Category Archives: Risk Management

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REPORT: Spencer-RIMS Internship Manual For Employers

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Step-by-Step Guide Identifies Elements and Tools to
Develop a Successful Risk Management Internship

The newly released Spencer-RIMS Internship Manual for Employers offers a roadmap for risk professionals to design a valuable internship program for their organization while creating exciting and rewarding opportunities for future professionals.

Authored by RIMS Student Advisory Council, the manual includes:

  • a justification worksheet for employers,
  • strategies for designing an internship,
  • a worksheet to define intern responsibilities, and
  • potential activities and performance evaluation recommendations.

Additionally, the manual provides directions for risk professionals to apply for a Spencer Internship Grant to fund the program.

“Internships provide an unquestionable opportunity for organizations and their risk management teams to maximize capabilities and support business activities,” said RIMS CEO Mary Roth.

“Creating meaningful internships is crucial to the sustainability of this profession and we’re excited to build this bridge to rewarding risk management careers.”

“Insurance industry and risk management learning must extend beyond the classroom,” said Spencer Chairperson Marya Propis. “To complement the sensational curriculums that many colleges and universities now offer, real-world experience gives risk management and insurance students a competitive edge as they enter the workforce.

Through scholarships, grants and internship programs, Spencer continues to support new opportunities for students to explore our profession.”

To learn more about Spencer Internship Grant, visit  www.spencered.org/professionals/internships.

The report is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

About Spencer

Spencer was founded in 1979 and to this day remains the premier organization funding the education of tomorrow’s risk management and insurance leaders. Since its beginning, Spencer has awarded more than 1,050 scholarships totaling over $6.9 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.

To learn more about Spencer, visit www.SpencerEd.org.

Spotlight on Risk Management’s Resilient Women

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Ahead of International Women’s Day, RIMS is celebrating women’s achievements in the profession. Three women leaders in different stages of their careers recently spoke with Risk Management Monitor about what motivated them to make the move into and within the industry, and what the can be done to even the landscape for all professionals. Download the current RIMScast episode for their full interviews.

Kathleen P. Crowe, Aon Risk Solutions and chair of the RIMS Rising Risk Professionals Advisory Group.

What is your impression of risk management’s playing field?

Crowe: I’ve been in the industry for about six years and even in that time I’ve seen a pretty significant change in the overall makeup of the risk management and insurance positions. A lot of companies – Aon included – have women in leadership positions, which I appreciate. Women represent three of my four largest clients – we’re talking about massive, publicly traded companies and they are responsible for risk management functions.

It used to be the boys club but it’s becoming the women’s club, too, and I am glad to have these fantastic women to look up to. There’s been a lot of significant progress and I’m excited about the future.

How much of a challenge is knowledge transfer in risk management?

Crowe: I think everyone is facing similar issues in finding ways to integrate people into different areas so they can be trained to step up. The knowledge sharing process takes time and effort and though it’s a constant reminder that everyone is busy, it’s a way to prioritize and make sure we’re investing appropriately in the younger generation. This will enable them to succeed in higher positions as they progress through their careers and take on management positions and oversee others.

* * *

Cassandra R. Cole, Department Chair of Risk Management Insurance, Real Estate, and Legal Studies at Florida State University; Director of the Master of Science in RiskManagement and Insurance Program and the William T. Hold Professor in Risk Management and Insurance.

You have been an educator for years. Does your curriculum evolve to reflect news and industry trends?

Cole: Definitely. Much of my research comes from what’s going on in the world. It makes the classroom more exciting and the information you share more relevant. It helps the student better understand the connection between what’s going on in the textbook and what’s going on in the real world.

For example, I teach employee benefits on a regular basis and with the passage of the Affordable Care Act, that had implications for company health insurance plans and we spent a lot of time exploring how that law would impact companies, what they offer, their cost of insurance and how it would affect employees.

Are more female students showing an interest in risk management courses and degrees? What could higher education and the profession itself to generate or maintain enthusiasm? 

Cole: There has been a significant shift overall in terms of a gender spread. At the undergraduate level, it’s probably more 50-50. At the advanced programs and doctoral level is where I’m seeing a difference and where we still need to continue to inspire women to pursue those advanced degrees.

I think one of the things other than the actual teaching experience is connecting with students, helping them make decisions, [and] helping prepare them for that transition into the work. It is nice, though, to hear from a student who says ‘you’re the first female business professor I’ve had,’ because it demonstrates where they can go in their careers.

We are definitely making some advances but there are disparities in pay that need to be addressed and corrected.

* * *

Soraya Wright, founder and CEO of SMW Risk Management Consulting and also a member of the RIMS Diversity & Inclusion Advisory Council.

You were at Clorox for more than 20 years and left as the vice president of Global Risk Management and Crisis Management. What influenced you to go out on your own?

Wright: I initially thought I would be semi-retired, but two friends hired me as a consultant. I realized I had to formalize myself as a company if I was going to take on all these projects.

One of my mentees influenced me to keep working because she appreciated that I was someone who raised the issue of bringing on women and people of color onto strategic projects while I had been at Clorox. I thought about the work I was doing as a consultant and her words and they grabbed at my heart, and I felt another purpose. So, I continue to stay engaged and learn and practice my expertise as a risk manager. But I also devote some time for my passion, which is mentoring and coaching others and influencing change so there are opportunities for under-represented members of our profession.

How do you feel the profession can further encourage women to maintain their careers?

Wright: By providing opportunities for those who demonstrate an interest. Mentorship is important and I believe we’re obligated to reach back and help the next generation and also our peers. Our clients have more leverage than many realize, so just requesting that certain types of people with certain viewpoints work on your project can make all the difference in your work and in someone’s career. If we do that we’ll continue to see this wave of advancement and the leveling of the playing field.

RIMS Report: Active Shooter Preparedness For Your Organization

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More than 51 mass shootings have already been documented by GunViolenceArchive.org in 2019, many of which occurred in commercial settings and workplaces. It is clear that workplace shootings are occurring regularly in the United States. By customizing an active shooter plan that focuses on prevention, training, feedback and post-incident protocols, employees will be mentally and physically prepared to react to violent threats, according to a new RIMS Professional Report titled, “Active Shooter Preparedness for Your Organization.”

Authored by RIMS Business Content Writer Justin Smulison and featuring insight from workplace violence and business continuity experts, the report highlights opportunities for risk professionals and their organizations to identify warning signs of potential attacks, best practices in communication and pre-event training, as well as strategies to implement a coordinated effort that minimizes injuries, property damage and reduces uncertainties.

“Physical security measures are nothing more than deterrents,” said Steve Smith, founder and president of Guardian Defense and report contributor. “Every individual in the organization needs to know how to respond to an active threat in order to mitigate the situation. Risk professionals are well-positioned within their organizations to drive discussions, awareness and take a leading role in the development of a workplace violence prevention and response strategy.”

The report is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

For more threat preparedness insight from Steve Smith, download his interview on RIMScast and read his Q&A about school preparedness on Risk Management Monitor.

BIAA Hopes to ‘Change Your Mind’ About Brain Injuries

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March is Brain Injury Awareness Month in the United States. According to the Brain Injury Association of America (BIAA), at least 5.3 million Americans live with a disability related to a traumatic brain injury (TBI) and with 280,000 attributable hospitalizations and 2.2 million emergency room treatments, the economic cost exceeds $82 billion annually. Furthermore, a staggering 137 people die in the U.S. daily because of TBI-related injuries.

Workers in the construction industry experience a large number of occupational brain injuries, with falls being a major driver. Though the direct link between falls and brain injuries is highly suggestive, data from the Bureau of Labor Statistics (BLS) indicates that fatalities caused by preventable falls from elevation continue to be a leading cause of death for construction employees, accounting for 366 of the 971 construction fatalities recorded in 2017.

According to the BIAA, falls are the leading driver of TBI-related injuries (40.

5%), followed by being struck by or against an object (15.5%) and motor vehicle accidents (14.3%).

But there are preventative steps that employers and workers can take to reduce the risk of brain injuries, and BIAA is spreading the word in advance of Brain Injury Awareness Day on March 13 with its Change Your Mind campaign.

“Any employee may slip and fall in the workplace, or something may fall from a shelf and strike an office employee,” Susan H. Connors, BIAA president and CEO told Risk Management Monitor. “Employers should take precautions such as ensuring adequate lighting, moving heavy items to bottom shelves, maintaining handrails in stairs, taping down rugs, even/dry flooring, and making sure steps are brightly marked.”

The day will be marked on Capitol Hill, where a Congressional Brain Injury Task Force will meet to coordinate and support federal resources, grow the force and bolster research. Connors said that as in years past, there will be an awareness fair, congressional briefing, and reception, but employers who cannot attend can still take part by:

  • Contacting their Congressional representative to join the task force.
  • Plan to host an event in March to increase awareness and understanding about brain injury, to remember someone lost to brain injury, or even to celebrate a loved one’s recovery.
  • Download the #ChangeYourMind collateral and distribute among your organization and use the stamp to raise awareness, advocacy, or funds for a brain injury-related cause.

“Identifying, implementing, and enforcing safety or risk management protocol is essential and effective regardless of the industry,” Connors said. “The programs in place likely vary based on the position, but common trends may be requiring safety harnesses, protective wear, regular breaks, and/or safety audits or assessments by more than one (or even two) employees on infrastructure.”

Brain injuries are often causes of depression and even suicidal tendencies, which is why Connors said the BIAA actively works to act as a resource for victims.

“The most dangerous and prone cases are those with a mild brain injury, like concussions, who do not receive treatment and/or do not understand why they are feeling depressed and alone,” Connors said. “Suicidal behavior is enhanced by the presence of depression, impulsivity, hopelessness and chronic pain in the face of TBI.

Providing a more compassionate and user-friendly service delivery model of care to ensure timely care and individualized treatment reduces needless frustration and risk.”

Connors added that BIAA’s National Brain Injury Information Center (NBIIC) is also a resource staffed by brain injury specialists, and the Suicide Prevention hotline is available around the clock for people having thoughts of hurting themselves.

Information on Brain Injury Awareness Month, including educational material and downloadable collateral, is available at www.biausa.org/ChangeYourMind.