RISK MANAGEMENT TRENDS FOR 2015November 26, 2014

Presented by:

Carolyn M. SnowRIMS PresidentDirector, Risk Management, Humana Inc.

Mary RothRIMS Executive Director

WHO WE ARE…

Carolyn SnowDirector of Risk Management, Humana Inc.

Carolyn joined Humana fourteen years ago, progressively managing clinical and operational risks, as well as its corporate insurance program. Her prior experience includes VP of Marketing at Aon Risk Services and in Underwriting and Marketing management positions with Fireman’s Fund and Cigna P&C. Currently RIMS president, she served in a number of board roles, while volunteering as Risk Manager in Residence at Appalachian State, Ball State University, Temple University and University of Central Arkansas. Carolyn is a member of the Advisory Board for the Business Insurance Risk Management Summit, was named to BI’s Women to Watch list in 2009, and is a member of Eastern Kentucky University Risk and Insurance Advisory Council.

Mary RothRIMS Executive Director

Mary Roth is the Executive Director of the Risk and Insurance Management Society, Inc. (RIMS). Ms. Roth joined RIMS in 1985. Since that time, she has served in such roles as Assistant Director of Research and Director of Membership and Chapter Services.

Additionally, Ms. Roth is the President of the International Federation of Risk and Insurance Management Associations’ (IFRIMA). She holds the Insurance Institute of Americas Associate in Risk Management (ARM) designation and is a member of the American Society of Association Executives. In 2006, Ms. Roth was featured in the Business Insurance “Women to Watch” issue.

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THE FUTURE OF THE PROFESSION

Tomorrow’s Leaders

Global Opportunities

Knowledge & Expertise

RIMS I MARSH EXCELLENCE INRISK MANAGEMENT XI

Published: April 2014

EXCELLENCE IN RISK MANAGEMENT XI

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KEY THEMES

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EMERGING IMPLICATIONS: CONVERGENCE WITH STRATEGIC MANAGEMENT

CONVERGENCE WITH STRATEGIC MANAGEMENT

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CONVERGENCE WITH STRATEGIC MANAGEMENTRIMS I MARSH

CONVERGENCE WITH STRATEGIC MANAGEMENT

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EMERGING IMPLICATIONS:RISK MANAGEMENT, TECHNOLOGY, AND DATA ARE UNDER-LEVERAGED

RISK MANAGEMENT, TECHNOLOGY, AND DATA ARE UNDER-LEVERAGED

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IS RISK MANAGEMENT UNDER-LEVERAGED?

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EMERGING IMPLICATIONS:DEVELOPING “RISK KNOWLEDGE CENTERS”

DEVELOPING “RISK KNOWLEDGE CENTERS”

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EMERGING IMPLICATIONS:NEW SKILLS AND DEVELOPMENT PATHS FOR RISK MANAGEMENT PROFESSIONALS

NEW SKILLS AND DEVELOPMENT PATHS FOR RISK MANAGEMENT PROFESSIONALS

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EXCELLENCE IN RISK MANAGEMENT XI:A LOOK BACK AS WE MOVE FORWARD

A LOOK BACK AS WE MOVE FORWARD

2004 Excellence Conclusions 2014 Excellence FindingsRisk management shifted from purchasinginsurance to controlling losses and quantifying costs of risk.

Risk management has evolved into a more strategic role.

Elevating the visibility of the risk management function to enhance effectiveness.

Risk management now viewed as a strategic function.

Leverage technology for efficiency andcapture data at its source.

Expand and integrate analytical tools and processes beyond traditional borders to improve decision making.

Risk tolerance must be analyzed on a regular basis. Progressive improvement in the use of analytics to better understand risk-bearing capacity.

Organizations must focus on the career development of risk management professionals.

The C-suite identified a greater risk management need in strategy and business acumen.

Rotation through business units. Risk management is a rotational role for high-potential individuals.

Comparing 2004 Excellence Conclusions to 2014 Findings

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EXCELLENCE IN RISK MANAGEMENT XI:THERE’S ALWAYS MORE DO!

THERE’S ALWAYS MORE DO!

EXCELLENCE IN RISK MANAGEMENT XI:A CYBER SURPRISE

Thank YouTHANK YOU!!!!RIMS Website: WWW.RIMS.ORGRIMS Risk Knowledge Library: WWW.RIMS.ORG/RISKKNOWLEDGE