The past 12 months have vividly demonstrated the increasingly complex risks that risk managers face. Deborah M. Luthi, the newly elected president of RIMS, speaks to Intelligent Insurer about the need for risk managers to prepare for worst case scenarios.
For risk managers affected by catastrophic losses, 2011 highlighted the importance of always being prepared for the worst. While some will have coped well, for others it should represent a wakeup call, argues Deborah M. Luthi, president of US representative body the Risk and Insurance Management Society (RIMS).
“2011 was really unusual. It was a wake-up year for organisations thanks to the incredible amount of unanticipated events occurring,” she says. “We need to help our organisations to identify and address possibilities we think will never happen, but very well might.”
Luthi believes risk managers must take a more prominent role in their organisations and become more involved in strategy. By doing this, she believes they can improve companies’ overall management practices to limit exposure to risk and identify future risks earlier.
RIMS, Enterprise risk management, Risk managers, Insurance buyers
