Business Insurance created the Risk Manager of the Year^® award in 1977 to increase recognition of the risk management profession and to recognize outstanding performance in the practice of risk management.

The Risk Management Honor Roll^® was introduced in 1981.

Honorees are selected by an independent panel of judges that includes winners from the previous year, insurance industry executives, an academic and a representative of the Risk & Insurance Management Society Inc., which co-sponsors the awards.

Judges for the 2014 awards were: Lori J. Gray, risk manager of Prince William County, Va., and the 2013 Risk Manager of the Year^®.

Michael D. Horvath, senior vice president of risk management at Simon Property Group Inc. in Indianapolis and a member of the 2013 Risk Management Honor Roll^®.

Chad C. Jackson, staff director of risk management at FedEx Corp. in Memphis, Tenn., and a member of the 2013 Risk Management Honor Roll^®.

James Jones, director of the Katie School of Insurance and Financial Services at Illinois State University in Normal, Ill.

Kevin T. Kenny, executive vice president and head of insurance brokerage and consulting at Wells Fargo Insurance Services USA Inc. in Madison, N.J.

Thomas F. Motamed, chairman and CEO of CNA Financial Corp. in Chicago.

Michael D. Phillipus, director of property insurance and risk management at Occidental Petroleum Corp. in Houston and on the board of directors of the Risk & Insurance Management Society Inc.

Dennis G. Royer, senior director of risk management at AutoNation Inc. in Fort Lauderdale, Fla., and a member of the 2013 Risk Management Honor Roll^®.

The judges scored each nominee on a scale of 1 to 10, according to how well he or she:

• Established and implemented an effective risk management program within the organization.

• Tackled and solved one or more major problems for his or her organization.

• Innovatively applied the diverse tools of risk management and insurance.

• Creatively and effectively used risk financing/insurance to structure a risk financing and risk transfer program that served the needs of the organization.

• Established a workable intelligence system inside and outside the organization that culminated in a flow of information about events and activities that affect the organization's risk management and insurance.

• Skillfully performed the functions of management in the overall organization and within the risk management/insurance department.

• Achieved the most effective program at the optimum cost over the long term.

• Developed technical expertise in any or all of the broad categories included within risk management, leading to a better managerial grasp of the operations aspects of the job.

• Exhibited an attitude and performed activities fostering the advancement of the risk management profession.

• Developed his or her career.