What is RIMS Doing?

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Presentation by Carol Fox, RIMS,
September 24, 2013 , Chicago, Illinois

Published in: Economy & Finance, Business
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What is RIMS Doing?

  1. 1. © 2013 Risk and Insurance Management Society, Inc. All rights reserved.
  2. 2. RIMS Mission To advance risk management for your organization’s success As the preeminent organization dedicated to advancing the practice of risk management, RIMS, the risk management society™, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS brings networking, professional development and education opportunities to its membership of more than 11,000 risk management professionals located in over 60 countries. For more information on RIMS, visit www.RIMS.org. Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 2
  3. 3. Involved in Standards Development RIMS Approved as Accredited Standards Organization by American National Standards Institute 7/15/2011 NEW YORK (July 15, 2011) — RIMS today announced that it has been approved as an accredited standards development organization by the American National Standards Institute (ANSI) Executive Standards Council. This status will increase RIMS’ profile in the standards and practices arena by enabling it to take a lead role in shaping and developing risk management standards. Collaborating with other associations and SDOs on standards development Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 3
  4. 4. RIMS Risk Maturity Model™ www.rims.org/resources/ERM/Pages/RiskMaturityModel.aspx Attributes  Seven core areas of ERM that drive effectiveness  Compatible with various specialized frameworks Risk competency measurement  25 factors and 68 indicators  Objective evaluation criteria  Key issues that differentiate maturity levels Maturity levels  Five maturity levels  Detailed descriptions unique for each attribute  Measure to help reach goals for improvement Benchmarking with more than 2,000 organizations  Standing in peer group  Highlights ERM trends and priorities Complements multiple standards and frameworks Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 4
  5. 5. Research Using RIMS Risk Maturity Model        Non Existent Ad hoc Initial ERM-based approach ERM process management Risk appetite management Root cause discipline Uncovering risks Performance management Resiliency and sustainability Repeatable Managed Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. Leadership 5
  6. 6. Executive Reports Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 6
  7. 7. Executive Reports Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 7
  8. 8. RIMS Strategic Risk Management Framework Strategic risk management (“SRM”) is a business discipline that drives deliberation and action regarding uncertainties and untapped opportunities that affect an organization’s strategy and strategy execution. Also complements multiple standards and frameworks Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 8
  9. 9. Webinars on ERM and SRM Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 9
  10. 10. Surveys Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 10
  11. 11. Understanding Expectations Q: What are the top two areas of improvement to help senior management and board more fully understand the risk landscape of your organization? Source: Marsh/RIMS Excellence in Risk Management 10 Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 11
  12. 12. Risk Appetite and Risk Tolerance Q: Has your organization developed formal enterprise-level risk appetite and/or risk tolerance statements? Source: Marsh/RIMS Excellence in Risk Management 10 Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 12
  13. 13. Surveys Q: To what extent has your organization adopted an enterprise risk management (ERM) program? Source: 2013 RIMS Enterprise Risk Management (ERM) Survey. All rights reserved. Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 13
  14. 14. Who Is Primarily Responsible for ERM? Source: RIMS 2013 Benchmark Survey Produced by Advisen Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 14
  15. 15. Standards or Frameworks Used Q: Our program is most closely aligned with …  ISO 31000 up 5% from 2011  COSO up 2% from 2011 Source: RIMS 2013 Benchmark Survey Produced by Advisen Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved. 15
  16. 16. www.rims.org Carol Fox, ARM Director of Strategic and Enterprise Risk Practice +1 212.655.6004 cfox@rims.org

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