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Saint Joseph’s University Wins Spencer-RIMS Risk Management Challenge

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BOSTON—Students from Saint Joseph’s University won the Spencer-RIMS Risk Management Challenge at RIMS 2019. Comprising team members Joseph Angelina, Katherine Branson, Ashley Myers, Daniel Tan, and academic advisor Michael Angelina, the winners earned $4,000 for the risk management program they developed and presented at the conference here in Boston this week. Second and third place went to St.

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Mary’s University and Butler University, which won ,000 and ,000, respectively.

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The case study for this year’s challenge came from Robert Zhang, RIMS board director and the risk and compliance director for IKEA China. Zhang tasked the students with identifying the top five risks of integrating new physical and digital commerce options for customers.

In determining a winner, the fine print proved critical, with the best presentations specifically focusing on the core part of the prompt: given digital transformation and shifting consumer preferences, what are the key risks involved as such a massive company innovates and evolves?

The winning team took a useful, strategic approach to risk management that could be flexible for the company to adapt and use going forward.

“They provided a true strategic view of IKEA’s risks as they transition from traditional brick-and-mortar into a multi-channel retailer, and they provided IKEA with a strategic framework that can be built out with tactical options,” said Andrew Bent, risk director at Sage and one of the challenge judges.

This year’s Spencer-RIMS Risk Management Challenge drew more entries than ever before, with teams from 28 schools initially submitting papers on the case study. And the competition was strong—according to Louis Drapeau, who served as a judge, they could not pick a top eight submissions, as anticipated, so they invited nine teams for the in-person presentation rounds here in Boston.

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Poise and pertinent PowerPoint slides reflected the strong presentation skills of the top three teams, Drapeau noted. RIMS CEO Mary Roth had a similar impression, praising all of this year’s participants as impressive aspiring additions to the risk management community. “Beyond the remarkable presentations delivered by each university team, our Spencer-RIMS Risk Challenge students continue to demonstrate the highest-degree of professionalism and an exceptional grasp of sophisticated concepts,” she said.

REPORT: Spencer-RIMS Internship Manual For Employers

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Step-by-Step Guide Identifies Elements and Tools to
Develop a Successful Risk Management Internship

The newly released Spencer-RIMS Internship Manual for Employers offers a roadmap for risk professionals to design a valuable internship program for their organization while creating exciting and rewarding opportunities for future professionals.

Authored by RIMS Student Advisory Council, the manual includes:

  • a justification worksheet for employers,
  • strategies for designing an internship,
  • a worksheet to define intern responsibilities, and
  • potential activities and performance evaluation recommendations.

Additionally, the manual provides directions for risk professionals to apply for a Spencer Internship Grant to fund the program.

“Internships provide an unquestionable opportunity for organizations and their risk management teams to maximize capabilities and support business activities,” said RIMS CEO Mary Roth.

“Creating meaningful internships is crucial to the sustainability of this profession and we’re excited to build this bridge to rewarding risk management careers.”

“Insurance industry and risk management learning must extend beyond the classroom,” said Spencer Chairperson Marya Propis. “To complement the sensational curriculums that many colleges and universities now offer, real-world experience gives risk management and insurance students a competitive edge as they enter the workforce.

Through scholarships, grants and internship programs, Spencer continues to support new opportunities for students to explore our profession.”

To learn more about Spencer Internship Grant, visit  www.spencered.org/professionals/internships.

The report is currently available exclusively to RIMS members. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

About Spencer

Spencer was founded in 1979 and to this day remains the premier organization funding the education of tomorrow’s risk management and insurance leaders. Since its beginning, Spencer has awarded more than 1,050 scholarships totaling over $6.9 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.

To learn more about Spencer, visit www.SpencerEd.org.

Paying it Forward: Industry Leaders Celebrate at Spencer Gala

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Every year in September, leaders in the insurance world celebrate the profession and show their support for the next generation of risk management and insurance professionals. This year, close to 700 executives made their way to the Spencer Educational Foundation’s 9th Annual Gala on Thursday night at the New York Hilton Midtown. Nearly million in donations were accepted at the event, a critical fundraising initiative for the Foundation.

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Proceeds will directly fund grant, scholarship and internship programs for undergraduate and graduate students who are pursuing careers in the field.

“The Gala is a wonderful reminder of just how generous and passionate professionals in this industry are,” said Ron Davis, executive vice president at Zurich and Spencer Educational Foundation chairman. “Tonight we’re celebrating the profession that has afforded us so much by giving back and creating meaningful opportunities for future risk professionals.”

The Gala honored 2017 Spencer Scholars Jayde Lim Ah Tock, a junior from Temple University, and James Pappas, a senior at St. John’s University. “Being a Spencer Scholar has allowed me to focus on my university’s program,” Tock said. “I want to thank the donors for allowing me to pursue something that is so important to me.”

When speaking about the support Spencer provided, Pappas said he is now “confident, optimistic and energized” about his future and knows he is “joining an amazing industry that truly makes a difference.”

Among the industry leaders in attendance were honorees Joseph Tocco, chief executive, north America insurance at XL Catlin, and Michael Rice, chief executive officer at JLT Specialty USA. Both are longtime Spencer supporters and were recognized for their efforts to move the Foundation’s mission forward.

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The night’s festivities concluded with remarks from the honorees whose comments focused on the industry’s talent gap and the aging risk management workforce.

“The world needs our industry and our industry needs to attract and develop new talent,” Rice said. “Spencer is a wonderful conduit that allows us to celebrate this talent and the future of the profession.”

Tocco added, “I’m proud to be in an industry that places so much energy on education. Enlisting the next generation of risk professionals is more imperative now than ever before. We need to make “risk management” students’ first choice and not a profession by accident.

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Students around the world have benefited from Spencer funding. Since its inception, the charitable nonprofit has awarded 970 scholarships totaling about $4 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.

Spencer Gala Raises $1.14 Million for Risk Management Education

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Spencer Educational Fund Gala

Spencer Scholar DeAnna Young (Photo: Joe Zwielich)

NEW YORK—The Spencer Education Foundation raised more than $1.14 million for scholarships and insurance industry education at last night’s gala dinner at the Waldorf Astoria. Attended by more than 750 industry executives, the 2015 gala set records for both fundraising and number of attendees.

Proceeds from the event will fund scholarships for students and professionals studying risk management and insurance and will also finance the foundation’s grant programs. Last year’s gala raised $1.06 million.

Dean Klisura, managing director of global industry specialties and placement leader for Marsh, and Chris Maleno, senior vice president at ACE Group and division president at ACE USA, were honored for their contributions to the advancement of risk management and insurance educational opportunities.

“These individuals are role models for the next generation of industry leaders, and their companies are, and continue to be, dedicated supporters of the foundation and advocates for industry education,” said Brion Callori, chairman of the Spencer Educational Foundation.

Dean Klisura and Christopher Maleno

Dean Klisura and Christopher Maleno

The gala also featured remarks from three Spencer scholars:

▪ Angela Addo—master’s degree student at Niagara University and recipient of the Anita Benedetti Memorial Scholarship, awarded to the female graduate student with the highest grade point average.

▪ Michael Beneventano—senior at St. John’s University and recipient of the Dante Petrizzo Memorial Scholarship, sponsored by the RIMS NY Chapter.

▪ DeAnna Young—senior at St. John’s University and recipient of the William J. Clagnaz Memorial Scholarship, sponsored by ACE Group.

Discussing the significance of the Spencer Educational Foundation’s scholarship program, Maleno told the Risk Management Monitor, “It’s no secret to anybody—it’s been in the news as currently as this week—that there is a trillion dollars in student debt. A college education costs a significant amount of money, but there is also no doubt that a college education really can change people’s lives. It becomes a gateway to careers and opportunity.”

He noted the importance of Spencer’s core mission to help fund education for people who are interested in risk management and the insurance industry. “We definitely are going to need more fresh minds in this business and we have to get people prepared for that,” he said. “Spencer is not only helping to fund people interested in our industry, but they also work closely with the universities to help create and structure programs in and around risk management.”

Maleno, who has worked with Spencer since 2002, said that there are currently about a dozen young professionals at ACE who are Spencer award recipients.

Klisura told the Monitor that Marsh has employed 28 scholarship recipients over the years and currently has nine former scholars working for the company. “I think we would all agree, as executives and leaders, that we don’t have enough great, young talent coming into the industry. This is a way to identify talent and for them to build their networks and credibility.” He added, “Scholarships provide a financial bridge to ease the way to graduation before they can join the industry and find permanent jobs.”

Spencer announced in May that it has named a record number of full-time scholarship recipients, with 63 undergraduate, graduate and pre-dissertation scholars sharing more than $342,000 in merit-based scholarship awards. Since 1979, more than $5.6 million has been awarded to 820 scholars, Spencer reported.

“In industry conferences and seminars, bringing competent talent into the industry remains one of the major topics of discussion,” Callori said. “Because of the industry’s continued support, we have been able to award a record number of undergraduate and graduate scholarships to some of the best and brightest students desiring to come into the industry.”

Facts about this year’s scholarship class include:

  • Fifty-seven students received undergraduate scholarships of $5,000; six graduate students, including one pre-dissertation Ph.D. student, received $10,000 scholarships.
    • Undergraduate Leah Lupu, a junior at Olivet College, received the $7,500 Doug Barlow Scholarship, recognizing the student with the highest grade point average.
    • Angela Addo, a graduate student at Niagara University, received the Anita Benedetti Memorial Scholarship, given to the female graduate student with the highest GPA.
  • This year’s class of Spencer Scholars represents 27 schools in the U.S. and Canada.
  • For the 58 undergraduate scholars, the average overall GPA is 3.76.
  • Seventy-five percent of the scholars are majoring in risk management & insurance, 29% are studying finance, and 22% are majoring in actuarial studies.
  • Of those undergraduates pursuing minors, information systems was most popular at 29%.

In addition to 25 general undergraduate scholarships, the foundation awarded 33 named undergraduate scholarships.