The Risk Management department congratulates Scot Schwarting, Director of Risk Management for Whirlpool Corporation, for being selected as a 2017 Risk Management Honor Roll Award recipient.
His department nominated him as part of the annual Risk & Insurance Management Society Inc (RIMS) Risk Manager of the Year Award process in hopes he would be recognized for the outstanding job he has done and continue to do globally for Whirlpool Corporation. Although they felt Scot deserved to win the Risk Manager of the Year award, they are happy that he will be recognized for his accomplishments with the Honor Roll Award.
Scot is responsible for market, organizational and strategic risks and insurance. Additionally, he is responsible for delivering ERM around the world. This requires him to interview international leaders to assess functional risks and the reporting of overall ERM successes and opportunities to the Executive Finance Committee.
Since 2007, Scot and his team have successfully implemented substantial cost savings and program enhancements to Whirlpool Corporation’s risk transfer programs, as well as continually working to change the corporate culture from a reactive posture to a proactive one in dealing with risk management issues. As a result, the organization’s Total Cost of Risk decreased from $1.87 per share in 2007 to $0.89 at the end of 2015. It was able to retain 97 percent of losses and, as a group, completed 252 projects allowing redeployment of $75M in cash and reducing risk by $122M.
Most recently, Scot has played a key role in several of Whirlpool Corporation’s strategic initiatives that included converting a banking based financial guarantee program for tax litigation in Brazil, consolidating and restructuring Whirlpool’s European operations, spearheading a sprinkler project throughout key facilities in South America, leading a comprehensive captive expansion study, among others.
He is committed to developing talent inside and outside of Whirlpool’s Risk Management Department. Scot encourages and promotes opportunities to excel, challenging others to take responsibility of assigned programs and providing data and analytics guidance to help anticipate the market’s next move. He contributes to the risk management community through speaking engagements and by providing material used in RIMS textbooks and reports.