2016 Risk All Star: Timothy Fischer

Managing U.S. Nuclear Fuel Risks

In the highly complex field of nuclear energy, Timothy Fischer makes his work as chief risk officer at BWX Technologies appear simple.

Timothy Fischer, chief risk officer, BWX Technologies

Timothy Fischer, chief risk officer, BWX Technologies

For years, BWXT’s board sought an enterprise risk management program, but efforts always fizzled. Then the Lynchburg, Va.-based nuclear business was spun off from Babcock & Wilcox (B&W) in June 2015, and the new executive team seized the moment to finally get their plan.

Fischer, former director of insurance at B&W, helped separate the insurance portfolio during the spin-off (which won him Risk All Star recognition last year) and was tapped for the job.

Swiftly crafting a comprehensive ERM program puts Fischer back on the 2016 Risk All Stars list.

The former U.S. Navy officer knew if he was going to succeed, he needed a standout team to help draft the plan. Then he’d need to educate the entire company about its intricate details.

He first recruited the CEO to chair the group and help select about 15 senior leaders across the organization to develop a risk registry.

“Following the spin-off, Tim commissioned a new BWXT executive risk committee and assigned ‘risk ownership’ throughout the organization resulting in accountable leaders standing shoulder-to-shoulder throughout our operations and functional areas with a renewed focus on risk management,” said James Canafax, chief compliance officer at BWXT.

“Our business is super unique. We have one customer, one product surrounding that, so it’s a different business than a lot of other companies out there.” — Timothy Fischer, chief risk officer, BWX Technologies

Fischer made sure everyone focused on the same issues. He developed rating guides in order to minimize subjectivity during risk assessments.

Advertisement




“Importantly, Tim led a re-education of those resources, driving a common language and uniform risk-ranking methodologies to ensure BWXT shares a consistent understanding across the enterprise with respect to inherent risks, emerging risks, risk appetite and risk tolerances.”

BWXT, which handles highly enriched nuclear material, was already extremely good at risk management, Fisher said. That poses a challenge, however, if employees get complacent when risks are so well mitigated, he said. The severity of an accident is so monumental that controls must be in place to mitigate risk to an almost negligible likelihood.

“Our business is super unique,” Fischer said. “We have one customer, one product surrounding that, so it’s a different business than a lot of other companies out there.”

Fischer delivers a comprehensive yet simple annual risk report and quarterly memos to keep risk top of mind for everyone.

“I got a comment from one colleague who runs an internal audit group. He complimented me on how simple the output looks knowing full well there’s tons and tons of detail work behind it,” said Fischer, who worked with Marsh prior to joining B&W.

“As a former U.S. naval officer who has not only served our country but has done so on a submarine powered by BWXT-manufactured equipment, combined with the nuclear insurance experience … Tim brings a unique and disciplined skill set that makes him well-suited to lead BWXT’s risk management practices,” Canafax said. &

_____________________________________________

AllStars2016v1oRisk All Stars stand out from their peers by overcoming challenges through exceptional problem solving, creativity, perseverance and passion.

See the complete list of 2016 Risk All Stars.

More from Risk & Insurance

More from Risk & Insurance

2017 Teddy Awards

The Era of Engagement

The very best workers’ compensation programs are the ones where workers aren’t just the subject of the program, they’re a part of it.
By: | November 1, 2017 • 5 min read

Employee engagement, employee advocacy, employee participation — these are common threads running through the programs we honor this year in the 2017 Theodore Roosevelt Workers’ Compensation and Disability Management Awards, sponsored by PMA Companies.

A panel of judges — including workers’ comp executives who actively engage their own employees — selected this year’s winners on the basis of performance, sustainability, innovation and teamwork. The winners hail from different industries and regions, but all make people part of the solution to unique challenges.

Advertisement




Valley Health System is all-too keenly aware of the risk of violence in health care settings, running the gamut from disruptive patients to grieving, overwrought family members to mentally unstable active shooters.

Valley Health employs a proactive and comprehensive plan to respond to violent scenarios, involving its Code Atlas Team — 50 members of the clinical staff and security departments who undergo specialized training. Valley Health drills regularly, including intense annual active shooter drills that involve participation from local law enforcement.

The drills are unnerving for many, but the program is making a difference — the health system cut its workplace violence injuries in half in the course of just one year.

“We’re looking at patient safety and employee safety like never before,” said Barbara Schultz, director of employee health and wellness.

At Rochester Regional Health’s five hospitals and six long-term care facilities, a key loss driver was slips and falls. The system’s mandatory safety shoe program saw only moderate take-up, but the reason wasn’t clear.

Rather than force managers to write up non-compliant employees, senior manager of workers’ compensation and employee safety Monica Manske got proactive, using a survey as well as one-on-one communication to suss out the obstacles. After making changes based on the feedback, shoe compliance shot up from 35 percent to 85 percent, contributing to a 42 percent reduction in lost-time claims and a 46 percent reduction in injuries.

For the shoe program, as well as every RRH safety initiative, Manske’s team takes the same approach: engaging employees to teach and encourage safe behaviors rather than punishing them for lapses.

For some of this year’s Teddy winners, success was born of the company’s willingness to make dramatic program changes.

Advertisement




Delta Air Lines made two ambitious program changes since 2013. First it adopted an employee advocacy model for its disability and leave of absence programs. After tasting success, the company transitioned all lines including workers’ compensation to an integrated absence management program bundled under a single TPA.

While skeptics assume “employee advocacy” means more claims and higher costs, Delta answers with a reality that’s quite the opposite. A year after the transition, Delta reduced open claims from 3,479 to 1,367, with its total incurred amount decreased by $50.1 million — head and shoulders above its projected goals.

For the Massachusetts Port Authority, change meant ending the era of having a self-administered program and partnering with a TPA. It also meant switching from a guaranteed cost program to a self-insured program for a significant segment of its workforce.

Massport’s results make a great argument for embracing change: The organization saved $21 million over the past six years. Freeing up resources allowed Massport to increase focus on safety as well as medical management and chopped its medical costs per claim in half — even while allowing employees to choose their own health care providers.

Risk & Insurance® congratulates the 2017 Teddy Award winners and holds them in high esteem for their tireless commitment to a safe workforce that’s fully engaged in its own care. &

_______________________________________________________

More coverage of the 2017 Teddy Award Winners and Honorable Mentions:

Advocacy Takes Off: At Delta Air Lines, putting employees first is the right thing to do, for employees and employer alike.

 

Proactive Approach to Employee SafetyThe Valley Health System shifted its philosophy on workers’ compensation, putting employee and patient safety at the forefront.

 

Getting It Right: Better coordination of workers’ compensation risk management spelled success for the Massachusetts Port Authority.

 

Carrots: Not SticksAt Rochester Regional Health, the workers’ comp and safety team champion employee engagement and positive reinforcement.

 

Fit for Duty: Recognizing parallels between athletes and public safety officials, the city of Denver made tailored fitness training part of its safety plan.

 

Triage, Transparency and TeamworkWhen the City of Surprise, Ariz. got proactive about reining in its claims, it also took steps to get employees engaged in making things better for everyone.

A Lesson in Leadership: Shared responsibility, data analysis and a commitment to employees are the hallmarks of Benco Dental’s workers’ comp program.

 

Michelle Kerr is associate editor of Risk & Insurance. She can be reached at [email protected]