Now that the annual RIMS Conference & Exhibition is a week in the rearview mirror, I wanted to revisit some of the cool things that came from this year’s show. There were waves of announcements — so many that this writer would have had to clone herself tenfold to attend each one firsthand.
Alas, cloning hasn’t quite hit its stride, so we’re left to what I could see and hear. If you know of something noteworthy not covered here, feel free to leave it in our comments section.
RIMS News –A neat addition in the risk management toolbox, Axco Insurance Information Services Ltd (Axco) has made its Insight Risk Manager tool available to RIMS professional members. The database of regulatory requirements, which was unveiled in June 2014, was developed to provide an independent solution to one of the most pressing problems facing risk managers – confirming that their insurance programs are compliant globally. Insight Risk Manager is intended to provide consistent, up-to-date information, as well as to assist insurance buyers in conducting relevant, informed discussions with their brokers.
Following the addition of 20 new territories in February 2015, the tool now covers 70 jurisdictions and the granting of access as a benefit of RIMS membership marks the next phase of the roll-out.
Aon News: An Aon Risk Solutions study, announced in London, reveals cyber risk entering the Top 10 key risks list for the first time ever. At number 9, cyber risk has become a key risk factor for those 1,400 Aon clients surveyed.
The survey also indicated that damage to brand and reputation is the top overall concern facing global organizations, generally linked to brand and reputation issues in the wake of data breaches.
Marsh News: Don’t look now, but here’s another survey that ranks cyber threats at the top of mind with risk management. The 12th annual Excellence in Risk Management Report prepared by Marsh L.L.C. and RIMS shows an increasing focus on cyber threats as well as detailing where risk managers report within their companies. The study shows that 79% of those surveyed feel risk management is reporting to the right area within the organization. The study shows also that 50% of respondents say the risk management function reports to the CFO or treasurer. The remaining 50% report to other company executives, such as general counsel at 12%, other C-suite members at 8%, chief risk officer at 7%, internal audit and operations at 5% each, and human resources at 2%.
JLT Specialty Insurance Services News: Virtual experiences were plentiful, but none as impressive as JLT’s virtual experience, called “The Future of Risk.” Using cutting-edge Google Cardboard technology, the company wowed people with a 360-degree demo housed on a smart phone and viewed through cardboard viewers. Attendees were given their own cardboard viewers and a list of apps they could download for home use.
More RIMS News: The RIMS folks outdid themselves this year with scores of educational sessions, and with the RIMS Hub, which included a thought leader theater sponsored by The Institutes and offering all-day presentations at the theater, located in the center of the exhibit hall. Plus the Smart Bar, where industry experts were on hand, allowed attendees firsthand access to those experts and to social media an online tutorials.
Spencer Education Winners: Congratulations to Appalachian State University’s risk management student team. They win the Spencer-RIMS Risk Management Challenge. The team, comprised of four risk management students, competed against 18 other universities and delivered the award-winning risk management presentation in front 100 industry leaders at RIMS ‘15.
Members of the Appalachian State University’s winning team included:
Risk Management Hall of Fame Inductees: RIMS and AIG announced Gary E. Bird, James D. Hinton and Reginald A. Pitchford as the 2015 inductees to the Risk Management Hall of Fame (RMHF). The RMHF serves as a means to maintain the history of the field of risk management and recognizes risk practitioners who have made significant contributions to advancing the discipline. Honorees were officially inducted at RIMS 2015 Annual Conference & Exhibition in New Orleans.
Other Award Winners: RIMS announced several awards. They are as follows:
RIMS’ most prestigious honor, the Harry and Dorothy Goodell Award, was presented to Janice Ochenkowski, international director, global risk management for Jones Lang LaSalle in Chicago. 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.
The Ron Judd “Heart of RIMS” Award pays tribute to the legacy of Ron Judd, who served as the RIMS Executive Director for 22 years. Individuals are nominated by chapters for outstanding performance in furthering risk management at the chapter level. This year’s Heart of RIMS recipient is Victoria Nolan, risk and benefits manager, Clean Water Services and an active member of RIMS Oregon Chapter.
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, Anna Bendgen, risk management specialist at Sedgwick, Andrew Bent, senior advisor, EH&S risk at Suncor Energy Inc., and Yelena Urcia, senior global insurance analyst at The AES Corporation were honored for demonstrating exceptional initiative, volunteerism, professional development, achievement, and leadership potential.
The Richard W. Bland Memorial Award was presented to Richard Rabs, immediate past chair of RIMS External Affairs Committee. The award was created by RIMS Kansas City Chapter in 1974 to recognize a member’s dedicated commitment in the area of legislation or regulation.
The Cristy Award was presented to Michael Grosso, risk analyst, Bimbo Bakeries USA. This award acknowledges the individual who earned the highest marks on the three exams required to earn the Associate of Risk Management designation.
RIMS and Business Insurance magazine presented the 2015 Risk Manager of the Year® Award to Kathleen M. Ireland, vice president of global risk management, IBM Corp.
Congratulations to all!