(Un)Risky Business: A 2023 RISKWORLD Recap
Every year The Risk and Insurance Management Society (RIMS) hosts their annual RISKWORLD conference, which brings together thousands of risk professionals from across the globe to network and discuss current trends and new innovations in the industry. This year the conference took place in Atlanta, GA and featured a wide range of fun activities including a pickleball tournament, a golf event, and a group of service and therapy animals to play with. Outside of all the “extracurricular” activities the conference had to offer, it helped paint a clearer picture of what is driving the risk management sector and how employers are combating different obstacles. We noticed that the following five areas got a lot of spotlight at RIMS this year.
1. Career Development
It seems like every year increasingly more sessions are focused on the future of the risk management sector and how young professionals can grow into industry leaders. As boomers begin to retire and millennials start taking on larger roles, conferences like RIMS are recognizing the need to be sure the next generation has the tools they need to be successful. Below are some of the top sessions I found most interesting:
– A session titled, “How to Take Risk Off the Books and Demonstrate Your Value to the C-Suite” focused on strategies risk professionals can take to properly explain risk mitigation strategies to C-suite executives to help elevate their value.
– Risk Directors from two different universities presented on the importance of teaching the next generation about non-traditional risks and preparing them for future barriers (ex. cyber liabilities, ESG, climate change, etc.).
– One session took a unique approach and brought together three industry leaders that were originally on the same team but all accepted different opportunities. Each presenter gave insights into their specific journey and what young professionals can do to drive the trajectory of their careers.
2. Claims Management
As inflation is top of mind for businesses across the globe, cutting costs and managing claims is a high priority for risk teams. This year presenters looked at a range of business lines and various approaches to handling claims processes.
– As cyber is still an emerging risk, a presentation titled “Cyber Claims Management: Dispelling Myths and Distilling Realities,” reviewed common misconceptions, and detailed how to integrate cyber coverage into incident response plans.
– A session on managing operational risk and internal processes in workers’ comp coverages outlined best practices for third party administrators (TPAs) and key performance indicators when evaluating a workers’ comp program.
– A lawyer and a VP of Risk Management discussed the legal landscape and settlement processes when it comes to managing and valuing claims. They also included tips for organizations to ensure they are protected in settlement efforts.
3. Cyber and Technology Risk
Although cyber is not a new concern the risk-world (no pun intended), we are seeing a lot of evolution and maturation in this space. This year speakers tackled cyber coverage from many different points of view, some of which included:
– In the session, “Ransomware Postmortem: The Anatomy of a Cyber Breach,” the presenters expressed what employers can do at different stages of a cyber breach to mitigate losses, and what is going through the minds of hackers during planning, execution, and post cyberattacks.
– In response to the Ukraine-Russia War, one group presented on current cyber warfare trends and how international sanctions can impact regulations and cyber claims.
– The session, “Understanding Autonomous Vehicle Risk and Insurance,” speakers gave a comprehensive review of autonomous vehicle risks and market conditions to pay attention to, such as legislative developments and availability of insurance products.
It seems like every year we are seeing new developments in the world of captive insurance on both the national and international scales. After recently attending The Captive Insurance Companies Association (CICA) 2023 International Conference, I wanted to share some of the hot topics on the minds of captive professionals around the world. As a board member of CICA and chair of CICA’s NEXTGen young and new professionals committee, I was excited to be so involved this year. The conference definitely did not disappoint; in addition to “extra-curriculars” like the golf tournament and brewery tour, the event also provided great opportunities for networking and learning about current trends and best practices in the world of captives and what the future holds for the industry. I hope you enjoy these highlights.
4. Diversity, Equity, and Inclusion (DEI)
As we progress through 2023, employers across the nation and internationally are working to develop programs that address DEI efforts. Although DEI was not the leading topic of discussion this year, I still wanted to share some of my favorite sessions that address unique social issues in the risk management/insurance space.
– Workers’ Compensation experts clarified how understanding DEI needs of injured workers can directly help with the recovery process and their return to work. Furthermore, they explained how greater communication can reduce the risk of continued disability and litigation.
– As Artificial Intelligence (AI) is making headlines globally for its potential (both negative and positive), many fear for perpetuated biases the systems may hold. One presentation investigated potential discriminatory liabilities when it comes to automating recruitment and other employment decisions and how it can intersect with different compliance regulations.
– A group of 5 female executives tackled the issue of women in leadership positions in the risk management/insurance space and tools they utilized in their career paths to help combat gendered stereotypes and achieve leadership roles.
5. Strategic and Enterprise Risk Management
When it comes to developing a concrete and concise program, risk management teams have an abundance of options and strategies to consider. This year, enterprise risk management (ERM) was a hot button topic, with sessions covering:
– The session, “Social Media: Managing the Continuous Stream of Emerging Risks” explored a new stream of liability, social media risks. Speakers from Oracle and Salesforce reviewed the history of social media risks and potential response plans for future incidents.
– Two insurance executives reviewed how the pandemic forced organizations to integrate resilient and adaptive programs, opposed to more traditional and defensive programs we saw pre-pandemic. They then laid out risks and disruptions organizations should be ready to face in the post-pandemic world.
– A representative from Merit Medical dove into her company’s approach to ERM and how they optimized their program through strong leadership support. Her session was titled, “Enterprise Opportunity Management: Optimizing the Value of ERM with a Focus on the Positive.”
As a regular RIMS attendee, I have to say, this conference was one of the best. I was able to connect with so many interesting people and deepen my understanding of best practices and trends. Aside from the socializing and happy hours, Spring had a great time exhibiting and attending the informative sessions; I look forward to next year’s conference! In the meantime, our team will continue to assure we provide clients with industry leading captive and alternative risk financing services.