RIMS Standards & Practices Committee

RIMS Conference Session 2012

www.rims.org

What standardization would RIMS want?

• Different levels and types of consensus documents may include:

– Standards

– Practices

– Guides

– Technical reports

– White papers

– Articles, etc.

Risk Standards and Guidelines:RIMS Executive Report March 2011

An Overview of Widely Used Risk Management Standards and Guidelines

By RIMS ERM and Standards and Practices Committees

RIMS Approved as Accredited Standards Organization by ANSI 7/15/2011

NEW YORK (July 15, 2011) — RIMS today announced that it has been approved as an accredited standards development organization by the American National Standards Institute (ANSI) Executive Standards Council.

This status will increase RIMS’ profile in the standards and practices arena by enabling it to take a lead role in shaping and developing risk management standards. RIMS aims to begin standards development in early 2012.

“Developing and distributing standards is vital to ensuring consistently high levels of practice in organizations worldwide, and has been top of mind for RIMS’ since we formed our Standards and Practices Committee in 2009 “This approval, in conjunction with the efforts of our membership, will undoubtedly serve to foster a culture of risk management across sectors.”

Lori Seidenberg, RIMS board member VP, ERM Centerline Capital Group.

RIMS as an SDO

ANSI’s Executive Standards Council approved RIMS as an ANSI accredited standards developer (ASD) effective July 8, 2011.

Based on RIMS membership and surveys; Help build, partner, or support consensus standards to reflect the broad

risk industry challenges and opportunities. Support or drive diverse discussions to better understand risks, mitigate

threats and maximization of opportunities. Help identify, and in some cases explore areas/industries/sectors in

need of further review, enhancement or comparison.

How does being an SDO help RIMS members?

Ability to help craft ANSI’s position with regard to risk management standards. Contribute to US position concerning international risks. Obtaining consensus based on membership input. Help RIMS support or drive standards requirements, recommendations, and

practices that can impact membership. Provide a conduit for RIMS to keep a global view concerning S&P documents

(RIMS members cover over 120 countries). Support communication channels between various stakeholders within risk

standard and practice development universe.