can play in allowing their organizations to achieve strategic objectives. It is an honor and privilege for RIMS to recognize the achievements of these outstanding professionals.”

    Any full-time professional who administers risk management programs for a corporate, nonprofit institution or government entity is eligible for submission in the Risk Manager of the Year program. The nominations are judged by an independent panel representing prior honorees and other risk management and insurance industry leaders. 



    Loren Nickel joined Google in 2015 and currently serves as its Director of Business Risk and Insurance. He is responsible for business risks that impact all Alphabet Inc. (formerly known as “Google”) companies worldwide – a company that has $90 billion in annual revenue, 72,000 employees and a current market cap of $579 billion.

    In his first year at the organization, he focused on building the foundation for future risk management efforts. Such efforts included the implementation of a Total Cost of Risk tracking system, an internal version of the Best Capital Adequacy Ratio used to rate its captive, a risk based monitoring system for emerging risks, a loss measurement system called the “actual versus expected” report, as well as creating a customized multi-line risk policy.

    Loren co-developed (along with Ward Ching from Aon) the theory behind an important strategic risk management effort, the Efficient Frontier. Used for insurance structure decision-making, the Efficient Frontier helped the organization simplify such decisions and demonstrated the opportunity to significantly reduce risk as measured by Total Value at Risk, all without an increase in spending.

    Because Google continues its rapid growth, insurance structures are often less applicable by the end of the contract. In the past 18-months, Loren and the risk management team have created five and ten-year risk management plans to compensate for this evolution. These plans allow them to focus on future placements during the current renewal process, ensuring that Google has better protections in place in future periods.

    Loren brings a wealth of educational experience to the role of risk manager. He is a qualified actuary, FCAS of the Casualty Actuarial Society and a CFA Charter holder of the Chartered Financial Analyst (CFA) Institute. He is also a board member of the University of California Santa Barbara actuarial program and the Insurance Thought Leadership organization. He was the President of the Casualty Actuaries of the Bay Area for more than six years.


    Ben Evans joined the University of Pennsylvania in 2008 as its Executive Director of Risk Management and Insurance. The University, which includes the University of Pennsylvania Health System, is the largest employer in Philadelphia with about 52,000 full-time equivalent employees. It has more than 24,000 students, risk and exposures in more than 80 countries, a fiscal operating budget of $7.7 billion (2016), revenue exceeding $8.5 billion, an endowment of more than $10 billion and it receives $940 million annually in sponsored research funds.

    Ben has transformed the University of Pennsylvania’s Office of Risk Management and Insurance into a strategic, global, enterprise-wide risk management practice that has reduced losses, improved safety and lowered the total cost of risk. He manages self-insurance programs, approximately 50 traditional commercial insurance policies, a fine arts insurance and risk management program, a portfolio of over 40 surety bonds, an international safety, security, and travel assistance program, and third-party administrators. He also serves as the president of two risk retention groups, is the president of a captive and has a board position on two other captives.

    The organization has expanded during Ben’s tenure in areas that have included the Penn Wharton China Center (Beijing) and the addition of two acute care hospitals to the UPenn Health System.  The new culture of risk management Ben has fostered has been a major contributor to understanding the risks that comes with such expansion and the treatment of the risks.

    Ben has devoted his entire 30-year career to risk management and is a strong advocate in not only giving back to the profession but also, advancing the knowledge and impact of the risk management profession. He is an active member of RIMS and the University Risk Management and Insurance Association and holds an Associate in Risk Management designation. He serves as an active council/board member on the International SOS East Coast Client Advisory Council and the AIG Higher Education Advisory Board. 


    As CSX’s Director of Insurance, Juliana Keaton is responsible for identifying, quantifying and determining the appropriate vehicles for mitigating current and emerging risks of this Fortune 250 transportation company, its numerous subsidiaries and affiliates.

    In addition to overseeing a complex and constantly evolving ERM program, Juliana is responsible for ensuring appropriate terms and conditions and placement of all of the enterprise’s insurance programs, consisting of hundreds of policies with more than 20 lines of coverage.

    Under her leadership, the three largest insurance programs – Property, Liability and D&O – achieved record premium reductions, while making enhancements to coverage to address the enterprise’s exposures. Since 2013, those three programs’ premiums have decreased 24 percent or nearly $10 million.  Additionally, she worked with her provider to create new products that specifically addressed catastrophic rail incidents that involve toxic chemicals, a Cyber Rail liability policy, as well as sabotage and terrorism coverage.

    As the President of CSX Insurance Company, she is responsible for managing CSX’s wholly-owned captive subsidiary, which issues 14 polices and writes more than $40 million in premium annually.  Over the past three years, Juliana and her team have reduced claim count by over 30 percent, legal spend by more than 60 percent and reserves by more than 20 percent.  This has allowed the captive company to pay nearly $70 million in dividends.

    Helping keep risk management at the forefront, she also has spoken at CSX’s Continuing Legal Education seminar, the Red Cross Summit, the South Carolina Captive Insurance Association’s annual conference and at Aon’s annual actuary conference.

    She is a past President and current officer of the Railroad Insurance Management Association, serves on the Board of the South Carolina Captive Insurance Association and is a former director of United Insurance Company.


    Scot Schwarting is the Director of Risk Management for Whirlpool Corporation, the world’s largest appliance company with over 70 manufacturing and technology centers and operations in 170 countries. Whirlpool has 97,000 employees in 74 countries and net sales of approximately $21 billion.

    Scot is responsible for market, organizational and strategic risks and insurance. Additionally, he is responsible for delivering ERM around the world. This requires him to interview international leaders to assess functional risks and the reporting of overall ERM successes and opportunities to the Executive Finance Committee.

    Since 2007, Scot and his team have successfully implemented substantial cost savings and program enhancements to Whirlpool’s risk transfer programs, as well as continually working to change the corporate culture from a reactive posture to a proactive one in dealing with risk management issues.  As a result, the organization’s Total Cost of Risk decreased from $1.87 per share in 2007 to $0.89 at the end of 2015. It was able to retain 97 percent of losses and, as a group, completed 252 projects allowing redeployment of $75 million in cash and reducing risk by $122 million.  

    Most recently, Scot has played a key role in several of Whirlpool’s strategic initiatives that included converting a banking based financial guarantee program for tax litigation in Brazil, consolidating and restructuring Whirlpool’s European operations, spearheading a sprinkler project throughout key facilities in South America, leading a comprehensive captive expansion study, among others.

    He is committed to developing talent inside and outside of Whirlpool’s Risk Management Department. Scot encourages and promotes opportunities to excel, challenging others to take responsibility of assigned programs and providing data and analytics guidance to help anticipate the market’s next move. He contributes to the risk management community through speaking engagements and by providing material used in RIMS textbooks and reports.