Attendees at the RIMS’ Riskworld annual conference in Chicago will have a chance to meet a group of eager students focused on risk management. These students are participating in the Spencer-RIMS Student Risk Management Challenge, a global competition that encourages college teams to create risk management reports based on a specific case study.
The Spencer Educational Foundation, a nonprofit dedicated to supporting students interested in risk management, organizes this competition. This year, 61 universities from 16 countries participated, with eight teams making it to the finals in Chicago. These teams include three from the United States—DePauw University, Saint Joseph’s University, and the University of Wisconsin-Madison—along with teams from India, Nepal, Australia, and South Africa.
The competition lasts seven months and culminates in Chicago, where the top eight teams will present their findings. On May 4, they will compete in a preliminary round, and the three best teams will advance to a final presentation on May 5. The winning team will receive a $10,000 prize, while second and third place will earn $7,500 and $5,000, respectively. The Spencer Foundation also covers travel expenses, hotel accommodations, and conference registration for all teams.
This year’s case study focused on climate risks facing Huntington, West Virginia. Students had to identify key risks related to climate change and propose solutions to protect the city. They were also tasked with outlining how to implement their recommendations. Tandeka Nomvete, director of external engagement at Spencer, emphasized that the challenge provides students with real-world experience, preparing them for future careers in risk management.
Each team consists of four students who will present for 20 minutes, followed by a 10-minute question-and-answer session with a panel of judges, primarily made up of chief risk officers from various companies. The final presentation is open to all conference attendees, and winners will be announced at the Spencer Soirée on Monday evening at the Hyatt Regency McCormick Place.
The Spencer Educational Foundation has a long history, dating back to 1979, when it was established by the RIMS Atlanta Chapter to honor Robert Spencer, a respected figure in risk management. The foundation has awarded over $10 million in scholarships to students pursuing careers in this field. Megan Miller, the executive director of Spencer, noted the importance of attracting students to risk management, highlighting that it offers rewarding career opportunities on par with more popular fields like finance and consulting.
Spencer also funds college programs in insurance and risk management and collaborates with insurance companies to create internship opportunities. While the foundation does not have a specific diversity initiative, it actively seeks to support students from underrepresented backgrounds, recognizing that a diverse workforce is vital for the industry’s growth.
By attending the RIMS conference, these students not only compete for prizes but also have the opportunity to network with professionals in the insurance and risk management fields. This experience could be invaluable as they begin their careers. Miller remarked on the welcoming nature of the industry, noting that many professionals are eager to give back and support the next generation of risk managers.