Risk and Insurance Management Society: Recology Wins RIMS 2019 Global Enterprise Risk Management Award of Distinction

NEW YORK, Nov. 5 -- The Risk and Insurance Management Society issued the following news release:

Susan Hiteshew, RIMS board member, presented Recology Inc. with the RIMS 2019 Global Enterprise Risk Management Award of Distinction at its ERM Conference in New Orleans. The award recognizes Recology for its outstanding integration of ERM with governance and strategy to achieve sustainable, long-term value across the organization.

The San Francisco-based resource recovery company successfully implemented a unique ERM program in just over a year, while demonstrating value creation related to an acquisition. Recology leadership's commitment and risk committee guidance provided a foundation for the ERM team to develop a training program for employees, establish a common risk database and deploy several other initiatives to build risk awareness into the culture. Additionally, Recology adopted new risk-driven metrics to address dynamic risks, such as global pricing of recycled materials, which have resulted in more efficient allocation of resources.

"I was amazed at how quickly our staff gravitated to this project," explained Michael J. Sangiacomo, President and CEO of Recology. "The implementation of our ERM program has been an exceptionally successful initiative. When we launched the program in early 2018 we had no formal risk management infrastructure aside from insured risk. Now, ERM has a strong presence throughout the organization. All of our employee owners are increasingly aware of their responsibilities regarding communicating and managing risks, and we possess multiple tools for managing risks effectively and minimize unexpected outcomes."

Honorable mentions for this year's Global ERM Award of Distinction were presented to Dubai Roads and Transit Authority, The Regional Municipality of York and ON Semiconductor. Dubai RTA's program is awarded for using ERM as a performance enabler which has proven highly effective in reducing emergencies and crises events that affect Dubai's transportation infrastructure. The Municipality of York is recognized for its ERM playbook, leveraging ERM in cyber and climate analytics, and instilling a strong culture of risk awareness across all levels and business areas of the organization. ON Semiconductor's ERM program is acknowledged for its disciplined application of risk appetite parameters, and integration of emerging and interactive risk workshops.

"Organizations increasingly are customizing ERM programs to address unique needs and build risk strategies and competencies that align with long-term goals," said RIMS CEO Mary Roth. "Recology, and all of our award winners, have successfully integrated ERM programs that link to their organizations' respective missions, strategies and performance. RIMS is proud to honor them with the Global ERM Award of Distinction and share their successes with our community."

Judging criteria for the Global ERM Award of Distinction includes measurable, tangible and sustainable results; unique program strengths; ERM innovation that links risk with strategy or performance; and the program's ability to build sustaining risk management capabilities.