RIMS 2008 – the world’s biggest risk talking shop
25 April 2008
Around 10,000 people are expected at the world’s biggest meeting of risk professionals, RIMS 2008. The convention, organized by Risk & Insurance Management Society, Inc, takes place in San Diego this year, between April 27 and May 1.
The annual conference and exhibition, is a gargantuan networking and educational event with 400 expert speakers leading over 130 sessions. “All the indications are that this could be our biggest ever annual convention,” says Mary Roth, RIMS executive director. “This year we have 900 first time attendees.”
Roth advises people to plan their week at RIMS like a military operation, to make the most of the available sessions. “Enterprise risk management alone has a track of 16 sessions,” she points out.
RIMS is an important date in the diary of any North American risk manager. Joe Restoule, who leads the risk management function at Canada’s NOVA Chemicals Corporation, says risk managers get a lot out of the meeting.
“On the personal development side, networking with my peers in the chemical industry is very important – as is meeting with the underwriters and brokers in the sector. At RIMS I can meet with people from the whole supply chain.”
Restoule, who is on the board of directors of RIMS and takes over as president of the society in 2009, uses the convention to get up to date on the current issues for risk managers, and find out how they could affect his business. “I want to be dazzled with the new tools and solutions that enable me to change the way I talk about risk,” he says.
Change the way you talk about risk is the theme of the RIMS convention this year. “Risk management is evolving. Issues such as climate change and corporate governance are all changing the way we talk about risk,” Restoule told Lloyds.com.
The big issue in the background for risk managers in North America is the spectre of recession and the challenge of managing risk in a difficult economy, Restoule believes. “That includes the effects of the credit crunch. What impact will the sub-prime crisis have on companies, their employees? What effect will it have on capital spending?” he asks.
Another issue looming in the background is political. Both USA and Canada have elections looming. Restoule believes that risk managers should be asking themselves, what will be the impact of a changed administration on their strategy?
Environmental risk management is another hot topic on the agenda at RIMS this year, Mr Restoule points out. “There is more pressure on us all to be environmentally aware. Add to that the increasing price of energy. I want to hear from other risk managers about what they’re doing in this area. It is especially pertinent for me as Canada is a signatory to the Kyoto agreement.”
Restoule says that Lloyd’s is a vital and important player in the North American market and that is reflected in an increasingly broader awareness among many risk managers of the market’s capabilities
Lloyd's plays an increasingly important role in the US business insurance market. “Lloyd’s is a prominent player so when I think of Lloyd’s I associate the market with leadership on programmes. But Lloyd’s companies also complement other markets to help complete programmes. Lloyd’s companies are a significant contributor to any business insurance programme thanks to the diversity of their products and their willingness to participate,” Mr Restoule says.
Last updated on 24 Apr 2008
