Risk and Insurance Management Society
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| Risk and Insurance Management Society | |
|---|---|
| Name | Risk and Insurance Management Society |
| Abbreviation | RIMS |
| Formation | 1950 |
| Type | Professional association |
| Headquarters | Chicago, Illinois |
| Region served | International |
Risk and Insurance Management Society
The Risk and Insurance Management Society is a global nonprofit organization focused on advancing the practice of risk management and insurance through education, advocacy, and professional networks. Founded in the mid-20th century, it convenes practitioners from corporations, nonprofits, and public institutions to share best practices and influence policy affecting insurance companys, brokers, and underwriters. Its activities span conferences, publications, certification programs, and chapter-based engagement across multiple countries.
History
Founded in 1950, the society emerged as practitioners from Aetna-affiliated firms, Liberty Mutual, and corporate risk departments sought formal networks similar to those at General Electric, Ford Motor Company, and General Motors. Early leaders included executives who had served at Prudential Financial, Travelers, and Hartford Financial Services Group. Through the 1960s and 1970s the organization expanded membership among professionals at ExxonMobil, DuPont, AT&T, United Technologies Corporation, and Johnson & Johnson, while engaging with regulators such as the Securities and Exchange Commission, the Federal Reserve System, and state insurance commissioners. The society’s history intersects with landmark events like the Panic of 1970s, the rise of reinsurance markets centered in Bermuda, and regulatory reforms following the Financial Crisis of 2007–2008. Partnerships developed with trade groups including the American Institute for Chartered Property Casualty Underwriters, National Association of Insurance Commissioners, and global institutions such as the International Risk Management Institute and the World Economic Forum.
Mission and Activities
The society’s mission emphasizes standards and practices used by risk officers at organizations such as Walmart, Microsoft, Amazon (company), Apple Inc., and JPMorgan Chase. Activities include advocacy before legislative bodies like the United States Congress and regulatory agencies, benchmarking projects with firms including Caterpillar Inc. and Chevron Corporation, and collaborative programs with academic institutions such as Harvard University, Columbia University, University of Pennsylvania, London School of Economics, and University of Cambridge. It also engages with market participants like Marsh & McLennan Companies, Willis Towers Watson, Aon plc, and Arthur J. Gallagher & Co. to influence product development in property, casualty, cyber, and specialty lines.
Membership and Chapters
Membership spans practitioners from multinational firms, governmental entities, and nonprofit organizations including United Nations, World Bank, European Commission, and city governments like New York City and Chicago. Chapters operate regionally in locations such as Toronto, London, Sydney, Hong Kong, Singapore, Paris, Frankfurt, Tokyo, and Dubai. Corporate members come from sectors represented by BP, Shell, Siemens, Boeing, Airbus, Pfizer, Johnson & Johnson, Procter & Gamble, Bank of America, and Citigroup. The society also collaborates with specialty entities like Munich Re, Swiss Re, Lloyd’s of London, Berkshire Hathaway, and Zurich Insurance Group.
Professional Development and Certifications
Professional development programs target roles such as chief risk officers at General Motors, Ford Motor Company, and Toyota Motor Corporation and risk analysts at Goldman Sachs, Morgan Stanley, Deutsche Bank, and UBS. Certification pathways have alignment with credentials from the Global Association of Risk Professionals, the Chartered Insurance Institute, the Institute of Risk Management, the Risk and Insurance Management Society Foundation, and the Society of Actuaries. Training covers topics like enterprise risk management used by Siemens AG, scenario analysis practiced at McKinsey & Company, and cyber risk frameworks referenced by National Institute of Standards and Technology and European Union Agency for Cybersecurity.
Conferences and Events
The society hosts flagship events comparable in scope to conferences organized by Davos World Economic Forum, Gartner, CES, and SXSW, attracting delegations from Fortune 500 firms, government delegations from countries including United States, United Kingdom, Canada, and Australia, and speakers from institutions such as International Monetary Fund, Organisation for Economic Co-operation and Development, European Central Bank, and Bank for International Settlements. Regional symposia take place alongside trade shows and forums similar to those held by Insurance Information Institute, TradeTech, Cybersecurity and Infrastructure Security Agency-partnered events, and industry exhibitions at venues like McCormick Place and ExCeL London.
Publications and Research
The society publishes benchmarking studies, white papers, and periodicals akin to research produced by Harvard Business Review, McKinsey Global Institute, Deloitte, PwC, KPMG, and EY. Research topics include catastrophe modeling used by RMS (Risk Management Solutions), cyber insurance trends tracked by AIG, climate risk analyses referenced by Intergovernmental Panel on Climate Change, supply-chain disruption studies aligning with work at World Trade Organization, and regulatory impact assessments comparable to reports from Brookings Institution and The Brookings Institution fellows. Publications are cited by media outlets such as The Wall Street Journal, Financial Times, The New York Times, Bloomberg, and Reuters.
Governance and Leadership
Governance follows structures familiar to professional associations like American Bar Association, American Medical Association, Institute of Electrical and Electronics Engineers, and Project Management Institute, with a board of directors including chief risk officers and executives from companies such as Microsoft Corporation, Intel, Cisco Systems, Oracle Corporation, Honeywell, 3M, AbbVie, and Merck & Co.. Executive leadership has included professionals with prior roles at Marsh & McLennan Companies, Aon, Willis Towers Watson, and academic appointments at Columbia Business School and Wharton School. Advisory councils link to public-sector leaders from Federal Emergency Management Agency and Department of Homeland Security and to standards bodies like International Organization for Standardization.