Are Your Risk Management Operations Effective? - Amazon Web ...

Lance J. Ewing ARM, CRM, ERMP AIG

I want to be a RISK MANAGER

Let’s Talk About YOUR CAREER

How Good Are You?... Really?

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Policies (I read them--exclusions) Save money on renewals (premium reduction is key) Negotiate my fees with service providers and brokers I have a great TPA or claims person who knows claims More designation letters after my name than in my name I am an active leader in many risk professional organizations My underwriters understand all facets of my business I market my program every year to get the best price Our analysis spreadsheets and reports are excellent I am the only one who knows risk management at my company

 Your broker / third-party administrator  may have a vested interest  may not understand your organization’s culture  Your internal / external auditors or company peers  may have little knowledge of risk management  external auditors may be more narrow focused  Your insurance carrier(s)  may have a vested interest  may not understand your organization’s culture  Your boss – you may not like the answer  Your risk management colleagues – their sincerity may be called into question

FACTS  most risk managers need a mentor…most DO NOT have one  benchmarking with recruiter for your industry is helpful  you have to decide if you want advice or an audience

 CEOs/CFOs did NOT list insurance knowledge as a key attribute to lead risk 

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management (per recent US surveys) Risk Managers place a high value on their knowledge of insurance issues/coverage/claims Risk Managers believe if their title is higher that denotes higher standing in the organization

 CEOs/CFOs indicated they plan to make a change related to risk management within the next 18-24 months (per recent US surveys)

FACTS  the top requirement CFOs sought was an intimate knowledge of the entity’s business and industry familiarity  second was having a strategic view of risk for the entity & the risk management function  third CFOs want their risk professionals to be able to communicate and deliver the risk “message”

 Is your work time strategic?  Time is your most valuable asset and how you decide to use it will ultimately determine the fate of your career  Are you being entrepreneurial/risk-taking?  Broaden your observations and start thinking like an entrepreneur in the workplace  Are you daily challenging yourself?  Manage yourself to a standard that will produce a set of expectations

 Do you have a true support network? You have to be deliberate in communicating your career goals 

Does your employer appreciate your talent?  Put new ideas to the test with your employer

 With executive senior management by  supporting achievement of the company’s strategic plan  integrating with other business support functions  optimizing the use of available resources  With supported business units by  increasing their strategic and operational relevance while respecting the resource constraints  understanding their business & key metrics and offering help

 With your boss, staff and service providers by  providing frequent & relevant updates on key metrics (Stewardship Reports)  helping overcome obstacles to their success—say YES  developing and maintaining a professional and fun working environment/relationship

How are the business units involved with risk management?  Do you know your company’s three-year strategic plan? How are you helping meet it?  When and how is the risk management program shared with senior management?  What are the key performance metrics for your company/you? How frequently are they measured?  How frequently are crisis management plans exercised? Do they include use of social media?  Why and how do you decide to RFP your broker/ third-party administrator / insurance providers?  How much “face time” do you get with your boss?  Do you have a risk management committee formed?

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Lunch Ask your boss Ask your staff Ask peers you respect Ask for job rotations Get out into the field and learn the business Find a mentor or Be one Learn “finance speak” Understand the claims process COMPLETELY Get a “seat at the table” – learn how Educate Communicate

NOT EVERYONE WANTS TO BE TREATED OR COMMUNICTED THE SAME

The Golden Rule Theory of Communication And Why it Does Not Work

» Who REALLY needs to be part of the communication trail…are you hiding behind email? » How do you want to be communicated with and TELL people » Provide MEANINGFUL feedback

» Learn to say “I AM SORRY” and learn to say “NO” » Always be LONG on delivery and SHORT on promise » Never OVER risk manage and UNDER communicate » Know your communication style

Final Advice

Questions ?

Final, Final Advice

IF THEY CAN DO IT SO CAN YOU!

Final, Final, Final Advice