RIMS to expand ERM initiatives

The Risk and Insurance Management Society, Inc. (RIMS) is planning to become the premiere resource and support organization for Enterprise Risk Management (ERM). In the months ahead, RIMS plans to prepare new resources to support organizational implementation of enterprise risk management. “As we head towards the future of the risk management industry, RIMS will be one of the leading providers of ERM education, information, networking, services, and tools,” RIMS announced in a recent release.The initiative follows on the results of a March 2005 e-mail survey of more than 1,000 risk managers. Nearly two-thirds of the survey respondents indicated they are either involved in development of an ERM program or are considering doing so.RIMS’s board of directors commissioned a new ERM committee earlier this year to bring special focus to ERM within the Society and to create resources specifically for risk managers engaged in ERM development within their companies. RIMS is continuing to explore opportunities, services and resources that would be relevant for the growing population of RIMS members engaged in ERM programs.Last week, the RIMS ERM Summit for senior risk managers was held at the Cornell Club in New York City. Three upcoming RIMS Fellow workshops on this topic have been planned for Winnipeg, Seattle, and Houston. Additional revised and updated professional development programs dealing with ERM will be launched in 2006.ERM subject matter will have significant prominence at RIMS 2006 Annual Conference and Exhibition in Honolulu. Nearly a dozen ERM-related sessions and workshops are scheduled at the April 2006 conference in Hawaii, including “Risk Management and the Bottom Line,” “ERM Forum,” and “ERM Implementation Progress and Pitfalls.”In September 2005, a special issue of RIMS Risk Management magazine contained a special, three-part edition on the topic. Articles covered the transitional evolution of a risk manager to Chief Risk Officer, defining enterprise risk and adopting a company-wide strategy, and evaluating the progress of an ERM transition.