RIMS Legislative Agenda for 2025: Key Focus Areas for Risk Management Professionals
The Risk Management Society (RIMS) has unveiled its legislative agenda for 2025, outlining critical focus areas that aim to advance the risk management profession and enhance the industry’s resilience. As businesses navigate an increasingly complex landscape of risks, RIMS is committed to advocating for policies that support transparency, security, and sustainable growth. Here’s a closer look at the key priorities identified by RIMS for the upcoming year.
1. Transparency in Third-Party Litigation Funding
One of the primary concerns highlighted by RIMS is the need for greater transparency in third-party litigation funding. As litigation costs continue to rise, the organization is pushing for legislation that would prohibit foreign entities from financing civil lawsuits in the United States. This move is designed to mitigate the legal risks that can jeopardize businesses and ensure that outcomes are not swayed by external financial influences. By advocating for transparency, RIMS aims to create a more equitable legal environment for all stakeholders involved.
2. Establishing a National Data Privacy Framework
In an era where data breaches and cyber threats are prevalent, RIMS is advocating for a cohesive national framework for data privacy and cybersecurity. Currently, businesses face a patchwork of state laws that can complicate compliance and increase operational risks. RIMS is calling for a unified national standard that streamlines data protection measures, thereby enhancing security and operational efficiency across the board. This initiative is crucial for businesses that rely heavily on digital infrastructure and seek to safeguard sensitive information.
3. Reauthorization of the National Flood Insurance Program (NFIP)
The National Flood Insurance Program (NFIP) plays a vital role in providing flood insurance and encouraging private insurers to participate in the market. RIMS is actively advocating for the reauthorization of the NFIP, emphasizing its importance in mitigating flood risks for communities nationwide. As climate change continues to elevate the frequency and severity of flooding events, ensuring the availability of flood insurance is paramount for protecting both individuals and businesses.
4. Nonprofit Tax Reform
With the potential for new tax reforms under consideration, RIMS is collaborating with the ASAE’s Community Impact Coalition to protect nonprofit organizations from adverse tax implications. The organization recognizes the significant societal contributions of nonprofits and aims to ensure that any reforms do not hinder their ability to serve communities effectively. By advocating for fair tax policies, RIMS is committed to supporting the vital work of nonprofits across the nation.
5. Supporting Workforce Development Initiatives
RIMS is also backing the Freedom to Invest in Tomorrow’s Workforce Act, which seeks to expand the scope of 529 savings plans to include professional training and certifications. This legislation would provide tax advantages for individuals pursuing diverse career paths, thereby fostering workforce development and enhancing the skills necessary for a competitive job market. By investing in tomorrow’s workforce, RIMS aims to empower individuals and strengthen the overall economy.
Engaging with Lawmakers at the RIMS Legislative Summit 2025
RIMS will further elaborate on these legislative priorities at the upcoming RIMS Legislative Summit 2025, scheduled for March 19-20 in Washington, D.C. This event will feature educational sessions and opportunities for attendees to engage directly with lawmakers, emphasizing the importance of advocacy in shaping the future of risk management. It serves as a platform for professionals to voice their concerns and contribute to the dialogue surrounding critical legislative issues.
Final Thoughts
As we look ahead to 2025, the legislative agenda set forth by RIMS highlights the organization’s commitment to addressing the evolving challenges faced by risk management professionals. By focusing on transparency, data privacy, flood insurance, nonprofit tax reform, and workforce development, RIMS is positioning itself as a leader in advocating for policies that promote a safer and more secure business environment.
For more information about RIMS and its initiatives, visit the RIMS official website. Stay informed and engaged as the risk management landscape continues to evolve.