RISK MANAGEMENT TRENDS FOR 2015 November 26, 2014 Presented by: Carolyn M. Snow RIMS President Director, Risk Management, Humana Inc. Mary Roth RIMS Executive Director

WHO WE ARE… Carolyn Snow Director of Risk Management, Humana Inc. Carolyn joined Humana fourteen years ago, progressively managing clinical and operational risks, as well as its corporate insurance program. Her prior experience includes VP of Marketing at Aon Risk Services and in Underwriting and Marketing management positions with Fireman’s Fund and Cigna P&C. Currently RIMS president, she served in a number of board roles, while volunteering as Risk Manager in Residence at Appalachian State, Ball State University, Temple University and University of Central Arkansas. Carolyn is a member of the Advisory Board for the Business Insurance Risk Management Summit, was named to BI’s Women to Watch list in 2009, and is a member of Eastern Kentucky University Risk and Insurance Advisory Council. Mary Roth RIMS Executive Director Mary Roth is the Executive Director of the Risk and Insurance Management Society, Inc. (RIMS). Ms. Roth joined RIMS in Since that time, she has served in such roles as Assistant Director of Research and Director of Membership and Chapter Services. Additionally, Ms. Roth is the President of the International Federation of Risk and Insurance Management Associations’ (IFRIMA). She holds the Insurance Institute of Americas Associate in Risk Management (ARM) designation and is a member of the American Society of Association Executives. In 2006, Ms. Roth was featured in the Business Insurance “Women to Watch” issue.

3 THE FUTURE OF THE PROFESSION

RIMS I MARSH EXCELLENCE IN RISK MANAGEMENT XI Published: April 2014

EXCELLENCE IN RISK MANAGEMENT XI RIMS I MARSH

KEY THEMES RIMS I MARSH

EMERGING IMPLICATIONS: CONVERGENCE WITH STRATEGIC MANAGEMENT

CONVERGENCE WITH STRATEGIC MANAGEMENT RIMS I MARSH

CONVERGENCE WITH STRATEGIC MANAGEMENT RIMS I MARSH

CONVERGENCE WITH STRATEGIC MANAGEMENT RIMS I MARSH

EMERGING IMPLICATIONS: RISK MANAGEMENT, TECHNOLOGY, AND DATA ARE UNDER-LEVERAGED

RISK MANAGEMENT, TECHNOLOGY, AND DATA ARE UNDER-LEVERAGED RIMS I MARSH

IS RISK MANAGEMENT UNDER-LEVERAGED? RIMS I MARSH

EMERGING IMPLICATIONS: DEVELOPING “RISK KNOWLEDGE CENTERS”

DEVELOPING “RISK KNOWLEDGE CENTERS” RIMS I MARSH

EMERGING IMPLICATIONS: NEW SKILLS AND DEVELOPMENT PATHS FOR RISK MANAGEMENT PROFESSIONALS

NEW SKILLS AND DEVELOPMENT PATHS FOR RISK MANAGEMENT PROFESSIONALS RIMS I MARSH

EXCELLENCE IN RISK MANAGEMENT XI: A LOOK BACK AS WE MOVE FORWARD

A LOOK BACK AS WE MOVE FORWARD 2004 Excellence Conclusions2014 Excellence Findings Risk management shifted from purchasing insurance to controlling losses and quantifying costs of risk. Risk management has evolved into a more strategic role. Elevating the visibility of the risk management function to enhance effectiveness. Risk management now viewed as a strategic function. Leverage technology for efficiency and capture data at its source. Expand and integrate analytical tools and processes beyond traditional borders to improve decision making. Risk tolerance must be analyzed on a regular basis.Progressive improvement in the use of analytics to better understand risk-bearing capacity. Organizations must focus on the career development of risk management professionals. The C-suite identified a greater risk management need in strategy and business acumen. Rotation through business units.Risk management is a rotational role for high- potential individuals. Comparing 2004 Excellence Conclusions to 2014 Findings RIMS I MARSH

EXCELLENCE IN RISK MANAGEMENT XI: THERE’S ALWAYS MORE DO!

THERE’S ALWAYS MORE DO!

EXCELLENCE IN RISK MANAGEMENT XI: A CYBER SURPRISE

Thank You THANK YOU!!!! RIMS Website: RIMS Risk Knowledge Library: