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RIMS Virtual Advocacy Week: A Q&A with Florida Insurance Commissioner David Altmaier

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Today, RIMS is taking its annual Legislative Summit online, kicking off the first RIMS Virtual Advocacy Week. Featuring a full slate of networking, a panel on pandemic insurance, updates on the 2020 U.S. elections, and hands-on advocacy with members of Congress, RIMS Virtual Advocacy Week is still open for last-minute registrations, if you want to join in on the action.

On Wednesday, September 16, the agenda includes a fireside chat with Florida Insurance Commissioner David Altmaier, who is also president-elect of the National Association of Insurance Commissioners (NAIC). Commissioner Altmaier has held the position for four years and has been with the Florida Office of Insurance Regulation office for nearly 12.

Altmaier recently appeared on RIMScast to discuss the issues he will address in Wednesday’s session, most notably the impact COVID-19 has had on the landscape of business interruption coverage. Check out the highlights below, and download the episode for Commissioner Altmaier’s full interview and a deeper dive into other topics such as ORSA reports, the Terrorism Risk Insurance Act (TRIA) and the National Flood Insurance Program (NFIP).

What playbook did you use to prepare and react to COVID-19?

David Altmaier:  Our response initially looked a lot like what we would do for an inbound hurricane: We assembled what we call our “incident management team,” and started to look at the types of needs of consumers from an insurance standpoint. We put into place mechanisms that we thought would be helpful as the pandemic began to take hold in Florida and around the United States. And we saw insurance commissioners around the country doing the same thing, obviously, as the pandemic unfolded and we started to see other risks and concerns emerge.

COVID-19 has been at the forefront of all of our regulatory discussions going back to March of this year. and that will continue to be at the forefront of our discussions even after the pandemic has concluded.

Business interruption insurance is closely tied to it and has emerged as one of the more pressing insurance issues as a result of the pandemic. We have seen issues like telemedicine and catastrophe response in a virtual setting, for example, also come up as a result. [That has] impacted how we go to work every day and how we interact with our stakeholders, and I think those will be some worthy discussion topics as well.

How can the risk management community drive meaningful change in regulations, policies and legislation?

DA: As discussions take place about an event that we haven’t seen in a really long time, like a pandemic, there will be a lot of ideas that come up in terms of how to react to the current pandemic, as well as how to prepare for future pandemics. And I think that, as we have those conversations, there’s going to be a multitude of stakeholders whose viewpoints are important.

Risk managers are certainly going to be at the top of that list because they are going to understand the risks that the insurance industry faces. We see ideas of what level of responsibility the insurance industry [should have] in terms of covering things like business interruption insurance. Their expertise will be invaluable as we begin to work with state and federal leaders in crafting policies that can assist with the current pandemic, as well as future pandemics.

Own Risk and Solvency Assessment, or ORSA, is a framework heralded by the NAIC. Why should risk and insurance professionals look to ORSA reports for guidance?

DA: ORSA reflects how our insurance market, along with other majors of our economy, evolves over time and responds to new and emerging risks. It’s a constantly changing environment that regulators are trying to evolve along with, and our teams here in the insurance departments are trying to make sure that we stay ahead of the curve in terms of identifying those emerging risks.

The ORSA report is a glimpse into the thought process for our larger companies and groups into the boardroom and into the C-suites. [It features] theories on their own risk and how their unique position in the marketplace might expose them […] and require them to take steps to mitigate those risks. It’s a really critical piece of information for regulators to have as we build our own supervisory plans, going forward. Obviously, the pandemic that has occurred—like with any catastrophe—potentially highlights things that may have previously not been considered.

Let’s talk about force majeure. The pandemic has inspired new legislation to be drafted that affects the language of insurance policies in an effort to cover interruption. Where does the NAIC stand on that?

DA: NAIC sent feedback to Congress early on, in early to mid-March, with our thoughts that requiring carriers to cover losses that weren’t previously contemplated under the policy forms could do a lot more long-term harm than short-term good.

We have seen some state houses file state legislation that would be similar, in that it would require carriers to cover business interruption losses even if the policy forms didn’t contemplate that. We’ve sort of left it to individual insurance commissioners in those states to work with their legislatures on what’s best for their market.

Ahead of RIMS ERM Conference, Keynote Speaker Gretchen Anderson Talks Culture Change

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At next month’s RIMS ERM Conference 2019, the opening keynote speaker will be Gretchen Anderson, director of the Katzenbach Center at PwC and co-author of The Critical Few: Energize Your Company’s Culture by Choosing What Really Matters. Her address will aim to provide risk professionals with a playbook for successful enterprise-wide culture change. She recently sat down with Risk Management Monitor for a preview, discussing the relationship between culture and productivity and the role of risk management in helping drive change.

Many companies have hired you to help them institute culture changes. What are some unrealistic goals you encounter?

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Gretchen Anderson: The unrealistic goals that we hear about when we’re talking about culture change often have to do with speed and type. Regarding speed, the mistake I often hear leaders make is when they say something like: ‘I need my company’s whole culture to change by a deadline.’ That could be in time for them to roll out a new operating model or in time for a new CEO who’s about to take charge. And I tell them it takes much longer than they think it will take. Nevertheless, there are ways you can think about speeding that up as long as you accept that you’re working on a timeframe of years, and not months.
The other unrealistic goal is thinking you can implant another organization’s culture into yours. You can’t just copy another culture and expect that to spark innovation. Think of an enterprise as an organism that has to adapt or reject new tissue; an idea will be rejected if it doesn’t line up with the ways that people already like to work.

Is culture change easier for smaller or larger enterprises?

GA: A small company has the ability to test and learn really quickly, especially if they need to shift the culture into one where its people can work more virtually or even where they hold meetings more effectively. Small organizations have the advantage of moving quickly but they don’t have as much evidence and data points later, and so they don’t always see the cumulative effects over time simply because they have comparatively fewer employees than larger enterprises.

What are the top factors/traits you have noticed that companies possessed when implementing a successful culture change?

GA: Everything about a cultural evolution involves taking it out of the realm of faith and bringing it into the realm of proof. It can’t just be about people liking their work better, organizations [need to get] people to really understand how their behaviors, habits, norms and way of working are going to help their business be successful.

As a consultant, what has your experience with risk professionals been like?

GA: The people in risk management are such careful observers of the way that we work, the way that work gets done and what people can bring to a solution. I think their voice needs to be really strong to facilitate a discussion about how culture supports the business.

One of the key takeaways from the 2018 ERM Conference was that risk managers need to earn their seat at the table, but they can also be the drivers of culture change. Which do you think should come first?

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GA: I would absolutely say a seat at the table has to come first. Once risk managers earn that seat, they can track how effective the change is and then that becomes the case for further change. I think it’s really authentic to act your way into a new way of thinking because it acknowledges there’s always a level of experimentation and proof in trying to evolve your behavior.

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For Anderson’s full interview and a deeper dive into culture change, click here to check out her episode of RIMScast.

RIMS Canada 2019 Encourages Risk Managers to ‘Transform’

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RIMS canada conference 2019

The 2019 RIMS Canada Conference Women in Leadership Panel (Photo: Maryam Morrison)

EDMONTON — The 2019 RIMS Canada Conference got its green light Monday morning when technology and disruption strategist Shawn Kanungo entered the Edmonton Convention Centre in an ELA, an electronic autonomous shuttle being piloted in Canada. “Transform” is this year’s conference theme and, as emcee, Kanungo emphasized the need for attendees to embrace risk in order to improve their organizations. “Experimentation,” he said, “is the gateway drug to true transformation.”

Ahead of the morning’s keynote, the RIMS Canada Council announced its top honors for accomplishment in the risk management field. For the risk professional earning the highest average mark on the three examinations required to attain the Canadian Risk Management (CRM) designation, the Fred H. Bossons Award was awarded to Ronnie Yuen, underwriting assistant at Starr Technical Risks Canada, Inc.

Jim Swanson rims canada conferenceIn recognition of outstanding contributions to the risk management profession, the 40th annual Donald M. Stuart Award went to Jim Swanson, the now-retired director of insurance and risk management for the Province of Manitoba. During his 30 years with the province, Swanson developed insurance and risk management policies for its 12 departments and 39 agencies. An active RIMS member, Swanson held several positions on the RIMS Manitoba Chapter Board of Directors, including chapter president from 1992 to 1994, and chaired the RIMS Canada Conference three times.

Women In Leadership

Even the format of the keynote was transformed this year, with a “Women In Leadership” panel taking the place of a traditional single speaker. Lana Cuthbertson of ATB Financial moderated a discussion of gender equality and diversity, highlighted by the personal experiences of five risk leaders: Lynn Oldfield, president and CEO of AIG Canada; Sarah Robson, president and CEO of Marsh Canada Ltd.

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; Christine Lithgow, CEO of commercial risk solutions at Aon Canada Risk Solutions; Yvonne Steiner, head of property at Zurich; and Gloria Brosius, director of risk management and insurance at Pinnacle Agriculture Distribution, Inc., and 2019 RIMS president.

One key topic was parental leave, for which all panelists voiced their support. Steiner said that taking leave to raise new children can build critical, transferable skills since it is “a time to truly learn empathy and unimaginable patience.”

Some panelists detailed putting their careers on hold for years as they raised their families. It was during the return to the workforce when some had to overcome more direct cynicism and discrimination. For example, after Lithgow’s six-year absence from the profession, she was courted for roles way below her pay grade and experience level.

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“I was being offered junior roles after having been an executive,” Lithgow recalled. “I reminded [interviewers] that it was a baby that dropped from my uterus, not my brain,” she added, receiving the morning’s biggest ovation.

The discussion also explored who comprises the profession in Canada. Oldfield, who is also the outgoing chair of the Insurance Institute of Canada, cited recent research from the organization’s demographics report to demonstrate women’s progress in property and casualty. She said women in Canada now constitute 62% of employees, 52% of management, and 59% of frontline management positions. However, there have been only moderate increases in the past 10 years at the executive leadership level, with 35% in 2017, up from 28% in 2007.

Robson described the pay gap as “another elephant in the room,” with women in full-time positions earning 87 cents of every dollar men earn based on average hourly wage, according to 2018 data from Catalyst.org.

“While I would love to say now is the time to drop the ‘women’ part [of the discussion], I don’t see how we can do that at this stage,” Robson said. “The reality is we need to call out discrepancies and inequalities and highlight the successes in order to promote, challenge and change.

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RIMS and ISACA Release Joint Report “Bridging the Digital Risk Gap”

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All too often, IT and risk management professionals seem to be speaking a different language—that is, if they even speak at all. Bridging the Digital Risk Gap, the new report jointly authored by the RIMS, the risk management society®, and ISACA®, promotes understanding, collaboration and communication between these professionals to get the most out of their organizations’ technological investments.

Digital enterprise strategy and execution are emerging as essential horizontal competencies to support business objectives. No longer the sole purview of technical experts, cybersecurity risks and opportunities are now a core component of a business risk portfolio.

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Strong collaboration between IT and risk management professionals facilitates strategic alignment of resources and promotes the creation of value across an enterprise.

ISACA’s Risk IT Framework acknowledges and integrates the interaction between the two professional groups by embedding IT practices within enterprise risk management, enabling an organization to secure optimal risk-adjusted return. In viewing digital risk through an enterprise lens, organizations can better realize a broader operational impact and spur improvements in decision-making, collabora­tion and accountability. In order to achieve optimal value, however, risk management should be a part of technology implementation from a project’s outset and throughout its life cycle. By understanding the technology life cycle, IT and risk management professionals can identify the best opportuni­ties for collaboration among themselves and with other important functional roles.

IT and risk management professionals both employ various tools and strategies to help manage risk. Although the methodologies used by the two groups differ, they are generally designed to achieve similar results. Generally, practitioners from both professions start with a baseline of business objectives and the establishment of context to enable the application of risk-based decision making. By integrating frameworks (such as the NIST Cybersecurity framework and the ANSI RA.1 risk assessment standard), roles and assessment methods, IT and risk management professionals can better coordinate their efforts to address threats and create value.

For example, better coordination of risk assessments allows orga­nizations to improve performance by iden­tifying a broader range of risks and potential mitigations, and ensures that operations are proceeding within acceptable risk tolerances.

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It also provides a clearer, more informed picture of an enterprise’s risks, which can help an organization’s board as they make IT funding decisions, along with other business investments. Leveraging the respective assessment techniques also leads to more informed underwriting—and thus improves pricing of insurance programs, terms of coverage, products and services.

Overall, developing clear, common language and mutual understanding can serve as a strong bridge to unite the cultures, bring these two areas together and create significant value along the way.

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The report is currently available to RIMS and ISACA members through their respective websites. The report can be downloaded through the RIMS Risk Knowledge library by clicking here or from ISACA at www.isaca.org/digital-risk-gap. For more information about RIMS and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org. To learn more about ISACA and its resources, visit www.isaca.org.