Posted on 21 Sep 2010
The Risk and Insurance Management Society, Inc. (RIMS) announced today that it is increasing its focus on the evolving role of risk management with the creation of a Strategic and Enterprise Risk Practice, to be led by risk industry veteran Carol Fox, ARM. The development of the new department follows a comprehensive analysis by the RIMS Strategic Planning Task Force and board of directors, and will better equip RIMS member companies in tying their risk management programs to strategic goals.
"Our focus at RIMS is consistently on monitoring the evolution of the discipline, and this is a case in which the changing role of risk management clearly demanded preemptive action on our part,” says Mary Roth, ARM, executive director of RIMS. “As risk management becomes more involved in the overall strategy discussion within organizations, new education and management tools will be an imperative. This department will ensure that the appropriate tools and resources are available. We are committed to being at the forefront of the changing risk management landscape.”
“I have been extraordinarily fortunate to lead RIMS at a time of great innovation within both our industry and the Society,” says Terry Fleming, president of RIMS. “This major expansion of our programming comes at a time when we are celebrating the 60th anniversary of RIMS and when we are seeing risk managers have greater influence over total organization strategy than at any time in the past. It’s an exciting time to be part of this discipline.”
The historical focus of RIMS has been to support the advancement of risk management by supporting the needs of its members through education and research designed to help them enhance their professional standard of practice. Recent pressures from regulators, market oversight institutions, and investors have caused risk practitioners to become increasingly concerned about developing the ability to demonstrate that their decisions explicitly consider risk. RIMS found its members calling for a broader scope, which led to the decision to create programming that helps them to integrate Enterprise Risk Management (ERM), as a strategic and operational business capability, into their organizations.
Carol Fox will join the RIMS staff as the Director of Strategic and Enterprise Risk Practice. Ms. Fox was previously the senior director of risk management for Convergys Corporation, a $2.8 billion, publicly traded company headquartered in Cincinnati. There, she created, directed and executed advanced risk management, crisis management and business continuity systems that are recognized as leading practices by clients and industry leaders. Prior to her position with Convergys, Fox was director of risk management for Cincinnati Bell, a U.S. local exchange and wireless provider, where she assessed business risks and advised executives on mergers and acquisitions, corporate insurance, and contractual risks.
Fox has served RIMS as a member of its board of directors, as vice president of Professional Development and as vice president of Governance and Secretary. She has held a number of other leadership positions within the organization, including chair of the membership, governance, enterprise risk management development and standards and practices committees. She has also served as a board member on the nonprofit Spencer Educational Foundation and currently serves as a member of Spencer Educational Foundation’s Education Committee. In 2009, Fox was presented with RIMS most prestigious recognition, the Harry & Dorothy Goodell Award, for her outstanding achievements in advancing the risk management discipline.