Every year, the Risk Management Society (RIMS) hosts its annual RISKWORLD conference, serving as an opportunity for 10,000+ risk professionals to convene and discuss the industry’s future. Against the backdrop of San Diego, this year’s conference was a testament to the ever-evolving landscape of risk management and insurance. As industries grapple with unprecedented challenges, the conference emerged as a beacon of insight, fostering discussions on cutting-edge practices, emerging trends, and innovative strategies. Here are some of the most popular topics discussed during this year’s conference.

1. Emerging Trends and Industry Challenges

The insurance industry is constantly evolving, presenting both opportunities and obstacles for risk management professionals. These sessions explored the latest trends, regulatory changes, and strategic approaches to navigating the dynamic landscape of risk management.

– As climate change and natural disasters continue to impact rates nationwide, experts discussed “How All Industries Can Manage Their Water- and Nature-Related Risks.”

– The session, “Risks Today or Risks Tomorrow? Leveraging Data for Future-Proof Risk Management,” featured how geolocation and risk data are being used to influence property and casualty (P&C) strategies.

2. Forward-Thinking Approaches and Strategies

Innovation lies at the heart of effective risk management, and RISKWORLD 2024 showcased forward-thinking tactics for staying ahead. From optimizing risk transfer and resilience planning to exploring new methodologies for risk assessment and mitigation, attendees gained valuable insights into cutting-edge techniques and innovative strategies that are reshaping the landscape of risk management, ensuring they are well-equipped to tackle the challenges of tomorrow.

– A lawyer discussed common roadblocks and assumed contractual liability regarding “Strategies for Effective Risk Transfer and Mitigation.”

– Financial leaders from LinkedIn and Orgill discussed their concerns about employee safety, mitigating risk and ensuring organizational success in their session, “From Forecast to Forefront: New Research on the CFO’s Strategic Mindset and Trends to Watch in Risk Management.”

– A risk manager from a manufacturing organization discussed the importance of “Strategic Decision Making” and how to address suboptimal results internally.

3. Diversity, Equity, and Inclusion (DEI)

Promoting diversity, equity, and inclusion has become a strategic imperative for organizations across industries. These sessions highlighted the importance of fostering inclusive workplaces, advancing DEI initiatives, and leveraging diverse perspectives for business success.

– Leaders from the National African American Insurance Association (NAAIA), the Asian American Insurance Network (AAIN), the Latin American Association of Insurance Agencies (LAAIA), Rainbow Risk Alliance, Insure Equality, and the Association of Professional Insurance Women (APIW) shared their experience with introducing DEI efforts in their discussion, “Championing Diversity: Industry Leaders Speak Out.”

– In the session, “DEI Is Not Going Anywhere and Here’s Why: The Who, What, Where, When and Why of DEI,” experts discussed the importance of DEI programs and specific success stories.

– As DEI is receiving some societal backlash, the presentation “The Rise and (Fall?) of DEI: Exploring the Impact of Diversity, Equity, and Inclusion Initiatives on Risk Management” focused on current trends and future of DEI efforts.

4. AI, Technology, and Innovation

Innovation in technology is transforming the insurance landscape. These sessions delved into the role of artificial intelligence, cybersecurity, and data analytics in shaping the future of risk management.

– In their presentation, “AI Revolution: A New Era for Risk Management and Loss Control,” a group of risk managers discussed how they are using AI to help with workers’ compensation applications, loss prevention, and fraud identification.

– Google Cloud’s CISO discussed the latest trends in generative AI and how it can impact the insurance sector in his session, “Navigating the W(AI)LD West: Maximizing the Transformative Power of AI.”

– A session from the RIMS New York Chapter, “AI Did What? Anticipating Insurance Coverage Issues Arising from AI Liabilities,” evaluated the kinds of liabilities and potential issues that can arise from utilizing AI in risk management.

As the curtains draw on another successful RISKWORLD conference, the Spring team and I had a great time tuning into some insightful sessions and reconnecting with industry leaders. The spirit of collaboration and innovation was lively this year, and I’m excited to see what next year’s conference has in store for us.