Tag Archives: risk professionals

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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.

New NAAIA Report Focuses on Next Steps for DEI in the Insurance Industry

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As Black History Month kicks off, February presents a great opportunity to not only celebrate the history and accomplishments of African Americans, but also to meaningfully assess and advance diversity, equity and inclusion measures with the goal of ensuring lasting change rather than lip service. To that end, the National African American Insurance Association (NAAIA) recently updated its research on its members’ experiences and challenges in the insurance industry, releasing the new study The Next Steps on the Journey: Has Anything Changed? The new research updates NAAIA’s 2018 report The Journey of African American Insurance Professionals, evaluating what progress has or has not been made over the past five years, particularly given the increasing focus on DEI programs and, specifically, many companies’ discussions of DEI efforts after the murder of George Floyd brought the Black Lives Matter movement to the fore.

“On one hand, there is a prevailing sense from Blacks/African Americans in the sector that companies are seeking to find credible and practical ways to solve longstanding inequities,” said Omari Jahi Aarons, executive director and chief operating officer at NAAIA. “However, the report highlights that many of these actions are falling short because they are not addressing inequities at the foundational level.”

For example, most survey respondents agreed that their organizations were committed to diversity (60%) and inclusion (61%), and nearly half felt that their organizations were committed to advancing equity (43%) and equality (48%). Nevertheless, 84% of respondents said they continue to encounter obstacles in their career progress compared to other under-represented groups because of either conscious or unconscious racial bias.

Respondents shared several key changes that risk and insurance organizations can make to “more fully achieve and prioritize diversity, equity and inclusion,” such as enhancing recruitment and talent identification initiatives and placing greater focus on recruiting from HBCUs and institutions with substantially diverse student populations, promoting African Americans to officer-level roles, increasing board diversity across racial and gender identities, addressing compensation and pay inequities, increasing pay transparency, offering more mentorship opportunities and extending support through executive coaches.

To support the advancement, networking and development of African American risk practitioners, the report offers a number of recommendations “to catalyze conversation and action” for risk and insurance professionals, including:

Recommendations for Black/African-American risk and insurance professionals:

  • Demonstrate success: Attracting talent to the risk and insurance industry will depend upon the full engagement of Black/African-American insurance professionals who can illuminate under-informed or unaware communities and constituencies about the opportunities in the industry.
  • Seek and offer mentoring: Throughout the research, mentoring was mentioned as a critical factor for career success and satisfaction. Individual professionals can articulate their respective needs for mentoring and can provide mentoring to, and with, each other.
  • Get and provide exposure: Getting exposure and gathering knowledge about the industry can be a powerful, effective remedy to longstanding barriers for underrepresented groups. Individuals can consider their own social networks to foster partnerships to strengthen industry exposure, increase validity of career opportunities and encourage young people to view risk and insurance as a viable and rewarding career path.
  • Advocate for self and for others: Individual professionals must find ways to take charge of their careers, connect and exchange ideas with other professionals. The research revealed that most participants did not belong to any industry-related associations, which could hinder career progress and success. Expanding networks and deepening ties to the industry should be a top priority for every individual, and membership costs should be viewed as an investment in personal professional development. Facilitated introductions for employers and NAAIA to Black/African-American organizations can also foster engagement and collaboration.

While many organizations have introduced DEI programs and proclaimed support for African American employees since the Black Lives Matter movement took root, the survey found many of these moves lacking in actual impact thus far. “Respondents identified the tragic murder of George Floyd and many other Blacks/African Americans and People of Color as the catalyst for centering conversations on race and the risk and insurance industry has responded with a host of new initiatives to address disparities,” NAAIA noted. “Respondents reported increased exposure from initiatives specifically DEI-related training (57%), support for employee resource groups (35%) and mentorship programs (21%). However, these initiatives have not translated to career advancement.”

To help employers improve their DEI efforts, the report also offered the following recommendations:

Recommendations for employers:

  • Avoid performative actions: DEI-driven activities and training notably emerged in response to the events of the last few years. However, many organizations are “checking the box” by undertaking noticeable, but not meaningful, initiatives. A thoughtful and careful review of DEI initiatives is an important first step to ensuring that they are not merely performative, requiring courageous conversations by several stakeholders about the purpose and intent of each activity or program.
  • Turn barriers into gateways: With intention, employers should ensure that there are measurable DEI goals and outcomes visible at all levels of the organization. Measurements can include internal or third-party pay equity and workload balance analyses or tying compensation to the successful implementation of DEI initiatives, especially at middle managerial levels.
  • Use leverage: More employers could leverage the vast networks of employees and employee resource group participants for recruitment and to influence internal mobility, as well as to increase levels of employee engagement. Often, employers underestimate the power of personal connections and references within minority communities, foregoing opportunities to build awareness and enhance their brands both internally within their organizations and externally.
  • Provide meaningful, substantial support: Supporting NAAIA local chapters through sponsorship, mentoring and partnerships and cultivating multiyear partnerships with Black/African-American community professional, civic and youth organizations can lift a company’s profile. More importantly, these types of partnerships also allow for employers to create greater access to internal subject matter experts to communities that are underserved on relevant macro business and professional development topics (e.g., financial literacy, wealth creation or cybersecurity).
  • Connect human resources, senior executives and ERG leaders: Several respondents noted that beyond nominally sponsoring an ERG, many executives were not directly involved in planning or activities. Most of the ERGs are organized and driven by employee volunteers, which often renders them less effective because of time and work constraints. If human resources, senior executives and ERG leaders can convene to discuss mission, alignment with company goals and resource allocations, there is a greater likelihood of continuous progress.

For more of the report’s findings and recommendations, click here to read NAAIA’s The Next Steps of the Journey: Has Anything Changed?

How to Make the Most Out of 2021’s Virtual Conferences for Rising Risk Professionals and Employers

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Amid a second wave of the COVID-19 pandemic, people around the world are going back into lockdowns or rolling back phased reopenings, and it appears remote work arrangements and virtual events will continue to be the norm for many. Throughout the pandemic and now, moving into 2021, these shifts have prompted serious consideration about what it means to connect at work and how to build and maintain relationships in your professional network without seeing people in person.

As the job market remains in flux from the pandemic, this is a particularly pressing concern for students, early-career professionals, and others who are just establishing themselves in the risk profession. To that end, insurance and risk management student organization Gamma Iota Sigma has composed virtual conference guides for both students and employers to make the most out of the growing number of virtual recruitment and networking events.

According to Grace Grant, the organization’s executive director of chapter operations, Gamma Iota Sigma created the Virtual Conference Guide after roundtable discussions with a range of industry and professional association partners regarding student engagement, recruitment and collaboration amid the pandemic. “Throughout the course of the summer, nearly 30 different groups participated in these discussions where we discussed lessons learned and opportunities we were facing in light of the COVID-19 pandemic,” Grant said. “Because many of our partner organizations also host annual conferences, and everyone was pivoting to a virtual option, it became apparent that both students and employers would benefit from a best practices guide for virtual conference attendance.”

“For an industry that is largely centered around business relationships, the pivot to virtual a conference season presents a challenge, but also opportunities,” said Alyssa Bouchard, vice president of industry engagement at Gamma Iota Sigma. “While virtual engagement can’t always take the place of face-to-face engagement, it does allow for increased access. Virtual conferences have lower registration fees in many cases.


They have no associated travel costs or commitments. For some, the lack of business travel or daily commutes in our virtual environment means more time in the day. Collectively, this creates a big opportunity for rising risk professionals to pursue career development opportunities which might not have previously been an option but are now right in front of them—literally. It is a great time for rising risk professionals to participate in industry conferences and events to expand their industry knowledge and networks.”

For rising risk professionals looking to seize those expanded opportunities via virtual conferences and events, click here for the Virtual Conference Guide for Students.

On the day of the event, some of the key tips for students include:

  • Prepare your space. Find a quiet and comfortable space for attending the conference. Make sure you have all necessary technology and information within reach. Set up a neutral and professional background. Be aware of personal items that may show in your screen. Make sure your space is well-illuminated so conference attendees can clearly see your face during video interactions. Have water and a snack nearby so you can refuel when needed!
  • Check your Wi-Fi bandwidth. If possible, sit close to the router. Turn Wifi “off” on unused devices to free up bandwidth. If needed, ask your housemates to refrain from streaming during the event.
  • Dress to impress. Wear head-to-toe professional attire that is reflective of your professional brand and leaves conference attendees with a good impression. Some conference hosts will specify a recommended dress code for the event. If not, wear business professional attire.
  • Minimize distractions.
    • Close other tabs on your computer. Turn off notifications on your phone and other devices so you can focus on the conference.
    • Notify members of your household that you are participating in a virtual conference to better manage potential disruptions.
  • Build your network. Many virtual conferences will host virtual networking lounges, interest groups, chat rooms or other opportunities to meet attendees. Leverage these opportunities!
    • Virtual conferences offer a variety of communication methods to connect with other attendees. If you have meetings scheduled, confirm whether they are text, audio, or video meetings before joining the meeting.
    • Don’t be afraid to reach out and introduce yourself to other conference attendees. Share your elevator pitch when joining new conversations.
    • Be aware of your audience and know whether the chat is one-on-one or a group conversation.
    • If you plan to reconnect after the event, establish the best way to do so before signing off.
  • Keep a list of action items. How will you use the information you’ve acquired at the conference? Keep a list of to-do items for after the event. For example, 1) Submit online application for internship at ABC Insurance Company, 2) Follow up with Sheryl on offer to job shadow, 3) Review XYZ Brokerage’s career brochure, 4) Conduct additional research on product recall insurance.

For companies looking to recruit the next generation of risk professionals, click here for the Virtual Conference Guide for Employers.

For example, on the day of the event, GIS advised employers to:

  • Be proactive. Don’t wait for students and candidates to come to you! Find ways to actively engage conference attendee in the virtual lobby, lounges, and sessions. If a candidate visits your booth, give them a warm welcome.
  • Facilitate informal networking opportunities. Encourage attendees from your company to hang out in the virtual networking lounge, interest groups, or chat rooms when they’re not scheduled to be somewhere else. This will allow them to engage with students and/or potential candidates in a less formal setting.
  • Identify next steps. If speaking with a booth visitor or interviewee, clarify action items following the conference. Do they need to complete a job application? When will they hear back from you about a second-round interview?

    How can they find more information about your organization and/or opportunities?

Solving the Talent Crisis in the Risk Profession

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BOSTON—In a time when skills become obsolete much quicker than in previous eras and the professional landscape is rapidly evolving, businesses need to be more agile and adaptive. Companies with these characteristics tend to meet their clients’ expectations more effectively, have higher employee engagement, and see more success generally. They can accomplish this by bringing on and nurturing younger or newer talent.

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While more schools are offering risk-related academic programs, however, the industry is still not attracting enough young people to its ranks.

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How can companies attract new talent to the risk management industry and keep them from leaving?

“I hear people saying all the time, ‘I wish next-generation people would stay,’” said Monica Merrifield, vice president of risk intelligence at YMCA of Greater Toronto. At today’s RIMS 2019 session “Solving the Talent Crisis in the Risk Profession,” Merrifield and fellow panelists Joseph Milan, principal at JA Milan and Associates LLC, Grace Crickette, vice president of administrative affairs at the University of Wisconsin-Whitewater, and Andrew Bent, risk director at Sage Group plc., discussed why young people aren’t joining the risk management field, and what companies can do to bring them into the industry and keep them there.

Crickette described the next generation as purpose-driven and passionate, expecting a company to have a bigger vision and to be clear about the employee’s role in that vision. They work best in high-collaboration and low-hierarchy environments, and expect a variety of work, as well as meaningful interactions with leadership. They are interested in creating a pathway to growth more than advancement—not necessarily a ladder, Crickette said, but “a lattice.” In part, companies and hiring managers can attract these young professionals by examining their own operations and internal culture to ensure that they address these concerns and are open to new perspectives and contributions. When companies emphasize the values of diversity (both of ideas and people), humility, and learning from mistakes, this will make them more appealing for the next generation of talent, Merrifield said.

Merrifield and Crickette also stressed the importance of cultivating new talent, and how young professionals can grow by seeking out mentors and sponsors who will create opportunities for them, even if those opportunities are not at their current company.

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“Don’t wait for a sponsor, ask for a sponsor,” Crickette said. Multiple panelists also encouraged young professionals to pursue education and accreditation for advancement and growth in a risk management career, Crickette urging young people to take more tests and get professional designations to set themselves apart and learn more, and Milan describing the benefits of the RIMS-CRMP certification. Milan also advised young professionals to be courageous enough to share new ideas in their workplaces, and Merrifield said that they should focus on soft skills, which are less likely to be automated in the future.

When people lament that they wish millennials would stay, Bent said he responds by pointing to studies showing that millennials are actually more loyal when their employers present them with a “why”—a deeper purpose for their work and a reason to stay. He said that companies should examine what they are actually doing to attract and retain younger talent, keeping in mind that millennials and younger generations are better at moving on when they see that a new opportunity elsewhere is better.

Crickette added that the industry needs to show young people that there is more to the risk management business than just insurance, and explain how diverse the field is. Bent and Milan both also said that the risk profession is mostly associated with bad things happening, and that risk management professionals could help change that perception by showing how risk management can create opportunities, showing up in their communities during both good times and bad.

It is possible to get young people to join and stay in the risk management profession, these experts stressed, but companies must do the work to adapt to the employees they want, creating opportunities for young risk management professionals to engage and grow.