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And the 2017 RIMS Awards Go to…

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PHILADELPHIA—At today’s RIMS 2017 Awards Luncheon, the society issued its top honors for achievement in the risk management and insurance industry.

Scott B. Clark, area senior vice president and enterprise risk management consultant at Arthur J. Gallagher & Co., received the society’s most prestigious honor, the Harry and Dorothy Goodell Award. Named after RIMS’ first president, the award recognizes outstanding service and achievement in furthering the goals of the society and the discipline of risk management.

Richard Hackenburg and Glen Frederick were this year’s inductees into the Risk Management Hall of Fame, presented in conjunction with AIG.

In his 45-year risk management career, including leadership roles at Willis and XL Insurance, Hackenberg’s received the 1993 Goodell Award and served as president of RIMS in 1985 and later as chairman of the Spencer Educational Foundation, where he remains a director emeritus.

Frederick, former director of risk management client services with the government of British Columbia, received the Goodell Award in 2011 and, the same year, the Donald M. Stuart award for outstanding contribution to the risk management profession in Canada. He served as chair of the RIMS Canada Council in 2006 and co-chair of the RIMS Canada Conference in 2003. Frederick’s 30-year career also included leading implementation of the enterprise risk management strategy for the Vancouver organizing committee (VANOC) and the International Olympic Committee (IOC) to manage risks associated with the 2010 Olympic Games—the first to use an ERM strategy, which is now required for all Olympic games.

“Industry heroes like Richard Hackenburg and Glen Frederick were selfless, giving back to the risk management community and paving the way for future practitioners,” said RIMS CEO Mary Roth. “It is an honor to join AIG in inducting these risk management stalwarts into the Risk Management Hall of Fame.”

The RIMS Rising Star Award, issued to risk management professionals who are under 35 or have less than seven years of experience in the industry, was given to William Lehman. An insurance specialist at Cook Group Incorporated, Lehman was recognized for demonstrating exceptional initiative, volunteerism, professional development, achievement, and leadership potential.

Debra Samuel, manager of insurance and risk management at Arconic Inc., was recognized for exceptional service to strengthen and support the strategic initiatives of RIMS with the RIMS Ambassadors Group award. This year’s Cristy Award for the highest marks on the three Associate of Risk Management exams went to Michael Ratto, risk procurement manager at Kraemer North America.

GM Halts Venezuela Operations Following Plant Seizure

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General Motors has ended its operations in Venezuela after authorities in the strife-torn country seized the company’s plant there on Wednesday.

In a statement Thursday, General Motors said that assets, including vehicles, were also seized from the plant as it was taken over by Venezuelan officials while demonstrations surged throughout the country. The company said in a statement that the facility was taken without due process and that it intends to defend its interests.

General Motors has about 2,700 workers and 79 dealers employ 3,900 in Venezuela, according to the Detroit News, which added that “GM’s Venezuelan operations have been a drag on earnings for several years.” Last year the company lost $400 million before taxes in South America, which accounted for roughly 6% of global sales at 583,000 vehicles. GM also took a $720 million charge in the second quarter of 2015 for currency devaluation and asset valuation write-downs as Venezuela’s economy crumbled.

Losses such as the plant and possibly even including the currency hits may or may not be covered by political risk insurance. The challenge in securing such coverage is in accurately predicting when and where it might be needed—companies cannot wait until a threat emerges before securing cover, which is likened to attempting to buy home insurance after your house has caught fire. GM did not immediately respond to an inquiry asking whether the plant was insured for misappropriation.

In its statement, GM said workers at the seized plant would get separation benefits if the government allows such. The statement added that dealers in Venezuela will continue to service vehicles and provide parts.

In its “Credit and Political Risk Insurance Report & Market Update, January 2017,” insurance broker Arthur J. Gallagher ranked Venezuela as one of the world’s riskiest nations, describing the county’s risk potential as “very high,” ranking it just above Libya.

Indeed, this is not the first instance of Venezuela’s government appropriating private assets amid rising nationalist sentiments and domestic unrest. “It fits a broader pattern, in the sense that the government’s response to surges in opposition activity tends to be the deepening of the revolution,” Phil Gunson, a Venezuela-based analyst for the International Crisis Group, told The Washington Post.

Opposition forces on Thursday called for further mass protests against the government. Venezuela has been in crises as forces opposing the government of President Nicolas Maduro accuse the hand-picked successor of populist leader Hugo Chavez of running a dictatorship. Runaway inflation and shortages of food, fuel and goods have stoked nationwide protests that killed three on Wednesday, including a 17-year-old male and a National Guard sergeant.

The fuel shortages are especially ironic given that Venezuela holds the world’s largest proven oil reserves with 298.4 billion barrels, topping Saudi Arabia’s 268.3 billion barrels of reserves, according to 2015 figures from the U.S. Energy Information Agency.

It’s a Great Time to Be a Risk Manager

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2017 has so far been a wild ride of change. Companies are navigating through a new U.S. administration, Brexit and cyber risks that are more daunting each day. We are bombarded with uncertainty and unchartered waters. Nevertheless, it’s a great time to be a risk manager.

This kind of disruption is the reason many of us got into the risk and insurance industry.  Addressing disruption is what we do best. According to a recent CNN report, in fact, Risk Management Director is the number-two Best Job in America for 2017. Recognizing the meaningful contributions and rewarding work of a risk manager, the report highlighted the role in “identifying, preventing, and planning for all the risks a company might face, from cybersecurity breaches to a stock market collapse.”

In the midst of a riskier environment, the insurance industry that serves risk managers faces highly competitive market conditions. The result is more choices and better services for the risk management community. Now is the time for the risk manager to take the lead.

As thousands of risk professionals soon head to the RIMS Annual Conference in Philadelphia, it’s a good time to consider the opportunities in this growing profession.

Why the time is right for risk managers:

  1. 2017 brings a new risk profile. Every company, regardless of industry or size, needs to evaluate the new risks from the shift to nationalist policies in the U.S. and abroad. Our new administration’s efforts to increase America’s manufacturing raises a host of new insurance needs—more U.S. production means more U.S. liability. We are also seeing a shift in global supply chain and an increase in the political risks of operating outside our borders. These changes require board-level and C-suite attention. We expect to see risk managers play a more significant role with management in building risk mitigation into their company’s strategic direction.
  2. Rise in specialists. This is your time to be selective about specialists that understand your business and the specific challenges you face. Insurers are differentiating through specialization. Work with an underwriter that knows the risks, regulations, complexities and nuances of your industry. Many industries, such as construction and health care, will experience rapid change this year. Find partners that have been in the same trenches and can help you navigate changes.
  3. Tailored products and solutions. The highly competitive insurance market is also driving product innovation for clients with more tailored solutions. Take the time to learn about less-understood products, such as accounts receivable insurance, which protects companies from non-payment risks and gives them the ability to borrow, receive loans, and as a result, improve their credit quality. In Europe, 70% of companies purchase this coverage, compared to only 8% of U.S. companies. Understand the risks across your supply chain and work with your broker to customize insurance programs and bring innovative solutions.
  4. At the center of technology and innovation. The insurance industry is on the front lines of the cutting-edge technologies: internet of things (IoT), robots and drones. These advances will only grow and thrive with the right risk and insurance programs. For example, the technology surrounding drones or unmanned aerial systems is rapidly evolving. The ability to collect and analyze aerial data has improved efficiencies, enhanced safety and lowered costs within the construction, agriculture, telecommunications, oil & gas and real estate industries. As usage  grows, risk managers will be central to the successful operation of drones by understanding and managing the risks and compliance needs.
  5. Ability to leverage the best in data analytics. Risk managers have the data, tools and skills to anticipate the risks from this tumultuous environment. The insurance industry views these challenges with a different lens, drawing on past catastrophes and predictive analytics to plan for the challenges ahead. Risk professionals who know how to leverage this information can bring a sense of preparedness and control at a time of heightened uncertainty. There is also a role for risk managers to advise senior management on the use of data. But because models are continually amended and updated after losses occur, it is important to avoid an over-dependence on data and false sense of security.
  6. Opportunity to participate in growing your business. Risk managers do not just protect a business, they grow a business. Companies are reevaluating strategies based on new policies. Will they build manufacturing plants? Will they buy a strategic target? Risk professionals have an important role in mergers and acquisitions deals as insurance can be used to help quantify contingent liabilities and allow for accurate pricing models. The most common is representation and warranties insurance, which can help strengthen and facilitate a transaction.
  7. Better risk management services. Insurers realize it is not enough to write a check for a claim. Take advantage of risk mitigation services that are built into your insurance policies. They include education, training, tabletop exercises and risk assessments.
  8. A thriving profession. With more and more universities offering undergraduate risk management majors, we will see a dedicated, high-caliber talent pool focused on careers in risk and insurance. The Spencer Foundation, for example, has completed an eight-month competition between students of 29 universities from around the country, analyzing, developing and presenting the most comprehensive risk management solutions for a case study. The top eight teams will be in Philadelphia to present at RIMS.

The risk and insurance industry is made up of some of the most agile and level-headed professionals. Risk managers have always moved with the changing environment and crisis situations, developing programs to address their entity’s risk profile. Hopefully, we will see more companies include risk management in their strategic planning and leverage the experience and skills of their risk managers.

Protecting Employees in the Face of International Risks

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Increasing globalization and the growing world market presents employees with opportunities to travel and experience new countries and cultures. With travel comes risk, however. In the event of an unforeseen incident, it is an organization’s top priority to ensure its employees are safe and out of harm’s way.

By following proactive travel risk management strategies, employers can help ensure not only the safety of their employees abroad, but also the success of their businesses while avoiding major financial, legal and reputation costs. When developing travel policies, companies must consider the health, safety and security risks that their employees could encounter.

Security Risks
The frightening unknowns of crises such as sudden earthquakes or airport terror attacks can cause distress and chaos. It is the duty of a company’s human resources department to ensure employees are safe and secure, as being unprepared for such events could have dire consequences. For the best outcome, companies should proactively develop travel risk management plans before disaster strikes. Consider these guidelines for your company’s travel emergency plans:

  • Share information. Ensure employees are educated on how to avoid security risks in their destinations and share corresponding safety advice.
  • Develop a communication plan. Decide how employees should contact HR and/or other crisis response team members and vice versa in the event of an emergency.
  • Give employees information about who to contact if they’re in an emergency scenario. Create staffing patterns or third party resources that can accommodate after-hours calls.
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  • Consider rearranging travel plans if there’s a high security risk. Use technologies, such as video conferencing, to keep business rolling as usual if employees need to conduct in-person meetings in destinations where it may be temporarily unsafe to travel.
  • Encourage employees to enroll in the Smart Traveler Enrollment Program (STEP). The app provides updated travel warnings and alerts via email. It can also help the nearest U.S. embassy or consulate locate individuals in the event of a disaster.

Health Risks
Recent disease outbreaks in several countries have caused concern among business and leisure travelers alike. If organizations have plans for employees to travel to areas experiencing widespread illness, consider exercising flexibility. If a disease epidemic is dominating news headlines, there is a good chance employees will be concerned about going to a destination that’s affected. In these cases, advise alternative options such as video calls or contacting local partners to help out. On the other hand, if employees elect to travel to the location, it is the employer’s job to ensure they have the knowledge and resources they need to have a safe and successful trip.

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 To help protect the health of a traveling employee, HR professionals should:

  • Research and understand destination-specific health risks and share this information with employees. Education is essential to preventing life-threatening situations.
  • Ask employees to fill out personal medical information Forms. An employee should bring a copy on the trip and also leave copies with trusted friends or family. In the event of a medical emergency, the trustees will be able to obtain important personal medical details from the document, such as insurance coverage, current or past medical conditions and emergency contact information.
  • Remind employees to carry prescription paperwork. This can prevent issues at airport security and can be useful should a new or similar prescription be necessary locally.
  • Confirm that employees are covered by health insurance that is accepted overseas. This will help avoid monstrous fees later on.

Potential Costs for the Business
The costs of not following these strategies can be far-reaching. Your employees’ health and safety is always of utmost importance. However, there are also some continuity issues to consider.

At the most basic level, a health or safety issue that affects a traveling employee will likely cause a loss in productivity and, therefore, an impact to your organization’s bottom line. Companies could furthermore face cancellation fees, lost deposits, unused inventory or lost sales. Additionally, medical bills, medical evacuations and security evacuations can pose huge financial burdens on both employees and the company.

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Furthermore, an organization that doesn’t adequately prepare for potential risks and therefore compromises an employee’s safety can lose loyalty quickly. If employees know their colleagues were put in risky situations, they will likely lose trust in their companies—which could cause engagement (and business results) to decline.

Adding to the strain of a disillusioned workforce, legal disputes could arise. An injured worker seeking remedies could bring an injury claim against their employer. The cost a company could face when it comes to duty of care disputes depends on the complexity of the case, the length of time and whether it reaches a full trial. Businesses should be prepared for the possibility of facing court cases by following key risk management strategies before being pulled through lengthy and costly litigation processes.

There are also reputation costs to consider. One of the most damaging scenarios may be that the company’s failure to fulfill their duty of care obligation leads to media headlines resulting in serious brand damage. In this case, the news can mar the company’s reputation, causing stakeholders to pull away and resulting in devastating loss in revenue.

Above all, employees are the backbone of an organization, and their safety and security should be the top priority for every business. Devising a sound risk management plan for travelling employees is crucial for ensuring the safety of employees as well as the longevity of your business.