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SAN ANTONIO — The Risk & Insurance Management Society Inc. recognized the 2018 Risk Manager of the Year and Risk Management Honor Roll winners at an awards breakfast Tuesday during the annual convention in San Antonio.
Rebecca F. Cady, vice president and chief risk officer of the Children’s National Medical Center in Washington, received the Risk Manager of the Year award.
Accepting the award, Ms. Cady said, “Winning an award like this is very much a team effort.” Like many risk managers, the key evolving risk that the risk management team at Children’s is addressing is cyber risk, she said.
To tackle the risk, Children’s used two tools it also uses in the patient safety process: collaboration and transparency, Ms. Cady said.
“Everything that I’ve done at Children’s has been a result of collaboration,” meeting with experts across the organization and taking time to understand technology risks, she said.
The transparency element is a continuation of its patient safety approach, she said. “If we cause preventable harm to a child, we apologize, we tell the parents what we are going to do to make sure that it doesn’t happen to another child.”
The same principle should be used to manage cyber risks, Ms. Cady said.
“Most people these days understand that cyber events are going to happen … so what really matters is how you respond to the event. I really think that transparency, while initially painful and definitely uncomfortable, does way more to manage your reputational risk than silence, alternative facts or delay,” she said.
Named to the 2018 Risk Management Honor Roll were Donald Aspinall Jr., vice president of global risk management for Comcast Corp. in Philadelphia, who could not attend the awards breakfast; Jennifer Hills, director of the office of risk management services for King County, Washington, in Seattle; and Joseph Meaney Jr., vice president of global insurance and risk engineering for AES Corp. in Washington.
The awards were presented by Robert Cartwright Jr., the 2018 RIMS president, and RIMS CEO Mary Roth.
SAN ANTONIO — Britain’s decision to exit the European Union will change how London market insurers and brokers service EU policyholders, but many firms have established separate entities to ensure they will still be able to write the business, a Lloyd’s of London executive said.