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

1. © 2013 Risk and Insurance Management Society, Inc. All rights reserved.

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. 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. 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. 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. Executive Reports
Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved.
6

7. Executive Reports
Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved.
7

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. Webinars on ERM and SRM
Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved.
9

10. Surveys
Copyright © 2013 Risk and Insurance Management Society, Inc. All rights reserved.
10

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. 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. 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. 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. 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. www.rims.org
Carol Fox, ARM
Director of Strategic and
Enterprise Risk Practice
+1 212.655.6004
cfox@rims.org