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Q&A: John Phelps, Risk & Insurance Management Society

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Q&A: John Phelps, Risk & Insurance Management Society

John Phelps, director of business risk solutions for Jacksonville, Fla.-based Blue Cross and Blue Shield of Florida Inc., is the 2013 president of the Risk & Insurance Management Society Inc. He recently spoke with Business Insurance Senior Editor Rodd Zolkos about his plans as RIMS president and what the society has meant to his career. Edited excerpts follow.

Q: What will be some of your key goals or the areas you expect to focus on in your year as RIMS president?

A: To answer that we need to back up just a little bit and realize what the evolution of RIMS has been in the past several years. There have been a lot of changes in RIMS, a lot of positive things.

I think growth will come from various areas in membership ... people in other professions within business that are doing risk management but don't see themselves as that, as well as the young professionals. We hope to continue to evolve our educational programming and networking opportunities as well. We've had some innovative reports that have come out over the past year and a half, two years, and we want to continue doing more of them. And, in addition to our work with strategic risk management and enterprise risk management, offering resources for traditional risk management methods has always been a staple of this society. I will ensure that we continue to focus the society's resources on helping all risk professionals achieve their goals.

Lastly, I think it's extremely important that we think globally. We want to be the risk management society for our members no matter where they are on the globe.

Q: What sort of changes do you see RIMS undergoing in order to better serve its members in the face of a changing business and risk environment?

A: It's not just the risk management profession but something we see in business in general — the next generation of risk managers. There are many people that are in my circumstances that'll be looking at phasing out of the risk management profession in a few years and the challenge for us is to help young professionals understand that RIMS is the society where someone that is vibrant, that's innovative, that's energetic, there's a place for them in leadership in the risk management discipline and RIMS can be their voice.

Q: You've been a RIMS member nearly 33 years. What advice would you share with newcomers to the profession?

A: Well, this one's real easy for me. Never stop learning. It borders on just a colorful saying, but it really is true when you take it apart. Now, many people will hear that and think, well, that means you need to sign up for the RIMS educational programs, you need to look for certifications, and it's yes to all of that. But that's not really what I mean by never stop learning. That's a part of it. What you get in the classroom, what you can pick up in networking are all very important parts of it.

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But learn within your organization. Why does the organization operate the way it operates? Where are the power points? Where are the potential weaknesses? That's also learning. The more you can learn about how your organization operates from strategy formation right down to getting the product out the door, the better risk manager you're going to be.

Q: How has RIMS affected or benefited your own career?

A: When I was a fledgling risk manager in Rochester, N.Y., I needed a lot of help. I knew insurance contracts in and out but I needed help with what it meant to be in a risk management capacity for a company, and RIMS provided that through networking and the educational programs that they have.

I can remember my first RIMS conference and looking out over the exhibit hall and it just took my breath away. I'll never forget that moment, and it struck me how immense this industry is and how many lives it touches, benefits and provides value for. I was humbled just to be part of it and I still am today.