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Rodd Zolkos

RIMS’ leaders focus on TRIA legislative efforts and expansion in 2014

TRIA renewal heads list of concerns for risk management group in 2014

May 11, 2014 - 6:00am

RIMS Focuses On Legislation And Expansion


Among the Risk & Insurance Management Society Inc.'s various undertakings this year, its legislative efforts no doubt will be among the most significant.

“RIMS continues to be the voice of our members on legislative initiatives,” RIMS President Carolyn Snow said during this year's RIMS “Annual Conference & Exhibition” in Denver last month.

Ms. Snow, director of risk management for Louisville, Kentucky-based Humana Inc., added that RIMS members' involvement in contributing their own voices in that process is essential to meeting the organization's legislative goals.

Among the most important of those goals is winning renewal of the federal terrorism insurance backstop. The law, first passed under Terrorism Risk Insurance Act in 2002, is set to expire at the end of the year.

TRIA's potential expiration “has a global impact,” said Mary Roth, RIMS' executive director, who said any company with operations in the United States could be affected if the federal terrorism backstop is allowed to expire.

As important as TRIA renewal is to RIMS and its members, “Our work on the legislative front is not limited to TRIA,” Ms. Roth said. She said RIMS will travel to Capitol Hill to advocate on behalf of various risk management issues during its “2014 Legislative Summit” June 9-10.

“Legislative initiatives are just one of many things that impact the future of RIMS,” Ms. Snow said. Concern over keeping the organization up to date with changes in the risk management industry and the broader environment in the years ahead prompted her to organize a RIMS 2020 task force focused on addressing those changes, she said.

“To ensure that the profession of risk management continues to grow and thrive, it's important that we present a vital view of the future,” Ms. Snow said.

This year's annual RIMS conference drew attendees from a record 66 countries, and Ms. Snow said that international presence was in line with another of her goals for her tenure as the society's president: expanding the organization's global reach.

“To meet the needs of such a diverse membership, we're now holding various conferences around the world,” Ms. Snow said. “Extending the society's influence around the world benefits every single one of us.”

Ms. Snow said another goal of her RIMS presidency is to enhance the society's delivery of information and resources to its members.

Ms. Roth cited several ways in which the organization is achieving that, including white papers, the society's partnering with J.D. Power & Associates on an upcoming commercial insurer and broker satisfaction study and RIMS' online risk management library.

In addition, “RIMS is completely revamping our largest resource: our website,” Ms. Roth said.

The society's 2015 annual gathering will take place April 26-29, 2015, in New Orleans.

 



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