Magazine article Risk Management

RIMS Benchmark Survey Goes Online

Magazine article Risk Management

RIMS Benchmark Survey Goes Online

Article excerpt

For years, the Risk and Insurance Management Society, Inc. (RIMS) annual Benchmark Survey has provided risk managers and other financial professionals with the overall cost of risk for organizations of different sizes and genres. Using information submitted by dozens of firms, the survey has been a crucial tool for comparing an organization's cost of risk against its competitors and to gauge the cost effectiveness of the risk management department.

In a change from tradition, last November, RIMS teamed up with Advisen, a developer of insurance software and information sourcing tools to bring the Benchmark Survey online, at www.rims.org/benchmarksurvey. The results have transformed the survey into a dynamic, interactive and constantly updated cost of risk database.

The cost of risk was originally defined as the total cost of a company's risk management functions-net insurance premiums, retained losses, loss prevention expenses and administrative costs. Now, more information is available to support a broader definition.

"It will bring that definition more in line with enterprisewide risk management, which is good, since the Benchmark Survey has historically focused on property and casualty risks," says Chris Mandel, president of RIMS. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.