Los Angeles Chapter of Risk and Insurance Management Society

Next Meeting

November 13th, 2019
"Technology, Cyber and the Future of Insurance"

News Items

Strategies to Prevent Internal Fraud
As employees can be key perpetrators of fraud, creating and implementing best practices with regard to insiders is a key part of an enterprise's everyday risk management procedures. For example, developing internal controls that involve multiple layers of review for financial transactions, and arranging independent reviews of the company's financial records can prevent malfeasance, detect ongoing fraud and prevent it from continuing. In fact, according to Kroll's 2019 Global Fraud and Risk Report, businesses discovered insider fraud by conducting internal audits 38% of the time, through external audits 20% of the time and from whistleblowers 11% of the time.

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

Travel Company Thomas Cook Collapses, Stranding Customers Worldwide
The world's oldest travel company, UK-based Thomas Cook--which operates hotels and resorts around the world as well as its own airlines--all but collapsed this week, cancelling all of the company's bookings (including flights and holiday packages), and closing its retail locations. The shutdown left 600,000 customers stranded, and Reuters called the effort to get passengers home "the biggest ever peacetime repatriation," with 64 flights bringing 14,700 back to the United Kingdom on Monday, and hundreds of thousands more are expected to be transported over the next two weeks. The collapse also leaves more than 20,000 employees out of work.

Beyond Pride: Building Strong Diversity and Inclusion Programs
June 28, marked the 50th anniversary of the Stonewall riots, demonstrations widely considered the most formative event to formally start the fight for LGBTQ rights in New York City and the United States as a whole. As June comes to a close and the city begins celebrating World Pride this weekend, enterprises should be thinking about how to extend the spirit of Pride month and embrace the importance of diversity and inclusion. Long after companies have retired their rainbow logos, they still face increasing need to build and maintain meaningful policies and programs in practice.

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President's Message

Jeff Stolle
HOT, HOT, HOT! Looks like summer is finally here! This year has been wetter and colder than what we in Southern California are used to, but now is the time you can go to the beach or the pool or maybe this is when you escape and take a vacation. Whatever your plans, know that your LA RIMS Chapter will be here for you J

For those in staying in town, we have some fun summer events coming up. On Saturday, August 10th, former Chapter President, Manny Chavez is leading LA RIMS and Rising Risk Professionals (RRP) members on a Hike to the Hollywood Sign with a networking lunch following.Bring your friends and family and make a day of it. We had a great turnout for this the last time Manny led a similar hike.

Then 5 days later on August 15th, LA RIMS is hosting one of our biggest events of the year. Come put your feet in the sand and join the greater Los Angeles risk and insurance management community at our 4th annual LA RIMS Summer Mixer at the Jonathon Beach Club is Santa Monica. Sign up early for this event, we have had to turn people away in the past...

That brings me to my next topic, the ongoing success of our Chapter in 2019. We have had two sold out luncheons and we sold out the Golf Tournament this year. Thank you to all who have attended and to those companies that have supported and sponsored the LA RIMS Chapter! We hope to keep it going in the second half of the year.

We have some great events planned; besides the Augustevents noted above, we have a September luncheon in downtown LA (more details to be announced later) and then we have two traditional events with a completely new feel.

Our Annual Education Day is moving to the Proud Bird near LAX, this will give us more space for exhibitors and a refreshed space for the education sessions. The focus will be on Technology and Risk. Our keynote speaker is "The Most Interesting Man in Insurance" Rob Galbraith (Google him). We'll have more details later, but mark your calendars for what should be a very interesting day on November 13…by the way, all students can attend for FREE!

The other BIG CHANGE coming this year is to our Annual Holiday Party, good-bye Woodland Hills, hello Burbank! Be on the lookout for more details on our new party format scheduled for December 5th.

Upcoming Events:
October 24th, 2019
RRP Halloween Happy Hour

November 5th, 2019
RRP Panel/Happy Hour

November 13th, 2019
Technology, Cyber and the Future of Insurance

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