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Women of Distinction. Risk Managers of the Year Share Their Wisdom. Agenda. Introductory remarks Introductory presentations AAA NCNU Prince William County, Virginia Alvarez & Marsal The Coca-Cola Company Moderated discussion/Q&A Summary and closing remarks. The panel. - PowerPoint PPT Presentation
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Recording of this session via any media type is strictly prohibited.
Women of DistinctionRisk Managers of the Year
Share Their Wisdom
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• Introductory remarks • Introductory presentations• AAA NCNU
• Prince William County, Virginia
• Alvarez & Marsal
• The Coca-Cola Company
• Moderated discussion/Q&A • Summary and closing remarks
Agenda
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• Moderator:Chris Mandel (2004 Risk Manager of the Year)Sedgwick - SVP, Strategic Solutions
• Speakers:Grace Crickette (2012 RMOTY Honor Roll)AAA Northern California, Nevada & Utah – SVP and CRO
Lori Gray (2013 Risk Manager of the Year)Prince William County - Risk Management Division Chief
Sheila Small (2003 Risk Manager of the Year)Alvarez and Marsal - Managing Director, Insurance Advisory Services
Laurie Solomon (2011 RMOTY Honor Roll)The Coca-Cola Company - Director, Risk Management
The panel
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CHRIS MANDELSVP, Strategic Solutions
Sedgwick
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GRACE CRICKETTESVP, Chief Risk and Compliance Officer
AAA - Northern California, Nevada & Utah
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Background
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Building credibility - influencers
Miami U. CBE and RIMS 2013 Experimental Study Results
YourCompetence
Recipient’sCritical
analysis
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Deepen your knowledge
Your competence
• Actuarial• Multi-discipline• Operations• Business intelligence• Systems technology• Presentation skills• Backbone
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How and what to report to the boardReports must be consistent
Educate & engage recipient
• Timely data-valuation
• Meaningful data
• Avoid raw data
• Tell the Story
• Data dictionary
• Know / explain the objective
• Multiple communication channels
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LORI GRAYRisk Management Division ChiefPrince William County
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Lori Gray, Prince William County, VA
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Background
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A success built from scratch
• Risk assessment
o Met with all department directors
o Met with other managers of “high risk” operations
Began rebuilding the risk management program in 1999
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Accomplishments
• Restructured insurance programs & added additional critical coverage
• Implemented county-wide safety initiatives
• Implemented data tracking to determine the “drivers” of claims (summarized in an annual risk report)
• Engaged departments in risk management
• Improved the Public Safety Employee Health Clinic
• Hands-on management of the claims program
• Developed an environmental program
• Implemented wellness Initiative for all employees to reduce healthcare costs
• Risk management is now part of the county’s culture
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Key county-wide initiatives
Risk management annual report
• Risk management services
• Overview of county statistics by coverage
• Department statistics by coverage
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Risk Manager’s Award Safe Driving Award Safety Award forExcellence (SAFE) - Individual
Key county-wide initiatives
• Greatest average reduction in the department’s severity, frequency, and incident rates of occupational injuries/illnesses
Annual safety awards
• Greatest average reduction in the department’s preventable collision frequency rate
• Recognizes employees who have excelled in environmental, health and wellness, safety and risk management
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Key county-wide initiatives
Candidate Physical Ability Testing (CPAT)
Panel physician's breakfast
New employee orientation
Driver program
Environmental management system
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• Business Insurance Magazine “Risk Manager of the Year” - Lori Gray
• American Society of Safety Engineers (ASSE) “Safety Professional of the Year (SPY)” for Region VI - David Wenzel
• Public Risk Management Association (PRIMA) first place recipient for “Back into Zero” safety campaign
• Department of Environmental Quality's Sustainability Partner’s award
• 2003 to 2013 – Seventeen additional awards from PRIMA, National Association of Counties (NACO), and six environmental excellence awards
Award winning program
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Savings to the taxpayers
• $15 million in dividends since 2001
• Injury incident rate per 100 employees, which was 9.0 or more, has been between 5.0 and 6.0 since 2004
• Lost workday incident rate remains under 2.0 since 2003
• Liability program losses remain under $30,000 annually
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• Sell, sell, and sell…
• Relationships are essential
• Data is key
• Never quit trying
• Put your money where your mouth is
• Strive for excellence
Recommendations
Remember…everyone wants to be on a winning team
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SHEILA SMALLManaging Director, Insurance Advisory ServicesAlvarez and Marsal
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Professional background
21 years heading risk management at Verizon Corporation
Retired after 39+ years at Verizon or its predecessor companies. Responsibilities spanned engineering, long range planning, and financial planning and analysis
Last year was a key member of the pension transfer team that moved over $8.0B of pension liabilities to Prudential Insurance
Managing Director at Alvarez and Marsal Insurance and Risk Advisory Services
Current
Previous
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“25 Women to Watch” Risk Innovator Award
Outstanding Captive of the Year Award (CICA)
Ranked #10 in the Power 50 and #3 for captive owners in Captive
Review magazine
Top 100 Women in the Insurance Industry
2003 Risk Manager of the Year
Recognized within the risk management community
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Launched the cell phone warranty insurance program Launched the first of its kind affinity program Settled the 9/11 claim in under two years – largest non-litigated
settlement at the time Grew the Verizon captive to become the cornerstone of the risk
management strategy• 75% of insurance spend underwritten by captive
• Significant profit center
• Over 25 programs written annually
• Received DOL approval for group life insurance
• Built bridges with HR, Legal and other business units
Closed down an acquired captive (GTE RE) under a Rhode Island Commutation Law
Career key accomplishments
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Personal attributes of success
• Maintain balance in your life• Work hard and smart• Prioritize work assignments• Be respectful of others• Live your life one minute at a time• Delegate• Continue to improve and educate• Be a team player
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Balancing home and the office
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Recording of this session via any media type is strictly prohibited.
Be Prepared for the Unexpected
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Verizon Communications Inc.Vs.
Inverizon International Inc.
What’s in a name?
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1. In June, 2000, Bell Atlantic merged with GTE
2. Decision was made to launch new name, new brand
3. Firms specialize in creating new names • Accenture, Altria, Google
Choosing a new name
Verizon chosen as new name/brand
4. Once name is chosen, searches are made to:• Ensure the word does not have negative
connotation anywhere in the world• Name does not infringe on existing brand
5. Two companies surfaced in search• VeriSign• Inverizon
Notified VeriSign Ignored Inverizon
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July 25, 2000: Inverizon sends cease and desist letter claiming “overlap” between the two companies:
Then what happened?
• Consulting services
• Database design
• Website design
• Computer hardware and software advice
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• Founded by Dr. McLaren, who left Monsanto and formed his own agricultural consulting business
• Dr. McLaren and his wife are sole officers
• Claims his business is in “communications” work because physiology addresses how “cells communicate with each other”
• Claims there is confusion because customers of Verizon are potential customers of Inverizon
Who is Inverizon?
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• No likelihood of confusion
• No one confuses “Dr. McLaren” with the phone company
• Agricultural consulting services versus telecommunications consulting services
• Logos differ in design and color
• Inverizon could not prove loss in business or revenues
Verizon’s defense
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Case’s “bad” facts
Inverizon’s counsel was setting unrealistic
expectations
First demand: $19.5M
Verizon’s brand valued at $15B was at risk at a
jury trial
Case held in state court in St. Louis, Missouri, rather
than federal court
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Case outcome
Decision made to settle with
plaintiff
Payment was in the millions
Verizon saw this as a good result due to the risk
of its brand name
Be prepared.Don’t take anything for granted.
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Lessons learned
• Assess and evaluate risks• Design a plan• Don’t leave anything to chance• Protect your interests• Be prepared for the unexpected
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Recording of this session via any media type is strictly prohibited.
Summary:
Planning is KEY
If you fail to plan, the consequences can be expensive and painful
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LAURIE SOLOMONDirector Risk ManagementThe Coca-Cola Company
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My Background
• Liberal arts undergraduate• Learn• Think• Analyze• Communicate
• 10 years national accts underwriting• Technical• Team leader• Internal sales• Customer-facing
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• 19 years at The Coca-Cola Company• RM department has 20 people:• Insurance placement• Finance• Claims• Data/systems
• Partners: Legal, finance, safety, quality, ERM, marketing, HR, technical, manufacturing ops, etc.
• Focus: Embedding risk management process, efficiency and loss reduction throughout the company
Today
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Starting out
Ask for help! Collect nuggets• Target stores example
You can’t make awrong choice
– try anything
Recognizeexperience
gaps
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• Ask questions!• Information is knowledge• Time brings experience• Comfort in material allows confidence• Knowledge + experience + confidence = CREDIBILITY• Olympics example
Building expertise & credibility
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• Into the mountain: Lime mine in Mexico, MO• You can do more than you think!• India arrival
• $12 billion CCE North American acquisition
• Maintain humor & creativity• Swaziland
• The Amazon & Africa
Stretch experiences - personal successes
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Partnership Take charge or delegate?Yes to both
Management lesson
CONTROL EMPOWER
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Style matters
Recognize others – share the credit
High expectations, but fair
Committed and loyal to partners
and staff
Communication in all directions
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Coca-Cola values
Accountability: If it is to be, it's up to me
Passion: Committed in heart and mind
Diversity: As inclusive as our brands
Leadership: The courage to shape a better future
Collaboration: Leverage collective genius
Integrity: Be real
Quality: What we do, we do well
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Recording of this session via any media type is strictly prohibited.
Final tips:
• Find confidantes you respect and trust• Coaches may be in strange places• Positivity - “Things generally work out”
• Integrity - Make the hard choices and model what you’d like to see in others
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Questions & AnswersAn interactive audience participation
Session: What’s on your minds?
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Contacts:
Chris Mandel [email protected]
Grace Crickette [email protected]
Lori Gray [email protected]
Sheila Small [email protected]
Laurie Solomon [email protected]
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• Moderator:Chris Mandel [email protected]
• Speakers:Grace Crickette [email protected]
Lori Gray [email protected]
Sheila Small [email protected]
Laurie Solomon [email protected]
Contact information
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Recording of this session via any media type is strictly prohibited.
Please complete the session survey on the RIMS14 mobile application