Monthly Archives: May 2014

The Risk Management Challenge

The recently concluded 2014 Risk Management and Insurance Society (RIMS) Annual Conference featured numerous educational sessions and engaging keynote speakers.  However, my favorite moment of the entire conference had to be the session featuring the three finalist teams in the Spencer-RIMS Risk Management Challenge.  Student teams from Florida State University, Temple University, and Virginia Commonwealth University each presented their case study solutions to an audience of risk management professionals and fellow students.

The work of these teams began months ago when they received the case study details for this inaugural risk management competition.  More than a dozen collegiate teams submitted their written response, and eventually the aforementioned three finalist teams presented their case study on April 29.  It was extremely gratifying to watch these young future professionals discuss risk management concepts and solutions with confidence and credibility that belies their youth.  If these three student teams are any indication, the risk management and insurance industry will be in good hands in the coming years.

The eventual victor of the competition was Temple University, although each of the teams performed very well.  Ferris State University had one student in attendance at the conference this year, and he will be authoring a “guest blog post” in the coming weeks to describe his experience.  If there is one thing that is clear, the risk management and insurance industry needs more of the young talent that I saw on display at this year’s risk management challenge competition.  It is one of my goals to encourage future Ferris State students to participate in the Spencer-RIMS Risk Management Challenge, and with some hard work and preparation, I hope to see some future Bulldogs taking home the prize.