women of distinction

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Women of DistinctionRisk Managers of the Year

Share Their Wisdom

• Introductory remarks • Introductory presentations• AAA NCNU

• Prince William County, Virginia

• Alvarez & Marsal

• The Coca-Cola Company

• Moderated discussion/Q&A • Summary and closing remarks

Agenda

• Moderator:Chris Mandel (2004 Risk Manager of the Year)Sedgwick - SVP, Strategic Solutions

• Speakers:Grace Crickette (2012 RMOTY Honor Roll)AAA Northern California, Nevada & Utah – SVP and CRO

Lori Gray (2013 Risk Manager of the Year)Prince William County - Risk Management Division Chief

Sheila Small (2003 Risk Manager of the Year)Alvarez and Marsal - Managing Director, Insurance Advisory Services

Laurie Solomon (2011 RMOTY Honor Roll)The Coca-Cola Company - Director, Risk Management

The panel

CHRIS MANDELSVP, Strategic Solutions

Sedgwick

GRACE CRICKETTESVP, Chief Risk and Compliance Officer

AAA - Northern California, Nevada & Utah

Background

Building credibility - influencers

Miami U. CBE and RIMS 2013 Experimental Study Results

YourCompetence

Recipient’sCritical

analysis

Deepen your knowledge

Your competence

• Actuarial• Multi-discipline• Operations• Business intelligence• Systems technology• Presentation skills• Backbone

How and what to report to the boardReports must be consistent

Educate & engage recipient

• Timely data-valuation

• Meaningful data

• Avoid raw data

• Tell the Story

• Data dictionary

• Know / explain the objective

• Multiple communication channels

LORI GRAYRisk Management Division ChiefPrince William County

Lori Gray, Prince William County, VA

Background

A success built from scratch

• Risk assessment

o Met with all department directors

o Met with other managers of “high risk” operations

Began rebuilding the risk management program in 1999

Accomplishments

• Restructured insurance programs & added additional critical coverage

• Implemented county-wide safety initiatives

• Implemented data tracking to determine the “drivers” of claims (summarized in an annual risk report)

• Engaged departments in risk management

• Improved the Public Safety Employee Health Clinic

• Hands-on management of the claims program

• Developed an environmental program

• Implemented wellness Initiative for all employees to reduce healthcare costs

• Risk management is now part of the county’s culture

Key county-wide initiatives

Risk management annual report

• Risk management services

• Overview of county statistics by coverage

• Department statistics by coverage

Risk Manager’s Award Safe Driving Award Safety Award forExcellence (SAFE) - Individual


• Greatest average reduction in the department’s severity, frequency, and incident rates of occupational injuries/illnesses

Annual safety awards

• Greatest average reduction in the department’s preventable collision frequency rate

• Recognizes employees who have excelled in environmental, health and wellness, safety and risk management


Candidate Physical Ability Testing (CPAT)

Panel physician's breakfast

New employee orientation

Driver program

Environmental management system

• Business Insurance Magazine “Risk Manager of the Year” - Lori Gray

• American Society of Safety Engineers (ASSE) “Safety Professional of the Year (SPY)” for Region VI - David Wenzel

• Public Risk Management Association (PRIMA) first place recipient for “Back into Zero” safety campaign

• Department of Environmental Quality's Sustainability Partner’s award

• 2003 to 2013 – Seventeen additional awards from PRIMA, National Association of Counties (NACO), and six environmental excellence awards

Award winning program

Savings to the taxpayers

• $15 million in dividends since 2001

• Injury incident rate per 100 employees, which was 9.0 or more, has been between 5.0 and 6.0 since 2004

• Lost workday incident rate remains under 2.0 since 2003

• Liability program losses remain under $30,000 annually

• Sell, sell, and sell…

• Relationships are essential

• Data is key

• Never quit trying

• Put your money where your mouth is

• Strive for excellence

Recommendations

Remember…everyone wants to be on a winning team

SHEILA SMALLManaging Director, Insurance Advisory ServicesAlvarez and Marsal

Professional background

21 years heading risk management at Verizon Corporation

Retired after 39+ years at Verizon or its predecessor companies. Responsibilities spanned engineering, long range planning, and financial planning and analysis

Last year was a key member of the pension transfer team that moved over $8.0B of pension liabilities to Prudential Insurance

Managing Director at Alvarez and Marsal Insurance and Risk Advisory Services

Current

Previous

“25 Women to Watch” Risk Innovator Award

Outstanding Captive of the Year Award (CICA)

Ranked #10 in the Power 50 and #3 for captive owners in Captive

Review magazine

Top 100 Women in the Insurance Industry

2003 Risk Manager of the Year

Recognized within the risk management community

Launched the cell phone warranty insurance program Launched the first of its kind affinity program Settled the 9/11 claim in under two years – largest non-litigated

settlement at the time Grew the Verizon captive to become the cornerstone of the risk

management strategy• 75% of insurance spend underwritten by captive

• Significant profit center

• Over 25 programs written annually

• Received DOL approval for group life insurance

• Built bridges with HR, Legal and other business units

Closed down an acquired captive (GTE RE) under a Rhode Island Commutation Law

Career key accomplishments

Personal attributes of success

• Maintain balance in your life• Work hard and smart• Prioritize work assignments• Be respectful of others• Live your life one minute at a time• Delegate• Continue to improve and educate• Be a team player

Balancing home and the office


Be Prepared for the Unexpected

Verizon Communications Inc.Vs.

Inverizon International Inc.

What’s in a name?

1. In June, 2000, Bell Atlantic merged with GTE

2. Decision was made to launch new name, new brand

3. Firms specialize in creating new names • Accenture, Altria, Google

Choosing a new name

Verizon chosen as new name/brand

4. Once name is chosen, searches are made to:• Ensure the word does not have negative

connotation anywhere in the world• Name does not infringe on existing brand

5. Two companies surfaced in search• VeriSign• Inverizon

Notified VeriSign Ignored Inverizon

July 25, 2000: Inverizon sends cease and desist letter claiming “overlap” between the two companies:

Then what happened?

• Consulting services

• Database design

• Website design

• Computer hardware and software advice

• Founded by Dr. McLaren, who left Monsanto and formed his own agricultural consulting business

• Dr. McLaren and his wife are sole officers

• Claims his business is in “communications” work because physiology addresses how “cells communicate with each other”

• Claims there is confusion because customers of Verizon are potential customers of Inverizon

Who is Inverizon?

• No likelihood of confusion

• No one confuses “Dr. McLaren” with the phone company

• Agricultural consulting services versus telecommunications consulting services

• Logos differ in design and color

• Inverizon could not prove loss in business or revenues

Verizon’s defense

Case’s “bad” facts

Inverizon’s counsel was setting unrealistic

expectations

First demand: $19.5M

Verizon’s brand valued at $15B was at risk at a

jury trial

Case held in state court in St. Louis, Missouri, rather

than federal court

Case outcome

Decision made to settle with

plaintiff

Payment was in the millions

Verizon saw this as a good result due to the risk

of its brand name

Be prepared.Don’t take anything for granted.

Lessons learned

• Assess and evaluate risks• Design a plan• Don’t leave anything to chance• Protect your interests• Be prepared for the unexpected


Summary:

Planning is KEY

If you fail to plan, the consequences can be expensive and painful

LAURIE SOLOMONDirector Risk ManagementThe Coca-Cola Company

My Background

• Liberal arts undergraduate• Learn• Think• Analyze• Communicate

• 10 years national accts underwriting• Technical• Team leader• Internal sales• Customer-facing

https://www.google.com/url?q=http://www.fieldinsuranceagency.com/companies.html&sa=U&ei=nbIvU9GhMsmC2AW9pIDICw&ved=0CEkQ9QEwDg&usg=AFQjCNGwyBvA-_aflEGI0zSTkoQ1_R4BbQ

• 19 years at The Coca-Cola Company• RM department has 20 people:• Insurance placement• Finance• Claims• Data/systems

• Partners: Legal, finance, safety, quality, ERM, marketing, HR, technical, manufacturing ops, etc.

• Focus: Embedding risk management process, efficiency and loss reduction throughout the company

Today

Starting out

Ask for help! Collect nuggets• Target stores example

You can’t make awrong choice

– try anything

Recognizeexperience

gaps

• Ask questions!• Information is knowledge• Time brings experience• Comfort in material allows confidence• Knowledge + experience + confidence = CREDIBILITY• Olympics example

Building expertise & credibility

• Into the mountain: Lime mine in Mexico, MO• You can do more than you think!• India arrival

• $12 billion CCE North American acquisition

• Maintain humor & creativity• Swaziland

• The Amazon & Africa

Stretch experiences - personal successes

Partnership Take charge or delegate?Yes to both

Management lesson

CONTROL EMPOWER

Style matters

Recognize others – share the credit

High expectations, but fair

Committed and loyal to partners

and staff

Communication in all directions

Coca-Cola values

Accountability: If it is to be, it's up to me

Passion: Committed in heart and mind

Diversity: As inclusive as our brands

Leadership: The courage to shape a better future

Collaboration: Leverage collective genius

Integrity: Be real

Quality: What we do, we do well


Final tips:

• Find confidantes you respect and trust• Coaches may be in strange places• Positivity - “Things generally work out”

• Integrity - Make the hard choices and model what you’d like to see in others

Questions & AnswersAn interactive audience participation

Session: What’s on your minds?

Contacts:

Chris Mandel [email protected]

Grace Crickette [email protected]

Lori Gray [email protected]

Sheila Small [email protected]

Laurie Solomon [email protected]

• Moderator:Chris Mandel [email protected]

• Speakers:Grace Crickette [email protected]

Lori Gray [email protected]

Sheila Small [email protected]

Laurie Solomon [email protected]

Contact information


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women of distinction

Documents

minutes panelquestions

minutes paneldescribe

minutes chrishow

minutes panelwhat resources

suspicion of fraud

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wisdom page