The annual RIMS Canada Conference hit the ground running, with a warning to delegates about the speed of risk that is hitting brokers every day.
“We have risks that hit our companies not in terms of months or years, but in nanoseconds,” said John Phelps, president of RIMS in an opening address to delegates at the 39th annual conference in Victoria, B.C. “We have reputation risk that can happen within the blink of an eye, whereas in the past, it required the publication of a newspaper or magazine.”
The conference which kicked off on Monday wraps up today.
Phelps underlined the need for the industry to evolve and step up to meet this new fast-paced environment.
“We have risk that is increasing at a rate and depth that we’ve never seen before coming together with this evolution within the profession for risk managers to become more strategic,” said Phelps. “The challenge at RIMS is to develop those products and services that address the breadth of risk, the changes in the profession and build for the future.” (continued.)
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During his address, Phelps identified three areas of emphasis for RIMS – creating value within organizations, developing leaders and improving the global reach, like the incorporation of two new chapters earlier in the year.
He explained that local reach in other countries can be attained, “not necessarily with bricks and mortar, but taking advantage of the technology that’s available to us now that we didn’t have even 10 years ago.”
Being on the cutting edge of addressing risk is key to broker success in the future – a large part of the dynamic that is changing the face of the insurance industry, Phelps stressed.
“If there was ever a time when risk professionals should be at the forefront of their organizations, it’s now,” he said. “At the same time, the profession is experiencing very significant change…. We are in a state of change in this profession, but the change isn’t bad. What the future can hold for us in risk management is engaging an entire organization. (The) profession will not be computerized out of existence. It is something that is needed in all organizations and embraced.”
