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A Thought From RIMS 2016 - Strategic Risks

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The 2016 RIMS Conference provided quite a number of thought-provoking technical presentations.  Among the sessions was one on Strategic Risk and Analytics, presented by Soubhagha Prija, SVP & CRO for New York Power Authority and William Dehnert of Deloitte Advisory.

Topics: risk management Insights & Opinion

A Thought From RIMS 2016

I had the pleasure of attending a session at the RIMS Conference in San Diego last week, featuring old friends, Linda Conrad, Zurich Insurance Company Head of Strategic Business Risk and Tim Bundt, Chief Risk Officer at CBRE. Stephanie Welling from the CBRE ERM Team also featured prominently in the presentation. Their message was the correlation of risk factors between the World Economic Forum (WEF) Global Risks Report and the risk management programs at individual companies.

Topics: risk management Insights & Opinion

How software helps the risk manager with the insurance consolidation trend.

In a recent analysis published by Advisen, the issue of insurer consolidation is examined. This trend is not new, in fact, if we look over the last decade or two, you note an unsettling trend in consolidations in the insurance industry. First it was a consolidation among the large, global brokers. Gone are A&A, J&H and some of the other real global performers. As a risk manager, it became harder and harder to access a broker with a true global presence to help you manage a worldwide presence. Now, as Advisen points out, the consolidation is in the insurer space. This too isn’t new. In addition to the merger/acquisition process (St. Paul and Travelers, for example) there have been the high profile failures, like Home and Kemper.

Topics: risk management Insights & Opinion

Measuring the return on investment in a risk management information system

Before investing in a risk management information system (RMIS), estimating the return on investment (ROI) is an important step in the decision-making process. Whether it’s your first RMIS or you’re contemplating switching systems, the costs of these system can seem very high. Determining the ROI will help quantify the business case for the investment.

Topics: risk management Insights & Opinion

The current (and looming) skilled-labor shortage: Why it's a risk management issue

This article by the Wall Street Journal's chief economics commentator, Greg Ip, set me to thinking about a risk that seems to become more real every day; however, it's a risk that is little understood and not often included in the risk inventories of companies in the United States. It has to do with the question of where we're going to get the skilled labor that we need in the next 20 years.

Topics: enterprise risk management Insights & Opinion

What I learned moderating a panel at Business Insurance’s Cyber Risk Summit 2015

On Monday, I had the honor of moderating the first breakout session at Business Insurance’s Cyber Risk Summit 2015 in San Francisco. More than 100 people (most of them risk managers) attended the session, which in this moderator’s humble opinion was an eye-opening look at cyber security and what risk managers need to know today about mitigating cyber risk. In this blog post, I’ll share the key points covered in the session and how they apply to risk, claims and safety managers.

Topics: Insights & Opinion Data Security & Cyber Risk

Ventiv Experience Conference: Playing to Win

BLOG EDITOR'S NOTE: Ventiv Technology is excited to welcome Pat O'Neill as a new analyst and consultant in the risk-technology industry. We appreciate Pat coming to the annual Ventiv client conference—Experience 2015—in Chicago last week. We're pleased to cross-post Pat's thoughts, which he shared earlier this week as a long-form update on LinkedIn, here on the Ventiv 3SIXTY blog.

Topics: Insights & Opinion

Successful Risk Managers In The USA

Successful risk managers in America can expect to earn a very good salary at the executive level. While the salary varies by years of experience and the size of the company, Salary.com reports that the median income of top company risk managers is somewhat over $180,000. Even the bottom 10 percent are expected to earn over $100,000. Meanwhile, top earners may enjoy an income that is close to $300,000. Considering how much a successful risk management program can save companies, it is no wonder that these top executives enjoy good compensation.

Topics: risk management Insights & Opinion