State of the Profession of Risk Management

Palm Beach County Chapter of RIMSMarch 26th, 2010

Topics of Discussion

• State of the Profession of Risk Management

• Working with local Colleges/UniversitiesEducators, Staff, and Students

State of the Profession of Risk Mgt.

• Healthy /Strong / Powerful• Continues to Growing

CredibilityRespectPresence of KnowledgeAppreciation of Value AddedRecognition as a Respected Profession

• Be Proud to Be A Part of this Profession

Risk Management Positions

• CRO • Enterprise Risk Managers• Director of Risk Management• Vice President of Risk Management• Risk Managers• Insurance Manager• Risk Management Analyst• Employee Benefits – Business Continuity

Risk Management Positions (cont.)

• Employee Benefits Manager• Business Continuity Manager• Safety & Environmental Manager• Claims Manager• Clams Analyst

RIMS Membership 2009

• 3,640 Corporate Members• 7,876 Deputy Members (2.16 per Corp.)• 1,572 Associates of the Society• 86 Affiliates• 8 Educators• 280 Students• 42 Retired• Total of 9,977

• e align and incorporate the “POSE “ process.• Strategy

What Business are we In?

Who is the Customer?

What does the customer consider value?

Value

Time

Risk Management• Focus: Hazard and

Casualty Risks

• Scope: Insurance

Business Risk Management

Financial

Operations

Management

Strategy

ERM• Focus: Inter-related

Business Risks

• Scope: Align strategy, processes, people, technology and knowledge on an enterprise basis

• Focus: Individual Business Risks

• Scope: Business Managers Accountable

Risk Management Perspective

Steps Along the Risk Management Journey

• Good corporate governance includes managing risks• Integrating risk management functions improves

performance, is more cost effective and over time is strategic

• Managing risks across the enterprise requires common methods and processes

Awareness

• RIMS On The HillSociety LevelChapter’s Level

StateLocal

• RIMS Position Papers

Awareness (cont.)

• Articles in Various PublicationsWall Street JournalRisk Management MagazineRisk & Insurance MagazineBusiness InsuranceTreasury Risk Management MagazineNational UnderwriterMany, Many Others

Life Time Learning

• RIMS Annual Conference• RIMS Regional Conferences• Chapter Seminars, I-Days & Chapter Meetings• Webinars• PodCasts• Perpetual Networking• Accreditations – ARM, RF, CPCU etc.

RIMS Educational Sources

• Professional Development Courses• Online Courses• In-Company Training • Webinars• PodCasts• Enterprise Wide Risk Management Workshop• RIMS Fellow (RF) Classes

RIMS Professional Development in 2009

• 49 Professional Development Classes Some with RF course credit

• 16 Webinars on a variety of topics• 4 PodCasts

Business Continuity ManagementInfluenza A (H1N1) & Pandemic PlanningCaptives in Today’s EnvironmentGetting the Most from Your Case Mgt.

New Professional Development Classes in 2010

• Supply Chain Management• Advanced Worker’s Comp. Management• Global Risk & Insurance Management

Strategies• Integrating ERM into Strategic Planning• Series of CourseCasts on Claims Handling

Techniques

Recent RIMS Webinars

• Work Smarter Not Harder: Risk Management, Safety Workflow & Business Rules 3/25/10

• Surviving the Escalating Medical Costs in Today's Workers' Comp. Mkt. 4/7/10

• Ocean Cargo: Risky Business 4/15/10• Work Smarter, Not Harder 3/25/10

(Riskonnect)

RIMS Professional Development

• Online TrainingConducting a High Quality Risk Assessment Creating Value: Risk Manager as Innovator (One RF credit given)

Impacts on the Profession

• Global & Local Economic Conditions• Corporate Economic Conditions• Corporate Attitudes & Appetites• Personal & Professional Attitude• Competition

Time, Dollars, Competition, Outside Sources

2009 RIMS Membership Stats.

• Corporate Membership – Down 8.7%• Deputy Membership - Down 7%• Associates Membership – Down 7.5%• Affiliate Membership - Up 87%• Student Membership - Up 438.5%

Impact of our Economic Sturggles

Affiliate Members

• Displaced Risk & Insurance Mgt. Professionals

• Affiliate Members Grew from 46 to 86 in 2009(Just RIMS Members)

A Bright Spot

• RIMS Student Memberships up 228 - + 438.5%• Bright Students• Amazing Educational Experiences• Tough Market for Graduates

Gama Iota Sigma (GIS)

• Professional Risk Management Fraternity• 54 Chapters in US, Canada and England• 15,000 Members

• These Students are the Risk Managers of the Future

Keeping Our Profession Strong

• Strong Risk Assessment / Management Value• Approach Risk as Opportunity – Not a hurtle• Lifetime Learning Attitude• Document Successes• Benchmark Programs• Be Visible• Understand Your Corporate Strategies & Goals

Keeping our Profession Strong (cont.)

• Lay the Foundation• Build Corporate Relationships & Respect• Be Ready for the Tough Times –

Don’t let them catch you off guard Don’t be Unprepared

In Summary

• The State of the Profession of Risk Management is

“What You Make It”

• Don’t Let Yourself Down!

Questions?

Student Involvement

• Vaughn Institute of Risk Management & Ins. – University of Iowa College of Business

Principally funded by $3,500,000 of Industry contributions

• Institutes – Certificate in Risk Management72 Student 2nd Full Year of the Program

• Average 3.383 GPA

Curriculum

• Principles of Ins. (155 Spring 2010)• Corp. & Financial Risk Mgt. (26 Spring 2010)• Property & Liability Ins. (38 Spring 2010)• Life & Health Insurance (0 Spring 2010)• Employee Benefit Plant (47 Spring 2010)

RIMS Chapter Participation

• Involvement of Students & Staff in Chapter Meetings

• RIMS Chapter Member Speakers for the Classroom & GIS Chapter Meetings

• Vaughn Institute Certificate Student Scholarships

• Contributions to the Vaughn Institute• Student Speakers at Chapter Meetings

Industry Mentoring Program

• Joint effort between Greater Quad Cities Chapter of RIMS / Vaughn Institute / Gama Iota Sigma

• 9 and 8 Mentors each of the last 2 years• Mentoring Web site URL http://www.biz.uiowa.edu/rmimentors/• Broadening Students Awareness & Knowledge

of the Risk Management & Insurance Industry

Mentoring Process

• Mentor Application & Resume• Student Applications & Essay• Student Interviews with Representatives from

the Chapter/Institute/GIS• Recruitment of Mentors• Matching of Mentors & Students• Annual Kick Off Meeting• Periodic Meetings & Panel Discussions

Mentors Roll

• To share your knowledge, experience, and wisdom. • To provide realistic views, insights, and information on the

profession • To help students understand networking and help them build

a network • To challenge your student to think about new ideas, take

risks, meet challenges, and optimize opportunities. • To provide personal advice and guidance on career searches

and to influence ongoing career development

The Mentor

• Your Commitment• A willingness to spend 2-4 hours per month • Mentor 1-2 students. One-on-one meetings • Attend three events for all mentors and mentees

November Kick-Off Business Etiquette Event Concluding Reception

The Mentor (cont.)

• Arrange for one or two mock interviews and provide constructive feedback on the interview to your student.

• Participate on an industry panel discussion covering a relevant topic identified by mentors or mentees

• Write a short article on a relevant topic that will be posted as a blog on the web site. Other mentors and mentees will be asked to provide additional information, ask questions, or comment on the topic.

Student’s Roll• Attend student orientation • Attending three group meetings—Kick-Off , Business

Etiquette, concluding event • Attending 2-3 panel discussions led by mentors• Participate in 3 meetings or activities with your mentor • Post and answer questions on the blog site • Blog about what you are learning from mentoring • Completing activity reviews and a final program evaluation.

• Inviting your mentor to a University event

In Summary

• Get to know your College/University• Get to know their Educators• Get to know the School’s Administrators• Get to Know the Students• Engage the Students

I Leave You With This

• Be careful of your thoughts, for your thoughts become your words

• Be careful of your words, for your words become your deeds• Be careful of your deeds, for your deeds become your habits• Be careful of your habits, for your habits become your

character• Be careful of your character, for your character becomes your

destiny

(Credibility by Kouzes Posner)

Questions?