Author Archives: Morgan O'Rourke

About Morgan O'Rourke

Morgan O’Rourke is editor in chief of Risk Management magazine and director of publications for the Risk & Insurance Management Society (RIMS).
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Risk Management’s Gender Pay Gap

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Next month marks the 50th anniversary of the Equal Pay Act, which was signed into law by President John F. Kennedy on June 10, 1963. At the time, women earned about 59 cents for every dollar paid to their male counterparts. To correct this disparity, the law made it illegal for employers to pay women lower wages than men for doing the same job.

Today, the gender pay gap has narrowed, but as we reported in the May issue of Risk Management, it still exists. According to the Bureau of Labor Statistics, in 2011, women were paid 82 cents for every dollar paid to men. While a 23% gain is certainly progress, there is still significant ground to be made up before full equality can be achieved.
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The pay gap is also evident in the risk management field. Data compiled for the 2013 RIMS Compensation Survey of risk management salaries revealed that, depending on the job title, female respondents took home base salaries that were up to 17% less than their male counterparts in the same position (see the chart below). The discrepancy was greatest with those who handle claims (claims managers and analysts), who made just over 17% less, while all other positions saw gaps of less than 10%.

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Risk management analysts saw only a 2% gap, while directors of business continuity, financial or IT risk management actually made 2.4% more than men.

What this data seems to suggest is that although women have become leaders in risk management and have long made gender irrelevant in terms of performance, their pay has not always followed suit.

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If there is a silver lining, though, it is that risk management salaries, for the most part, are more equitable than the national average. Perhaps as the discipline continues to become more prominent and gain greater recognition in corporate boardrooms, the profile of all risk managers will be enhanced and these pay differences will quickly disappear, making risk management an early leader when it comes to fulfilling President Kennedy’s 50-year-old promise of equal pay for equal work.

Another Active Hurricane Season Expected in 2013

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With the start of the Atlantic hurricane season only two weeks away, experts across the board are predicting another active season.

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Today, AccuWeather.com released its findings calling for 16 named tropical storms, eight hurricanes and four major hurricanes. They expect three hurricanes to make landfall in the United States. These numbers are all slight increases over the average numbers recorded by NOAA from 1981-2010 and are comparable to last year’s activity.

According to AccuWeather, the season should begin quickly after June 1, but isn’t anticipated to start as early as 2012 when two named storms appeared in May. However, 2013 could see stronger storms than last year due to the reduced amount of Saharan dust in the air, which can inhibit a storm’s severity.

In the May issue of Risk Management, Jared Wade wrote about how Floridians feel like they’re overdue for a hurricane having not experienced a landfall since Wilma in 2005. In addition to echoing that concern, AccuWeather.com Expert Senior Meteorologist Dan Kottlowski said that one of the biggest fears regarding the upcoming hurricane season is the effect another major storm would have on the East Coast regions that still haven’t entirely recovered from Superstorm Sandy. Many areas still haven’t rebuilt the protective sand dune barriers that were washed away by Sandy, so another storm would put already reeling communities at an even higher risk for more flood damage.

Overall, AccuWeather’s numbers have been in line with forecasts by other organizations, suggesting that an active season, at least to experts, is almost certain (or at least as certain as any weather forecast can be).

For instance, the United Kingdom’s Met Office expects 14 named storms, nine hurricanes, while in April, Colorado State University’s Philip Klotzbach and William Gray predicted 18 named storms, nine hurricanes and four major hurricanes, and Weather Services International forecasted 16 named storms, nine hurricanes, and five major hurricanes.

Ed Hochuli Negotiates with the Big Boys

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In a colorful presentation at RIMS 2013 in Los Angeles last week, NFL referee and attorney Ed Hochuli shared his secrets of successful negotiations gleaned from decades on the gridiron and in the courtroom. Accompanied by film clips showing him flubbing on-field instructions and being berated by coaches, Hochuli pointed out that there are two types of negotiators. Understanding the strengths and weaknesses of each is how you win the negotiation.

The aggressive type, he explained, are “always on the push.”

They use intimidation, threats, claims of superiority and cast blame on their opponents in an effort to get their way. Aggressive negotiators will make extreme demands and few concessions. While these types will rarely get taken advantage of, they tend to create a feeling of mistrust and are, more often than not, unsuccessful — 75% receive poor results, Hochuli said. Cases take longer to resolve and end up going to trial at twice the rate of other cases.

Cooperative negotiators, on the other hand, try to find agreement and move toward their opponents.

They generally establish credibility and good faith by presenting themselves as trustworthy and fair.

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They are willing to make concessions in an effort to reach the best outcome for both parties. This strategy results in more success and easier settlements, as both parties tend to feel like they’re getting something out of the deal. Of course, this strategy runs the risk of exploitation, especially by an aggressive opponent who considers a cooperative opponent to be weak.

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But Hochuli pointed out that this can still work as long as the cooperative party understands what is happening and doesn’t get rattled.

Hochuli’s final bit of advice for successful negotiation was simple: Make the first offer.

He demonstrated how starting with a low number in a discussion anchors the conversation to that range and can allow you to set the tone for settlement at an appropriate level for your company. It gives the opponent a better idea of what a claim is worth. Or at least what a company is willing to pay.

And when you’re negotiating with, say, the NFL about ending last year’s referee lockout, this is probably good information to have.

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RIMS Presents Awards and Honors

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RIMS announced the winners of its series of industry awards yesterday, which were presented during the RIMS 2013 Annual Conference & Exhibition Award Luncheon in Los Angeles.

The Harry and Dorothy Goodell Award, RIMS’ most prestigious honor, was presented to Daniel W. Houston (pictured above), executive director, enterprise risk management and learning for The McCart Group in Duluth, Georgia. Named in honor of RIMS first president, the award pays tribute to an individual who has furthered the goals of the Society and the risk management discipline through outstanding service and achievement.

The Richard W. Bland Memorial Award was presented to Janet Kerr, vice president of risk management, Boston Properties, Inc. The award was created by RIMS Kansas City Chapter in 1974 to recognize a member’s dedicated commitment in the area of legislation or regulation.

The Ron Judd “Heart of RIMS” Award pays tribute to the legacy of Ron Judd, who served as RIMS executive director for 22 years. Individuals are nominated by chapters for outstanding performance in furthering risk management at the chapter level.

This year, there were two “Heart of RIMS” Award winners.  Scott B. Clark, risk & benefits officer for the Miami-Dade County Public Schools and former RIMS President in 2011, was presented with the award for his work with RIMS Greater Miami Chapter.  Karin McDonald, director of risk and insurance for Hydro One Networks Inc., was also presented with the award for her work with the RIMS Ontario Chapter.

The Cristy Award was presented to Ed C Mitchell, director of risk management for Metropolitan Stevedore Company in Wilmington, California. This award acknowledges the individual who earned the highest marks on the three exams required to earn the Associate of Risk Management designation.

RIMS and Business Insurance magazine presented the 2013 Risk Manager of the Year Award to Lori Gray, risk management division chief for Prince William County in Virginia.

RIMS also recognized the exceptional work of its chapters for outstanding chapter programming and conferences, advancing the risk management profession, outstanding member services, and membership growth. Details about chapter award winners will be available at www.RIMS.org/newsroom.