Risk and Insurance Management Society and Jobs in Risk Management - Assignment Example

Risk and Insurance Management Society (RIMS) 5. Conferences Risk and insurance management society (RIMS) sponsors and holds a number of different conferences in order to expand on its aims of risk management and insurance provision. Essentially the RIMS umbrella is very wide and this allows RIMS to organize various levels of conferences with ease. Currently the RIMS umbrella deals with more than three and a half thousand entities from the private and public sectors. In addition, the RIMS umbrella provides guidelines to more than eleven thousand risk management professionals globally [ CITATION RIM13 \l 1033 ]. The myriad chapters of RIMS in the Americas and the Pacific allow various professionals to connect in order to share risk management information at different kinds of conferences [ CITATION RIM131 \l 1033 ]. The various types of conferences initiated by RIMS are explained in detail below. a. Foundational The basic most level of conferences held by the RIMS umbrella is labeled as the foundational conferences. The contention behind foundational conferences is to allow budding professionals in the risk management and insurance coverage sectors to present their ideas and to take in the ideas of senior professionals. Foundational conferences can be held at the various local chapters’ level. b. Advanced Advanced conferences are designed to allow professionals in their mid careers to interact and to impinge on young and aspiring professionals. Advanced conferences under the RIMS umbrella may be carried out at a chapter’s level or through the collaboration of various chapters. c. Strategic Strategic conferences are designed to meet certain specific challenges that are brought up by various sections of RIMS at both horizontal and vertical levels. Inclusion in strategic conferences depends on the kinds and levels of expertise required to solve the challenge at hand. The subject of strategic conferences may be restricted to specific phenomenon such as the drainage of the Florida wetlands or to more broad areas such as climate change and its impacts on business. The contention behind strategic conferences is to design appropriate responses in time to solve upcoming challenges to the risk management sector. d. Social Events Social events are organized by RIMS in various horizontal and vertical capacities and levels. The contention behind social events is to raise awareness of both risk management and insurance coverage as professionally emerging sectors. In addition, social events are designed to allow greater interaction between various levels of members in the RIMS umbrella to facilitate networking and contact generation. 6. RIMS on the Hill a. What is it? As any sector emerges in the modern economy, there is dire need to provide protection and regulation through legislative measures. The evolving nature of risk management and insurance coverage in the modern economy means that legislative maneuvering is required to steer the sector in the right direction. The sustainability and legality of any sector in the modern economy depends on the provision of proper legislative backing. Moreover, regulation is necessary and required to ensure that the sector operates as intended and that abusive practices do not occur. “RIMS on the Hill” has been designed to gather industry experts and legislative gurus in order to create fitting frameworks for the risk management and insurance provision sectors. The annual affair is designed to allow various kinds of professionals to interact with each other to produce fitting solutions for the sector’s upcoming challenges. In addition, “RIMS on the Hill” allows industrial professionals to meet congressional members so that they can present their views and stances on various issues in the industry. The 14th RIMS on the Hill was held between 3rd and 5th of June, 2012 in Washington D.C. The major issues in the agenda were the National Flood Insurance Program (NFIP), insurance regulation and modernization as seen by the Federal Insurance Office (FIO) and the strengthening of Medicare as well as Repaying Taxpayers Act[ CITATION RIM12 \l 1033 ]. These issues are discussed in detail below. b. 2012 i. NFIP (National Flood Insurance Program) The House of Representatives has passed the requisite bill on the NFIP (H.R. 1309) in the previous year. However, the process has been stalled since the Senate has not yet taken any action on the requisite bill. RIMS was of the opinion that the requisite bill should be tabled by the Senate before the July 4th break. The conference provided a chance to bring forth the stalled bill on the NFIP so that RIMS members could meet congressmen on Capitol Hill in hopes of advancing progress on the requisite bill. The bill provides that the NFIP should be reinstated for another five years so that there is a continuity of policy. RIMS argued that a lapse in the NFIP would lead to compromised real estate deals and a direct loss to the economy while a loss of $4.9 billion would also occur on account of risk based premiums [ CITATION RIM121 \l 1033 ]. ii. Insurance Regulation Modernization – Federal Insurance Office (FIO) The establishment of the FIO was supported by RIMS including the need for appropriate funding and resource provision to the said office. The FIO is an important part of the insurance market regulation measures under a federal umbrella. In addition, a need was felt to regularize and modernize the current insurance industry through the inputs of the Treasury and the FIO. However, since efforts were seen lagging in this regard so RIMS came up with its own set of recommendations to allow the FIO a guideline. The basic contention in RIMS recommendations was to allow for greater uniformity in the insurance regulation area through the United States so that market redundancies and inefficiencies can be reduced. Additionally, a reformed insurance market in the United States was seen as the only guarantee that US based insurance firms would be able to compete internationally [ CITATION RIM121 \l 1033 ]. iii. SMART Act – “Strengthening Medicare and Repaying Taxpayers Act” RIMS has proposed a Medicare Secondary Payer process along with various legislative way outs to reduce the medical burden on the end consumer. In recent years, especially in the last year, RIMS has had great success in garnering support for it proposed measures. Support for the legislative changes comes from both parties in the government which serves as an indicator of the practicality of the proposed legislative changes. Currently, RIMS is creating the political will required to introduce the legislative changes required to allow the common man easier and simpler access to healthcare [ CITATION RIM121 \l 1033 ]. It could be expected that in a number of years, the legislative changes proposed by RIMS would be implementable. 7. Risk Management – The Magazine RIMS started out in1950 and within four years it had a publication known better as “Risk Management – The Magazine”. Ever since 1954, the magazine has been published ten times each year to the current point in time. The magazine has been designed to provide a host of different analyses, various industry insights and pertinent news for risk managers. In a fast changing world, risk managers require up to date information in order to progress with the myriad challenges they confront in their line of work. RIMS publication of its magazine allows the various horizontal and vertical levels of the risk management industry to apprise themselves of various challenges and trends in the sector. The risk management magazine being published allows for a number of differentiated topics to be discussed in detail. The various topics include (but are not limited to) insurance, strategic risk management, reputation risk, international transactions risk, enterprise risk management, natural catastrophes, cyber risks and the like. Works Cited CITATION RIM13 \l 1033 : , (RIMS), CITATION RIM131 \l 1033 : , (RIMS), CITATION RIM12 \l 1033 : , (RIMS), CITATION RIM121 \l 1033 : , (RIMS), Read More