RIMS Launches ‘Center of Excellence’ For Enterprise Risk Management

NEW YORK – November 14, 2005 – The Risk and Insurance Management Society, Inc. (RIMS) announces its plans to become the premiere resource and support organization for Enterprise Risk Management (ERM). RIMS Board of Directors recently met to finalize the Society’s ERM business plan, tasking each Board member with a role in upholding this commitment.

In March 2005, The Risk and Insurance Management Society, Inc. (RIMS) conducted an email survey of over 1,000 risk managers and found that nearly two-thirds of those who responded are either involved in development of an ERM program or are considering doing so. RIMS Board of Directors commissioned a new ERM committee earlier this year to bring special focus to ERM within the Society and to create resources specifically for risk managers engaged in ERM development within their companies. RIMS is continuing to explore opportunities, services and resources that would be relevant for the growing population of RIMS members engaged in ERM programs.

In the months and years ahead, RIMS will bring its members new resources to support organizational implementation of enterprise risk management, offering a range of potential approaches and solutions. As we head towards the future of the risk management industry, RIMS will be one of the leading providers of ERM education, information, networking, services, and tools.

Last week, RIMS ERM Summit for senior risk managers was held at the Cornell Club in New York City. Three upcoming RIMS Fellow workshops on this topic have been planned for Winnipeg, Seattle, and Houston. Additional revised and updated professional development programs dealing with ERM will be launched in 2006.

The September issue of RIMS Risk Management magazine was a special three-part edition on the topic. The articles cover the transitional evolution of a risk manager to Chief Risk Officer, defining enterprise risk and adopting a company-wide strategy, and evaluating the progress of an ERM transition. An article in the December issue of the magazine focuses on the chief risk officers at three insurance companies, The Hartford, Allstate, and Sun Life Financial, and covers where each of those companies is in their process of establishing an ERM program.

In April 2006, ERM subject matter will have significant prominence at RIMS 2006 Annual Conference and Exhibition in Honolulu. At this time, nearly a dozen ERM-related sessions and workshops are scheduled, including “Risk Management and the Bottom Line,” “ERM Forum,” and “ERM Implementation – Progress and Pitfalls.”

About Risk and Insurance Management Society, Inc. (RIMS)

The Risk and Insurance Management Society, Inc. (RIMS) is a not-for-profit organization dedicated to advancing the practice of risk management, a professional discipline that protects physical, financial and human resources. Founded in 1950, RIMS represents nearly 3,800 industrial, service, nonprofit, charitable, and governmental entities. The Society serves over 9,500 risk management professionals around the world. http://www.rims.org/