Insurance industry body RMIA announces new strategic alliance

by Annette Whitfield 12 Jun 2015

Insurance industry body RMIA announces new strategic alliance

The Risk Management Institution of Australasia (RMIA) has announced a new partnership with EY (formerly Ernst & Young).

The three year sponsorship agreement with EY will see the company become the strategic sponsor of RMIA’s RISK2020 initiative, it has been announced.

As part of the deal, EY will assist RMIA in the development of two key initiatives: a Senior Leaders Forum and an established CRO network for every state.

RMIA president, Bryan Whitefield, believes that the alliance will strengthen RMIA’s upcoming events and help the organisation build for the future.

“EY is a leading adviser in enterprise risk management and will provide cutting edge expertise, solid direction and an invaluable source of reference for RMIA’s two new key initiatives,” he said.

The annual RMIA award nominations have also been opened with risk manager of the year, risk consultant of the year, and risk student of the year to be won at the RMIA National Conference to be held in Adelaide in November.

“The RMOY award is presented to a person who delivers excellence in risk management at an enterprise level for their organisation,” RMIA said in a statement.

“Nominees are judged against the following criteria: business outcome focus; strategic and systems thinking; communicating and influencing; stakeholder focus; application of professional risk management knowledge; and ethical practice.”

Nominations for the awards close on August 21st 2015.

RMIA's other news is the upgrade of its professional risk manager certifications which comes in response to member feedback.

There are now three levels - Certified Practising Risk Associate (CPRA); Certified Practising Risk Manager (CPRM); and Certified Chief Risk Officer (CCRO). These replace the previous two levels - Certified Risk Management Technician (CPRMT) and Certified Practicing Risk Manager (CPRM) certification.

RMIA general manager Suzanne Cureton said the changes reflected the evolving maturity of the risk management profession and the deeper recognition of risk management's value within organisations.

"We listened to feedback from the membership, particularly from a September 2014 survey and during a CPRM Masterclass at the November 2014 national conference," she said.

"The majority of members saw value in certification, but there was a perception the existing structure of CRMT and CPRM did not offer clear pathways for risk management practitioners to escalate their careers."