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SAN DIEGO—The Risk & Insurance Management Society Inc. recognized Rochester, N.Y.-based Paychex Inc.'s enterprise risk management program with its first ERM Award of Distinction on Thursday during RIMS' inaugural ERM Conference in San Diego.
RIMS also recognized Rockville, Md.-based Goodwill International Industries Inc.'s ERM program with an honorable mention award.
The new award is intended to honor organizations that have created value through their ERM programs.
“This award is a celebration of the continuing evolution of enterprise risk management and risk management itself,” Nowell Seaman, manager of risk management and insurance services for the University of Saskatchewan in Saskatoon, Canada, and RIMS board liaison to the society’s ERM committee, said in presenting the awards.
Creating value for the company was a key factor behind the Paychex program, Mr. Seaman said, and since its implementation in 2003 it has produced more than $100 million in accumulated value for the company. “Value creation was the focus of this ERM program and it certainly has hit the mark,” he said.
“Our successes have allowed us—particularly from our board of directors on down—to try new things, to be innovative,” said Allan D. Smith Jr., entrepreneurial risk manager for Paychex, who accepted the award for the company. Beyond that, however, “All of these successes have really allowed (risk management) to have that proverbial seat at the table,” Mr. Smith said.
Goodwill’s program “has helped the organization protect one of it’s most vital assets, its name,” Mr. Seaman said.
SAN DIEGO—Determining an organization's risk appetite is an essential element of an enterprise risk management program, but it's important to consider the appetite in relative terms and avoid absolutes, according to one ERM expert.