Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

RIMS leaders set goals as live conference returns

Reprints
Mary Roth and Patrick Sterling

SAN FRANCISCO – Risk professionals showed their worth to their organizations during the COVID-19 pandemic but face more challenges ahead as global events continue to affect corporations, leaders of the Risk & Insurance Management Society Inc. said Monday.

They were speaking during the opening session of Riskworld, the RIMS annual conference, which is being held in San Francisco this week. The conference is taking place in-person for the first time since 2019.

“Over the past couple of years, risk professionals were put to the test, and sadly it seems the world is testing us again,” said Mary Roth, CEO of RIMS. “The events unfolding in Ukraine are heart-wrenching; RIMS is proud of the action that so many of our partners have taken, and we, too, stand in solidarity for this fight for freedom and peace.”

Several brokers and insurers ended or suspended their operations in Russia after the invasion of Ukraine, which began in February. The Federation of European Risk Management Associations suspended Russian member RusRisk last month.

“It was a tough road to get back to this conference, but now it is time to celebrate,” said Ms. Roth, who is retiring this year after heading RIMS since 2004. She joined the organization in 1985.

Risk managers have made valuable contributions to their organizations, and many have been rewarded for their efforts, said Patrick Sterling, RIMS 2022 president and vice president of legendary people at Texas Roadhouse.

RIMS’ salary survey released earlier this year showed that salary increases for risk professionals averaged 14.4% between 2019 and 2021.

“The salary increases show that business leaders are investing in their risk management teams,” he said.

During the pandemic, risk managers demonstrated their worth by working to deploy training and education that allowed workforces to adapt, raised difficult “what-if” questions that ensured that risk management was a factor in decision-making and bridged gaps between departments, he said.

As a group, RIMS will continue to work to further risk management efforts, including lobbying for a federal backstop for pandemic risk and rules to govern cyber risks, Mr. Sterling said.

“The society continues to be a strong supporter of the Pandemic Risk Insurance Act — a public-private partnership is critical to addressing this risk. Cyber regulation is another top priority for RIMS and our members, especially as we become more dependent on technology,” he said, noting that RIMS annual legislative summit will take place in person again in Washington in June.