For the first time since 2019, the Risk Management Society (RIMS) was able to host their annual conference in-person in San Francisco earlier in April. The conference brings together thousands of risk experts from around the world to share their thoughts on current trends and innovations in the industry of risk management. As COVID-19 rates have been declining, we were happy to have Spring present and exhibit at RiskWorld 2022.
Now that we’re back from the conference and settled into our normal routines, we want to take time to reflect on the main priorities of the industry that were touched on during RIMS 2022. So, if you weren’t able to attend in-person or virtually, here are some of the main takeaways and themes this year.
- Climate Change
Sustainability and building climate resilience has been a primary concern for many employers worldwide. With the unpredictability of natural disasters and other climate related risks, it is essential employers enact climate-related precautions in their organizations. Below we have included some of the groundbreaking sessions related to climate change and how to build climate risk strategy.
- John Merkovsky explained how beyond property and causality damage, climate change can impact supply chains, workers’ compensation, and product liability in his “The Missing Role of the Risk Professional in Climate Resilience” event.
- In a session titled “Climate Resilience,” Jim Boccher illustrates how employers can define disasters and emergencies and reflect on disaster recovery efforts to better prepare for future climate crises.
- Spring’s Managing Partner, Karin Landry reviews some of the top current climate risks and how organizations can better prepare physically and financially for future climate threats. Her session also included Hyatt Hotels as a primary case study on how to approach climate risk as well as how to recover quickly from disasters when they happen.
- Cyber and Technological Risk
For years cyber and tech have been at the forefront of risk management and previous RIMS conferences. As technological innovations have improved our evaluations of risk, cyber threats and attacks have had the opposite effect. This year presenters touched on many different facets of cyber and tech risks including:
a) Artificial Intelligence
Artificial Intelligence has great potential in evaluating risks and is being used to optimize insurance assessment strategies. But AI is still fairly new and is only recently becoming more normalized in risk management. Check out what some of the speakers had to say about AI in the industry below.
- Brijesh Kumar explained how AI is being implemented into claims management systems to reduce costs and improve efficiency in a very competitive market.
- Tresa Stephens highlighted how although AI can benefit economic outcomes, it also poses many risk factors for both business and consumers.
- In a session titled, “How Is AI Going to Disrupt Commercial Insurance?” Sandip Chatterjee outlines how the increasing presence of AI and the vast collection of public and client data can precisely and accurately quantify risk like we’ve never seen before.
b) Cyber Resilience/Cyber Attacks
Cyber resilience has been key during the COVID-19 era, where many organizations have had to move towards remote and hybrid work. This transition has left employers prone to cyber threats and attacks their pre-COVID model did not protect them against. During RIMS 2022 cyber related risks were the most talked about topic and some of the highlights include:
- During the “Your Money or Your Data: The New Game Plan for the Escalating Risk of Cyber Crime,” panelists explained how in just one month in 2021, companies paid upwards of $400 million in data ransoms.
- Mark Hoffman outlines how to build back and streamline communication after a cyber attack, and how to adapt and prepare for the next cyber threat.
- Steve Tomeo and Joshua Gold dive into regulatory changes in cyber insurance (on a local, state, federal and global level), and how privacy laws can force organizations to pay unwanted legal fees, fines and more.
- Diversity, Equity and Inclusion
In recent years, diversity and inclusion has been a top priority for employers around the world, and this was no different at RIMS 2022. Many panels focused on the current landscape of DE&I and how we can better implement equity and understand bias in insurance and benefits. Some insightful sessions included:
- During the “DE&I in 2022: Have We Moved the Needle?” session, panelists discussed current DE&I risks and opportunities facing the industry and how we can better popularize the insurance and risk management industry amongst future generations.
- Speakers at the “Culture as a Hedge Against Risk” session outline the importance of fostering company culture with a focus on workplace flexibility, health & wellbeing and professional development.
- Presenters tackled the role systematic racism has played in the insurance industry during their “Defining Bias and Discrimination in Insurance: What Risk Professionals Need to Know” session.
We were delighted to finally be back at RIMS in person. The conference never lets us down in terms of learning more about different facets of the industry and providing great networking opportunities. We are looking forward to seeing many of you again during next year’s event in Atlanta!