RIMS razzle-dazzle
President talks about plans for the year, with risk manager quality matrix heading the list
By Michael J. Moody, MBA, ARM
Historically, the annual conference of the Risk and Insurance Management Society (RIMS) marked the changing of the guard for RIMS as a new president was introduced each year at the annual event. This has changed recently, according to Janice Ochenkowski, RIMS president.
Ochenkowski points out, “Over the past couple of years, we have rearranged the terms of the Society’s officers, so that the term of a new president will be on a calendar year basis.” While there are several budgeting and financial reasons for this change, Ochenkowski says that one of the primary reasons was so “the sitting president could have their own conference.”
Since there was always an outgoing and incoming president, the conference did not belong to either. “Now,” she says, “the sitting president can use the conference to better advance his or her goals and agendas.”
Continued emphasis on quality
For the past several years, RIMS has placed a major emphasis on quality-related initiatives. The initial effort, which was launched two years ago, was directed at brokers and quality. Then Ochenkowski says, last year’s emphasis was on insurance company quality. “This year,” she says, “is set aside for quality and the risk manager. It’s important that we also look inward.” Accordingly, the first aspect of this quality initiative will be the development of a risk management matrix, which will distinguish the criteria that will identify a “good risk manager.”
Among other things, the matrix will be segmented into several categories, according to Ochenkowski. “This will allow us to have different criteria for entry-level positions as opposed to someone with 20 years’ experience. Thus, we will identify what skill sets will be required at each level,” she says. This is essential, she states, since “we then need to follow up by providing the necessary tools, checklists, courses, programs, etc., that will allow the member to obtain those skill sets.” She goes on to state that this is also important “so that our members will be able to move from one level to the next.”
The first step in this initiative, the creation of the matrix, will be presented at the conference. RIMS will also provide details regarding the development of a strategy for the educational program. But, Ochenkowski points out, the educational portion will be evolu-tionary and will likely never be finished. “We will need to continue to adapt to address the new issues in the profession, so we realize frequent changes will be required.”
Other issues
Ochenkowski also notes the increasing importance of enterprise risk management (ERM). She says that RIMS has gotten involved in ERM and “we are working to move the ERM initiative along and to continue to position ourselves as the thought leaders in this area.” In that regard, she says, “We have put up the resources to continue this effort and now we have a board commitment to move forward as well.” However, she says, “Education is the keystone here and, as such, we will continue to expand and develop more ERM offerings.”
A quick review of the RIMS education sessions illustrates the commitment to ERM. However, one of the other changes that also signals this commitment to ERM is their Tuesday keynote luncheon program. Historically, Ochenkowski notes, “This was the time slot for the CEOs of insurance companies and brokers.” And while these have been spirited discussions in the past, she says that RIMS is now moving toward a “risk leaders” series. The primary focus of these presentations will be to have current corporate board members discuss the importance of risk management in today’s business environment.
Ochenkowski’s real job is managing director at Jones Lang LaSalle, Inc., where she is responsible for this leading global real estate and investment management firm’s risk management program. To get this new format off on the right foot, she has chosen to have her boss, Lauralee Martin, CFO and COO of Jones Lang LaSalle, Inc., as the luncheon speaker. Martin’s topic will be “Risk Management Belongs in the C-Suite.”
RIMS will also be continuing a long-standing commitment to the legislative arena. Ochenkowski points out that, in past years, RIMS has gotten involved in many legislative initiatives. “We typically have served as the ‘voice of the buyer’ with regard to activities in Washington, D.C., and it’s important to maintain that important role.” Recently, for example, RIMS has played a key role in the TRIA debate.
“And this effort must continue,” says Ochenkowski. There are a number of other important areas coming up, such as surplus lines and the optional federal charter, “and we must continue in our role as representing the insurance buyer.” And she also notes, “There are also a number of state-specific efforts that RIMS needs to get involved in.”
Finally, Ochenkowski points to RIMS’ active support for the various educational foundations. And while RIMS has responded with funding, she says, “It’s not just dollars either; we are investing time and talent as well.” Obviously, “it is very important to help with the next generation of risk managers.”
Conclusion
Ochenkowski is justifiably proud of the RIMS organization. “As an organization, we are prepared to take advantage of the many opportunities that are available to us today.” And she is aware that “we are able to provide our members with the support they need to capitalize on all this attention in a positive way.”
It’s clear at this point that RIMS has gotten on the ERM bandwagon in a big way. As a result, they are moving aggressively to take advantage of the changes in the profession. While it is important for risk management professionals to understand the latest trends with regard to corporate risk management, agents and brokers should also consider taking advantage of the educational opportunities available at the RIMS conference. As more and more agents and brokers are exploring various value-added services to differentiate their agencies, corporate insurance buyers are looking for assistance with high-level risk management-related issues. RIMS has made a commitment to ERM; isn’t it about time that the brokerage community does the same? *