Spencer Steers Students Into RM Careers

So far, the plan has been working, but now the foundation is intent on increasing the number of scholarships awarded. "To do that we've accumulated a nice base of about $4 million, and we're looking for opportunities to give that out," she said.

The plan involves developing stronger ties with the academic community, helping to create more programs and attracting more students. Spencer, she said, has supported programs in about 80 universities around the country.

The corporate community is an important resource for risk management experts, internships and potential jobs. "I don't think companies necessarily know that we're available to help them out," she said. "I'd like to find out more about what the industry needs–more undergraduates, more MBAs? I think it's a priority."

Ms. Braun explained that scholarships are awarded on the basis of academic excellence at the undergraduate and master levels, and to predissertation Ph.D.s. The average scholarship ranges from $3,500 to $5,000.

As well as scholarships, the foundation funds other programs, including the "Risk Manager in Residence Series." Here a senior risk manager from a major company talks to students in risk management programs about actual on-the-job demands.

Dan Kugler, assistant treasurer for risk management with Snap-On Inc., is part of the Risk Manager in Residence Program and has visited four universities to spread the word about risk management to students.

Mr. Kugler said in a Spencer newsletter that the students were "eager to hear about my experiences–how I chose my career and the risk exposure facing my company."

Universities put a program together and apply to Spencer for funding, said Ms. Braun, noting that "it's probably one of our more successful programs."

A great resource for the 26-year-old foundation has been the fundraising efforts of chapters of the Risk and Insurance Management Society, she said, noting that here is another avenue for expansion. "I would also like the individuals who comprise the chapters to give personally–to give back to the risk community," she said. "We'll spend some time this year reaching out to those individuals."

The effort will include an outreach to expand the list of corporate sponsors, the majority of which now represent the brokerage industry and insurers, she noted.

"This is fine, since they are largely the recipients of the students that come into the field," Ms. Braun said. "We'd like to expand that to other companies in the industry that don't know us, and don't know we have the capacity to recruit incredibly bright students into the field."

She added that Spencer is willing to help organizations set up a fund "within Spencer, administered by Spencer, so they could recruit some additional students."

Consulting firms, she said, are another resource that may not know Spencer "gives money to students in prestigious universities, and how they could tap into that and utilize the talent. That will be part of the focus."

Another area for expansion is student internships, she said. "Historically you have a student off for the summer, looking to do something to learn more about the business," she explained. "We will give companies monies to pay for a stipend for the students–if they spend time with the student and teach them about the field of risk management."

So far, there have been more than 60 internships, she noted, "and there are so many companies out there that would probably love to have a Spencer-supported student–possibly from a local university–to come and work with them. We have money for that."

The foundation, according to its Web site, was established by the Atlanta Chapter of RIMS in 1979 to honor the late Robert S. Spencer, a former RIMS president. Mr. Spencer believed in risk management education and showed his commitment to youth and education by establishing the RIMS Student Involvement Program–later renamed the Anita Benedetti Student Involvement Program.

The foundation has been directed by a volunteer board of directors since 1984, consisting of risk managers and members of the insurance industry, according to the Web site. Since 1980, more than $2.2 million in scholarships and $1.2 million in grants have been awarded to risk management students and universities. In 2005, the foundation awarded $212,000 in scholarships and $145,000 in grants.

What makes the many hours she spends volunteering her time and efforts for Spencer worthwhile? Knowing that she's helped, she said–and then there are the letters. Take one letter received just last month from Deyan Kozhuharov, an undergraduate from Olivet College, who was awarded a $5,000 scholarship in 2006.

"For a young man with my experience, it is hard to believe that there are still people like you–people who have succeeded in life and who help others to succeed, people who help without looking for fame, people generous enough to give something from themselves to others they have not even met," he wrote. "I am really happy that there are still such people!"