State of the Profession of Risk Management Palm Beach County Chapter of RIMS March 26 th, 2010

Topics of Discussion State of the Profession of Risk Management Working with local Colleges/Universities Educators, Staff, and Students

State of the Profession of Risk Mgt. Healthy /Strong / Powerful Continues to Growing Credibility Respect Presence of Knowledge Appreciation of Value Added Recognition as a Respected Profession Be Proud to Be A Part of this Profession

Risk Management Positions CRO Enterprise Risk Managers Director of Risk Management Vice President of Risk Management Risk Managers Insurance Manager Risk Management Analyst Employee Benefits – Business Continuity

Risk Management Positions (cont.) Employee Benefits Manager Business Continuity Manager Safety & Environmental Manager Claims Manager Clams Analyst

RIMS Membership ,640 Corporate Members 7,876 Deputy Members (2.16 per Corp.) 1,572 Associates of the Society 86 Affiliates 8 Educators 280 Students 42 Retired Total of 9,977

e align and incorporate the “POSE “ process. Strategy What Business are we In? Who is the Customer? What does the customer consider value?

Value Time Risk Management Focus: Hazard and Casualty Risks Scope: Insurance Business Risk Management Financial Operations Management Strategy ERM Focus: Inter-related Business Risks Scope: Align strategy, processes, people, technology and knowledge on an enterprise basis Focus: Individual Business Risks Scope: Business Managers Accountable Risk Management Perspective Steps Along the Risk Management Journey Good corporate governance includes managing risks Integrating risk management functions improves performance, is more cost effective and over time is strategic Managing risks across the enterprise requires common methods and processes

Awareness RIMS On The Hill Society Level Chapter’s Level State Local RIMS Position Papers

Awareness (cont.) Articles in Various Publications Wall Street Journal Risk Management Magazine Risk & Insurance Magazine Business Insurance Treasury Risk Management Magazine National Underwriter Many, Many Others

Life Time Learning RIMS Annual Conference RIMS Regional Conferences Chapter Seminars, I-Days & Chapter Meetings Webinars PodCasts Perpetual Networking Accreditations – ARM, RF, CPCU etc.

RIMS Educational Sources Professional Development Courses Online Courses In-Company Training Webinars PodCasts Enterprise Wide Risk Management Workshop RIMS Fellow (RF) Classes

RIMS Professional Development in Professional Development Classes Some with RF course credit 16 Webinars on a variety of topics 4 PodCasts Business Continuity Management Influenza A (H1N1) & Pandemic Planning Captives in Today’s Environment Getting the Most from Your Case Mgt.

New Professional Development Classes in 2010 Supply Chain Management Advanced Worker’s Comp. Management Global Risk & Insurance Management Strategies Integrating ERM into Strategic Planning Series of CourseCasts on Claims Handling Techniques

Recent RIMS Webinars Work Smarter Not Harder: Risk Management, Safety Workflow & Business Rules 3/25/10 Work Smarter Not Harder: Risk Management, Safety Workflow & Business Rules Surviving the Escalating Medical Costs in Today's Workers' Comp. Mkt. 4/7/10 Surviving the Escalating Medical Costs in Today's Workers' Comp. Mkt. Ocean Cargo: Risky Business 4/15/10 Ocean Cargo: Risky Business Work Smarter, Not Harder 3/25/10 WorkSmarter, Not Harder (Riskonnect)

RIMS Professional Development Online Training Conducting a High Quality Risk Assessment Creating Value: Risk Manager as Innovator (One RF credit given)

Impacts on the Profession Global & Local Economic Conditions Corporate Economic Conditions Corporate Attitudes & Appetites Personal & Professional Attitude Competition Time, Dollars, Competition, Outside Sources

2009 RIMS Membership Stats. Corporate Membership – Down 8.7% Deputy Membership - Down 7% Associates Membership – Down 7.5% Affiliate Membership - Up 87% Student Membership - Up 438.5% Impact of our Economic Sturggles

Affiliate Members Displaced Risk & Insurance Mgt. Professionals Affiliate Members Grew from 46 to 86 in 2009 (Just RIMS Members)

A Bright Spot RIMS Student Memberships up % Bright Students Amazing Educational Experiences Tough Market for Graduates

Gama Iota Sigma (GIS) Professional Risk Management Fraternity 54 Chapters in US, Canada and England 15,000 Members These Students are the Risk Managers of the Future

Keeping Our Profession Strong Strong Risk Assessment / Management Value Approach Risk as Opportunity – Not a hurtle Lifetime Learning Attitude Document Successes Benchmark Programs Be Visible Understand Your Corporate Strategies & Goals

Keeping our Profession Strong (cont.) Lay the Foundation Build Corporate Relationships & Respect Be Ready for the Tough Times – Don’t let them catch you off guard Don’t be Unprepared

In Summary The State of the Profession of Risk Management is “What You Make It” Don’t Let Yourself Down!

Questions?

Student Involvement Vaughn Institute of Risk Management & Ins. – University of Iowa College of Business Principally funded by $3,500,000 of Industry contributions Institutes – Certificate in Risk Management 72 Student 2nd Full Year of the Program Average GPA

Curriculum Principles of Ins. (155 Spring 2010) Corp. & Financial Risk Mgt. (26 Spring 2010) Property & Liability Ins. (38 Spring 2010) Life & Health Insurance (0 Spring 2010) Employee Benefit Plant (47 Spring 2010)

RIMS Chapter Participation Involvement of Students & Staff in Chapter Meetings RIMS Chapter Member Speakers for the Classroom & GIS Chapter Meetings Vaughn Institute Certificate Student Scholarships Contributions to the Vaughn Institute Student Speakers at Chapter Meetings

Industry Mentoring Program Joint effort between Greater Quad Cities Chapter of RIMS / Vaughn Institute / Gama Iota Sigma 9 and 8 Mentors each of the last 2 years Mentoring Web site URL Broadening Students Awareness & Knowledge of the Risk Management & Insurance Industry

Mentoring Process Mentor Application & Resume Student Applications & Essay Student Interviews with Representatives from the Chapter/Institute/GIS Recruitment of Mentors Matching of Mentors & Students Annual Kick Off Meeting Periodic Meetings & Panel Discussions

Mentors Roll To share your knowledge, experience, and wisdom. To provide realistic views, insights, and information on the profession To help students understand networking and help them build a network To challenge your student to think about new ideas, take risks, meet challenges, and optimize opportunities. To provide personal advice and guidance on career searches and to influence ongoing career development

The Mentor Your Commitment A willingness to spend 2-4 hours per month Mentor 1-2 students. One-on-one meetings Attend three events for all mentors and mentees November Kick-Off Business Etiquette Event Concluding Reception

The Mentor (cont.) Arrange for one or two mock interviews and provide constructive feedback on the interview to your student. Participate on an industry panel discussion covering a relevant topic identified by mentors or mentees Write a short article on a relevant topic that will be posted as a blog on the web site. Other mentors and mentees will be asked to provide additional information, ask questions, or comment on the topic.

Student’s Roll Attend student orientation Attending three group meetings—Kick-Off, Business Etiquette, concluding event Attending 2-3 panel discussions led by mentors Participate in 3 meetings or activities with your mentor Post and answer questions on the blog site Blog about what you are learning from mentoring Completing activity reviews and a final program evaluation. Inviting your mentor to a University event

In Summary Get to know your College/University Get to know their Educators Get to know the School’s Administrators Get to Know the Students Engage the Students

I Leave You With This Be careful of your thoughts, for your thoughts become your words Be careful of your words, for your words become your deeds Be careful of your deeds, for your deeds become your habits Be careful of your habits, for your habits become your character Be careful of your character, for your character becomes your destiny (Credibility by Kouzes Posner)

Questions?