Magazine article Risk Management

A Year in Review

Magazine article Risk Management

A Year in Review

Article excerpt

It is hard to believe that 12 months have passed since I became RIMS president. What a year it has been!

We have seen many changes in our-industry, especially regarding solvency, contingency fees and TRIA. RIMS has taken an active role with federal, state and regulatory officials to respond to these issues on behalf of our members. For example, the months since the launch of Eliot Spitzer's investigation have been full of activity for RIMS officials and governmental affairs staff. Leadership at RIMS is working to facilitate regulatory changes to contingency fee structures to benefit our members.

I am very fortunate to have had a strong team of Executive Council members who have diligently responded to the evolving needs of our members by focusing on our strategic plan and specifically RIMS' four key strategic areas: membership, education, conference and technology.

This year we have seen all increase in our member ship as well as in attendance at our educational offerings. As of January 2005, we had a record-setting 9,044 individual members. We have seen a 22% increase in registrations in our professional development courses over the same period last year, and we now have 103 RIMS Fellow candidates and 50 RIMS Fellows.

Our conference in Philadelphia this year has top-quality educational offerings and an exhibit hall that is second to none. It is a great place to get new ideas, discuss important issues, network with peers, create new business contacts and learn what is happening in the industry around the globe. I know that Hawaii in 2006--which has been designated an official International Federation of Risk & Insurance Management Associations (IFRIMA) conference--and New Orleans in 2007 will be no exception.

As for technology, we continue build on and benefit from our investment in our website ( These benefits are not only financial but include staff and process efficiencies.

In October 2004, a successful ERM Forum was held in the RIMS office in New York attended by 19 senior risk managers. I took that opportunity to strike an ERM task force chaired by John Phelps and included in its mandate is to develop a three- to five-year strategic plan to include an ERM roadmap for RIMS members.

As president, I traveled extensively, meeting, with our members at a number of chapter meetings and regional conferences. …

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