Leading the future: Students win Spencer-RIMS risk management challenge
Managing risk can be a fulfilling career. Among those leading the next generation of risk management and insurance professionals are four university students who seized top honors in the Spencer-RIMS 2025 Student Risk Management Challenge sponsored by FM.
The winning team was Team Loss Aversion from the University of Wisconsin-Madison, which prevailed among 61 four-person teams from 16 countries in a seven-month challenge that culminated May 5 during the 2025 RISKWORLD conference. Participation in this year’s contest increased by 69% over the 2024 Challenge.
“Congratulations to the winners and every student who participated in the Student Risk Management Challenge this year,” said Johnell R. Holly, senior vice president, global client service, sales and marketing, at FM, and chair of Spencer’s board of directors. “We are proud to partner with the Spencer Educational Foundation to support academic programs and the next generation of risk management and insurance leaders.”
The Spencer Educational Foundation’s global competition invited university teams to develop and present the most comprehensive risk management analysis based on a real-world case study. This year’s challenge focused on the city of Huntington, W. Va., United States, situated along the flood-prone Ohio River and partially protected by aging floodwalls and levees. Teams were challenged to identify the impact of climate risk on the city, recommend solutions to address that risk, and present strategies to effectively implement their proposed solutions.
The winning team detailed the major risks as excess rainfall, flood and temperature volatility and went on to illustrate negative environment, economic and infrastructure impact to Huntington. The students effectively laid out detailed plans to mitigate these risks with prioritization based on impact and cost. Team members are Grace Dai, Hattie Killeen, Joshua Schaefer and Noah Oachs. The team is led by Carl Barlett, faculty at University of Wisconsin, Madison.
The runner-up was Team Forward Thinkers from DePauw University, and Team The Mamba Minds from IIRM Hyderabad placed third. The trio of teams emerged from a group of eight semifinalists who presented at RISKWORLD in Chicago. The top eight included teams from Australia, India, Nepal, South Africa and the United States.
The three finalists presented again on May 5, taking questions from a six-member judging panel of risk professionals. Their places were announced later that night at the Spencer Soirée.
“The students in the top eight teams have shown incredible maturity, talent, and creativity in tackling this year’s Challenge, which focused on climate change,” said Tandeka Nomvete, external engagement director for the Spencer Educational Foundation. “The innovative solutions they constructed are poised to create a significant impact, not just in Huntington, but far beyond. Regardless of their final rankings, their participation in this Challenge and attendance at the RISKWORLD Conference will jump-start their careers in our industry!”
The top three student teams each won US$10,000, $7,500, and $5,000 in cash prizes.
This is FM’s second year sponsoring the challenge via a four-year US$1 million grant to the Spencer Educational Foundation that also supports scholarships, risk management course development and RISKWORLD attendance.
The Spencer Educational Foundation is a non-profit organization committed to fostering the education and professional development of risk management and insurance students. Since its establishment in 1979, the foundation has been helping students succeed by providing scholarships, grants, and internships to talented individuals pursuing careers in these fields.