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Women of Distinction

Women of Distinction. Risk Managers of the Year Share Their Wisdom. Agenda. Introductory remarks Introductory presentations AAA NCNU Prince William County, Virginia Alvarez & Marsal The Coca-Cola Company Moderated discussion/Q&A Summary and closing remarks. The panel.

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Women of Distinction

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  1. Women of Distinction Risk Managers of the Year Share Their Wisdom

  2. Agenda • Introductory remarks • Introductory presentations • AAA NCNU • Prince William County, Virginia • Alvarez & Marsal • The Coca-Cola Company • Moderated discussion/Q&A • Summary and closing remarks

  3. The panel • 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

  4. Chris mandel SVP, Strategic Solutions Sedgwick

  5. Grace Crickette SVP, Chief Risk and Compliance Officer AAA - Northern California, Nevada & Utah

  6. Background

  7. Building credibility - influencers Recipient’s Critical analysis Your Competence Miami U. CBE and RIMS 2013 Experimental Study Results

  8. Your competence Deepen your knowledge • Actuarial • Multi-discipline • Operations • Business intelligence • Systems technology • Presentation skills • Backbone

  9. How and what to report to the board Reports 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

  10. Lori grAy Risk Management Division Chief Prince William County

  11. Lori Gray, Prince William County, VA

  12. Background

  13. A success built from scratch Began rebuilding the risk management program in 1999 • Risk assessment • Met with all department directors • Met with other managers of “high risk” operations

  14. 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

  15. Key county-wide initiatives Risk management annual report • Risk management services • Overview of county statistics by coverage • Department statistics by coverage

  16. Key county-wide initiatives • Greatest average reduction in the department’s severity, frequency, and incident rates of occupational injuries/illnesses Annual safety awards Safe Driving Award Safety Award for Excellence (SAFE) - Individual Risk Manager’s Award • 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

  17. Key county-wide initiatives Candidate Physical Ability Testing (CPAT) Panel physician's breakfast New employee orientation Driver program Environmental management system

  18. Award winning program • 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

  19. 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

  20. Recommendations • Sell, sell, and sell… • Relationships are essential • Data is key • Never quit trying • Put your money where your mouth is • Strive for excellence Remember…everyone wants to be on a winning team

  21. Sheila small Managing Director, Insurance Advisory Services Alvarez and Marsal

  22. Professional background Current • Managing Director at Alvarez and Marsal Insurance and Risk Advisory Services Previous • 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

  23. Recognized within the risk management community 2003 Risk Manager of the Year Top 100 Women in the Insurance Industry Risk Innovator Award “25 Women to Watch” Ranked #10 in the Power 50 and #3 for captive owners in Captive Review magazine Outstanding Captive of the Year Award (CICA)

  24. Career key accomplishments • 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

  25. 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

  26. Balancing home and the office

  27. Be Prepared for the Unexpected

  28. What’s in a name? Verizon Communications Inc. Vs. Inverizon International Inc.

  29. Choosing a new name • 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 • Two companies surfaced in search • VeriSign • Inverizon • In June, 2000, Bell Atlantic merged with GTE • Decision was made to launch new name, new brand • Firms specialize in creating new names • Accenture, Altria, Google Notified VeriSign Ignored Inverizon Verizon chosen as new name/brand

  30. Then what happened? July 25, 2000: Inverizon sends cease and desist letter claiming “overlap” between the two companies: • Consulting services • Database design • Website design • Computer hardware and software advice

  31. Who is Inverizon? • 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

  32. Verizon’s defense • 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

  33. 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

  34. Case outcome Verizon saw this as a good result due to the risk of its brand name Decision made to settle with plaintiff Payment was in the millions Be prepared. Don’t take anything for granted.

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

  36. Summary: Planning is KEY If you fail to plan, the consequences can be expensive and painful

  37. Laurie solomon Director Risk Management The Coca-Cola Company

  38. My Background • Liberal arts undergraduate • Learn • Think • Analyze • Communicate • 10 years national accts underwriting • Technical • Team leader • Internal sales • Customer-facing

  39. Today • 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

  40. Starting out Recognize experience gaps You can’t make a wrong choice – try anything Collect nuggets • Target stores example Ask for help!

  41. Building expertise & credibility • Ask questions! • Information is knowledge • Time brings experience • Comfort in material allows confidence • Knowledge + experience + confidence = CREDIBILITY • Olympics example

  42. Stretch experiences - personal successes • 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

  43. Management lesson Take charge or delegate?Yes to both Partnership CONTROL EMPOWER

  44. Style matters Committed and loyal to partners and staff High expectations, but fair Recognize others – share the credit Communication in all directions

  45. Coca-Cola values Accountability: If it is to be, it's up to me Leadership: The courage to shape a better future Passion: Committed in heart and mind Collaboration: Leverage collective genius Diversity: As inclusive as our brands Integrity: Be real Quality: What we do, we do well

  46. 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

  47. Questions & Answers • An interactive audience participation • Session: What’s on your minds?

  48. Contacts: Chris Mandel chris.mandel@sedgwick.com Grace Crickette grace.crickette@goaaa.com Lori Gray lori.gray@pwcgov.org Sheila Smallshelia.small@gmail.com Laurie Solomonlsolomon@coca-cola.com

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