RIMS sets key legislative priorities for 2025 to drive risk management advocacy

RIMS, the risk management society, is committed to advancing the profession by guiding its members through complex legislative, regulatory, and legal matters, with its Public Policy Committee analysing these issues, recommending policies, responding to emerging risks, and educating members on their impact, while setting key legislative priorities for 2025 to drive advocacy efforts.

One of RIMS’ top priorities is addressing third-party litigation funding. This practice has gained attention due to its role in the rising number of nuclear verdicts that continue to negatively impact businesses across the country.

Third-party litigation funding involves external parties providing financial backing to plaintiffs in lawsuits in exchange for a portion of any settlement or judgment.

RIMS is calling for increased transparency in these funding arrangements, particularly regarding foreign entities financially supporting civil litigation in the US.

Another key priority for RIMS is data privacy and cybersecurity. With the rapid evolution of technology and the increasing dependence on digital communication and online transactions, RIMS is focused on defining a federal framework for data privacy protection and cybersecurity.

Currently, a patchwork of state-level laws on data privacy and breach notifications has created confusion and inefficiencies, especially for businesses operating across multiple states. RIMS advocates for a national, unified standard to streamline compliance and enhance data protection.

RIMS also continues to push for the long-term reauthorisation of the National Flood Insurance Program (NFIP), which remains the primary source of flood insurance coverage for residential properties in the US.

The programme helps ensure that private insurers remain involved in the flood insurance market, assists property owners and developers in safeguarding their assets, and funds crucial updates to flood zone mapping and building code standards.

Nonprofit tax reform is another area of focus for RIMS. With potential changes to tax policies under the new administration, there is a growing concern that tax-exempt organisations may face new taxes on their non-donation income. RIMS has joined the Steering Committee of the ASAE’s Community Impact Coalition, working to protect the nonprofit sector and educate lawmakers on the vital societal contributions of tax-exempt organisations.

Lastly, RIMS will continue to advocate for the bipartisan Freedom to Invest in Tomorrow’s Workforce Act (S. 722 / H.R. 1477). This bill would expand 529 savings plans to include postsecondary training and professional certifications, providing tax advantages for individuals pursuing career growth, mid-career changes, or alternative career pathways.

RIMS played a pivotal role in supporting the bill in the previous Congress and will actively lobby for its consideration again in 2025.

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