Category Archives: Risk Management

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RIMS Canada Conference Kicks Off with Top Honors for Canadian Risk Professionals

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Catherine Dowdall (right) receives the Donald M. Stuart Award from Valerie Fox (left) for lifetime achievement in risk management

OTTAWA—The 2023 RIMS Canada Conference is officially underway here in Ottawa, Ontario, convening more than 1,400 Canadian risk professionals in the nation’s capital.

After opening remarks from RIMS CEO Gary LaBranche and RIMS Canada Council Chair Steve Pottle (below), the conference began with recognition for outstanding accomplishments from RIMS Canada members. Considered the highest honor in the Canadian risk management community, this year’s Donald M. Stuart Award went to Catherine Dowdall, director of insurance and loss control at AECON Construction.

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Presented by the Ontario chapter of RIMS (ORIMS), the award recognizes exceptional contributions to the risk management profession by a risk practitioner from any of the nation’s 13 provinces.

“Risk management is constantly evolving, but the guiding principles behind the Donald M.

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Stuart Award—a commitment to building relationships, sharing experiences, thought-leadership and altruism—have remained the same,” said Valerie Fox, vice president of ORIMS. “In addition to being a trailblazing risk leader, day-in and day-out, Catherine Dowdall graciously devotes her time to helping up-and-coming risk professionals navigate the profession and leverage opportunities to succeed.”

“The risk community is filled with amazing business leaders who are genuinely passionate about supporting others in this wonderfully, rewarding profession,” said Catherine Dowdall. “For those just starting out, don’t be afraid to ask questions, reach out to your peers, volunteer with your local RIMS chapter, take advantage of opportunities that are presented to you. I am truly humbled to be joining previous Donald M. Stuart Award winners, many of whom I have worked alongside with and whom I deeply respect for their continued commitment to risk management excellence.”

Catherine Dowdall accepts the Donald M. Stuart Award

During her 40-year risk management career, Dowdall has worked for an array of prominent Canadian corporations, including AECON Construction, Tim Hortons, Canada Post, OLG, Brookfield Properties, Cadillac Fairview, as well as the Ontario Ministry of Government Services. She has also held a number of positions on the board of ORIMS, including serving as president from 1999 to 2000.

“It is always such a pleasure to be able to present this prestigious award to an outstanding individual in our profession,” Fox said. “This year is extra special as I have known and admired Catherine for a long time and have seen first-hand how she embodies all of the creeds that the award represents, particularly the creed of always giving back.”

The Fred H. Bossons Award was also bestowed during the opening session. The award recognizes the individual with the highest average score on the three exams required for the Canadian Risk Management (CRM) designation.

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This year’s winner was Mattieu Shorgan, a senior account executive at Wells Fargo.

The 2023 Hurricane Season Outlook

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Atlantic hurricane season officially began recently, kicking off a disaster season that will run from June 1 through November 30. According to predictions from the National Oceanic and Atmospheric Administration (NOAA), the 2023 hurricane season will consist of 12 to 17 named storms, five to nine hurricanes and one to four major hurricanes. This falls into a fairly average range, but “average” is a bit unusual under the conditions currently emerging around the season.

“The upcoming Atlantic hurricane season is expected to be less active than recent years, due to competing factors—some that suppress storm development and some that fuel it—driving this year’s overall forecast for a near-normal season,” NOAA reported.

Hurricane researchers at Colorado State University notably marked the opening of the season with a revised forecast. After initially predicting slightly below-average hurricane activity in 2023, the researchers increased their estimates. Now, CSU is essentially predicting an average hurricane season, but one that is above-average for what is expected to be an El Niño year.

The last three hurricane seasons have been controlled by La Niña, which typically leads to more hurricane activity. While El Niño would typically help reduce such activity, current warmer water temperatures could ultimately cancel out most of that effect.

“While we anticipate a robust El Niño for the peak of the Atlantic hurricane season, the tropical and subtropical Atlantic have continued to anomalously warm to near-record levels,” CSU researchers explained. “El Niño increases vertical wind shear in the Caribbean and tropical Atlantic, but the anomalous warmth in the tropical and subtropical Atlantic may counteract some of the typical El Niño-driven increase in vertical wind shear.”

CSU anticipates 15 named storms, seven hurricanes and three major hurricanes, which is right in line with the NOAA forecasts. However, CSU forecasters noted that this year’s outlook includes particular uncertainty due to these conflicting factors.

As the hurricane season gets underway, the following tips can help businesses update and strengthen natural disaster recovery plans:

Review your business interruption insurance. Business interruption insurance coverage plays a critical role in helping ensure complete recovery from a storm. BI coverage relies on accurately reported business values, however, and recent changes in property values, replacement and repair costs, and inflation all impact those current values. To avoid the risk of being severely underinsured, make sure your coverage has up-to-date valuations so that claims payouts will be robust enough to rebuild your business. Check out the May/June issue of Risk Management for more information about the importance of accurate business interruption values and best practices for preparing a business interruption claim. 

Update your current disaster recovery plan. It is crucial to keep your natural disaster recovery plan updated. Organizations have gone through massive change over the past few years, including different work locations due to hybrid or remote work, staffing changes, and new technology that may aid in emergency response. Ensure your organization’s disaster recovery plan reflects your current personnel, equipment, insurance policies and contacts, and make sure to distribute it among all current members of any emergency response teams or other key stakeholders.

Do a dry run. The only real way to know if your disaster recovery plan works is to put it to use, and you do not want to wait until a natural disaster is at hand to find out if it works. Practice various scenarios and have key players act out their roles to gauge the effectiveness of the plan and make changes accordingly.

Take preventative measures. To weather disaster response well, disaster preparation is essential. Take steps now to ensure the organization will be able to operate as smoothly as possible during or in the immediate wake of a disaster. Back up data offsite or in the cloud, verify that multiple employees know how to handle certain tasks and ensure you have backup options to contact employees if primary communication channels are interrupted.

For more information on hurricane preparation and natural disaster recovery, check out these other pieces from Risk Management:

Johnny C. Taylor, Jr. Offers Great Reset Survival Tips at RISKWORLD 2023

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ATLANTA—RISKWORLD 2023 kicked off on Monday with a high-energy keynote delivered by Johnny C. Taylor, Jr., president and CEO of the Society for Human Resource Management (SHRM). Taylor looked back on the last three years as a time characterized by major shifts in the way work and operations are performed, suggesting that it was an opportunity for the risk profession to lean in to change.

Taylor transported the audience back to March 13, 2020, when after nearly a month of rising public health fears, Proclamation 9994 was announced by the White House, declaring a national emergency concerning the COVID-19 pandemic.

RISKWORLD 2023 kicked off on Monday with a high-energy keynote delivered by Johnny C. Taylor, Jr., president and CEO of the Society for Human Resource Management (SHRM). Taylor looked back on the last three years as a time characterized by major shifts in the way work and operations are performed, suggesting that it was an opportunity for the risk profession to lean in to change.

“The way we work changed on that day,” Taylor said. He also noted the correlation of the change in the thesis for his book—from The Great Pause to The Great Reset—to reflect the reality of the time more accurately. He said the data compiled changed, and became more qualitative. “The data we collected told the story about employees saw the world.

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”

Based on data and interviews, along with anecdotes from his own experience leading SHRM, Taylor offered “survival tips” for the audience to use in an effort to navigate patterns in employment and productivity.

One tip was to flip the script on recent employment trends, such as how the “Great Resignation” of 2020 and 2021 has evolved into what he referred to as “The Great Regret” of 2023.

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He referenced the 9.9 million currently open jobs as a negative, but one that risk professionals can help correct through methods that may have seemed counterintuitive just five years ago, such as likening career and hiring patterns to a boomerang for the employee and employer. Taylor leans into this notion by contacting recently departed employees at 30-, 60- and 90-day intervals, to gauge if their new endeavors are gaining traction and whether their return would be suitable.

“The best companies are doing this more and more,” he said. “We know regret is real and employees who felt the grass is greener realize it might not always be the case.

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If someone was a great performer and left on the right terms, you should consider [reaching back to them].”

He also encouraged attendees to look within improve their hiring and employment practices. “You must not only hire for someone’s technical competencies and ability to do the job, but they must be culturally aligned,” he said. “News alert: They can’t be culturally aligned if you don’t have clarity around what your culture is. Do that, and you’ll solve for 90% of the problems in the Great Reset.”

Charting Risk Management’s Future at RISKWORLD 2023

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ATLANTA — As RISKWORLD 2023 kicked off on Monday, RIMS 2023 President Jennifer Santiago took the main stage of the Thomas B. Murphy Ballroom in Atlanta’s Georgia World Congrees Center to welcome attendees and help them prepare for three days of risk management education, insight and networking.


“You will leave here ready—ready to lead, to take action, ready for the next step in your career, and ready to help make the world a more sustainable and resilient place,” Santiago said.  

Santiago introduced RIMS CEO Gary LaBranche, who made his RISKWORLD debut after having joined the Society in June 2022. LaBranche quickly established a presence as the new face of RIMS, having appeared at RIMS global, regional and chapter events regularly as well as those hosted by other organizations in the past year. He unveiled a video detailing RIMS’ new 10-year strategic plan and mission statement, which he said, “makes the case that risk management professionals play an indispensable role in making organizations more resilient, in driving strategy and decision-making and generating better outcomes.”

“For this plan to work, it’s going to require contributions from everyone in the risk management community,” LaBranche said. “From C-Suite executives and senior risk leaders to rising risk professionals and those in adjacent fields like HR and IT. Just as important, it will require the perspective and contributions from professionals from all walks of life and from different cultures.”

Santiago and LaBranche also had major news regarding the future of the RIMS-CRMP (Certified Risk Management Professional), announcing a strategic partnership with the Pan-Asia Risk and Insurance Management Association (PARIMA). The goal of the collaboration is to establish a global standard of knowledge and professionalism for risk professionals. Central to this endeavor, PARIMA will market, promote and deliver the RIMS-CRMP Exam Prep Workshop to Pan-Asia’s risk community while RIMS will deliver course materials, case studies, instructors, and manage administrative and certification duties.The expansion, they said, is “critical to the profession’s future.”

Santiago and LaBranche were joined onstage by Franck Baron, a co-founder and chairman of PARIMA and RIMS-CRMP Commission Chair Ward Ching to officially sign a memorandum of understanding and commemorate the historic collaboration.

“Setting a global baseline for risk management skills and knowledge is a critical first step to advancing the profession,” LaBranche said.

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“As a unified force, RIMS and PARIMA are ready to deliver greater opportunities for risk professionals in the Pan-Asia region to earn the RIMS-CRMP, strengthen risk programs, drive organizational resiliency and advance professionally.”

LaBranche closed the general session by beaming up a clip from the original “Star Trek” television series, in which Captain Kirk realizes that he and his crew were in the business of risk. He noted the similarities between the Starship Enterprise and RIMS.

“RIMS has been that vessel for exploration and discovery for the risk management community for 73 years,” he said. “For generations, RIMS has been a source of guidance, education, connections and opportunity. But times change, new challenges emerge, and new journeys call us forth. Soon after I started my voyage with RIMS, the Board of Directors and the management team engaged in a comprehensive analysis and assessment process to plan for the future of RIMS. The result is a new strategic plan that charts a course for where RIMS aims to go in the future. There’s no better place to share that vision than here at RISKWORLD.”

left to right: Gary LaBranche, Franck Baron, Ward Ching and Jennifer Santiago