RIMScast: Recent Episodes
The Risk and Insurance Management Society, Inc.
The official podcast of RIMS, the Risk and Insurance Management Society. Tune in for weekly discussions about risk management hot topics, interviews with leaders in the profession, and updates on RIMS events and education.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews Chris Reilly about his insurance career and how you came to join and lead Link USA. They also cover RISKWORLD 2025 and the DE&I Studio, where Chris was on a panel. Chris talks about how he volunteered for the DE&I initiative at Amwins and how it has grown over the years. Chris does not believe the current anti-DE&I rhetoric will continue for long, in light of the existing Title VII and EEOC protecting employees and applicants against employment discrimination. Chris believes organizations know what is right, and that they will do better with a strong DE&I program in place, reducing reliance on EPLI coverage. The conversation concludes with information about Link USA's upcoming events.
Listen to learn more about supporting Diversity, Equity, & Inclusion efforts in your organization.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:17] About this episode of RIMScast. Our topic is inclusivity in risk management and we will be joined by Chris Reilly, the National Co-Chair of Link USA, and Senior Vice President and National Practice Leader at Amwins Group Benefits.
[:45] RIMS-CRMP Workshops! Register by July 1st for the next RIMS-CRMP Virtual Workshop, which will be co-led by Parima. That course will be held on July 8th and 9th.
[1:02] The next RIMS-CRMP-FED virtual workshop will be led by Joseph Mayo on July 17th and 18th. Register by July 16th. Links to these courses can be found on the Certification Page of RIMS.org and through this episode’s show notes.
[1:20] RIMS Virtual Workshops! On June 26th. Pat Saporito will return to present the very popular new course, “Generative AI for Risk Management”.
[1:32] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s notes.
[1:43] Starting on July 16th, James Lam will host a six-module course, the RIMS-CRO Certificate in Advanced Enterprise Risk Management. This is a bi-weekly course that will run through Wednesday, September 24th. A link to last week’s episode about it is in this episode’s notes.
[2:04] Registration closes on July 9th. A link is in this episode’s notes.
[2:09] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is being built. Soon, we will distribute a Call for Nominations for the ERM Award of Distinction. I’ll update this episode’s show notes when that link is ready.
[2:32] Think about your organization’s ERM program or one that you know of, and how it has generated value. We will have more on that in the coming weeks.
[2:40] On with the show! It’s June 2025. It is Pride Month and RIMScast and RIMS are dedicated to fostering an environment where individuals from all backgrounds feel valued, respected, and empowered. We’ll dive into the real meanings of words and initiatives; words like inclusivity.
[3:01] Joining me today to delve into those terms is Chris Reilly, the National Co-Chair of Link USA. Link is the LGBTQ+ Insurance Network. Chris is also the Senior Vice President and National Practice Leader at Amwins’s Group Benefits.
[3:17] We will discuss the state of diversity, equity, and inclusion in insurance and risk management, how the pendulum has swung, and what risk professionals and employers need to know about a landscape that may or may not be changing as much as you think.
[3:35] Interview! Chris Reilly, welcome to RIMScast!
[3:42] It’s Pride Month. For Chris, it’s a great time to be celebrating oneself and celebrating with the community. He says there’s no reason not to celebrate 12 months of the year.
[4:14] Chris Reilly has had a 30-plus-year insurance career. His dad and grandfather had an agency. His father offered him a job right out of college. Chris thought he’d step up in a year or two, but he’s still doing it 30-plus years later. It’s a great career. He loves the industry.
[4:47] The first part of Chris’s years he spent in the Property and Casualty world as a commercial broker, most of those years with Aon. He jumped to the wholesale side when he joined Amwins in 2000.
[5:05] Chris is on the employee benefits side, providing group benefit programs to companies through broker partners.
[5:13] About five or six years ago, Amwins created internal DEI programs. Chris immediately volunteered to join the National Council at Amwins to participate in and help build those programs. He worked on a committee centered on making the workplace intentionally inclusive.
[5:54] Chris served on that committee for two years. In the process, he came across Link, which was in the UK. Chris and a colleague convinced Link to bring it to the U.S., which they did in 2021. Four years later, Link has expanded into Los Angeles, Chicago, New York City, and Atlanta.
[6:18] Link restructured this year with a national board for a national presence. Link kicked off Pride Month with a national virtual event. It had a great turnout. Chris is excited to continue to lead Link and help support the LGBTQ+ community and its allies in the insurance industry.
[7:04] Chris notes that the insurance industry is still known to be a very conservative industry but from 30 years ago to today, there has been a big difference in inclusivity. There’s constant evolution and change. We can always continue to do things better.
[7:23] Chis says everybody is striving to do things better. That’s why Diversity, Equity, and Inclusion programs became so important for all industries. Justin says that saying the words Diversity, Equity, and Inclusion instead of DEI provokes thought about their meaning and impact.
[8:21] Chris agrees; when we say with intention, Diversity, Equity, and Inclusion with intention, it’s just better. Don’t we all want to be included? Inclusion is an endearing word. Let’s all come to the table. We need to be more intentional about the words.
[9:19] Chris Reilly attended RISKWORLD 2025 for the first time and was at the DE&I Studio. There were speakers and panels. Chris represented Link USA to talk about who they are, what they do, and their mission for the LGBTQ+ community in the insurance industry.
[10:21] Chris served on a panel where Link, the National African American Insurance Association, the Asian American Insurance Network, the Latin American Insurance Agency Networks, and the Association of Professional Insurance Women were represented.
[10:43] The organizations work to make sure the insurance industry continues to be a diverse, inclusive, and equitable industry. They support each other and continue to press the message of Diversity, Equity, and Inclusion. They raise their voices for the common good of every employee.
[11:17] Leaders from all of those organizations have been guests on RIMScast, with Chris Reilly and Link being the fifth organization represented. If more organizations are created, Justin will include them on the show.
[11:37] Chris brings decades of experience in the trenches to his role on Link.
[12:02] Justin says we’re hearing a lot of anti-DEI rhetoric. Chris says a lot of it is noise. People are throwing things against the wall to see what sticks. In most C-Suites, smart leaders seek legal advice. If they haven’t been doing anything illegal, there isn’t much they need to change.
[13:01] Companies that feed into the noise end up hurting their employees which can hurt their bottom line in the long term.
[13:27] Companies need to cut through the noise and make sure that they know what’s true and what’s not true. They need to focus on continuing to do what they’ve been doing that has been working.
[13:55] Chris thinks that a company scaling back its DEI initiative hurts its reputation. When they scale back, the employees feel it first. If employees don’t feel good in the workplace about the culture that has been developed for employees, that impacts the work and the output.
[14:34] Eventually, that can hit outside the walls of the insurance company. Insurance isn’t a direct-to-consumer product so this industry doesn’t get impacted in quite the same way as a retail store.
[15:06] Plug Time! The very first RIMS Texas Regional Conference will be held from August 4th through the 6th in San Antonio at the Henry B. González Convention Center. Public Registration is open.
[15:17] Hotel cut-off for the discounted rate is available through July 7th. The full Conference Agenda is now live, so you can start planning your experience. Don’t miss the post-conference workshop, the RIMS-CRMP Exam Prep Course, available onsite.
[15:33] This event is open to any RIMS Chapter member. If you are local to the area, you might consider becoming a RIMS member today, so that you can get all the benefits and begin networking with your new RIMS Texas peers. Links are in this episode’s show notes.
[15:48] You can also visit the Events Page of RIMS.org for more information. We look forward to seeing you in Texas!
[15:56] Just a month later, we will be up North for the RIMS Canada Conference 2025, from September 14th through 17th in Calgary. Registration is open. Visit RIMSCanadaConference.CA and lock in favorable rates. We look forward to seeing you in Calgary!
[16:15] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today.
[16:31] Let’s Return to Our Interview with Chris Reilly of Link!
[16:50] There’s no such thing as illegal DE&I! There is no legal framework about whether a company does DE&I or not. Companies decided that having a more diverse, equitable, and inclusive workforce was good for business.
[17:30] There have been studies that show that when a company has a strong DE&I policy, it outperforms its competitors that don’t by nearly 20%. Teams that are more diverse and inclusive outperform homogeneous groups by nearly 80%.
[17:57] When you have a diversity of people; when you include people of different backgrounds in thought and education, you get more diverse thoughts and you can create better outcomes as a result.
[18:15] This concept of illegal DE&I is thrown up there to create confusion and get people worrying about what they’re doing.
[18:51] Employment Practices Liability Insurance (EPLI) is what companies would buy if they have a sexual harassment suit, a discrimination suit, or a wrongful termination suit. Employers take this coverage to protect themselves from that.
[19:25] Whether they have EPLI coverage or not, before the term “illegal DE&I,” nobody was concerned about it. They all felt that they had the proper policies and best practices in place to prevent employment practices claims.
[19:43] If there were this rash of claims suddenly happening, maybe it’s not “illegal DE&I” but you’re not doing it right. Fix the problem so that it doesn’t become an issue.
[19:59] What companies are seeing is that their policies and best practices have been working, so there’s not a problem. If companies start believing that they shouldn’t have DE&I programs, that will embolden individuals to be bigots, racists, harassers, and bullies at work.
[20:25] If that happens, you will get employment practices claims.
[20:30] Justin feels that we are seeing uninclusive and bullying expressions more now on social media than when he was hired at RIMS eight years ago.
[20:36] Chris thinks that the world has changed and the narrative has changed and people feel like they're emboldened to bring out those negative personality traits in themselves for some reason.
[20:50] Chris recently talked to a company where the CEO addressed the employees, to tell them that bigotry, harassment, and hatred have no place, and will have no place in the company.
[21:16] He told them the company was built with a culture that respects everybody, that is about fairness and integrity, working together, and creating inclusive and collaborative teams, to create the best outcomes they can for the company and its consumers.
[21:32] He said they are going to keep doing what they’re doing because everything’s going just fine. He said if we start trying to tinker with the DE&I programs, that will inevitably create problems and deteriorate the great work that you have been doing.
[21:53] What’s the ROI on DE&I? It’s hard to quantify. When your employees are happy, they’re doing good work, they’re being productive, and the company is successful, that comes in part from the investment of time, energy, and money put into Diversity, Equity, & Inclusion programs.
[22:08] You can try to tie ROI to some of the Diversity, Equity, and Inclusion programs when you talk about EPLI, Directors & Officers, and E&O insurance. If you don’t have good practices, what you will have is employment practices liability claims around discrimination and harassment.
[23:01] HR will have to deal with the HR issues of employees, potentially defending a lawsuit. If they don’t have these coverages in place, those defence costs can get expensive. You might have to settle a suit, which can cost more money. It’s a ripple effect.
[23:27] With more claims, the premiums of these policies will go up. So, if you’re not following best practices and have to start paying out claims and higher premiums to defend yourself against these claims, those are financial factors to consider in the ROI of doing the right thing.
[23:51] Plug Time! Let me tell you about the Spencer Educational Foundation. Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[24:31] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centred experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process is now open through July 30th, 2025.
[24:31] General Grant awardees are typically notified at the end of October.
[24:35] Spencer’s Risk Manager on Campus Program offers grants of up to $5,000 to universities and colleges in the United States and Canada to host a practicing risk manager on their campus for a one-to-three-day residency.
[24:49] The Risk Manager on Campus program has been praised by both universities and risk managers as a rewarding educational experience for students and a chance to give back to the profession. The application deadline for 2026 is June 30th, 2025. Check the link in the notes.
[25:08] Visit SpencerEd.org for more information.
[25:12] Let’s Return to the Conclusion of My Interview with Chris Reilly!
[25:34] The pendulum has swung one way. Chris thinks that it will swing back as smarter and calmer minds prevail, in the end. Organization leaders know what’s right and wrong. Once the noise calms down, people will realize that we already have things in place to protect everybody.
[26:14] We already have Title VII and the EEOC in place. I have told people that with all that’s being said, no laws have changed. Title VII is in place and the EEOC is still there to enforce it. If there were crazy problems with this, Title VII and the EEOC would already be addressing it.
[26:44] Chris believes the pendulum will swing back to the center sooner rather than later. Executive orders and attempting to change laws are not going to sit well. There are already protections in place to prohibit employment discrimination.
[27:13] Chris is the National Chair of Link USA. A couple of days after this episode, there will be the New York City Link-Up Networking Happy Hour, Pride Edition. That’s going to be in Manhattan on the Avenue.
[27:33] On June 26th, in Los Angeles, there will be a Pride Movie Night and Networking Mixer at the Alamo Drafthouse Cinema. Chris says these events are always fun. Link tries to create personal connections between the LGBTQ+ Community and its allies.
[28:04] We’re all doing the same thing, feeling the same pressures, working in the insurance industry, and wanting connection. Some people work at companies that may not have anybody else like them in their firm. They’re looking for connections within the LGBTQ+ community.
[28:28] Link is heavily supported by its allies. They couldn’t fight the fight without the allies. The events are about bringing people together in a fun way and ultimately, networking in the industry. People connect and build business relationships and develop businesses, as well.
[28:55] We’ve got a link to Link in this episode’s notes.
[28:58] Chris, it’s been a real pleasure to speak with you. I’m glad we’re having this dialogue. I hope to see you at RISKWORLD 2026 and the Diversity, Equity, & Inclusion Studio.
[29:21] Special thanks again to Chris Reilly of Link, the LGBTQ+ Insurance Network. Links to the events that we mentioned and to Link’s website are in this episode’s show notes.
[29:34] RIMS has a Diversity, Equity, & Inclusion Council and page. You can visit it on RIMS.org, through the Community section, and the link in this episode’s show notes.
[29:49] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[30:17] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[30:35] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[30:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[31:23] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[31:31] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RIMS Diversity Equity Inclusion Council
Link (LGBTQ+ Insurance Network)
Link USA Events in New York City and Los Angeles
RIMS Texas Regional 2025 — August 3‒5 | Registration now open.
RIMS Canada 2025 — Sept. 14‒17 | Registration now open!
RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration now open!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Education Foundation — General Grants 2026 — Application Deadline July 30, 2025
Spencer’s Risk Manager on Campus — Application Deadline June 30, 2025
RIMS ERM Conference 2025 — Nov 17‒18 in Seattle! [Save the Date!]
RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Register by July 7. | Bi-weekly course begins July 16.
RIMS Webinars:
RIMS.org/Webinars
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshop — July 8‒9, 2025 | Presented by RIMS and PARIMA
RIMS-CRMP-FED Exam Prep Virtual Workshop — July 17‒18
Full RIMS-CRMP Prep Course Schedule
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“James Lam on ERM, Strategy, and the Modern CRO”
“Live from RISKWORLD 2025”
“Thoughts and IDEAs on Inclusivity with Michael Bach”
“The Strengths of DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”
“LAAIA Atlanta Chapter President Jose Aponte”
“Equality and the Risk Profession with Elisa Stampf”
Sponsored RIMScast Episodes:
“The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!)
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Chris Reilly, National Co-Chair of Link USA | LGBTQ+ Insurance Network,
Senior Vice President and National Practice Leader at Amwins Group Benefits
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews James Lam about the evolving role of the CRO since the pandemic, vital competencies for today’s CROs, risk appetite frameworks, and a case study of E*Trade and how they succeeded with a strong risk appetite framework. They continue the discussion with an examination of James’s upcoming six-module virtual course, the RIMS-CRO Certificate in Advanced Enterprise Risk Management. James concludes with his vision of the future of ERM using AI as an enabling tool.
Listen to learn more about successful strategies CROs can apply to their ERM programs.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:17] About this episode of RIMScast. Our guest is one of the great thought leaders in risk management, James Lam. He returns to RIMScast today to talk about ERM and a new bi-weekly virtual course he’ll be teaching for RIMS that begins in July.
[:48] RIMS-CRMP Workshops! Register by July 1st for the next RIMS-CRMP Virtual Workshop, which will be co-led by Parima. That course will be held on July 8th and 9th.
[1:04] The next RIMS-CRMP-FED virtual workshop will be led by Joseph Mayo on July 17th and 18th. Register by July 16th. Links to these courses can be found on the Certification Page of RIMS.org and through this episode’s show notes.
[1:23] RIMS Webinars! The next RIMS Webinar will be held on June 17th. It will be presented by Origami Risk. It’s titled “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. Register today through RIMS.org/Webinars
[1:43] RIMS Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[2:00] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:12] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is being built. Soon, we will distribute a Call for Nominations for the ERM Award of Distinction. I’ll update this episode’s show notes when that link is ready.
[2:35] Think about your organization’s ERM program or one that you know of, and how it has generated value. We will have more on that in the coming weeks.
[2:43] On with the show! Our guest today is a risk management trailblazer who is widely considered the world’s first Chief Risk Officer. I’m talking about James Lam.
[2:54] Starting on July 16th, James will host a six-module course for RIMS, The RIMS-CRO Certificate in Advanced Enterprise Risk Management. It’s a bi-weekly course that will run through Wednesday, September 24th. Registration closes on July 9th.
[3:14] James is here to discuss and share his ERM philosophies, how the practice has changed in the past five years since he was last on the show, and to give us a preview of what the upcoming course will be like and how it could boost your risk career.
[3:31] Interview! James Lam, welcome back to RIMScast!
[3:37] James was a guest on RIMScast in the Fall of 2020. We’ve gone through a lot in the last five years! We’ve lived through a pandemic, and companies realized the importance of operational resilience and strategic risk management.
[4:14] James says today we are facing unprecedented geopolitical risk. We are also facing AI risks and opportunities. Some Chief Risk Officers have stayed relevant and elevated their careers and skills, while others have failed in their organization’s ERM programs.
[5:01] James tells what may cause a CRO to fail. Applying a “check the box” approach or a compliance approach, without staying relevant with the evolving risk landscape.
[5:29] Speaking of successful CROs, James said one CRO he worked with went from being a treasurer reporting to the CFO, to becoming the CRO, then the CFO, and eventually the CEO, all within eight years.
[5:58] He and other successful CROs had learned how to add strategic value and be relevant to key decision-makers at the board level and the executive level.
[6:15] A key competence is applying risk analytics to quantify and minimize unexpected earnings, helping companies maintain sustainable, predictable profitability.
[6:40] Then, evolving that to understanding capital management to optimize capital allocation, dividend policies, and risk transfer strategies, ultimately, applying the same risk analytics to support corporate and business decisions.
[7:05] Being able to add strategic value is the most important competence for a Chief Risk Officer today.
[7:26] Management and corporate directors are concerned about the unexpected. As CROs, how do we connect our work with things that are the most meaningful to the decision-makers and key internal stakeholders? All boards, CEOs, and CFOs are concerned about earnings.
[7:53] Unexpected earnings variance and guidance are things that they are concerned about. CROs can help them with predictable profitability, long-term capital management, and value creation.
[8:10] How does a CRO support the leaders’ decision-making at the corporate level, where there’s M&A or new products, and at the business level, in terms of risk-based pricing and risk transfer decisions?
[8:43] James thinks the risk appetite framework is one of the most important processes and capabilities for advanced enterprise risk management.
[9:01] Frameworks that don’t do well tend to be mostly or entirely qualitative. They tend to be static, maybe updated once a year, with very little change.
[9:15] The frameworks that are more strategic and add more value to companies tend to be a combination of quantitative and qualitative.
[9:42] Successful risk appetite frameworks also consider risk capacity in terms of capital resources, earnings, and liquidity, relative to our risk management capability and track record.
[10:01] Successful risk appetite frameworks look at opportunities. What is the opportunity for profitability, growth, and innovation, relative to risk? If the opportunity is high, then we should be willing to take on more risk.
[10:19] Successful risk appetite frameworks tend to be more dynamic in a way that allows the company to reduce risk when it is appropriate but also to take more risk when it is appropriate.
[10:31] James says a good risk appetite framework would guide organizations to take more risk, on a selective basis.
[10:57] James uses ETrade as a case study. James was on the board of ETrade and chaired its risk committee. This case study is in the RIMS CRO Certificate Program in Advanced Enterprise Risk Management.
[11:28] James will invite E*Trade’s CRO, the head of ERM, and one of the regulators, to provide first-hand experiences and lessons learned.
[11:41] James gives examples of how ERM improved ETrade’s business outcomes and profitability. Based on a robust risk appetite framework, ETrade thought it needed to take more risk in new product innovation and shorten the time to market dramatically.
[12:21] Because of that, E*Trade was the first company to offer retail investors the capability to trade stocks and mutual funds on their Apple Watch. It was a very important business opportunity as the Apple Watch was hugely popular.
[12:49] This tied into ETrade’s founding as the first internet company to allow retail investors to trade on the internet. It was a proud moment for ETrade. It shows how a robust ERM program and risk appetite framework can support innovation and business growth.
[13:16] In the eight years James was on E*Trade’s board until it was sold, its stock went from $8 to $59 a share. It went from B to BBB, from losing money to making money, and from a weak capital position to buying back over $1 billion in stock and offering its first-ever dividend.
[13:52] In addition to the E*Trade case study, the course will look into other case studies, good and bad. We will learn from organizations that didn’t manage risks effectively and what we could learn from them to prevent that for our organizations.
[14:13] We will learn from best-practice companies in the energy and healthcare space.
[14:30] Plug Time! The very first RIMS Texas Regional Conference will be held from August 4th through the 6th in San Antonio at the Henry B. González Convention Center. Public Registration is open here.
[14:43] Hotel cut-off for the discounted rate is available through July 7th. The full Conference Agenda is now live, so you can start planning your experience. Don’t miss the post-conference workshop, the RIMS-CRMP Exam Prep Course, available onsite.
[14:59] Any chapter member can attend. Links are in this episode’s show notes.
[15:14] You can also visit the Events Page of RIMS.org for more information. We look forward to seeing you in Texas!
[15:21 Just a month later, we will be up North for the RIMS Canada Conference 2025, from September 14th through 17th in Calgary. Registration opened today. Visit RIMSCanadaConference.CA and lock in favorable rates. We look forward to seeing you there!
[15:42] Let’s Return to My Interview with James Lam!
[16:00] Starting on July 16th, there will be a new course that James is leading. It’s the RIMS CRO Certificate Program in Advanced Enterprise Risk Management. If you’re listening to this on the week of publication, you’ve got about a month to register. Registration closes on July 9th.
[16:22] James is one of our favorite collaborators!
[16:27] James tells what led to the launch of this program. He’s very excited to be partnering with RIMS! His motivation for doing this program is that he has worked in risk management for over 40 years. He has been a management consultant working with over 100 companies.
[17:10] James has been an eight-time board member, chairing the risk committee, chairing the audit committee, and overseeing risk management, not day-to-day but from a board perspective.
[17:22] What James wants to do in this program is to share the lessons he has learned and some of the best practices in a very practical way. He also wants to invite other risk experts to share from their different domains. James has had this idea for over three years.
[17:56] He met with the RIMS board members and the Professional Development Team to talk about this. They got an agreement in place, and within a few weeks, they got the outline and the website up. James tells of the team that helped him put it together in bi-weekly meetings.
[18:31] The program came together within weeks. The early registrations are above expectations. The market reception has been strong. James says this course will provide an amazing learning experience for the participants.
[18:54] It’s a six-module, bi-weekly course with four-hour live virtual sessions, from 10 a.m. to 2 p.m. Eastern Time, starting July 16th and running through September 24th. There will also be self-study with James’s book, other articles, and research papers.
[19:24] We’ve got the link in this episode’s show notes. A brief description of each of the six modules is on the website. Module 4 is The Role of the Chief Risk Officer and Risk Appetite Statement. That’s the James Lam wheelhouse!
[19:44] The CRO, the risk appetite statement, and ERM will be critical topics. Other important topics are the role of the board, how risk professionals should not only serve the board but also leverage the board, and strategic decision-making.
[20:13] Before the pandemic, teaching virtually was not James’s favorite method. He enjoys interacting with participants. Since the pandemic, we’ve all learned how to learn and to teach in a virtual environment. James says we can make it dynamic and interactive, with a lot of sharing.
[22:53] James thinks they will get into individualized problem-solving. Participants can highlight challenges or opportunities they’re facing. Collectively, the group will help with individualized problem-solving.
[21:12] James will bring in guest speakers. He has a strong network of excellent board directors and experts with backgrounds in AI, cybersecurity, and ERM. These include former or current CROs with stories to share. He believes all that will make the program relevant and dynamic.
[21:45] Plug Time! Let me tell you about the Spencer Educational Foundation. Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[22:05] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process is now open through July 30th, 2025.
[22:27] General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org. Be sure to check out Spencer’s Monthly Virtual Campus.
[22:41] On Thursday, June 12th, we will have Reinsurance 101, hosted by Lee Vuu, Founder and President of the MRIA. A link is in this episode’s show notes. Register today!
[22:53] Let’s Conclude Our Interview with James Lam!
[23:22] James says the future is bright. AI and risk analytics are going to change our careers and our lives. In the next five years, we’re going to see some interesting dynamics with AI and we’re going to have some unintended consequences. There will be risks and opportunities.
[23:54] For risk professionals, being able to help our organizations and address the risks, whether it’s privacy, model risks such as hallucination, or data governance, all those are going to be in our wheelhouse, and we could add a lot of value.
[24:11] James thinks AI could create opportunities to enhance enterprise risk management by tapping into structured and unstructured data and help us minimize unexpected earnings variance, optimize capital structure, and support corporate and business-level decisions.
[24:47] A basic question that any AI model asks is, “What would an expert do?” What would an expert driver do in terms of an autonomous car? What would an expert doctor do in this specific situation? In risk management, the senior risk professionals and CROs are the experts.
[25:12] James says the CROs have an opportunity to design the training data that would train these AI agents. They would have an impact on training these AI agents directly in terms of being part of the feedback loop.
[25:32] James is very excited about where ERM is going to be in the next three to five years. AI will become a very important tool. He doesn’t think it will replace risk practitioners.
[25:49] The expertise, judgment, governance, and perspective that risk practitioners bring to the table will be valuable. AI will be a huge enabler.
[26:11] Looking forward 10 years, James asks, using AI, how do we help with scenario planning and scenario analysis? Regarding many of the emerging and disruptive risks that we face today, we don’t have a lot of data or models, so scenario analysis is going to be a critical tool.
[26:48] The ultimate level of enterprise risk management would be to create a digital twin of our organization’s overall risk profile, including our strategic, financial, operational, compliance, and reputational risks, and run scenarios to stress-test that system with AI. That’s not far off.
[27:25] James, it has been such a pleasure to reconnect with you. I have a great feeling about the RIMS CRO Certificate Program in Advanced Enterprise Risk Management. Remember, everyone, you have until July 9th, 2025, to register. Virtual seats are filling up! Check out the link!
[27:43] I have a good feeling that we’re going to be hearing more and seeing more from James in 2025 and beyond, here at RIMS. James, we value you very much. That’s why you’re here!
[28:11] Special thanks again to James Lam. Register now for the RIMS CRO Certificate Program in Advanced Enterprise Risk Management. It is a bi-weekly course that starts on July 16th. Virtual seats are filling up fast, so register by July 7th. The link is in this episode’s show notes.
[28:32] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[29:00] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[29:18] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[29:35] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[29:52] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[30:06] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[30:14] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Register by July 7. | Bi-weekly course begins July 16.
RIMS Texas Regional 2025 — August 3‒5 | Registration now open.
RIMS Canada 2025 — Sept. 14‒17 | Registration now open!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Education Foundation — General Grants 2026 — Application Deadline July 30, 2025
Spencer Virtual Campus — Next Course on June 12
RIMS ERM Conference 2025 — Nov 17‒18 in Seattle! [Save the Date!]
James Lam & Associates
RIMS Webinars:
RIMS.org/Webinars
“Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshop — July 8‒9, 2025 | Presented by RIMS and PARIMA
RIMS-CRMP-FED Exam Prep Virtual Workshop — July 17‒18
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“AI Risks and Compliance with Chris Maguire”
“RIMS 2025 Risk Manager of the Year, Jennifer Pack”
“ERM, Retail, and Risk with Jeff Strege”
“Collateral Benefits Of Pre-Mortem Analysis”
“ERMotivation with Carrie Frandsen, RIMS-CRMP”
“Live from the ERM Conference 2024 in Boston!”
Sponsored RIMScast Episodes:
“The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!)
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: James Lam, Founder, James Lam & Associates
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews John Baldwin of Discount Tire. Justin and John explore risk management topics, including Tire Safety Month, tire safety education of customers, and the tire selection tool he developed, Treadwell. John shares information about ongoing projects at Discount Tire and also his work on the board of the Tire Recycling Foundation.
Listen to gain awareness of how tire selection can be a safety factor in your ERM program.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:17] About this episode of RIMScast. Our guest is John Baldwin of Discount Tire. He’s joining us for National Safety Month and National Tire Safety Month here in June 2025. We’re going to learn about the risk tool that he developed at Discount Tire.
[:49] RIMS-CRMP Workshops! The next RIMS-CRMP Exam Prep Workshop will be presented in conjunction with NAIT on June 10th and 11th. Register by June 9th. That course will be led by former RIMS President, Nowell Seaman.
[1:11] Links to these courses can be found on the Certification Page of RIMS.org and through this episode’s show notes.
[1:18] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:35] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:47] We have a special new 12-week virtual workshop course, The Advanced Enterprise Risk Management (ERM) Certificate Program, instructed by James Lam, one of the most famous Chief Risk Officers in the world!
[2:04] He will lead an intensive 12-week program, beginning July 16th, bi-weekly until September 2025. Registration closes on July 7th.
[2:17] James will join us next week to discuss this program and his ERM philosophy. Check out the link in this episode’s show notes and the Education page of RIMS.org. Register today before we reach virtual capacity!
[2:33] On with the show! It’s our first episode of June 2025. That means that it is National Safety Month here in the U.S. and also Tire Safety Month. I was delighted to book today’s guest, John Baldwin, PhD. He is the Chief Product and Technical Officer of Discount Tire.
[2:56] He developed a risk tool for Discount Tire called Treadwell. This is the company’s personalized tire recommendation tool.
[3:05] Treadwell utilizes extensive real-world testing data, including nearly a million tread depth measurements annually and evaluations of dozens of new tire models each year.
[3:17] John is also a member of the Enterprise Risk Committee at Discount Tire, so we will also learn about his risk philosophies and his efforts to bolster sustainability when it comes to tires, tire manufacturing, and tire recycling.
[3:33] Interview! John Baldwin, welcome to RIMScast!
[3:52] John says risk management is like safety. You incorporate it in every decision you make. It’s good to make it part of the daily oxygen.
[4:10] John started consulting with Discount Tire in 2007 and became full-time in 2012.
[4:25] John is a Senior Vice President and Chief Product and Technical Strategist. He’s responsible for the fitment guide on the website. Discount Tire measures each vehicle it can and puts that in the fitment guide.
[4:56] They consider product quality and performance. They test tires, wheels, and lug nuts, before offering them for sale. John’s background is technical.
[5:10] John is also in charge of sustainability and government affairs.
[5:24] John has a bachelor’s degree in chemistry and a PhD in polymer science, the study of plastics and rubber. He was at 3M for a lot of years working on filter media for filter masks, which had a resurgence 25 years after he left.
[5:49] John went to automotive working in adhesives. He was hired by Ford. He was at Ford when the Ford Firestone recall happened. He got drafted onto the Root Cause Team, to find out what was going on with the tires because of his background.
[6:08] John worked in advanced manufacturing on a cross-functional team.
[6:22] John’s advice to folks coming up in a company is “Saying No is career-limiting.” He had said No a lot, at the beginning of his career. When he started saying Yes, things changed.
[6:38] Coming from the larger companies where he had worked, John says the vibe at family-owned Discount Tire is an entrepreneurial spirit. There’s a lot less bureaucracy. You go talk to people to get things done. It’s very comfortable for John.
[6:58] John says Discount Tire is for everyone but the people who thrive here are more self-starting, think it out, and occasionally color outside the lines. It’s nice. You learn a lot.
[7:13] John has a small group of about 25 people. They are cohorts of the risk group. The risk group collects and manages thought processes and information. The people who own the risks have to take care of them. The risk group shares a framework for them to manage risks.
[8:23] John is on the Enterprise Risk Committee. It’s a group of the different functional areas, Technical Fitment, Real Estate, IT, Cybersecurity, Store Management, Product Quality, Legal, HR, and other areas from around the corporation represented.
[8:52] The Enterprise Risk Committee is one level below the Steering Committee. They use a tool called Riskonnect. They analyze and bring the risks to the Steering Committee. Justin and John first connected through the last Riskonnect webinar!
[9:46] There are technical issues in managing the stores, including customer safety. Customer safety is a founding philosophy at Discount Tire. Customer safety is the first consideration.
[10:21] When John first came on board at Discount Tire, it was after the Firestone Tire recall and Discount Tire focused on tire quality. Everyone at Purchasing hated him for being “Dr. No.” He told them: Let’s put a process together where we validate whom we’re buying from.
[10:51] He said, we validate the quality of the tires and wheels that we’re buying and that frees you up. We could entertain buying from people we would never have entertained buying from because they meet our criteria. Suddenly, it goes from closing the box to expanding the box.
[11:07] That’s how we have to get people thinking. Once you have the process down, it unburdens you. It allows you to take more risks because you have a way of assessing what the risk is and doing something about it.
[11:34] June is Tire Safety Month, promoted by the NHTSA. John is planning on a visit there next week. Tire Safety Month is an opportunity to engage and ask customers: Have you looked at your tires? Do you know what your air pressure is? Discount Tire does free air checks and fills.
[12:20] One of the number one things for safety is making sure you have plenty of air in your tires. Most people don’t think about it or check it. Talk with customers about tire tread depth and why there are treads.
[12:54] Tire Safety Month is June because school is over and people will be taking road trips. Be aware of your tires. Check your air pressure and tread depth. The tread is essential for driving in rain or snow so you don’t hydroplane and you can brake properly. Get your tires checked.
[13:47] These things matter. There’s a reason tires are designed the way they are. The public generally doesn’t know. When John started working in tires he had no idea they came in different sizes. Everybody has a first day at work.
[14:26] People generally don’t change tires on their own, because you need a machine.
[14:34] Plug Time! RIMS Webinars! On June 5th, Zywave joins us to discuss “Today’s Escalating Risk Trajectory: What’s the Cause and What’s the Solution?”.
[14:49] On June 17th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”.
[15:00] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members.
[15:11] Are you a summer intern and interested in learning more about career opportunities in the insurance industry? Are you based in the Greater Chicago area? If so, join Chicago RIMS in a free event sponsored by Origami Risk.
[15:29] Students and insurance professionals will come together to explore the wide variety of career paths in insurance and the captive industry. This event will provide you with valuable insights into the industry and allow you to start building your network with peers in the area.
[15:44] This is an opportunity to learn from industry experts and kickstart your career in insurance. Register at ChicagoRIMS.org and mark your calendar for this free event on July 10th at 3:30 p.m. at 222 N LaSalle, STE 2100 in Chicago, IL.
[16:04] Let’s Return to Our Conversation with John Baldwin of Discount Tire!
[16:23] John points out mistakes in tire safety and maintenance. Are you overloading your vehicle? If you pull a trailer, are you loading the trailer correctly? Are you overdriving your abilities in bad weather? It’s not about going fast, it’s about stopping fast and being able to steer.
[16:57] Be mindful of the conditions around you and how other people are driving. Most people tend to overestimate their abilities, especially if they’re not in those conditions often.
[17:19] Fleet safety is another topic. You have to pay attention to the details.
[18:10] Discount Tire is a large purchaser of tires. Tire salesmen came in and boasted about their tires and downplayed their competition’s tires. Discount Tire didn’t have a basis for pushing back so they hired a driver and started testing the tires. They got warranty information.
[18:39] A year after Discount Tire started testing tires for internal information, Chief Strategy Officer Dave Ginsberg, a data scientist, joined Discount Tire. He was thinking of an algorithm to help people pick tires. John told him of the data they gathered to help Discount Tire pick tires.
[19:10] Both Discount Tire and the consumers have the same problem, what to buy. There’s a lot out there. David put together the math behind Treadwell, and John’s team generated the data. It’s based on what you drive, where you drive, and how you drive, on city roads or a highway.
[19:48] Not every car is a commuter. Some people just drive on the weekend. On different cars, different trim levels come with different tire sizes and wheel sizes. A key issue is what mileage you can expect. Discount Tire does free rotations. That gives them data on how long a tire lasts.
[20:41] Discount Tire tests in winter and rain. They also test worn tires that they’ve buffed down to 4/32nds and test them in the wet. Tires are only new for the first couple thousand miles. Then various changes occur in how your tires perform over time.
[21:11] So that’s what we’re trying to get at with people. We’ve changed a lot about how the tire industry’s looking and talking about that, all for the customer, to relay to you how this is going to work over the life of your tire.
[21:26] There are annual evaluations of over 75 new tire models each year. When Cooper was bought by Goodyear, the track Discount Tire was using for testing became redundant for Goodyear, so Discount Tire purchased it. They have a third-party test for them.
[22:16] John tells tire manufacturers that Discount Tire uses Treadwell internally when talking about what tires to buy. It’s the same version and data that consumers see. It’s a unique tool.
[22:58] There were some other sellers doing testing. Tire Rack was one of them. Discount Tire bought Tire Rack at the beginning of ’22. They continue to do testing. Tire Rack is for the in-depth enthusiast.
[24:08] Discount Tire is for the consumer who needs a tire but doesn’t know a lot about tires, doesn’t have a lot of time, and doesn’t want to get ripped off. There’s a lot of technical data. Discount Tire Treadwell quickly boils it down to suggest which tire the customer should buy.
[24:18] Another point about Treadwell is that it has nothing to do with the cost of the tire or how much money Discount Tire makes from the sale. It’s about the performance of the tire. It encourages the customer to look down the list for the diamond in the rough. It’s a good tool.
[24:49] The tire manufacturers have looked at the tool and said they want to win at Treadwell. It’s impossible to do. The local weather affects the algorithm. Chances are, a good tire in Arizona is not a good tire in Minnesota because of the weather. Treadwell is objective.
[25:31] Treadwell took two years to launch from conception. They had to get enough data from the stores in the field and enough testing to launch a small subset of tires. Now, they have almost every tire tested or it’s on the list to get tested. When a new tire comes, they test it.
[26:16] One of the things Discount Tire found is that it took some time after launch for the store managers to buy into using it with customers. They didn’t understand it was a real tool.
[26:40] In the last year or so, Discount Tire has started taking store managers through Treadwell to be tire evaluators for a day, testing at the track. They get a T-shirt, The Treadwell Experience. It has been game-changing. The tool has been embraced internally.
[27:32] One of the store managers said Treadwell is like having a test track behind every store.
[27:41] Plug Time! The very first RIMS Texas Regional Conference will be held from August 4th through the 6th in San Antonio at the Henry B. González Convention Center. Early Bird Registration is now open through June 7th. Save up to 20% on a Full-Conference Pass.
[28:03] Hotel cut-off for the discounted rate is available through July 7th. The full Conference Agenda is now live so you can start planning your experience. Don’t miss the post-conference workshop, the RIMS-CRMP Exam Prep Course, available onsite.
[28:19] Also register by June 7th for your Early Bird Registration and save $200. Any chapter member can attend.
[28:39] You can also visit the Events Page of RIMS.org or here for more information. We look forward to seeing you in Texas!
[28:47] About the Spencer Educational Foundation’s Grants program. Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[29:04] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process is now open through July 30th, 2025.
[29:25] General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[29:35] Let’s Return to the Conclusion of My Interview with Discount Tire’s John Baldwin!
[30:01] Discount Tire tests rolling resistance; how much fuel or energy per mile one tire absorbs, vs. another tire. Tires that roll easier don’t take as much fuel. With battery vehicles, range is a big deal. Tire rolling resistance ranking for electric vehicles is incorporated into the algorithm.
[30:47] If you have the same tire, size, construction, and everything, one on a gas vehicle and one on an electric vehicle, there is typically 10 to 15% faster wear on the battery vehicle because of the weight and a little bit of the torque. They factor the car in for the mileage estimation.
[31:15] Noise becomes more of a consideration with electric vehicles because there’s no engine noise. The whirring noise electric cars make is added so they’re not completely silent.
[31:49] Amazon made a big commitment to electric vehicles with Rivian. A lot of Uber drivers are starting to use Model 3 vehicles. There is a trend toward hybrid gas/electric vehicles.
[32:41] Treadwell is testing off-road tires. If you take a truck out in the mud, you want a tire that works in the mud and rocks. Treadwell just expanded into testing winter tires.
[33:27] Discount Tire is thinking about working with Tire Rack to rank summer tires and more.
[33:52] John is on the Board of Directors of the Tire Recycling Foundation. The foundation is jointly put together through the United States Tire Manufacturing Association and also the Tire Industry Association, the retailers.
[34:17] We need to find more recycling uses for tires. Twenty percent of scrap tires that come off today are landfilled. Thirty percent are burned in kilns. Fifteen percent are sold used. Used tires are not optimized for safety.
[34:51] Is there a way to recycle these tires back into tires rubber-modified asphalt, or mats? There are so many other things you can do with tires besides burning them and burying them.
[35:12] To go into asphalt, tires are ground up and then added to the mix. It’s a different process, which when done right, provides a quieter surface with a better grip and it lasts longer. It’s a good use of tires and would take care of the scrap tire problem.
[35:37] Being in the Tire Recycling Foundation complements John’s job at Discount Tire. How to recycle tires has been a problem in the U.S. tire industry for 100 years.
[36:34] Municipalities sometimes have a Waste Date to drop off your hazardous waste. Instead of taking it there, you can bring it to a Discount Tire or a competitor. Then it will be recycled.
[38:04] People can go to TireRecyclingFoundation.org for more information. It’s a broad-based coalition.
[38:59] John, it has been a real pleasure to speak with you. It’s been illuminating. I’m glad that we’re shining a lot on how important tires are to our daily lives and the supply chain. I don’t know that we’ve ever done an episode devoted to tires! This is super cool for us at RIMS!
[39:22] Special thanks again to John Baldwin of Discount Tire for joining us.
[39:26] I’ve got links in this episode’s show notes for information about Treadwell, the Tire Recycling Foundation, and Discount Tire’s appearance on the RIMS Riskonnect on April 24th, 2025 webinar, “Better Together: The Marriage of Insurable Risk and Business Continuity”.
[39:46] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[40:13] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[40:32] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[40:49] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[41:05] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[41:19] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[41:27] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RIMS Texas Regional 2025 — August 4‒6 | Advance registration rates are now open.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Deadline July 30, 2025
RIMS-CRMP Advanced Enterprise Risk Management (ERM) Certificate Program — Featuring Instructor James Lam! Register by July 7. | Bi-weekly course begins July 16.
Tire Safety Month — NHTSA
The Tire Recycling Foundation
“All About Treadwell” — John Baldwin Interview
“Better Together: The Marriage of Insurable Risk and Business Continuity” — A RIMS Webinar, Sponsored by Riskonnect and featuring Discount Tire (April 24, 2025)
RIMS Webinars:
RIMS.org/Webinars
“Today’s Escalating Risk Trajectory: What's the Cause & What’s the Solution?” | Sponsored by Zywave | June 5, 2025
“Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshop — June 10‒11, 2025 | Presented by RIMS and NAIT
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Company Safety and RIMS Chapter Leadership with Tamieka Weeks”
“Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin”
“Traffic Awareness with Carol Fritzsche of Subaru of America”
“Fleet Safety with NETS Executive Director Susan Gillies-Hipp” (2022)
Sponsored RIMScast Episodes:
“The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!)
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: John M Baldwin, PhD, Chief Product & Technical Officer, Discount Tire
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews Megan Smalter about her schooling and career path and what excites her about risk management. They discuss her winning the RIMS Rising Star Award 2025 at RISKWORLD on the main stage before the triple keynote addresses. She discloses what the honor means to her. They speak about her past role in Chicago, her participation and leadership in the Chicago RIMS Chapter, and how her career has changed by moving to New York to work at Lloyd’s in the Americas in December.
Listen to Megan’s advice for students and young risk management and insurance professionals. Give yourself the grace to learn your way in the field, reach out and connect to people around you, and learn about all the career opportunities in the industry.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:17] About this episode of RIMScast. We will be joined by RIMS Rising Star Award Winner 2025, Megan Smalter of Lloyd’s.
[:42] RIMS-CRMP Workshops! The next RIMS-CRMP-FED Exam Prep will be presented in conjunction with AFERM and led by instructor Joseph Mayo. This is a two-day course, June 2nd and 3rd. Register by May 26th.
[1:03] The next RIMS-CRMP Exam Prep Workshop will be presented in conjunction with NAIT on June 10th and 11th. Register by June 9th. That course will be led by former RIMS President, Nowell Seaman.
[1:21] Links to these courses can be found on the Certification Page of RIMS.org and through this episode’s show notes.
[1:28] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:46] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:57] We are already making preparations for the RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. RIMS is accepting educational session submissions through May 29th.
[2:14] The best submissions will address current and future challenges facing ERM practitioners as well as provide leading practices and concrete takeaways for a diverse audience of risk professionals from industries or organizations of varied sizes, disciplines, functions, and roles.
[2:30] These include officers, leaders, managers, and students. The link to the submission form is in this episode’s show notes. If you are listening on the day of this episode’s release, this is the last call for submissions, so get them in!
[2:46] We have a special new 12-week virtual workshop course, The RIMS-CRMP Advanced Enterprise Risk Management (ERM) Certificate Program, instructed by James Lam, one of the most famous Chief Risk Officers in the world!
[3:04] He will lead an intensive 12-week program, beginning July 16th, bi-weekly until September 2025. Registration closes on July 7th.
[3:17] James will join us in early June to discuss this program and his ERM philosophy. Check out the link in this episode’s show notes and the Education page of RIMS.org. Register today before we reach virtual capacity!
[3:33] On with the show! Our guest this week is Megan Smalter. She is a Market Development Executive at Lloyd’s and the former Chicago RIMS Chapter Rising Risk Professional Committee President. For her many achievements, she was named RIMS Rising Star for 2025.
[3:48] If you were at RISKWORLD 2025, you were lucky enough to see her accept the award onstage. We’re going to talk all about her contributions to the risk profession during her 9-to-5 and beyond and delve into what is a pivotal moment in her career.
[4:04] Everyone listening, especially young risk professionals with big career decisions ahead of them, will get some fresh perspective.
[4:14] Interview! Megan Smalter, welcome to RIMScast!
[4:35] Megan Smalter talks about the honor of receiving the RIMS Rising Start Award with her entire team present as well as her family. It was a super special moment for her.
[5:01] Megan grew up in the suburbs of Chicago, so she says she’s from Illinois. She lived in downtown Chicago for five years before relocating.
[6:04] The awards ceremonies were scattered throughout the RISKWORLD 2025 week. Megan’s award was presented right before the triple threat of keynotes. Megan and her parents enjoyed the keynotes.
[6:50] Megan went from being a private company management liability underwriter at CNA Insurance in Chicago to joining Lloyd’s as a Market Development Executive for the Americas and relocated to New York City in December.
[7:22] Megan describes changing jobs and moving. It’s been interesting. She went from being established in an insurance company where she knew everyone and knew her role to starting over, new and fresh. It’s exciting, being in a new environment and company.
[7:54] Megan says it comes with growing pains. Learning the tasks, trying to see the fun and excitement in them, and settling down in a new region has been super interesting and a great learning curve.
[8:25] Megan was previously in the retail space. Now having exposure to the E&S wholesale world and more of the international space has been fascinating. It’s a direction she wants to take her career, which inspired her to take this new role. It’s been gratifying so far.
[9:02] Megan says it has been bittersweet, leaving the Chicago RIMS Chapter. She first got involved as a student at the Katie School of Insurance at Illinois State. There, she met one of her greatest mentors, Theresa Severson. They’ve stayed in touch over the years.
[9:29] After being involved as a student, she joined Chicago RIMS as a Membership Committee member and became Education Chair, then Vice President, and then President, right before she moved. There’s a lot to say goodbye to. Starting over after being deeply involved is a switch.
[9:58] Megan’s teammates joked that she should carry the award around the RISKWORLD conference the entire time.
[10:34] Megan believes the risk profession allows for flexibility to adapt. Everyone in the industry and at Lloyd’s is keen to help and provide their experience. It’s been a great way for Megan to learn about a new company culture and a new segment of the industry.
[11:08] Justin notes that most people are not going to have one job for their entire career, although he knows one person at RIMS who has been there since 1981 and somebody at Spencer who goes back even further.
[11:29] Justin adds that risk is a profession where there is such a camaraderie among the professionals that they will give you time to adapt. They will extend that olive branch.
[11:49] Megan thinks it’s important to give yourself grace and allow yourself to recognize that you’re not going to know everything on the first day. You may jump into something new and think “I’ve got this,” but things like that take time. Give yourself grace.
[12:25] At the RIMS Chicago Chapter, the energy in the group drove Megan to get involved and come up the ranks. At the start, event attendance was low. One successful event was the Summer Mixer with the Young Risk Professionals group and the Insurance Associates group.
[13:18] There were over 250 folks who attended. Seeing the demand of young professionals to network and get together on an afternoon was an awesome experience. Megan is thankful she got to be part of it.
[14:25] A big part of the Chicago RIMS initiative was to have separate membership events, education events, and social events. It’s easy to get people to come to social events but education events can be tougher. They tried to keep them interesting.
[14:42] One educational event Megan found valuable was the MBA Information Night with a panel of four. Two represented RM&I MBA programs; two were alumni of RM&I MBA programs. To hear from them and get their experiences and advice about continuing education was great.
[15:15] They hosted Negotiation Workshops and Book Clubs. One book was Atomic Habits by James Clear. Megan has kept a few key takeaways from that in her day-to-day routine. They do a variety of events through RRP. It’s nice to see the support of that with the members.
[15:54] Plug Time! RIMS Webinars! On June 5th, Zywave joins us to discuss “Today’s Escalating Risk Trajectory: What’s the Cause and What’s the Solution?”.
[15:59] On June 17th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”.
[16:10] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members.
[16:21] About the Spencer Educational Foundation’s Grants program. Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[16:38] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process is now open through July 30th, 2025.
[16:59] General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[17:09] Let’s Return to Our Conversation with RIMS 2025 Rising Star, Megan Smalter!
[17:18] As a Market Development Executive at Lloyd’s, Megan engages with key trading partners, whether retail or wholesale brokers in the U.S., making sure that they know how to access Lloyd’s in the London market.
[17:51] Megan engages with insurance carriers who are interested in coming onto the Lloyd’s platform, managing agents, excess lines associations in different states, and universities (one of Megan’s favorite aspects of her role).
[18:11] Since Megan was a student who studied risk management and insurance, she loves helping out with the next generation and trying to pull talent into the risk field.
[18:19] Megan also promotes the Lloyd’s Lab and helps with the Lloyd’s Boot Camp Programs in Chicago and San Diego. She has a multi-faceted role and gets to touch a lot of aspects of Lloyd’s which has been interesting.
[18:45] Megan is part of a team representing the Americas, with people in Toronto, Canada, Miami, Florida, and Brazil.
[19:10] Justin and Megan spoke in April for the article in the Awards Edition of RIMS Risk Management magazine, which may be out now. Megan mentioned that she is a calculated risk-taker.
[19:38] Having a background in underwriting has helped Megan to think of questions to ask whenever a different situation or scenario has been proposed. She walks through the different exposures and thinks through things that the Average Joe probably wouldn’t.
[20:03] Megan says, the bigger the risk, the bigger the reward. Moving to Lloyd’s in New York is an example of a high-risk, high-reward scenario that worked for Megan. She had only been to New York City once, for a conference.
[20:30] When Megan looked for an apartment, she signed, sight-unseen, after a video call with the REALTOR® and a search of the area on Google Maps. She took a leap of faith and hoped for the best, but expected for the worst. It turned out in her favor. It’s the biggest risk she has taken.
[20:58] Megan’s career goal for now is locking into Lloyd’s and getting to know the nitty-gritty of the “Lloyd’s-isms.” Learning the niche aspects of what Lloyd’s is, the capital structure, and all the different facets of what Lloyd’s has to offer to articulate that to its trading partners.
[21:37] Megan is a success story, dating back to the Risk Manager on Campus program, which is how she got hooked. Not every school has a Risk Manager on Campus program.
[21:53] Megan advises young students who are considering the risk management and insurance industry, first to ask questions and ask for introductions. If there’s someone who has a role that you’re interested in, reach out. Everyone in the industry Megan has interacted with is so nice.
[22:30] Especially get to know folks who do jobs outside of what you’re considering. If you have an internship in property, get to know the liability folks and the cyber folks, the claims adjusters, and anyone else in the company, and learn what they do.
[22:49] The career path opportunities are what drew Megan to the risk management field and how you can always pivot into a different segment of the industry. That keeps it exciting.
[23:07] Special thanks again to RIMS 2025 Rising Star, Megan Smalter. You can read more about her in our RIMS RISKWORLD Show Daily Coverage. A link is on this page. Of course, be on the lookout for the RIMS Risk Management magazine Special Awards Edition 2025.
[23:27] More award winners will be on RIMScast soon. Be sure to check out Episode 338, featuring Risk Manager of the Year, Jennifer Pack.
[23:35] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[24:03] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[24:21] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[24:39] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[24:55] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[25:09] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:17] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open.
ERM Conference 2025 — Call for Submissions (Through May 27)
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine | RIMS 2025 Awards Edition
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Deadline July 30, 2025
RIMS-CRMP Advanced Enterprise Risk Management (ERM) Certificate Program — Featuring Instructor James Lamb! Register by July 7. | Bi-weekly course begins July 16.
“Career Opportunities In Insurance and Captive Industry” | Hosted by Chicago RIMS and Origami Risk | Free | July 7, 2025 in Chicago!
RIMS Webinars:
RIMS.org/Webinars
“Today’s Escalating Risk Trajectory: What's the Cause & What’s the Solution?” | Sponsored by Zywave | June 5, 2025
“Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP-FED Exam Prep with AFERM — June 2‒3, 2025 | Presented by RIMS and AFERM
RIMS-CRMP Exam Prep Virtual Workshop — June 10‒11, 2025 | Presented by RIMS and NAIT
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Live from RISKWORLD 2025”
“RIMS 2025 Risk Manager of the Year, Jennifer Pack”
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote)
“(Re)Humanizing Leadership in Risk Management with Holly Ransom”
“Risk and Relatability with Rachel DeAlto”
Sponsored RIMScast Episodes:
“The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!)
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Megan Smalter, Market Development Executive at Lloyd’s
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews Chris Maguire about his professional journey and what led him to focus on the intersection of legal, compliance, and innovation. This leads to a discussion about AI and predictive analytics. Chris shares examples of General Counsel and compliance offices using AI to improve risk forecasting and decision-making. Chris comments on the expanding role of Compliance in the General Counsel’s office.
Listen to Chris’s take on the importance of values. He shares some of the core values of Thomson Reuters.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:17] About this episode of RIMScast. We will talk about how technology is driving innovation in compliance, risk, and the legal profession, with Chris Maguire of Thomson Reuters.
[:41] RIMS-CRMP Workshops! The next RIMS-CRMP-FED Exam Prep will be presented in conjunction with AFERM and led by instructor Joseph Mayo. This is a two-day course, June 2nd and 3rd. Register by May 26th.
[1:02] The next RIMS-CRMP Exam Prep Workshop will be presented in conjunction with NAIT on June 10th and 11th. Register by June 9th. That course will be led by former RIMS President, Nowell Seaman.
[1:20] Links to these courses can be found on the Certification Page of RIMS.org and through this episode’s show notes.
[1:27] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:45] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:56] We are already making preparations for the RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. RIMS is accepting educational session submissions through May 20th.
[2:14] The best submissions will address current and future challenges facing ERM practitioners as well as provide leading practices and concrete takeaways for a diverse audience of risk professionals from industries or organizations of varied sizes, disciplines, functions, and roles.
[2:30] These include officers, leaders, managers, and students. The link to the submission form is in this episode’s show notes. If you are listening on the day of this episode’s release, this is the last call for submissions, so get them in!
[2:46] Let’s get on with the show! How is your organization navigating regulatory uncertainty in 2025? Are you leveraging advancements in technology to help achieve your goals? Our guest this week is Chris Maguire, the General Manager for Corporates Risk at Thomson Reuters.
[3:06] We are going to talk about how technology is driving innovation in compliance, risk, and legal. We will talk about how AI and predictive analytics are reshaping corporate legal and compliance functions, and more. Let’s get to it!
[3:22] Interview! Chris Maguire, welcome to RIMScast!
[3:29] Chris Maguire started in a Big Four firm in the ’90s, in the auto practice. It was a great way to learn business and how they worked, focusing on understanding financial controls and risk, and how to make sure that companies were behaving correctly.
[3:59] After an MBA, Chris started working for Thomson Reuters. He has been with them for about 20 years in the legal tech space. He started on the strategy side and transitioned after several years to driving the commercial teams in the risk business.
[4:24] Now, Chris has the role of looking at product and industry strategy for corporations. Thomson Reuters is at the intersection of legal, risk, and compliance, and how they affect enterprises.
[5:07] Chris says that 20 years ago, AI was not a fast-moving industry. There have been dramatic changes in the last few years. AI adoption by Thomson Reuters customers has doubled in the last year. Generative AI has been seen in a wide range of tasks. It started with drafting NDAs.
[5:38] Salespeople are always asking for NDAs and how they can be drafted more quickly and easily. Now AI conducts legal research or helps draft a research memo or a complaint from a particular point of view. We’re seeing it in drafting HR employment policies and rote tasks.
[6:21] Chris explains the use of AI prompts tied to data sources, such as your data, data from Thomson Reuters, or other data providers. Chris is also seeing big data AI used a lot in analyzing outside spending and looking for cost savings.
[7:14] Chris tells how AI helps in decision-making, using the example of knowing the vendors you choose for your supply chain and knowing your customers. AI can weed through all the news out there to make sure you’re not dealing with a sanctioned entity.
[8:22] AI can help with reputation risk. Is there forced labor in your supply chain? That matters to your reputation. It’s not just whether a country is sanctioned, but what the individual entities in your supply chain are doing. There’s a lot of focus on reputation today.
[9:10] Justin recently had the Chief Impact Officer of EcoVadis on RIMScast Episode 329. They talked about forced labor and human trafficking in the supply chain. Use AI to help identify where forced labor and human trafficking are big risks, avoid them, and report them.
[9:35] This is important on the corporate side and the government side of the business. Chris says it will be interesting to see the effect of tariffs. Thomson Reuters has updated about 50 million changes to its global trade products so far this year, compared to 100 million in 2024.
[10:16] Plug Time! RIMS Webinars! We are back on May 22nd, with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”.
[10:33] On June 5th, Zywave joins us to discuss “Today’s Escalating Risk Trajectory: What’s the Cause and What’s the Solution?”.
[10:413] On June 17th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”.
[10:54] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members.
[11:05] Spencer Educational Foundation’s Grants program is starting soon. Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[11:23] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process is now open through July 30th, 2025.
[11:43] General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[11:54] Back to the Conclusion of my Interview with Chris Maguire of Thomson Reuters!
[12:27] Chris refers to RIMScast Episode 335 with Jeff from Academy Sports. Jeff talked about how the Compliance function now sits in the General Counsel’s office. At Thomson Reuters, more of the Compliance group has moved into the General Counsel’s office in the last year.
[12:48] The General Counsels are being charged with understanding the full weight of risk across an organization, from reputational risk to who you should or should not do business with.
[13:16] The Sales organization at Thomson Reuters has discussed that a lot with the GC office, from a reputation, sanctions, and everything perspective. A lot of GC offices now include the Compliance role.
[13:50] Chris’s ERM philosophy is Trust. Companies need to trust who they are doing business with. Companies need to trust that their employees have what they need to make decisions not to deal with a risky customer, but to follow the laws and rules of global companies. It’s trust.
[14:29] There is so much change going on. Chris talks about values that resonate. One Thomson Reuters value is Act Fast, Learn Fast. You have to move and learn. Companies can help you, but it is on individuals to take the responsibility to act fast and learn fast about what is changing.
[14:59] Thomson Reuters is bound by the Trust Principles. It started with Reuters in the 1940s around WWII, but it goes back to its 150 years of legal content.
[15:17] The information Thomson Reuters provides its customers has to be free from bias. It has to be right. It has to be updated. It can’t be an opinion about a philosophy. It has to be fact-based. It has to provide customers with the information they need to get work done.
[15:36] Applying AI on top of trusted, unbiased, correct, up-to-date information is going to be vital, moving forward. Act fast, learn fast, and trust.
[15:57] Chris believes the legal industry hasn’t always been the fastest-moving industry. The technology is now there to allow us to move more quickly and learn more quickly. That’s an exciting thing!
[16:23] Chris says AI is no longer a future concept. It’s here. It’s transforming our lives; it’s starting to transform our business environment. If you don’t adapt quickly, you’re going to be at a significant disadvantage.
[16:36] For people in General Counsel’s offices, people in compliance functions, the value is your expertise, your knowledge, and you as a human, and what you can bring to the situation.
[16:48] If AI can help you get there, and give you a platform on which to add your judgment and expertise, knowledge, and professional opinion, that’s a hugely valuable thing.
[17:01] Thomson Reuters doesn’t see AI taking away jobs. We see people who use AI, potentially taking away the jobs of people who don’t use AI. It all comes back to the humans and how they use it. There’s never been a time when Thomson Reuter’s expertise has been more important.
[17:34] Chris, it has been such a pleasure to have you here on RIMScast! I do appreciate that you listened to some previous episodes! Get my unique download count up there!
[I7:50] I appreciate that we’re reaching a very important segment of our audience and our RIMS membership. I think they’re going to learn a lot in this episode. Thank you!
[18:02] Special thanks to Chris Maguire for joining us here on RIMScast. Links to RIMS coverage about AI, legal, and compliance risks are in this episode’s show notes.
[18:13] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[18:41] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[19:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[19:18 ] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[19:34] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[19:48] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[19:55] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open.
ERM Conference 2025 — Call for Submissions (Through May 20)
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
“Balancing Innovation and Compliance When Implementing AI” — Risk Management magazine, April 2025
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Deadline July 30, 2025
2025 Coast-To-Coast Risk Management Challenge — Applications Open Through May 23
RIMS Webinars:
RIMS.org/Webinars
“Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025
“Today’s Escalating Risk Trajectory: What's the Cause & What’s the Solution?” | Sponsored by Zywave | June 5, 2025
“Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP-FED Exam Prep with AFERM — June 2‒3, 2025 | Presented by RIMS and AFERM
RIMS-CRMP Exam Prep Virtual Workshop — June 10‒11, 2025 | Presented by RIMS and NAIT
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes: “(Re)Humanizing Leadership in Risk Management with Holly Ransom”
“AI and Regulatory Risk Trends with Caroline Shleifer”
Sponsored RIMScast Episodes:
“The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!)
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Chris Maguire, General Manager, Corporates Risk at Thomson Reuters
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews three RISKWORLD attendees at RISKWORLD 2025. They are first, Audrey Trim of Thomson Rivers University, second, Lucy Straker of Beazley, and third, François Beaume of Sonepar and AMRAE.
Audrey Trim shares information about her career and her experiences at RISKWORLD and on the Board at BC RIMS. She introduces the Second Annual Coast to Coast Risk Management Legacy Challenge for Canada and tells how student teams can compete.
Lucy Straker describes the growing risk of political violence and active assailant events, and what insurance products are needed on top of general liability. She offers strategies for preventing and mitigating violent events.
François Beaume presents the 17th Annual AMRAE RMIS Panorama, a survey of vendors and risk managers, with insights into the software and technology available to corporate risk teams. The Panorama and data sets are freely available online in French and English at the link below. Listen in for a glimpse of the variety of education at RISKWORLD. Be sure to save the dates May 3rd through the 6th for RISKWORLD 2026 in Philadelphia.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:16] About this episode of RIMScast, coming to you live from RISKWORLD 2025 in Chicago. There are so many topics and perspectives to cover!
[:40] RIMS-CRMP Workshops! RIMS is co-hosting an intensive four-day program, which is your gateway to achieving two prestigious certifications, the DRI Certified Business Continuity Professional (CBCP) and the RIMS Certified Risk Management Professional (RIMS-CRMP).
[:59] This workshop will be held from May 19th through the 22nd in collaboration with DRI International. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:14] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM”, and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:31] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:42] We’re at RISKWORLD this week, but preparations are already underway for the RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. RIMS is accepting educational session submissions through May 20th.
[2:00] The best submissions will address current and future challenges facing ERM practitioners as well as provide leading practices and concrete takeaways for a diverse audience of risk professionals from industries or organizations of varied sizes, disciplines, functions, and roles.
[2:16] These include officers, leaders, managers, and students. The link to the submission form is in this episode’s show notes.
[2:26] Of course, mark your calendars for November 17th and 18th, and I’ll be sure to alert you when registration opens.
[2:34] RISKWORLD 2025 was one of the highlights of the 75th Anniversary of RIMS. We had a fantastic time here at McCormick Place in Chicago. We’ve got a lot of perspectives that we’re going to cover!
[2:47] Our first guest is the Responsible Use of Space Coordinator in the Risk Management Department of Thomson Rivers University in British Columbia and a Board Member of BC RIMS. She is making her RISKWORLD and RIMScast debut.
[3:04] Audrey Trim is here to tell us about her experience as a first-time attendee and the 2025 Coast-to-Coast Risk Management Legacy Challenge, which was a big draw among the students at RIMS Canada 2024, and we expect that to possibly outdo itself in 2025.
[3:24] You could sense the energy on the exhibit room floor on Day 1 of RISKWORLD. Let’s get to it!
[3:32] Interviews! Audrey Trim, welcome to RIMScast!
[3:38] On RISKWORLD Day 1, Audrey enjoyed the Matha Stewart opening keynote. It was a great, inspirational show. Audrey has taken in some great sessions. She’s looking forward to some educational seminars. This is Audrey’s first RISKWORLD; it will not be her last!
[4:57] Audrey explains her job title, Responsible Use of Space Coordinator. She oversees the non-academic space, among other things, on the Thomson Rivers University campus. She focuses on the best use of the space in a responsible way.
[6:07] In earlier roles, Audrey worked on the 2014 Tim Hortons Brier in Kamloops and was an Event Coordinator for the City of Kamloops. She also coordinated a Buskers Festival. Then she fell into risk management, and she’s loving it.
[6:28] Audrey joined the Risk Group at Thomson Rivers three years ago. She became a BC RIMS member and now serves on the chapter board. Audrey is on the organizing committee of the Coast to Coast Risk Management Legacy Challenge, working with the SA RIMS Chapter.
[7:01] This is the Second Annual Coast to Coast Risk Management Legacy Challenge for Canada. They will try to outdo the premier year. The Challenge involves students in teams of four from universities across Canada.
[7:31] The teams get a case study and compete for the top two spots. The top two teams will get a chance to present their findings at the 2025 RIMS Canada Conference, which will be in Calgary, Alberta, from September 14th through 17th.
[7:50] This year, Ken Letander, Case Study Champion, owner and Founder of Strat First Inc., a Canadian risk management firm, has chosen the case study topic: Reporting, Set Aside, Spend: Indigenous business joint venture, ethical dilemmas, and program integrity benefits.
[8:15] It’s going to be a big draw. Audrey hopes lots of teams apply. Ken Letander and others will judge the entries.
[8:45] Audrey describes the passion and thought that went into the submissions to the 2024 Coast to Coast Challenge. The winning submission developed a tool to measure health equity across the province. The tool was given to the Fraser Health Authority to use day-to-day.
[9:35] The Coast to Coast Challenge is open to students across Canada. One of the members of the winning team last year changed her direction from business to risk management, because she had such a great experience at the conference and during the case study.
[10:38] Apply to join the Coast to Coast Risk Management Legacy Challenge by May 24th. The case study will be assigned on May 30th. Each team submits a 10-page report. The judges will pick the top two teams to present at the RIMS Canada Conference 2025.
[10:55] A link to the submissions page and contact information is in this episode’s show notes.
[11:16] Audrey’s advice to anyone considering attending RISKWORLD 2026: “Know where you’re going and how to get around the conference. Also, curate your sessions. There are a lot of options here. Pick out the ones that will have an impact on you and teach you something great.”
[11:35] “There are so many networking opportunities. Take advantage of those. Get out there. Don’t be afraid to try new things!”
[11:39] RIMS Canada 2025 will be held from September 14th through 17th in Calgary. Registration will open soon. Audrey says, “Do it! The RIMS Canada Conference was a great opportunity to meet people and network!”
[12:20] Plug Time! RIMS Webinars! We are back on May 22nd, with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”.
[12:36] On June 5th, Zywave joins us to discuss “Today’s Escalating Risk Trajectory: What’s the Cause and What’s the Solution?”
[12:47] On June 17th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. This session was rescheduled from May. If you were already registered, you do not need to take any action.
[13:03] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members.
[13:15] Spencer Educational Foundation’s Grants program is starting soon. Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[13:34] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process is now open through July 30th, 2025.
[13:55] General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[14:05] On the 7th of October, the New Jersey RIMS Chapter will return to the beautiful Fiddler’s Elbow Country Club in Bedminster, New Jersey, for their Annual Charity Golf/Pickleball Event.
[14:18] Registration is open, and the event proceeds are used to fund the chapter’s Spencer and Kids’ Chance Scholarships. It was the filming location for the upcoming movie sequel, Happy Gilmore 2. For more information and to register, please NewJersey.RIMS.org.
[14:42] My next guest was a panelist on several RIMS webinars. I was delighted to see her, so we could record this special segment live at RISKWORLD 2025. She is Lucy Straker. She is the focus group leader for U.S. Political Violence & Deadly Weapons Protection at Beazley.
[15:00] We will talk about the trends she’s seeing in her area of practice.
[15:06] Lucy Straker, welcome to RIMScast!
[15:29] In 2016, Beazley looked at the landscape as it relates to terrorism and active assailant events and realized that traditional insurance options weren’t providing sufficient solutions for its clients. Beazley created a product and a marketplace around active armed assailant events.
[16:02] Lucy says what you see in the media is a fraction of what’s happening. The media report the biggest and worst events. The risk is far higher than what is reported in the media.
[16:31] Violence and shootings have increased. People are now more aware of the risk and are trying to respond to it through insurance products and legislation such as California’s SB-553, with much more focus on preventing these events from occurring.
[16:54] We want to avoid workplace violence before it becomes something. A lot of clients think they already have coverage for workplace violence in their traditional general liability insurance.
[17:19] Recently, general liability carriers have put exclusions on their products for AMB, firearms, weapons, or the expected or intended injury exclusion found in a traditional ISA form.
[17:38] Lucy says clients need to be aware that there is a potential coverage gap. A misconception among clients is that none of them think they will have a shooting. They’re in denial. When there’s a shooting, you hear, “I never thought it would happen to me!”
[18:03] We’re at a stage where gun violence is so prevalent in the U.S. that you can’t argue you didn’t think something was going to happen. You have to plan and prepare for the worst-case scenario.
[18:28] Lucy advises risk leaders to buy coverage to help them cover the gap. They do not have to be alone. With most shootings, there is a warning sign. There is a trail. There are things to do to prevent it.
[18:52] As a company, protocols have to be embedded from top-down and bottom-up. The company has to communicate every plan and procedure to its employees. Employees have to be trained and retrained. This is not something they’re going to be thinking about every day.
[19:09] You have to engage with your security team. You have to screen people. You have to screen the company. You have to create a culture of reporting. People are not going to report something unless they feel comfortable reporting it. You need to have anonymous reporting.
[19:24] You need to instill a culture in your company of “See something, say something, report it.” It could be someone coming in and acting funny, or someone posting on social media, “I’m going to go carry out a shooting.”
[19:46] More often than not, if someone’s going down a path to violence, there are signs. They don’t just wake up one morning and say they’re going to go carry out a shooting. There are warning signs, and we want to catch them before it becomes something more material.
[20:13] There are different lines of coverage and ways that coverage can respond, such as active assailant forms. Think about your business and other areas of your business you might not have thought about. Lucy mentions the United Health Care CEO being shot off the premises.
[20:38] It was a targeted event. Were there warning signs online by Luigi, the perpetrator? How can you identify those threats? Make sure you have risk management and preventive measures in place. Think of the litigious landscape. We’re now seeing more nuclear verdicts.
[21:02] People always want someone to blame. You’ve got to make sure that, if something happens, you’re doing right by the people to try and eliminate and reduce that liability on the back end. [21:15] RIMS Plug! The first of hopefully many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through the 6th, 2025. This groundbreaking event is set to unite the Texas RIMS Chapters and welcome risk management professionals from around the world.
[21:35] Guess what, folks! Registration is now open! The advance rate is available through May 16th. A link is in this episode’s show notes. You can also visit the Events page of RIMS.org to register. We look forward to seeing you in Texas!
[21:51] Let’s Move to My Final Guest, François Beaume, The SVP for Risks and Insurance at Sonepar and the VP of AMRAE (The Association for Corporate Risk and Insurance Management)!
[22:16] François Beaume is here to discuss the findings of the 17th Edition of the RMIS Panorama that AMRAE produces in association with and with the support of several groups, including RIMS.
[22:36] François Beaume, welcome back to RIMScast!
[23:02] AMRAE has the 17th Annual Edition of the RMIS Panorama available. In 17 years, the most significant evolution in risk management information system offerings has been the integration of advanced technologies like AI, automation, and data visualization.
[23:57] These add-ons transform the software from a pure data management tool to a much more sophisticated platform that provides productive analyses and real-time risk monitoring to enhance decision-making capabilities and processes in a wider scope of topics.
[24:40] Panorama is a collection of surveys. One survey focuses on vendors and one survey focuses on risk managers. François says there is still room for improvement in this solution. Progress has been made on flexibility and integration capability, with changes to come.
[25:12] François sees a need to guarantee the success of such solutions, train users, and provide support to users to streamline how they use the system. Vendors receive feedback to provide customizable solutions, enhanced integration capability, training, user clubs, and more.
[26:07] Interconnection is a key area of these tools. With APIs, modular architecture, and code-based solutions, more and more, these tools can connect with other risk management information systems. Some corporations have several risk management systems.
[26:45] There are more and more interconnected features in these systems, to allow the risk manager and all the teams involved in the use of the risk management programatics to extract the most important benefits from the use of the tool.
[27:04] ESG is a key area where this matters more and more. In Europe, there is a strong push for ESG compliance that requires corporations to gather and manage a huge volume of data that, when organized, is helpful to fuel the risk management processes.
[27:33] The report evaluates 52 solutions in four functional categories, covering 17 functional modules and 14 technical modules to allow you to compare and assess the value of the solutions and if they are compatible with your company’s technology for audit, risk, and more.
[28:22] AMRAE is looking at the functional scope and the depth of the features that are offered. Is the scope well-covered? They are looking at technical capabilities; is it easy to integrate a solution? Is it scalable? How is the user interface? What can the admin customize?
[28:45] AMRAE also gathers user feedback and testimonials from using a given tool in real life. That feedback provides robust data capabilities, seamless integration capabilities, and more user-friendly interfaces that will benefit the users of the tool.
[29:36] RMIS vendors use AI in predictive analytics of historical data. Risk management is gathering and dealing with historical data linked to risk management topics to anticipate future risks.
[29:59] Vendors use AI to automate workflows and streamline data from the field and validation from the stakeholders, reducing manual intervention and increasing confidence in the data quality. All data will be analyzed more easily with AI and integrated into interactive dashboards.
[30:34] Dashboarding has improved over the past year to provide more interactive dashboards for better risk insights and risk decision-making processes.
[31:10] François has advice for risk managers looking for RMIS software. His most valuable advice is to use the RMIS Panorama. It’s freely available to anyone. You can get it in French or English. Besides the Panorama PDF, there is an online platform that allows customization.
[31:48] The entire data set from the vendor and risk manager surveys is freely available online. You can customize your analytics of the data based on your use case.
[32:32] François speaks of captives and the evolving reinsurance market. The market today is favorable toward captives, a powerful tool for improving corporate risk management and the way corporations are living with ESG. There is a strong push in Europe for captives.
[33:22] François has seen the creation of about 20 captives in France. Corporations need captives in the risk management process and risk financing optimization.
[34:00] Special thanks again to all of our guests and all of the RISKWORLD attendees who made this year’s RISKWORLD Conference so very special. Links to RISKWORLD coverage are in this episode’s show notes.
[34:13] Mark your calendars for May 3rd through the 6th, and join us at RISKWORLD 2026 in Philadelphia.
[34:20] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[34:49] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[35:06] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[35:24] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[35:40] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[35:54] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:01] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open.
ERM Conference 2025 — Call for Submissions (Through May 20)
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine | RIMS 2025 Awards Edition
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Dates
RISKWORLD 2025 — Show Daily! [Bottom of page]
2025 Coast-To-Coast Risk Management Challenge — Applications Open Through May 23
AMRAE RMIS Panorama 2025
New Jersey RIMS Spencer Golf/Pickleball Outing — Oct. 7
Global Trio of Risk Leaders Inducted Into RIMS Risk Management Hall of Fame
RIMS Webinars:
RIMS.org/Webinars
“Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025
“Today’s Escalating Risk Trajectory: What's the Cause & What’s the Solution?” | Sponsored by Zywave | June 5, 2025
“Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | June 17, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
CBCP & RIMS-CRMP Exam Prep Virtual Bootcamp: “Mastering Business Continuity & Risk Management” | May 19‒22, 2025 | In Collaboration with DRI International
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes: “RIMS 2025 Risk Manager of the Year, Jennifer Pack”
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote)
“(Re)Humanizing Leadership in Risk Management with Holly Ransom”
“Risk and Relatability with Rachel DeAlto”
“Live From RISKWORLD 2024!”
“The Rise of RMIS with AMRAE’s VP, François Beaume” (2019)
Sponsored RIMScast Episodes:
“The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!)
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests: Audrey Trim, BTM, Responsible Use of Space Coordinator, Risk Management, Risk and Safety Services, Thomson Rivers University
BC RIMS Board Member
Lucy Straker, Focus Group Leader U.S. Political Violence & Deadly Weapons Protection, Beazley
François Beaume, SVP Risks and Insurance, Sonepar, VP AMRAE, [Association for Corporate Risk and Insurance Management]
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin and his guest, Jennifer Pack, RIMS 2025 Risk Manager of the Year, discuss her career and achievements, including Hyatt’s VP of Risk Management. Jennifer describes how her membership in the RIMS Chicago Chapter and service on the Board impacted her career.
Jennifer helped align Hyatt’s risk strategies with its evolving business model to ensure resilience in today’s complex environment. Leading nearly 40 professionals, Jennifer’s leadership and innovative risk solutions have helped strengthen Hyatt’s risk management framework, to proactively identify risks and develop strategies to address them.
Jennifer successfully redesigned and centralized Hyatt’s Short-Term, Long-Term Disability, and Workers’ Compensation programs, reducing manual processing by up to 80,000 hours, improving compliance, and reducing legal exposure. It is linked to millions of dollars in savings.
Under her leadership, Hyatt’s risk management team is overhauling Hyatt Hotels’ fire safety with the first-of-its-kind Fire Life Safety Compliance and Governance Program, setting a standard for the organization and industry. The initiative includes the implementation of new technology, as well as auditing the 1,450 Hyatt hotels in 79 countries.
Jennifer is a beloved mentor who has had an impact on many careers. She continues to demonstrate her commitment to advancing the risk management profession as an active member of the RIMS Chicago Chapter.
Jennifer’s innovations may inspire your work for your organization’s ERM program.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:16] About this episode of RIMScast. It is one of my favorite episodes to produce, with the Risk Manager of the Year. This year’s honoree is Jennifer Pack, Hyatt’s Vice President of Risk Management. We will talk about her success in ERM, captives, and more.
[:48] RIMS-CRMP Workshops! RIMS is co-hosting an intensive four-day program which is your gateway to achieving two prestigious certifications, the DRI Certified Business Continuity Professional (CBCP) and the RIMS Certified Risk Management Professional (RIMS-CRMP).
[1:08] This workshop will be held from May 19th through the 22nd in collaboration with DRI International. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:23] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:40] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:51] We’re at RISKWORLD this week but preparations are already underway for the RIMS ERM Conference 2025 on November 17th and 18th in Seattle, Washington. RIMS is accepting educational session submissions through May 20th.
[2:08] The best submissions will address current and future challenges facing ERM practitioners as well as provide leading practices and concrete takeaways for a diverse audience of risk professionals from industries or organizations of varied sizes, disciplines, functions, and roles.
[2:26] These include officers, leaders, managers, and students. The link to the submission form is in this episode’s show notes.
[2:35] While you are at RISKWORLD, be sure to take away some inspirado and channel it into an educational session submission for the RIMS ERM Conference 2025. Of course, mark your calendars for November 17th and 18th and I’ll be sure to alert you when registration opens.
[2:55] The RIMS Risk Manager of the Year Program aims to raise the profile of the risk profession and the outstanding programs the honorees have implemented within their organizations.
[3:04] The award was created in 1977 and the Risk Management Honor Roll was added in 1981. The 2025 RIMS Risk Manager of the Year is Jennifer Pack of Hyatt.
[3:16] As VP of Risk Management, Jennifer has transformed risk management at Hyatt, embedding a culture that has provided a launchpad for organizational success. Her innovations in captive management also earned her this award.
[3:28] Jennifer is a long-standing member of the RIMS Chicago Chapter and an all-around fantastic professional. Her profile will soon appear in the Awards Edition of RIMS Risk Management magazine.
[3:40] Jennifer will receive the award on May 5th at 4:00 p.m., on the main stage at RISKWORLD. We’re going to get to know her a little bit now. We’ll talk ERM, captives, Chicago RIMS, hotel and hospitality, and more.
[3:57] Interview! RIMS 2025 Risk Manager of the Year, Jennifer Pack, welcome to RIMScast!
[4:34] Jennifer has been at Hyatt, for going on 18 years. She can stay at any hotel she would like!
[5:03] Some people like to leave their jobs every few years for a new company and skills. Jennifer’s career at Hyatt has been an adventure! She hasn’t been doing the same thing for 18 years. Every couple of years, she gets new roles and responsibilities. She’s constantly learning.
[5:24] She has a foundation of knowing whom to go to, what the systems are, and how to get things done. There’s a base familiarity but with some excitement and learning opportunities.
[5:36] If the feeling of being able to learn and grow ever stops, Jennifer will think about leaving. She’s enjoying her time. It seems like she’s working or a new company all the time. They’re transforming. They’re changing. The risk landscape is changing. There’s never a dull moment.
[5:56] Justin feels the same way about working at RIMS! He started as a writer but then got these responsibilities and they took on sort of a life of their own and attracted more of an audience. It’s more work, but it’s more fun and rewarding.
[6:25] Jennifer joined Hyatt in a group called Compliance and Controls. She was hired to set up their Sarbanes-Oxley department. In reaction to the financial crisis after the downfall of Arthur Andersen and Enron, Sarbanes-Oxley was born and Jennifer became an expert on it.
[6:58] Jennifer launched that group and then it was moved into Internal Audit where they were exposed to a lot more people and systems. Jennifer had the opportunity to backfill someone in the Risk Management department and never left. She’s been in the risk function for 15 years.
[7:30] When Jennifer joined the risk group it had seven risk practitioners in the corporate office. There were five or six Occupational Health Managers in the field, helping with Workers’ Compensation and occupational safety. There are over 35 full-time members now.
[8:09] They’ve taken on new roles in the 15 years: physical security, business resilience, fire life safety compliance, and other health and safety functions in the company. They could probably use a few more people but they’re doing well.
[8:38] The risk profile of the company has changed. The geopolitical risk profile of the world has changed. Hyatt’s offerings have changed. They used to be mostly business, group, and convention, and now they lean into leisure, travel, and all-inclusive, which have different risks.
[9:16] Hyatt has tripled its resort rooms and quintupled its lifestyle rooms since 2017. A lifestyle room is about meeting clientele where they are. Millennials want to travel the world and experience the environment, such as an attached nightclub in Miami or New York.
[9:55] They’re unconventional hotels with the framework of a well-known brand, where guests have comfort, safety, security, cybersecurity, and loyalty points while feeling like they’re in a niche hotel with great and different experiences. It feels like a boutique, attached to the brand.
[11:06] Social inflation is a risk. Liability insurance has gone up because claim payouts have gone up tremendously. Claim attorneys are targeting hospitality.
[12:12] Hyatt is thinking globally about health, safety, and security, making sure policies are locked down, training is locked down, and people know how to report an incident, and when to report it. How do you de-escalate an incident to win the guest back?
[12:36] Saying, “I’m sorry that happened to you. Here are some points. We care about you,” reinforcing that, versus saying, “Let my insurance company deal with it.” That’s the last thing we want. If our guests had a bad incident, they had a bad experience.
[12:51] Especially if you’re traveling on leisure with your family, you want to know that you’ll be taken care of. There’s an expectation that you’re going to be safe and secure. Hyatt wants to make sure to bring the level of care to them that they deserve.
[13:07] Hyatt is working on the front end to retrain employees on ramping up safety and security measures and knowing how to respond when an incident happens.
[13:18] Then, if it gets into the claims section, the claims management team has new robust processes to manage claims to drive down exposure. On the insurance procurement side, Hyatt is leaning into its captive to take on much higher retention in-house.
[14:09] Hyatt is asking leadership in the field to bring education and awareness to the importance of risk management, what’s at risk, and what the current legal environment is, and overlay that with wanting to care for people. Hyatt cares about the guest experience.
[14:43] This is a macro-level environment. If you have litigation system abuse across the country, what are insurers doing about it? What are brokers doing about it? What are corporations doing about it?
[14:56] Jennifer gets with her peers in the hospitality industry, working in their respective associations, to address these issues at the state and federal levels, change laws, and push for tort reform and disclosures of litigation funding.
[15:28] Hyatt has partnered with the American Lodging and Hospitality Association and is considering partnering with insurance companies. You can’t just hope someone else will take care of the problem. It’s a much bigger problem that we all need to address.
[16:06] Justin points out that third-party litigation funding is one of the top initiatives and campaigns for RIMS this year. RIMS recently had the Legislative Summit in Washington, D.C., where third-party litigation funding was a top priority. It was a top RIMS talking point on the Hill.
[16:38] Jennifer says Hyatt and the hospitality industry are in with RIMS on the issue of third-party litigation funding. If it continues, guests are going to have to pay more for a stay and for the experiences they want to have as rising risk costs are passed to the consumers.
[17:04] Plug Time! RIMS Webinars! We are back on May 22nd, with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”.
[17:22] On May 29th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. On June 5th, Zywave joins us to discuss “Today’s Escalating Risk Trajectory: What’s the Cause and What’s the Solution?” [17:44] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members.
[17:55] Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[18:16] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process is now open through July 30th, 2025.
[18:36] General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[18:46] On the 7th of October, the New Jersey RIMS Chapter will return to the beautiful Fiddler’s Elbow Country Club in Bedminster, New Jersey for their Annual Charity Golf/Pickleball Event.
[18:59] Registration is open and the event proceeds are used to fund the chapter’s Spencer and Kids’ Chance Scholarships. It was the filming location for the upcoming movie sequel Happy Gilmore 2. For more information, and to register, please NewJersey.RIMS.org.
[19:21] Let’s Return to My Interview with RIMS 2025 Risk Manager of the Year, Jennifer Pack!
[19:47] Hyatt put a captive in place in 2013. Back then, Hyatt had huge insurance cost swings year-on-year that they couldn’t forecast. It created a lot of “noise” on the balance sheet. They originally put the captive in place to take away that noise and remove wild cost volatility.
[20:38] Over time, Hyatt started to see success and build up a surplus they saw the value of a captive, especially as market conditions changed. They brought in additional forms of insurance coverage with traditional deductible buy-downs with workers’ compensation and GL.
[21:04] They started to see the surplus build up and they were able to give some of the surplus back to the participants and drive down their premium cost.
[21:14] In the pandemic, the hospitality business came to a halt. Before the pandemic, Hyatt’s average occupancy around the world was over 75%. In April 2020, it dropped to 6%. The owners of Hyatt were under extreme pressure.
[21:43] Jennifer had an extra surplus in the captive and was able to give relief to the owners and to the company in that year and the next couple of years. Claim volume went down due to lower occupancy. Hyatt used some of that cash to fund large acquisitions.
[22:19] That’s when Hyatt saw social inflation in gaps in coverage. There was no coverage for a pandemic. Through the captive, Jennifer was able to offer that coverage to the owners. She offered wages and hours insurance to the owners.
[22:48] Coming out of COVID-19, with the impact of social inflation, the captive took on larger line sizes and larger layers in its umbrella tower. They had some acquisitions in cyber. They bought the Apple Leisure Group.
[23:36] In a lot of those services, Hyatt isn’t providing the service but is almost like a travel agent, connecting you to the hotel, airline, or excursion. If there is an incident, the third party has the coverage. Hyatt has exposure for connecting you to the service.
[24:01] Hyatt had to get creative with coverage for these new exposures, working with broker partners to fill those gaps. They did it largely with the captive, buying time until they could get a traditional product in place.
[24:17] With the captive, Hyatt filled gaps, helped grow the business, and used it as a business enabler, providing cash, relief to owners, and coverage that may not have been commercially available, either to buy time or permanently fill a gap. It’s been fun!
[24:53] Jennifer regularly changes which hat she wears. As the captive President, she has to look at what Hyatt is doing to protect the captive and make sure it’s adequately funded and complies with regulations. From a governance perspective, is Hyatt doing the right things?
[25:21] Jennifer regularly brings in third-party experts to check the captive. Jennifer’s decisions as President of the captive are through the lens of the captive and as the owner of this business, what they are doing to grow revenues, manage expenses, and keep an adequate surplus.
[25:44] The captive doesn’t run razor-thin. To have a forward-looking approach, it needs to have an adequate surplus, reserves, and cash in the captive. They’re very conservative in protecting it.
[26:06] From a corporate risk management perspective, when Hyatt needs to buy insurance, Jennifer asks, can we buy it from the captive? She sometimes has tough conversations with Hyatt about borrowing versus driving up investment income to protect everyone’s interests.
[26:37] Jennifer has to keep top-of-mind, which lens she’s looking through, whether President of the Captive or Hyatt Vice President of Risk Management. She wears two hats, managing all the key stakeholders’ needs and wants.
[27:17] Some of the stakeholders are Hyatt, third-party owners, the corporation itself, and guests and colleagues with short-term and long-term disability and medical, adding value for the benefits team so they don’t have to go to third parties for that insurance.
[28:27] As the Captive President, Jennifer is looking at loss and expense ratios, reserve to operating ratios, surplus to premiums, and surplus to reserves, making sure that they’re within the set ratios. They shoot for three to one. Anything above that number can go to participants.
[29:09] They won’t go below three to one so they are capitalized for future unexpected losses or to back up future business growth. Jennifer believes Hyatt is unique in having those ratios and guards in place. Jennifer is looking forward to future needs.
[30:15] The captive evaluates from time to time whether to change the ratios to five to one or four to one. In the liability space, claims are growing. Some of the demands are wild and the settlements reached or not reached are eye-opening!
[30:46] Jennifer explains the global risk management claims software that is now also used for incident reporting to the risk department. They look at data from all incidents and are seeing a trend and looking to what could come down the pike and new coverages they may need to offer.
[31:44] The technology is supporting the department and overall risk management strategy. The captive is benefiting through better data on what’s happening out there so they won’t get blindsided by unusual trends that aren’t yet seen in the claims.
[32:19] Technology helps the captive to build out platforms to manage compliance, safety, and security in the environment.
[32:28] The more data insights and comfort Jennifer has over the Health, Safety, and Security diagnostic at each property, region, and the globe, and overlays those with risk assessments Hyatt does, the more comfort she can get to take on more risks knowledgeably in the captive.
[33:15] RIMS Plug! The first of hopefully many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through the 6th, 2025. This groundbreaking event is set to unite the Texas RIMS Chapters and welcome risk management professionals from around the world.
[33:34] Guess what, folks! Registration is now open! The advance rate is available through May 16th. A link is in this episode’s show notes. You can also visit the Events page of RIMS.org to register. We look forward to seeing you in Texas!
[33:50] Let’s Conclude Our Interview with RIMS 2025 Risk Manager of the Year, Jennifer Pack!
[34:04] Jennifer Pack is the RIMS Risk Manager of the Year 2025 and she has been such a wonderful guest. This episode is coming out the morning of the awards. We will see her onstage, for anyone who has the privilege of being there.
[34:19] Jennifer is honored, excited, and a little nervous to be onstage at RISKWORLD for the award. A lot of the RIMS Chicago members will be there. Jennifer has a wonderful Chicago-based team that will be there. Jennifer’s parents and her husband are coming.
[36:26] Jennifer says moving up the ranks at Hyatt and RIMS Chicago has been a fun and wild ride! The growth in her career, switching from being a Public Accountant to Auditor to Risk Manager has been fun with a lot of learning.
[36:54] Jennifer tries to lead and grow with optimism, fun, and humor. She’s been able to grow and develop a team under her. It’s been a really interesting 18-year adventure.
[37:11] Once Jennifer was exposed to RIMS, it opened her eyes to the wealth of resources, friendship, collaboration, and knowledge-sharing. It’s been such an excellent experience for her. She couldn’t be prouder of the Chicago Chapter and the great things they do to develop talent.
[37:43] Jennifer says since COVID-19, it’s been wonderful to see the number of people who attend the outings and forums. It’s great to have such a great community and seeing them regularly is impactful.
[38:06] Jennifer is Risk Manager of the Year. The Rising Star is Megan Smalter, who has had a wonderful time with the Chicago Chapter before moving to New York. In her role on the RIMS Chicago Chapter Board, and when she ran the Golf Outing, Jennifer has worked with Megan.
[38:45] Julie Bean won the Heart of RIMS Award recently. Jennifer says it’s great to have the bench of expertise of long-standing members in the Chicago Chapter. Jennifer learned from them personally and in professional settings. They’re great for sharing ideas and working with.
[39:36] Jennifer also mentioned Theresa Severson who was RIMS 2023 Risk Manager of the Year, with Kite Realty. There’s a lot of talent and deep risk knowledge in the RIMS Chicago Chapter. There’s a genuine camaraderie.
[40:30] Jennifer looks ahead to see companies leaning into the concept of full risk management philosophy. Risk management is so much more than just the insurance buyers.
[40:45] Risk management is “How can we bring a risk management mindset to our enterprises? How can we be business enablers? How can we leverage the wealth of data and information that comes through our department to enable mindful growth in the business?”
[41:05] It’s “How can we help with ESG efforts, especially with the reporting? How can we mitigate risks to the company and not just to our financial tools of insurance? What can we do in loss prevention or mitigation?”
[41:26] “What can we do in claims management with more expertise, as things heat up on the litigation side with social inflation and nuclear claims?” Jennifer sees Hyatt and other companies taking more risks in the captive’s or balance sheet to offset what’s happening.”
[42:10] Risk managers are going to have to articulate that and bring solutions to the forefront of their companies. Jennifer is excited about the future. She’s looking forward to launching and rolling out more technology solutions as Hyatt leverages all its data.
[42:57] Jennifer knows her team can have a lot of positive impact on the organization and she’s excited about it.
[43:08] Special thanks and congratulations again to Jennifer Pack, the RIMS 2025 Risk Manager of the Year. A link to RISKWORLD coverage is in this episode’s show notes via the Show Daily.
[43:20] That will update this episode’s show notes with a link to the RIMS Risk Management Magazine coverage in our special Awards Edition. More honorees from RISKWORLD will join us here on RIMScast soon.
[43:35] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[44:03] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[44:21] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[44:38] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[44:55] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[45:09] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[45:17] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open.
ERM Conference 2025 — Call for Submissions (Through May 20)
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine | RIMS 2025 Awards Edition
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Dates
Press Release: “RIMS Risk Manager of the Year Goes to Hyatt's Jennifer Pack”
RIMS Webinars:
RIMS.org/Webinars
“Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025
“Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | May 29, 2025
“Today’s Escalating Risk Trajectory: What's the Cause & What’s the Solution?” | Sponsored by Zywave | June 5, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
CBCP & RIMS-CRMP Exam Prep Virtual Bootcamp: “Mastering Business Continuity & Risk Management” | May 19‒22, 2025 | In Collaboration with DRI International
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote)
“(Re)Humanizing Leadership in Risk Management with Holly Ransom”
“Risk and Relatability with Rachel DeAlto”
“RIMS Risk Manager of the Year, Steve Robles, Los Angeles County” (2024)
Sponsored RIMScast Episodes:
“The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!)
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RIMS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Jennifer Pack, VP of Global Risk Management, Hyatt Corporation
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin and his guest, Kirti Mutatkar, discuss Kirti’s journey to become President & CEO of UnitedAg and President of HCAA. Kirti speaks of her master’s degrees in microbiology and finance, and how they work together in healthcare risk. Justin and Kirti explore stress awareness and mental health awareness and how these issues are managed at UnitedAg. Kirti tells how she wove attention to compassion and empathy into the fabric of healthcare administration at UnitedAg, and what that means for the financial success of the organization. She notes the significant growth of UnitedAg under her leadership, and how the scientific method of experimentation played a major role in that growth.
Kirti shares her advice for leading healthcare with compassion, and the roles supervisors and managers can play in looking for tell-tale signs of mental health needs.
Listen to Kirti’s leadership wisdom that may work in your organization.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Registration is open for RISKWORLD 2025. Engage Today and Embrace Tomorrow with RIMS, from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD.
[:25] After you register, visit your App Store, search for RIMS Events, and download the RIMS Events App. Select RISKWORLD 2025, load the show onto your phone, and start building your RISKWORLD itinerary!
[:41] About this episode of RIMScast. We will talk about healthcare risk and mental health awareness with Kirti Mutatkar, CEO and President of United Ag and the President of the Health Care Administrators Association. We’re going to get a unique risk philosophy, today.
[1:13] RIMS-CRMP Workshops! RIMS is co-hosting an intensive four-day program which is your gateway to achieving two prestigious certifications, the DRI Certified Business Continuity Professional (CBCP) and the RIMS Certified Risk Management Professional (RIMS-CRMP).
[1:33] This workshop will be held from May 19th through the 22nd in collaboration with DRI International. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:48] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[2:05] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:16] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, from May 4th through 7th in Chicago. The opening Keynote has been announced. It’s official. Martha Stewart will kick things off in the Skyline Ballroom, on May 5th. Register at RIMS.org/RISKWORLD.
[2:35] Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD. These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” and more! The links are in the show notes.
[2:51] The Spencer Educational Foundation is having a Flash Sale for sponsorships at RISKWORLD! Sponsorship pricing has been reduced for the Spencer-CNA Pickleball Social on Saturday, May 3rd, and the Spencer-Gallagher Golf Tournament on Sunday, May 4th.
[3:10] Sponsorships are still available for the Spencer-Sedgwick 5K Fun Run on Tuesday, May 6th. Visit Spencered.org/riskworld2025 to learn about these opportunities and more. Also, reach out to Spencer’s Executive Director Megan Miller at MMiller@Spencered.org.
[3:32] April is Stress Awareness Month and May is Mental Health Awareness Month. I wanted to get a fresh perspective through a risk management or risk-management-adjacent lens, which is why I reached out to today’s guest.
[3:49] Kirti Mutatkar is the President and CEO of UnitedAg in California and also the President, serving a two-year term, of the Health Care Administrators Association not for profit.
[4:01] We will learn about her fascinating career journey and how leading with empathy has reduced turnover and retained value at UnitedAg.
[4:10] Interview! Kirti Mutatkar, welcome to RIMScast!
[4:37] Kirti came to the U.S. to do her Master’s when she was 20. She was going to study microbiology and do her PhD in genetics and biotech. Her circumstances changed and she explored getting an MBA. She got a Master’s in finance. This was in Connecticut.
[5:15] Kirti moved to California and looked for work. She applied at UnitedAg, to work for “a year or two.” Each year since then, UnitedAg has grown like crazy, with many innovations. Kirti has never felt that she has been there so long, she could do it in her sleep.
[6:06] For Kirti, it’s exciting every day to come to work. She was the CFO and transitioned 10 years ago to become the CEO.
[6:25] Kirti was a member of HCAA for several years and is now President for a two-year term. The HCAA is very aligned with Kirti’s thinking. She learns something with every conference she attends and every board meeting.
[7:36] Kirti says, if everybody in the room feels it’s their idea, and it’s because of them we have succeeded, and you know you’ve played a role in that, that’s success.
[8:02] Kirti says a microbiologist, or any scientist, is constantly running experiments, and learning from experiments. Kirti says UnitedAg is a lab. HCAA is a lab. They’re testing out things and trying to see what works and what does not work.
[8:36] You understand the risks to the healthcare industry at a deeper level by doing experiments. You watch the results and you learn from them. You create feedback loops and grow.
[8:53] Under Kirti’s leadership, UnitedAg has tripled in size over the last couple of years, based on experimentation, learning, and adapting. That’s what being a science student had taught her.
[9:14] From the finance standpoint, in the position of impacting change, just looking at the financial statements and getting a quick picture of what’s happening, was one of the best things Kirti could have done for herself in the role of CEO.
[9:39] As a CEO, you have a strong CFO behind you. Understanding from a financial standpoint and a risk standpoint what that risk means to the financial, has been a big part of Kirti’s success at UnitedAg. Her knowledge of science and finance works well for her organizations.
[10:15] UnitedAg has around 110 employees. It has an underwriting department for its health plan.
[10:45] Kirti believes her interest in the scientific method of testing hypotheses relating to the human side of risk and finance is what she brings to UnitedAg.
[11:25] Kirti explains her upcoming plans for underwriting models for employer group risk and administrative costs. She is testing out opening the books, educating, and working with employer groups.
[12:33] With Mental Health Awareness Month in May, Kirti discusses mental health in the agricultural community. She has been thinking of this since COVID-19. Ag workers did not have the choice of working from home. They were out in the fields.
[13:15] There was a lot of uncertainty around what COVID-19 meant. In 2020, the need surfaced to provide some form of benefit for mental health. Culturally, in the ag industry, there is a stigma around mental health care. There is a lot of stress in production agriculture.
[13:54] Kirti decided to run an experiment. She proposed to the board to use some of the innovation dollars set aside to offer a mental health benefit free of cost to all the members, with no copays and nothing going to the deductible, and doing it for one year.
[14:28] It was a huge risk. They didn’t look at the financial impact. They said, there’s a need for mental health; let’s do it for a year. They offered it and it became a huge impact.
[14:56] A lot of people did seek out that benefit and used it. UnitedAg used Care Navigators to see what level of care a member’s need was, and based on that need, provide that care. They found that some needed much care but more of the risk is in the early stages of need.
[15:59] In the earlier stages, individuals may not realize they need care. Kirti stresses identifying the initial need for mental health care. Providing care initially can prevent chronic conditions. Not just for health plan cost, but from a human standpoint, you don’t want that to go there.
[16:33] UnitedAg spends a lot of time understanding mental health. Are you just having an anxious day today or are you having chronic anxiety? With the Chief Medical Officer, UnitedAg is spending time determining the tell-tale signs of anxiety to identify and help people with it.
[16:59] Free access to mental health care, using Teladoc, Spring Health, other vendors, and the Member Advocacy Department at UnitedAg can be as simple as getting on a call and talking through anxiety, whether it’s caused by environmental issues like flooding, or other stresses.
[18:14] Kirti says UnitedAg is seeing anxiety around ICE deportations as labor is a big part of agriculture. There are a lot of people who come to work in the ag industry and then go back home.
[18:39] Employees have anxiety over whether they will be there tomorrow. Employers have anxiety over whether they’ll have access to labor tomorrow.
[19:12] Uncertainty creates anxiety. The ups and downs of life create anxiety.
[19:28] Plug Time! RIMS Webinars! Zurich’s webinar, “Understanding Third-Party Litigation Funding” will be held on May 1st at 1:00 p.m. Eastern. Then RIMS takes a little break from webinars.
[19:43] On May 22nd, webinars are back with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”.
[19:55] On May 29th, Origami Risk returns to present “Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction”. On June 5th, Zywave joins us to discuss “Today’s Escalating Risk Trajectory: What’s the Cause and What’s the Solution?” [20:17] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members.
[20:29] Spencer Educational Foundation will be present at RISKWORLD 2025. Spencer’s Grants Program is starting soon.
[20:38] Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada.
[20:51] Since 2010, Spencer has awarded over $3.3 million in General Grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.
[21:14] General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[21:25] On the 7th of October, the New Jersey RIMS Chapter will return to the beautiful Fiddler’s Elbow Country Club in Bedminster, New Jersey for their Annual Charity Golf/Pickleball Event.
[21:37] Registration is open and the event proceeds are used to fund the chapter’s Spencer and Kids’ Chance Scholarships. It was the filming location for the upcoming movie sequel Happy Gilmore 2. For more information, and to register, please NewJersey.RIMS.org.
[21:59] Let’s Return to My Interview with Kirti Mutatkar!
[22:07] Justin remarks on Kirti leading with compassion and empathy. Both at HCAA and as CEO of UnitedAg, she puts humans at the center. People remind her it’s a business, but she has found that using compassion and empathy has an impact on real numbers.
[23:26] Kirti reminds people she has a degree in finance and is a businessperson. UnitedAg has tripled in size. It is a quarter-billion-dollar trust. Its admin costs are very low and its loss ratio is very low. It’s done very well financially.
[23:53] Kirti makes a decision based on the financial aspect of it and then fits in the compassion and empathy. Eventually, compassion has a big impact on the financial. Now at HCAA, people are looking at how compassion translates into numbers. UnitedAg is a perfect example of it.
[24:52] Some people may want to look at it purely from a business standpoint. Kirti feels that adding compassion and empathy manages the risk factor and has a financial impact. It’s better for your business than you think it is. It’s not a fluff word, you can show it in numbers.
[25:52] Kirti is part of the Claims Committee at UnitedAg. Appeals come in and they make decisions on what can or cannot be approved. There is legal representation, client representation, and financial representation. Kirti shares an example of a mental health appeal.
[26:41] The appeal was denied and Kirti listened to the compliance and financial positions for why it was denied. She didn’t feel right about it, and after the meeting, she reached out to the employer. Then she came back to the committee and asked them to rethink it.
[27:34] The committee found a solution within the compliance needs, to approve the claim. In the future, that employer will be apt to renew with UnitedAg because trust was created and help was provided to the employee. It was a financial decision that started with compassion.
[29:16] UnitedAG’s customer retention is over 90%. That speaks for itself.
[29:26] RIMS Plug! From Ryan Harris, upcoming Keynote on the Main Stage on May 6th at RISKWORLD 2025, “Greetings RIMS members and global risk professionals! I’m Ryan Harris, Champion of Super Bowl 50, best-selling author, and award-winning broadcaster.
[29:46] “I’m thrilled to be your Main Stage Keynote for RISKWORLD 2025, where we will discuss the transformative five steps to building a championship team and leading to winning! You can learn more about me and my story by listening to RIMScast.
[30:01] ”And more than anything, make sure to register for RISKWORLD 2025 by visiting RIMS.org/riskworld. I’m so thrilled to see you and I’m looking forward to us building together so that you can reach your greatest success!”
[30:16] Thank you, again, Ryan. We look forward to seeing you at RISKWORLD 2025 on May 6th. A link to Ryan’s episode of RIMScast, #325, is in this episode’s show notes. Get a preview of the Super Bowl Champion and remember to register for RISKWORLD 2025.
[30:33] Let’s Return to the Conclusion of Our Interview with Kirti Mutatkar!
[30:46] Kirti says that bringing mental health into the Enterprise Risk Management strategy starts with the HR department. UnitedAg does a lot of training around mental health. There are good products available, but just saying we have this product, as a check mark, is not enough.
[31:16] Go deeper, listen to your members, and train your supervisors and managers to identify some of the tell-tale signs of needs and bring them forward. Kirti’s Chief of Staff remarked to her that physical scars can be seen, but mental scars cannot be shown.
[31:49] You have to go deeper to understand mental scars. Spread the word. Talk to your employees and HR teams. Be OK with someone getting emotional at work. Give them a safe space and a trusting environment. Everybody goes through anxiety and stress.
[32:20] Providing a safe space does more than providing a program. Engaging, building relationships, and having a connection would be helpful.
[32:35] As a CEO, Kirti’s biggest takeaway is to maintain a connection with everybody. She tries to do that as much as possible. She goes to CEO lunches and roundtables and is constantly talking to people. You never know what someone will say or do that is a tell-tale sign of need.
[33:06] Kirti’s advice for risk management professionals is to go a little deeper. Don’t take things at face value. Take a step back and ask what is the true problem. Go one or two layers deeper looking for the real issues. Understanding the issue is good from a risk standpoint.
[33:50] Are there not enough mental health professionals or should we look at the model for how we provide care for people?
[34:10] Kirti also has a podcast, This Is Ag!, available on Spotify and other podcast platforms. She loves podcasting! The reason behind it is relationship and connection. It’s to tell people what ag is all about. This year’s focus will be on the ground workers and telling their stories.
[34:58] There is so much to learn from agriculture! A lot of things still happen with a handshake in agriculture. There’s a lot of trust and a lot of relationship and connection. Kirti loves working in the industry. She’s very grateful for that.
[35:14] Kirti tells what she likes about leading a not-for-profit organization. She runs it as a business but the core of it is the mission it serves. HCAA serves the underserved and she is testing how compassion and empathy play a role in the process.
[35:44] Special thanks again to Health Care Administrators Association President and UnitedAg President and CEO, Kirti Mutatkar. There is a link to her podcast, This Is Ag!, in this episode’s show notes.b Let her know you heard her first on RIMScast.
[36:02] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[36:30] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[36:48] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[37:06] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[37:22] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[37:36] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[37:44] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RISKWORLD 2025 — May 4‒7 | Register today! Download the RIMS Events app!
Spencer’s RISKWORLD Events — Register or Sponsor! LAST CALL!
RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Dates
This Is Ag! — Podcast, Hosted by Kirti Mutatkar
RIMS Webinars:
RIMS.org/Webinars
“Understanding Third Party Litigation Funding” | Sponsored by Zurich | May 1, 2025
“Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025
“Strategic Risk Financing in an Unstable Economy: Leveraging Technology for Efficiency and Cost Reduction” | Sponsored by Origami Risk | May 29, 2025
“Today’s Escalating Risk Trajectory: What's the Cause & What’s the Solution?” | Sponsored by Zywave | June 5, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
CBCP & RIMS-CRMP Exam Prep Virtual Bootcamp: “Mastering Business Continuity & Risk Management” | May 19‒22, 2025 | In Collaboration with DRI International
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote)
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“National Nurses Week 2021: How COVID-19 Has Impacted the Nursing Profession with Dr. Sophia Thomas and Vicki Good”
“Mental Health in the Workplace with Darcy Gruttadaro” (2021)
Sponsored RIMScast Episodes:
“Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Kirti Mutatkar on LinkedIn
Kirti Mutatkar, CEO and President of United Ag
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin and his guest, Tamieka Weeks, discuss highlights from her risk career and how she felt, pivoting from claims adjusting to risk management. Tamieka tells of her role at Southwire and how she helps the evolving risk and insurance group. Tamieka digs into challenges she has faced at Southwire and in the RIMS Atlanta Chapter, where she serves on the board as a past president. She tells how the Chapter survived and improved during COVID-19. Tamieka speaks of her instant love of risk management and the excitement of waking up each day not knowing what was coming next. Tamieka provides advice for rising professionals and tells how the RIMS Atlanta Chapter works with risk and insurance students.
Listen to Tamieka’s advice for you.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] Registration is open for RISKWORLD 2025. Engage Today and Embrace Tomorrow with RIMS, from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD.
[:26] After you register, visit your App Store, search for RIMS Events, and download the RIMS Events App. Select RISKWORLD 2025, load the show onto your phone, and start building your RISKWORLD itinerary!
[:42] About this episode of RIMScast. Our guest is former RIMS Atlanta Chapter President, Tamieka Weeks. We will talk about her career journey and all the fantastic work she’s done for the RIMS Atlanta Chapter.
[1:07] In the spirit of National Electrical Safety Month, we will learn how she drives a culture of safety at Southwire.
[1:15] RIMS-CRMP Workshops! RIMS is co-hosting an intensive four-day program which is your gateway to achieving two prestigious certifications, the DRI Certified Business Continuity Professional (CBCP) and the RIMS Certified Risk Management Professional (RIMS-CRMP).
[1:34] This workshop will be held from May 19th through the 22nd in collaboration with DRI International. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:49] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and she will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[2:06] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:17] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, from May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[2:35] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” and more! The links are in the show notes.
[2:45] The Spencer Educational Foundation is having a Flash Sale for sponsorships at RISKWORLD! Sponsorship pricing has been reduced for the Spencer-CNA Pickleball Social on Saturday, May 3rd, and the Spencer-Gallagher Golf Tournament on Sunday, May 4th.
[3:03] Sponsorships are still available for the Spencer-Sedgwick 5K Fun Run on Tuesday, May 6th. Visit Spencered.org/riskworld2025 to learn about these opportunities and more. Also, reach out to Spencer’s Executive Director Megan Miller at MMiller@Spencered.org.
[3:26] Our guest today is the Director of Global Risk Management and Insurance at Southwire Company in Georgia. She is also the former RIMS Atlanta Chapter President. Under her leadership, the chapter took home the RIMS 2022 Chapter of the Year Award at RISKWORLD.
[3:46] She is Tamieka Weeks and I am so thrilled to finally get her on RIMScast to talk about her career journey, her work at Southwire, and what it was like to lead the RIMS Atlanta Chapter.
[3:59] We will also talk about how Tamieka helps drive a culture of safety at Southwire, in the spirit of National Electrical Safety Month, coming up in May.
[4:08] Interview! Tamieka Weeks, welcome to RIMScast!
[4:31] Tamieka Weeks started as a claims adjuster with a finance degree. Her career has been so different from many. Tamieka hopes all will take their journey for what it’s worth and be proud of their accomplishments.
[5:08] When someone approaches you with an opportunity, say Yes! Don’t turn it down. You never know what doors may open. As a former claims adjuster, and now the Director of Global Risk Management and Insurance, she wants to have a relationship with the claims adjusters.
[5:45] In a file review, Tamieka wants to know the why behind an insurance policy. She purchases a policy with the intent of protecting Southwire’s assets.
[6:29] Southwire is about an hour west of Atlanta, in Carrollton, Georgia. It is the leading manufacturer of wiring cable. Southwire will celebrate 75 years in March of 2030. Southwire is excited about where it is today and is looking forward to continuing to grow globally.
[7:13] Tamieka knows to expect the unexpected and be able to pivot. She never knows what may come up in a day. She is open. She knows she is there to support the organization.
[7:38] Tamieka is a trusted advisor and a subject matter expert within the organization. She prides herself on ensuring that everyone knows that she is here to support them.
[7:54] Southwire has 9,000 employees. In November 2024, Southwire launched a risk management SharePoint site. It goes into risk management insurance definitions and surety bonds definitions. It’s all about sharing the knowledge of the industry.
[8:26] The SharePoint site also provides the claims reporting. Tamieka educates the employees on what to do when an incident occurs. The first thing is to report the claim to the TPA. If they have any questions, they can contact Tamieka. Tamieka is also responsible for surety bonds.
[9:16] There is a checklist for property claims and those are reported to Tamieka. The instructions for what needs to happen on a property claim are on the SharePoint site. It’s important to notify Tamieka so she can report the property claim.
[9:32] It’s all about everyone being aware of what needs to happen about an event.
[9:41] Tamieka has been with Southwire for almost 12 years. She helped build the risk culture at Southwire. It’s been a fun ride, for sure!
[9:53] Tamieka partnered with several team members to develop the SharePoint site. It’s been exciting for the organization. It was launched by the IT department and several others. Tamieka had spoken with risk professionals throughout the industry about what they were launching.
[10:33] The beauty of the risk industry is that we don’t have to reinvent the wheel. It’s all about what we can do to enhance their organization through process improvement.
[11:00] When Tamieka started with Southwire, she was busy administering certificates of insurance. The SharePoint site streamlines everything in a central location. People can see their insurance limits, request what they need, and submit information to their insurance brokers.
[11:45] Tamieka’s risk team of about 5 people reports to the General Counsel department.
[12:27] Plug Time! RIMS Webinars! On April 24th, Riskonnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity.” Nonmembers can use the code BETTER50 at checkout for complimentary registration.
[12:44] Zurich’s webinar, “Understanding Third-Party Litigation Funding” was rescheduled and will be held on May 1st at 1:00 p.m. Eastern.
[12:52] If you were already registered for the original date, you do not need to take any action: You are now registered for the May 1st session with Zurich about “Understanding Third-Party Litigation Funding.”
[13:04] On May 22nd, webinars are back with GRC, a TÜV SÜD Company, and their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”.
[13:20] On June 5th, Zywave joins us to discuss “Today’s Escalating Risk Trajectory: What’s the Cause and What’s the Solution?” We’ll find out on June 5th!
[13:31] More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Registration is complimentary for RIMS members.
[13:43] There was a brief extension for educational session submissions for RIMS Canada, which will be held from September 14th through the 17th in Calgary. The link is in this episode’s show notes. Visit RIMSCanadaConference.ca and submit your session by April 24th.
[14:00] Let’s Return to Our Interview with Former RIMS Atlanta Chapter President Tamieka Weeks!
[14:18] When Tamieka joined risk management, she loved it instantly because it’s continually evolving. The market and your company are evolving and you have to be able to embrace the change. There are always new risks and emerging risks.
[14:43] Once, cyber risk was new. Now the new risk we’re talking about is AI. Who knows what new risk we will be talking about in the next nine months to a year? To be in the risk management industry, you have to love it to wake up each day not knowing what to expect.
[15:16] Tamiela says the meaningful relationships that we establish from day to day, month to month, and year to year are truly amazing. The industry is amazing, as well, from Atlanta to global. She is excited about RISKWORLD 2025 in Chicago.
[15:43] RISKWORLD 2025 will be held from May 4th through May 7th, in Chicago, Illinois.
[15:47] May is also National Electrical Safety Awareness Month in the U.S. Southwire is always focused on safety, with monthly training for team members. They focus on team members from entering the facilities to exiting the facilities. Safety is number one.
[16:28] Southwire’s Environmental Health and Safety Department strives for safety. Southwire recently completed Lockout/Tagout training, a safety procedure for properly shutting off equipment to ensure that no one is accidentally injured if machinery is being serviced.
[17:01] Tamieka says labeling is placed on Southwire wires and cables to ensure the customers are aware of how to use the products. Customers can also download information on the safe use of Southwire products. This is part of Southwire’s Environmental Health and Safety efforts.
[17:43] RIMS Plug! From Ryan Harris, upcoming Keynote on the Main Stage on May 6th at RISKWORLD 2025, “Greetings RIMS members and global risk professionals! I’m Ryan Harris, Champion of Super Bowl 50, best-selling author, and award-winning broadcaster.
[18:02] “I’m thrilled to be your Main Stage Keynote for RISKWORLD 2025, where we will discuss the transformative five steps to building a championship team and leading to win! You can learn more about me and my story by listening to RIMScast.
[18:18] ”And more than anything, make sure to register for RISKWORLD 2025 by visiting RIMS.org/riskworld. I’m so thrilled to see you and I’m looking forward to us building together so that you can reach your greatest success!”
[18:33] Thank you, again, Ryan. We look forward to seeing you at RISKWORLD 2025 on May 6th. A link to Ryan’s episode of RIMScast, #325, is in this episode’s show notes. Get a preview of the Super Bowl Champion and remember to register for RISKWORLD 2025.
[18:49] Let’s Return to the Conclusion of Our Interview with Tamieka Weeks!
[19:10] Tamieka describes practicing risk management in the greater Atlanta area. She says it’s all about the people and the risk management community. Everybody just loves everybody! It’s Southern hospitality. When she joined the Atlanta RIMS Chapter, it was very welcoming.
[19:34] When Tamieka joined the board, the board members saw so much potential in her. They assured her she could do this. Tamieka says Atlanta is the land of opportunity. Tamieka joined the chapter in 2013. She became the first Black female President of the Atlanta Chapter.
[20:38] Tamieka became Chapter President during COVID-19. Her thoughts were about what she could do to make the organization better and what she could do for succession planning.
[20:59] Members were at home. Tamieka connected with the previous presidents and prior board members. No one was in person. Tamieka asked the previous officers for their notes. They were happy to talk and share ideas to make the chapter succeed.
[22:02] That moment was more about the Chapter and less about Tamieka. Tamieka built committees and sent surveys. Tamieka wanted to hear what the members had to say. She gave the board and members a voice. It was a fun time, working to make the chapter better.
[22:44] The feedback from past presidents was the foundation to win 2022 Chapter of the Year! Their ability and willingness to help Tamieka in her role made the RIMS Atlanta Chapter special.
[23:33] The chapter had a virtual social hour with a mixologist. They had a virtual trivia game. They had a virtual mentor event. They raised money at a Virtual Aid Conference. They were creative in everything they did. They were able to connect with members in a challenging time.
[24:20] The surveys were critical. They partnered with global RIMS to enhance their bylaws. The new bylaws permitted the board to meet virtually. They changed their chapter website. They made many improvements to the chapter’s success.
[24:58] In 2025, Tamieka received the Walter H. Buce Jr. Memorial Award which honors the insurance and risk management professional of the year in the RIMS Atlanta Chapter. Tamieka calls the award overwhelming. She is deeply honored. It means the world to her.
[26:04] Tamieka’s advice for young risk professionals: “Stay focused. When others see potential in you, listen to them. Don’t shy away. Work hard. Set clear goals. Trust in yourself. Stay dedicated. Be persistent. Be intentional. Your path will eventually reveal itself.
[29:29] “You’re going to have people around you that are going to be your cheerleaders. Please find a mentor. They’re going to support you along the way. In Atlanta, I would also say we have focused on bridging the gap of rising risk professionals and students entering the industry.”
[27:08] “The RIMS Atlanta Chapter has embraced what we can do to help and support the young professionals who are focused on entering the industry soon. That’s been a huge success for the RIMS Atlanta Chapter, as well.”
[27:28] Tamieka Weeks, It’s such a pleasure to see you again. I look forward to seeing you after this episode comes out, at RISKWORLD 2025 in Chicago. Tamieka is looking forward to seeing everyone, It’s going to be a great RISKWORLD!
[27:46] Special thanks again to former RIMS Atlanta Chapter President and Walter Buce Award Winner, Tamieka Weeks for joining us here on RIMScast! Learn more about her and the chapter’s fantastic work through the link in this episode’s show notes. Of course, visit AtlantaRIMS.org.
[28:05] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[28:32] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[28:50] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[29:08] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[29:24] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[29:38] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[29:46] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RISKWORLD 2025 — May 4‒7 | Register today! Download the RIMS Events app!
Spencer’s RISKWORLD Events — Register or Sponsor!
RIMS Texas Regional 2025 — August 3‒5 | Advance registration rates now open.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Dates
Submit a session to RIMS Canada 2025 — Final Deadline April 24.
RIMS Atlanta Chapter
RIMS Webinars:
RIMS.org/Webinars
“Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich | May 1, 2025
“Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025
“Today’s Escalating Risk Trajectory: What's the Cause & What’s the Solution?” | Sponsored by Zywave | June 5, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
CBCP & RIMS-CRMP Exam Prep Virtual Bootcamp: Mastering Business Continuity & Risk Management | May 19‒22, 2025 | In Collaboration with DRI International
Full RIMS-CRMP Prep Course Schedule
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“ERM, Retail, and Risk with Jeff Strege”
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD 2025 Keynote)
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“RIMS Legislative Priorities in 2025 with Mark Prysock”
Sponsored RIMScast Episodes:
“Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich (New!)
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Tamieka Weeks, Director, Global Risk Management & Insurance, Southwire Company, LLC
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin and his guest, Jeff Strege, Senior Director for Risk Management at Academy Sports + Outdoors, explore what led Jeff to risk management, and the path that led to Academy Sports + Outdoors within the sporting goods and outdoor retail space. Jeff comments on his work building out the ERM framework at Academy to improve claims management, employee safety, and liability prevention. Jeff shares his approach to workers’ compensation and Academy Sports + Outdoors’s goal to help the workers recover and return to work. In addition to career insights, they discuss Jeff’s upcoming panel participation in HUB’s webinar on April 17th, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach,” covering topics such as third-party litigation funding and its impact on the industry.
Listen to Jeff’s wisdom, born from experience, on managing your risk career.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Registration is open for RISKWORLD 2025. Engage Today and Embrace Tomorrow with RIMS, from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD.
[:25] After you register, visit your App Store, search for RIMS Events, and download the RIMS Events App. Select RISKWORLD 2025, load the show onto your phone, and start building your RISKWORLD itinerary!
[:41] About this episode of RIMScast. Our guest is former RIMS Houston Chapter President, Jeff Strege. We will talk about his career and how ERM continues to play a pivotal role today.
[1:08] RIMS-CRMP Workshops! As part of RIMS’s continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:28] Virtual Workshops! On June 12th, Pat Saporito will host “Managing Data for ERM” and will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:45] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:56] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, from May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[2:14] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes.
[2:33] The Spencer Educational Foundation is having a Flash Sale for sponsorships at RISKWORLD! Sponsorship pricing has been reduced for the Spencer-CNA Pickleball Social on Saturday, May 3rd, and the Spencer-Gallagher Golf Tournament on Sunday, May 4th.
[2:51] Sponsorships are still available for the Spencer-Sedgwick 5K Fun Run on Tuesday, May 6th. Visit Spencered.org/riskworld2025 to learn about these opportunities and more. Also, reach out to Spencer’s Executive Director Megan Miller at MMiller@Spencered.org.
[3:13] Our guest today is Jeff Strege. He is the Senior Director for Risk Management at Academy Sports + Outdoors. Academy is one of the U.S.’s largest sporting goods and outdoor stores with 301 locations across 21 states, as of March 2025.
[3:33] Jeff is also a long-time RIMS member. He’s the former president of the RIMS Houston Chapter and is a RIMS-CRMP holder.
[3:41] In addition to his outstanding resume, Jeff will be lending his insight to the RIMS Webinar on April 17th, presented by HUB in their Ready for Tomorrow series. It’s called “From Defense to Prevention: Strengthening Your Liability Risk Management Approach.” A link is in the notes.
[4:01] In today’s RIMScast interview, we will discuss how ERM has played a role in his career and how he manages risk in so many locations at the Academy. We will get a preview of his upcoming appearance on the Hub webinar and his thoughts on third-party litigation funding and its impact.
[4:27] Interview! Jeff Strege, welcome to RIMScast!
[4:45] As a Houstonian, Jeff grew up with Academy Sports + Outdoors. He’s a long-term customer. In September 2020, Jeff promoted himself from customer to team member, although he still is an avid customer of Academy.
[5:07] As the Academy brand is so well-known and beloved in Texas, Jeff has had the Risk Director role on his radar for many years. He had told his wife many times that if that role ever opened up at Academy, he would want to talk to them. In mid-2020, it did, and here he is!
[5:29] Academy has 301 stores across 21 states as of March 7, 2025, and is headquartered in Katy, Texas, a Western suburb of Houston. Jeff graduated from Katy High School.
[6:23] Academy Sports + Outdoors sells fun. They say “Have fun out there.” The items Academy sells are intended to help people be outdoors and active. Academy does a lot of work around product safety with manufacturers and suppliers, making sure they’re sourcing safe products.
[6:45] Academy Sports + Outdoors sells firearms and ammunition. Its goal is to be the most responsible retailer of those items in the country.
[7:13] Academy Sports is responsible for following the laws of 21 states. Jeff has worked for national, multi-national, and global organizations, so he has worked with similar requirements.
[7:48] Jeff worked for Sysco twice, first in the 90s and then in 2016 in a risk role similar to his current role at Academy Sports. Sysco went on a growth initiative while Jeff was there the second time and it was fun to be part of that but he couldn’t pass up the opening at Academy.
[8:23] Academy Sports + Outdoors has a risk department of 10 who report to Jeff. Jeff oversees the Enterprise Risk Management framework, the Insurance and Data Analytic functions, the Safety functions, and the Claim Management functions.
[8:50] Jeff has three direct reports and they have functional contributors who are assigned to and report to them. Jeff’s management style is to find the best possible people he can find. He’s not a micro-manager. All of his staff are solid professionals who are good at what they do.
[9:14] That allows Jeff to focus on strategy and executing strategic objectives while the staff keeps things working from day to day. Jeff reports to the General Counsel. In other companies, Jeff has reported to the General Counsel, HR, Treasury, or Finance.
[9:42] Risk can logically report up a variety of chains to the leadership of an organization, as it touches so many aspects of the business.
[10:22] Relative to firearms sales, Academy Sports has a compliance team to manage the process. They do an outstanding job.
[10:39] When Jeff arrived at Academy Sports, one of his charges was to mature the ERM framework across the various organizational functions. Having the opportunity to work on that made Jeff a student of the business, which is one of the Academy’s values.
[11:09] Coming into the business, Jeff was fortunate to receive a safety culture already well-entrenched in the distribution centers. That team has been retooled over the years and continues to evolve as it trains and supports the operators in safe practices in their work.
[11:45] Academy workers’ compensation goal is to help team members recover so they can come back to work. They take a deliberate approach to working with them so they get the treatment they need, their benefits are paid timely, and their questions are answered.
[12:11] Academy made a TPA change a couple of years ago that’s given them more proactive tools. Both safety and claims are processes that Academy Sports continues to fine-tune.
[12:25] The foundational strategy is “safety first.” If you’re talking about managing claims but not about safety, there’s a miss there, in terms of managing risk.
[13:01] Plug Time! During this interview, we discuss the RIMS Texas Regional Conference 2025, held from August 4th through the 6th in San Antonio, Texas, at the Henry B. Gonzalez Convention Center. That’s where we held RISKWORLD 2018.
[13:22] The day of this episode’s release, April 15th, is the day registration opens for the RIMS Texas Regional Conference. You can get the Advance Rate from now through May 16th, 2025. A link is in this episode’s show notes. You can also visit the events page of RIMS.org to register.
[13:43] If you will be in the Dallas/Fort Worth area on April 17th, be sure to stop by Lonestar Park for DFW RIMS’s 7th Annual Night at the Races. It will be a blast! Guest, Member, and Student tickets are available. Visit DFWRIMS.org and the link in this episode’s show notes.
[14:12] Let’s Return to My Interview with Former RIMS Houston Chapter President Jeff Strege!
[14:32] Jeff arrived at Academy Sports on Monday, September 28, 2020, and the company executed its Initial Public Offering on Friday, October 2nd, 2020. In preparing for the IPO, the company had built an ERM framework that helped inform the prospectus for investors.
[14:59] When Jeff joined, he was charged with taking the framework foundation and building upon it to round out how Academy Sports views risk, scopes it, and manages it across the organization. It was a fascinating process.
[15:21] He’s gotten to know many good, smart people who are driving aspects of the business.
[15:28] Every year, Academy Sports looks at ways to enhance the framework, to make sure it’s as meaningful and informative to the leadership team and board as it can be.
[15:54] The framework looks at ISO standards but most of it is inward-focused within the business of Academy Sports. What’s going on in the world? How do we prevent or prepare for it? Should something occur, what strategies do we have to respond, react to, and recover from it?
[16:39] Before the recent tariffs were passed, the risk team had discussed tariffs generically. Tariffs appear as subsidiary risks in a few places within the framework. Nobody in an organization can control what government leaders do.
[17:22] In a way, sporting goods is a seasonal industry. Academy Sports + Outdoors sells a variety of different things and operates in a variety of climates. There’s a holiday season and there are gift-giving holidays. The seasons for outdoor activities differ depending on location.
[17:54] In Texas, Jeff grills and fishes year-round. It’s different in a Northern climate with four distinct seasons. Hunting seasons are specifically defined. The things Academy Sports sells peak at different times of the year and the peaks sort of offset themselves.
[18:25] The Academy Sports merchandising teams are diligent and deliberate in how they plan for cycling products for the seasons.
[18:44] Holiday is the big season. In that, Academy Sports is like other retailers. Back-to-school time is also important.
[18:57] The backyard grilling is Jeff’s favorite section of the store. When he goes into the store with his wife he has to look at some grills. Jeff also works out and runs so there are several aspects of the store that he shops.
[19:16] Academy sells location-specific licensed apparel. In Academy Sports + Outdoors in Houston, there is gear for the Astros, Texans, and Rockets.
[19:49] From the standpoint of team member safety, Jeff refers to OSHA. Also, some states have more stringent safety requirements. Jeff’s safety team drives consistency of practices and training across the footprint of the 21 states where Academy Sports + Outdoors operates.
[20:36] Most of Jeff’s work is done in Houston but his team gets out in the field periodically on a schedule. Jeff likes to go into the stores and distribution centers. That’s where the business occurs. The work at Corporate supports the people who serve and interact with customers.
[21:10] RIMS Webinars! Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.
[21:29] Today’s guest, Jeff Strege, is a panelist in that session! He’s going to talk about it a little bit right after the break.
[21:38] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”.
[21:45] Zurich’s webinar, “Understanding Third Party Litigation Funding” was rescheduled to May 1st at 1:00 p.m. Eastern. If you were already registered for the original date, you are now registered for the May 1st session with Zurich.
[22:09] On May 22nd, GRC, a TÜV SÜD Company, presents their newest session, “Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny”.
[22:22] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[22:33] Let’s Return to my Interview with Jeff Strege!
[22:46] Jeff will be joining RIMS on the HUB webinar about third-party litigation funding (TPLF) on April 17th, two days after the airing of this episode. Third-party litigation funding is a major issue for RIMS and the profession.
[23:08] Academy Sports + Outdoors sees TPLF from time to time in litigated matters, but not often. The HUB webinar is largely focused on rising litigation costs and the rising value of litigated matters. Third-party funding is a driving force of that rise.
[23:35] When there’s a funding mechanism behind the damages claim by a plaintiff, there are interest obligations with that mechanism, which can be stiff. It does inflate the value of some matters.
[24:13] Once Academy Sports + Outdoors learns third-party funding is present in a litigated matter, that’s in the front of mind as they evaluate and proceed with trying to conclude the case.
[24:32] In the HUB webinar on April 17th, Jeff will be discussing the client’s experience, not only with TPFL but also around social engineering. There is a good panel put together for this discussion with varied perspectives that will offer a well-rounded conversation.
[24:55] Panelist Bob Tyson of Tyson & Mendes, a defense lawyer in California, has creative approaches to managing and negotiating litigated cases. Panelist John Ferguson, Head of Excess Casualty at Zurich Insurance, brings an insurer’s perspective to the webinar.
[25:29] Panelist Carol Murphy of HUB is one of the best brokers Jeff has worked with. Jeff is looking forward to sharing the stage with this group, talking about managing claims litigation, prevention, and pre-litigation management. Safety is critical. Jeff will bring that up.
[26:02] The link to the webinar is in the show notes. Register today! Registration is complimentary for RIMS members! You’ll hear this webinar live with Jeff Strege of Academy Sports, Fred Ferguson of Zurich, Bob Tyson of Tyson & Mendes, and Carol Murphy of HUB.
[26:34] Jeff has been involved with RIMS since the mid-1990s when he was with Sysco Foods for the first time and was elevated to the risk management role there. Starting with Houston, Jeff has been involved in various chapters in various capacities.
[27:07] RIMS has been an important part of Jeff’s career. He’s gained solid relationships through RIMS that have yielded business relationships and relationships where he’s been able to help others and be helped by them. RIMS will be very important to him as long as he works in risk.
[27:51] Jeff was President of RIMS Houston for two years, until January of 2024. He serves on the board as Past President.
[28:12] Having moved around the country and having held different roles, Jeff has met risk professionals from many areas. He says RIMS has high-quality chapters all over the country. The four Texas RIMS chapters have a lot of positive energy.
[28:47] The chapters are working together with Justin’s team in New York to host the first-ever Texas RIMS Regional Conference this August. Jeff is on the planning committee and he’s excited about it.
[29:04] The RIMS Texas Regional Conference will be held from August 4th through the 6th at the Henry B. Gonzalez Convention Center in San Antonio, on the River Walk, the site of RISKWORLD 2018. San Antonio is Jeff’s favorite city in Texas. It’s a wonderful host city.
[29:30] There is a link in the show notes to the RIMS Texas Regional Conference 2025. Registration will open the week of the airing of this episode!
[29:49] Jeff is a RIMS-CRMP holder. He earned that certification in November of 2019. He was excited to see RIMS introduce the certification. What he likes about CRMP is its governance focus.
[30:23] Jeff had been doing risk management for a long time. The CRMP website has good sample test questions on it. He decided to work through the test questions several times. Then went and took the exam and scored pretty well, largely based on his experience.
[30:48] Jeff says his ERM work over the years was helpful. The RIMS-CRMP is a good designation. Jeff appreciates that RIMS gives CRMP holders opportunities to network. He will continue to carry the designation as long as he is working.
[31:09] Mos recertification points are CE-related. Jeff relies heavily on the Houston chapter’s offerings and the sessions and seminars at RIMS functions. He appreciates the flexibility in terms of what qualifies, such as participation in broker-sponsored industry education.
[31:50] Developing and delivering educational content is a favorite of Jeff’s. He has served as Risk Manager in Residence (now Risk Manager on Campus). Jeff tells every risk manager it’s amazing and they need to do it at least once. Jeff enjoys education and is always learning.
[32:24] Jeff shares his advice for risk professionals. As Boomers in the industry start to retire, it’s important to help the industry recruit, train, and young talent. It’s a passion of Jeff’s.
[32:52] There are a few things Jeff would tell young professionals. One is you are the CEO of your career. Your career is your responsibility. Don't wait for a leader to bring opportunities or promotions to you. Be a student of your craft and trade. Set goals with plans to achieve them.
[33:20] Jeff has managed his career that way by making strategic moves when it made sense for him to do so. He has no regrets. You’re the CEO of your career, all in. Don't wait for others to act on your behalf. Whatever it is, be a student of your craft and seek opportunities to learn.
[33:45] Grow your knowledge base, your experience, and your network. Jeff has benefited from RIMS in having a network of people who lean on each other and learn from each other. It’s a wonderful thing!
[33:58] Be a student of your business, wherever it is. Make connections within it. Seek out mentorships to learn on a broad basis what the business does and what its objectives are. You position yourself more visibly to add more value and to grow.
[34:29] Jeff Strege, you have been such an inspiration today. I appreciate you so much for joining us here on RIMScast and being so giving with your time and wisdom! I look forward to seeing you at the first-ever Texas Regional 2025, August 4th through 6th in San Antonio!
[34:48] Special thanks again to Jeff Strege for joining us here today on RIMScast! I look forward to seeing him at many RIMS events, including the first-ever RIMS Texas Regional Conference 2025, which will be held from August 4th through the 6th in San Antonio, Texas.
[35:05] Register today through the link in this episode’s show notes.
[35:12] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[35:37] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[35:56] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[36:13] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[36:29] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[36:43] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:50] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RISKWORLD 2025 — May 4‒7 | Register today! Download the RIMS Events app!
Spencer’s RISKWORLD Events — Register or Sponsor!
RIMS Texas Regional 2025 – August 3‒5 | Advance registration rates are now open.
DFW RIMS - 7th Annual Night at the Races / Lone Star Park – April 17, 2025
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
The Strategic and Enterprise Risk Center
Spencer Educational Foundation — General Grants 2026 — Application Dates
Announcement: RIMS and The Institute for Internal Auditors' Strategic Alliance on Education
Nominations for the Donald M. Stuart Award [Canada]
RIMS Webinars:
RIMS.org/Webinars
“Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025
“Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025
“Understanding Third Party Litigation Funding” | Sponsored by Zurich | May 1, 2025
“Asset Valuations in 2025: Managing Tariffs, Inflation, and Rising Insurance Scrutiny” | Sponsored by GRC, a TÜV SÜD Company | May 22, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA | April 22‒23
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Scenario Planning with the RIMS SERMC”
“ERMotivation with Carrie Frandsen, RIMS-CRMP”
“Risk Quantification Through Value-Based Frameworks”
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance”
Sponsored RIMScast Episodes:
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich (New!)
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog (New!)
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS President Kristen Peed!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Jeff Strege, MBA, ARM, RIMS-CRMP, Sr. Director, Risk Management, Academy Sports + Outdoors
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin and his guests, Denise Sobczak and Michael Zuraw, introduce the new RIMS paper: “The Pre-Mortem Method: Learning From Failure Without Actually Failing”. Unlike post-mortem analysis, a pre-mortem risk assessment attempts to learn from failure before a project even begins. This report highlights the advantages of implementing a pre-mortem risk assessment approach to strategic projects. Download the report to learn about the three steps to activate a pre-mortem assessment that fosters a better understanding of a project’s overall objectives, and ultimately improves transparency, communication, and business outcomes. Justin, Michael, and Denise discuss implementation steps and frequency of pre-mortems in an organization. They cover ways of documentation and tracking insights from pre-mortem exercises, and tools for structuring an effective pre-mortem session. They explore how to involve participants and how to flip the script from naysaying to contributing insights. They consider the collateral benefits of involving your organization in a pre-mortem analysis. They share examples of how the pre-mortem works in their organizations.
Listen to gain insight into this innovative risk management tool to build upon the successes and achievements of your organization.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:17] About this episode of RIMScast. Our topic is pre-mortem analysis, which we will explore with past and present members of the RIMS Strategic & Enterprise Risk Management Council.
[:42] RIMS-CRMP Workshops! As part of RIMS’s continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:01] Virtual Workshops! On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S.”
[1:14] On June 12th, Pat Saporito will host “Managing Data for ERM” and will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:30] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:41] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[1:59] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes.
[2:18] In March, RIMS released a new professional report called “The Pre-Mortem Method: Learning from Failure Without Actually Failing.” The two authors of this report are joining me here today! They have both been RIMScast guests.
[2:39] Denise Sobczak is the Director of Group Risk Management at the BIC Group and Michael Zuraw is the Senior Director of Global Enterprise Risk Management for Onsemi.
[2:52] Denise is a former member and Michael is a current member of the RIMS Strategic & Enterprise Risk Management Council. Their paper, “The Pre-Mortem Method,” is available through the Risk Knowledge page of RIMS.org. Tap on the White Paper button on that page.
[3:10] We’re going to hear how Denise and Michael have used the pre-mortem method at their respective companies. We’re going to give you tips on how to lead pre-mortem analysis discussions at your organizations whether for a big merger or unveiling a new product.
[3:32] This conversation will continue on May 7th at RISKWORLD when Denise hosts “Pre-Mortem or Post-Mortem: If You Were a Patient, What Would Choose?” That session will be held in Room BC185.
[3:47] Interview! Michael Zuraw and Denise Sobczak, welcome back to RIMScast!
[3:55] Denise and Michael’s paper is “The Pre-Mortem Method: Learning from Failure Without Actually Failing.” Pre-mortem analysis is a risk assessment approach that you apply to strategic projects.
[4:13] The concept is simple. You assume that an initiative fails. Then you identify triggers of that failure and develop plans to avoid and mitigate them to achieve success. It was developed by Gary Klein and has been widely applied in the business world.
[4:39] Michael says the approach was discovered by cognitive psychologists. It releases folks from some of the biases, such as groupthink and confirmation bias, that will muck up decisions. This approach encourages participation and takes risk identification to the next level.
[5:07] Justin calls the paper an easy read that people can keep returning to.
[5:22] The Strategic & ERM Council decided to do a track on scenario planning. One of their first shareouts was a paper on scenario planning with a segue on pre-mortem risk assessment on how to draw those scenarios.
[5:44] Many things are going on, with a level of uncertainty in the external environment that drives uncertainty in the internal environment. As a risk practitioner, it’s very important to have these tools.
[5:59] Michael joined the Strategic & ERM Council a little over a year ago after they had started the scenario planning. He had already read the SERM Council paper on scenario planning with great interest. Michael is a fan of Gary Klein’s and had used pre-mortems.
[6:24] When Denise and others mentioned they were going to take the next step in their series of scenario planning to include a pre-mortem discussion, Michael immediately volunteered to be part of it. It was a topic he was familiar with and he had done some sessions on it already.
[7:05] Denise explains a pre-mortem is one of many risk assessment tools available. There’s no set number for how often an organization should perform one. The main attraction of this tool is its use when you are short on time and have few resources and you want a high-value output.
[7:53] It’s good to use a pre-mortem when there are a lot of cross-functional initiatives with interdependencies that create complexity and generate risks.
[8:07] Michael thinks that for major strategic decisions, a pre-mortem should almost always be used. As you use it, you find out that it’s very efficient and not complicated. You can learn from it to include contrarians in discussions to question all assumptions. It changes your risk culture.
[8:52] Pieces of the pre-mortem method find their way into the way people approach everyday decisions, even without doing a formal pre-mortem analysis. A pre-mortem analysis is not difficult or expensive to do. As often as you think it provides value, have at it!
[9:20] The primary thing a pre-mortem does is open the door to legitimizing doubt. It allows the group decision process to stay in inquiry not to be sucked into advocacy before all the risks are discussed and mitigated.
[9:44] Michael notes that as the pre-mortem opens up concerns, they can be put on the table and discussed. The key is you have to take the next step which is to consider what you can change and improve your plan to prepare for the possibility of that risk and mitigate it.
[10:08] The goal is to take what you’ve learned, feed it back into the decision process, and come out with a better plan than you had going in.
[10:16] It’s very key to get the insights and embed them into the company’s core processes versus having a stand-alone tracker for the pre-mortem that you’ve done. If you’ve done a pre-mortem for a strategic initiative, integrate it into the status update reports for that initiative.
[10:34] If the pre-mortem is related to an event, integrate it into regular management reviews, operating reviews, or even risk governance. Integrate insights that will help you into your core processes.
[10:49] Denise and Justin discuss recording remote pre-mortem sessions on Zoom and transcribing them. Justin suggests recording even in-person sessions on Zoom for a transcript.
[11:40] Michael says having a transcript of a pre-mortem helps because you want people to focus attention on the conversation and not on note-taking. Sometimes you want to go back and get some context. In-person meetings also allow seeing body language.
[12:11] The point of this is to get it out there and talk about it. It’s very interactive.
[13:19] Pre-mortems are structured to picture a failure six months into the future. Then set a two-minute timer and ask everyone to write down what went wrong. Each one comes up with ideas without the group’s influence and writes down key failure points that caused this outcome.
[14:04] As a result, things that were just below the surface come out first. Even the staunchest advocate of the plan has to come up with something. The creativity of what could have gone wrong becomes an asset, not a detriment.
[14:31] You’re not a naysayer, you’re an identifier. The basic premises of ERM are risk identification, risk prioritization, and risk response. A pre-mortem creates a more robust identification. You’re a contributor. You’ve discussed something that you hadn’t before.
[14:54] Denise explains that a pre-mortem is a paradise for the naysayers because they don’t have the burden to say it failed. We give that to them. It’s not about being skeptical or negative but identifying the contributors that could have caused the failure and being part of the solution.
[15:18] Plug Time! RIMS Webinars! On April 10th, Audit Board will present “What CISOs Want Risk Executives to Know About Cyber Risk in 2025”.
[15:30] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.
[15:45] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”.
[15:54] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[16:05] Important Announcement! RIMS and the Institute of Internal Auditors have entered into an agreement to deliver a selection of the other group’s educational programming to their members. Twenty-nine shared courses will be available to both association’s members.
[16:23] RIMS members can explore the IIA courses that are now available to them at See Courses Here. To access RIMS’s complete selection of workshops, webinars, and courses, visit RIMS.org/Education.
[16:42] Let’s Get Back to our Discussion about Pre-Mortem Analysis with Michael Zurow and Denise Sobczak!
[17:09] Denise says individuals who have had experience with failures can tap into that experience in new situations. Newcomers can offer a fresh perspective. The key is diversity of thought and experience. Make participants comfortable to express their opinions.
[17:38] Watch out for those who would take over. As you facilitate the pre-mortem, make sure that you’re engaging and that it’s a responsive type of facilitation. There’s no right or wrong answer when you’re looking for triggers. Later on, you will prioritize.
[18:22] Michael has been at Onsemi for 20 years with broad exposure in product line management and supply chain. Four and a half years ago, Onsemi had a new CO and much of the top management changed. The question was what did the stakeholders want from ERM.
[18:44] There was some change in how they approached it. He did pre-mortems before and he has done them since. The key is broad participation of the players, broad perspectives, and leading it to say that we want to know what you think. We want to question our assumptions.
[19:08] That basic approach is to try to make the plan better, not bring it down, trying to improve the likelihood of success. That plays through all types of corporate change.
[19:35] Participants should not be in the top tier of leaders, but in middle management with some boots on the ground. The middle management group forms the culture and they know enough key details about what the planners are thinking and to ask, what if they’re wrong?
[20:14] Denise expects the participants to be the people who are knee-deep in the initiative and are the subject matter experts. You can also invite folks who are not in the initiative but who have a say from the legal, financial, and business support perspectives.
[20:42] The number of participants depends on the setting. An in-person setting can accommodate 10 or 15. In a virtual setting, you can have eight to 10. You need to make sure that everyone can participate.
[21:14] More RIMS Plugs! The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[21:33] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits.
[21:46] Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[22:06] Spencer has several events lined up before and during RISKWORLD 2025. On May 3rd, there’s the Spencer-CNA Pickle Ball Social, on May 4th, the Spencer-Gallagher Golf Tournament, on May 5th, the Spencer Soiree, and on May 6th, the Spencer-Sedgwick 5K Fun Run.
[22:25] You can register for or sponsor any of these through the links on this page or by visiting SpencerEd.org/riskworld2025.
[22:35] The call for submissions for the RIMS Canada Conference, which will be held in Calgary from September 14th through the 17th, 2025, is now open. We want to hear from you! We are looking for dynamic, insightful presentations on key industry topics.
[22:49] Topics may include are but not limited to alternative risk transfer, insurance, legal and regulatory, risk modification and loss control, the DEI Studio, the Thought Leader Stage, corporate sustainability, ESG, and more.
[23:03] Submit your proposal by the submission deadline, Wednesday, April 16th at 11:59 p.m. Eastern Time. Visit RIMSCanadaConference.ca and the link in this episode’s notes for information.
[23:17] If you will be in the Dallas/Fort Worth area on April 17th, be sure to stop by Lone Star Park for DFW RIMS’s 7th Annual Night at the Races. It’s going to be a blast! Guest, member, and student tickets are available. Visit DFWRIMS.org and the link in this episode’s show notes.
[23:41] Let’s Return to our Discussion about Pre-Mortem Analysis with Denise Sobczak and Michael Zurow!
[24:02] Denise mentions different ways to measure the ROI of a pre-mortem, in the light of inherited risk impact before mitigation versus residual risk, post-mitigation.
[24:16] For a consumer goods company like BIC, Denise says it is more sensible to tie the effectiveness of the pre-mortem exercise with the overall achievement of the strategic goals or the operating targets because you are changing as you go.
[24:38] Michael says it’s tough to measure the effectiveness of a pre-mortem. You’re asking a team that has already been assembled to spend half a day looking at the plan and, at the end, asking if they learned something that helped improve the plan.
[25:30] Is the plan or decision better the day after the pre-mortem than it was the day before? Was it worth the four hours? Would you suggest doing this again? Would you recommend it to your peer? Advocating for a pre-mortem indicates its value, way beyond the cost of doing it.
[26:16] Denise stresses the collateral benefits of a pre-mortem. If you are facilitating this type of risk assessment, you will reach a lot of folks in the organization and help them think differently. They will think of the risk management department or the ERM practitioner as a resource to use.
[26:37] There is some amplification from a showcase of value to the organization from your function. Denise says a pre-mortem never took a day for her. Once she applied a pre-mortem in a 20-minute phone call with all the constituents. They came up with 15 reasons it could fail.
[27:02] A pre-mortem can be formal or informal. The informal pre-mortem is as efficient and it is quicker. You need to understand what the culture of your organization is. If it is very formal, adapt to that. Denise tends to work in more agile organizations.
[27:36] Michael works for a company that is heavy in engineering. A pre-mortem takes about two hours there. Engineers want to solve problems and tell you why their solution to the problem is awesome! They want data and rationalization justification.
[28:15] Part of it is the moderation. Say the goal of this meeting is to get the concerns and issues out on the table. Afterward, we’ll do a quick prioritization so we can assign owners to address the next step of how this feeds back into improving the plan.
[28:32] As everybody took two minutes to write down the issues, get them out on the table and rotate through the biggest issue from each person as quickly as you can, one at a time, so no one gets into a laundry list of items. Keep the discussion moving across all the participants.
[28:55] What you get is honest dialog and everyone participates. If you do that, you’ll avoid overcomplicating it. It can be very simple. It’s structured to help you manage that. As long as you keep it moving, it will be fine.
[29:12] On 1:45 p.m., on May 7th, at RISKWORLD, in Room 185BC. Denise will be presenting “Pre-Mortem or Post-Mortem: If You Were Patient, Which One Would You Choose?” Denise will be extending the dialog from the paper and this episode.
[29:37] Denise will miss Michael on stage. They had a successful session together at the RIMS ERM Fall Conference. Now that the paper is published, the presentation will be more robust.
[29:55] The presentation will cover what pre-mortem risk assessment entails. You basically assume the strategic project has failed. Then you identify the triggers of that failure and develop plans to avoid and mitigate them to achieve success. Then you monitor.
[30:25] Once Denise goes through the fundamentals, she will take you through a hands-on exercise of applying this technique. She will give a business case and have the audience start solving it and finding triggers. It’s very easy. It will give a sense of what this is all about.
[30:52] Denise’s aim is that the participants, with the presentation and the white paper, will have another skillset to apply and bring value to their organization. There will be audience participation to close out the last day of the education track at RISKWORLD.
[31:20] Denise will have a full hour and then there will be more audience participation when the Second City takes the stage for the Conference Finale.
[31:34] Justin recommends attendees check out Denise’s solid one-hour presentation. She assures you there will be no coasting in her session!
[31:59] It has been such a pleasure to see you both. I appreciate you taking the time. You wrote a wonderful paper. The link is in this episode’s notes. Go to RIMS.org/riskknowledge to check it out. Press the White Paper button and it will pop right up. Thank you both so much!
[32:18] Special thanks again to Michael Zuraw and Denise Sobczak for joining us here on RIMScast. A link to their paper, “The Pre-Mortem Method: Learning from Failure Without Actually Failing” is available through the Risk Knowledge of RIMS.org. A link is in this episode’s notes.
[32:35] Beyond the pages and this episode, Denise will be extending the dialog at RISKWORLD on May 7th at 1:45 p.m. local time. She will deliver “Pre-Mortem or Post-Mortem: If You Were a Patient, Which Would You Choose?” That session will be held in room 185BC.
[32:52] Register in advance through the RIMS Events App.
[32:55] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[33:24] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[33:41] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[33:59] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:16] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[34:30] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[34:37] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
Presented by the RIMS SERMC: “The Pre-Mortem Method: Learning From Failure Without Actually Failing”
RISKWORLD 2025 — May 4‒7 | Register today!
Spencer Educational Foundation — General Grants 2026 — Application Dates
Spencer’s RISKWORLD Events — Register or Sponsor!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
Announcement: RIMS and The Institute for Internal Auditors' Strategic Alliance on Education
RIMS Canada Conference 2025 | September 14‒17 | Calgary | Submit a session by April 16.
DFW RIMS — 7th Annual Night at the Races / Lone Star Park – April 17, 2025
Nominations for the Donald M. Stuart Award [Canada]
The Strategic and Enterprise Risk Center
“Truly Long-Term Strategic Risk Management in Focus” — RIMS Q&A with Michael Zuraw (2019)
RIMS Webinars:
RIMS.org/Webinars
“What CISOs Want Risk Executives to Know About Cyber Risk in 2025” | Sponsored by Auditboard | April 10, 2025
“Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025
“Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025
“Understanding Third-Party Litigation Funding: Its Importance and How You Can Contribute” | Sponsored by Zurich | May 1, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA | April 22‒23
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | April 16‒17 | Instructor: Chris Hansen
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Scenario Planning with the RIMS SERMC”
“Q1 2025 Risks with Morgan O'Rourke”
“ERMotivation with Carrie Frandsen, RIMS-CRMP”
“Risk Quantification Through Value-Based Frameworks”
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance”
Sponsored RIMScast Episodes:
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich (New!)
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog (New!)
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring Walmart ERM Director Michelle Black!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests: Denise Sobczak, Director of Group Risk Management at the BIC Group
Michael Zuraw, Senior Director of Global Enterprize Risk Management for Onsemi
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Crystal Trout is a director with Baker Tilly's Risk Advisory practice. Justin and Crystal discuss her career in anti-money laundering compliance, and what brought her to consulting. They discuss the elements of AML compliance and how the need for it stretches beyond financial institutions to any sector that involves large transactions, including virtual digital assets and investing. They talk about the $3 billion settlement TD Bank entered into with regulators in October of 2024 and the messages that sends both to financial institutions and money criminals.
Listen to Crystal’s advice to risk professionals who may oversee large transactions.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] Public registration is open for RISKWORLD 2025! Engage Today and Embrace Tomorrow with RIMS at RISKWORLD from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD.
[:31] About this episode of RIMScast. Crystal Trout of Baker Tilly and I will discuss how Anti-Money Laundering regulations are impacting the risk profession.
[:56] RIMS-CRMP Workshops! As part of RIMS’s continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:15] Virtual Workshops! On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S.”
[1:29] On June 12th, Pat Saporito will host “Managing Data for ERM” and will return on June 26th to present the very popular new course, “Generative AI for Risk Management”.
[1:44] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:55] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[2:14] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes.
[2:38] Money laundering should be one of the top risks on your risk radar, especially in 2025 as new regulations are added or rolled back. Some high-profile resolutions have made recent headlines.
[2:51] To help me make sense of it all for the RIMScast audience, here is the Director of Baker Tilly’s Risk Advisory Practice, Crystal Trout. Crystal has more than 23 years of experience working with financial institutions with a focus on financial crimes compliance.
[3:08] We’re going to talk about anti-money laundering (AML) programs and get some best practices for implementation and reporting.
[3:18] Interview! Crystal Trout, welcome to RIMScast!
[3:33] Crystal Trout is a director with Baker Tilly's Risk Advisory Group. She joined Baker Tilly after having worked in financial crimes risk for over 23 years. Previously, she was in the financial institution space.
[3:51] Crystal switched to consulting to help other financial institutions build out their AML compliance programs and ensure that they’re in a good spot for regulatory exams.
[4:19] Crystal tells how she was drawn to anti-money laundering. In high school, she had an internship with a financial institution, and it was robbed.
[4:37] When the FBI was doing their investigation, Crystal was trying to understand what they were doing and how they were going to catch the robber. She was so fascinated by the process that she changed what she went to school for and altered her career path.
[5:09] Crystal’s interest in understanding how fraudsters and money launderers act led her to use her banking career to work in the back office and investigation space.
[5:38] Crystal says the institution used dispensers that limited cash, and the robbers only got $500. Because of the weapon they used, the robbers got a massive sentence at trial.
[6:38] Crystal explains the current AML environment. Baker Tilly is staying close to any regulatory changes. The complexity of regulations is extensive. It’s critical that professionals in this space stay close to the challenges that extend even beyond the regulatory requirements.
[6:59] We’re seeing more changes in regulations than we have historically had, Crystal observes. It’s a matter of understanding the landscape, staying close to the changes, and trying to predict which direction they may go and plan for either direction. The key is planning and not waiting.
[7:32] Crystal suggests you should hope for the best and plan for the worst. Make sure that you’re prepared to go in either direction, whether regulations are rolled back or strengthened.
[7:57] Justin recalls that TD Bank reached a $3 billion settlement with U.S. regulators in October 2024, pleading guilty to failing to maintain an adequate AML program, which unfortunately led to the facilitation of money laundering activities. That’s a huge penalty, Crystal points out.
[8:37] This event provides valuable insight for risk professionals regarding regulatory expectations and also the consequences of inadequacies in their programs.
[8:49] People need to understand that they can’t be lackadaisical in their compliance program. They need to be ahead of it. It’s all about preparation and planning.
[9:03] In the TD Bank case, regulators had identified substantial weaknesses in the overall transaction monitoring system and due diligence procedures.
[9:17] TD Bank had allegedly failed to allocate the resources needed to operate their AML program, but they continued to have significant growth within their higher-risk customer segment and geographical region.
[9:35] TD Bank wasn’t staying ahead and keeping current with its customer base and the risks that were taking place. Beyond the penalty, TD Bank has expenses for remediation efforts, enhanced compliance infrastructure, and independent monitoring. All of these are added costs.
[9:57] Financial institutions may fail to realize the costs that happen beyond the penalty. They may say it costs too much to add the staffing or build the correct tools, not realizing it will cost them more when the regulators find these faults and weaknesses within their program.
[10:18] A key lesson to learn is that compliance programs must be able to scale appropriately with the institution’s business growth and evolving risk profiles.
[10:30] Regulators focus on the overall program effectiveness rather than mere technical compliance, particularly regarding the quality of suspicious activity identification and reporting.
[10:41] It’s important for institutions that have to comply with these programs to be proactive and make sure they have the correct resource allocation. Those things are key when it comes to ensuring that AML compliance programs operate effectively.
[11:11] There are five key pillars involved in an AML compliance program, including a designated compliance officer and following customer due diligence. You build an AML Bible, with paperwork that documents the steps you’re going to take to be in compliance.
[11:39] It allows your people to understand the risk that the institution is willing to take, and what it’s not willing to accept. You document everything as evidence base for regulators, as having the correct tools and technology to support the program’s overall risk tolerance.
[12:33] Justin and Crystal address the reputational risk to an institution that may come from a regulatory settlement. Crystal states that these settlements signal to the bad guys that they are going to be caught and they’re not going to be able to continue to act at that institution.
[13:14] Crystal tells about the bank robber. For prevention, when someone comes into the bank, make eye contact, talk to them, and acknowledge them. If they’re scouting it out, there’s a lot less chance they’ll come back to that bank because they are being noticed.
[13:37] A criminal may not physically be in the bank, but if you do due diligence up front when they open an account, asking the right questions, and looking for red flags, they may realize that you have a very strong AML program in place and they’ll go elsewhere.
[14:07] Plug Time! RIMS Webinars! On April 3rd, join Zurich for “Understanding Third-Party Litigation Funding”. On April 10th, Audit Board will present “What CISOs Want Risk Executives to Know About Cyber Risk in 2025”.
[14:24] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.
[14:40] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”.
[14:48] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[14:59] Important Announcement! RIMS and the Institute of Internal Auditors have entered into an agreement to deliver a selection of the other group’s educational programming to their members. Twenty-nine shared courses will be available to both association’s members.
[15:17] RIMS members can explore the IIA courses that are now available to them at See Courses Here. To access RIMS’s complete selection of workshops, webinars, and courses, visit RIMS.org/Education.
[15:35] Let’s Return to my Interview with Crystal Trout!
[15:50] Are risk professionals who are not at financial institutions at risk of inadvertently being caught up in a money laundering crime? Crystal says this question is in the back of the mind of any risk professional. She remembers that running an AML compliance program is stressful.
[16:22] There’s always the risk that a chief compliance manager could be cited for a failure and have to pay a significant, hefty fine. A risk manager should be aware of this when they’re performing any form of transaction. Listen to your gut if something seems off. Don’t ignore it.
[17:26] Is paying in cryptocurrency a red flag? Navigating AML compliance specifically regarding cryptocurrency is new for a lot of professionals. There are risks and benefits to digital assets concerning AML compliance.
[17:54] With any evolving form of payment, if risk professionals aren’t staying ahead, truly understanding and navigating how it works, it’s going to make it difficult for them to understand red flags and risks that might come, as well.
[18:13] There is sometimes a natural fear in risk professionals that because they’re not comfortable with cryptocurrency, they’re not able to address any legitimate concerns or concerns that may be their internal fear due to the lack of knowledge.
[18:45] Is it too risky for a company to announce the voluntary departure of a Chief Compliance Officer? Crystal says the company should already have a plan for somebody to temporarily step in and continue to operate so it doesn’t leave a gap or exposure in the organization.
[19:22] It’s an opportunity for a risk professional to go into a financial institution and make a mark for themselves by helping the institution strengthen its overall compliance program.
[19:49] It’s a good practice for a company to announce the replacement chief compliance officer at the same time as the announcement of the leaving chief compliance officer. It’s part of succession planning.
[20:47] The money laundering risk landscape is expanding significantly. Industries outside of finance and banking face substantial financial crime risk and corresponding regulatory scrutiny. They have less mature compliance infrastructure than their banking counterparts.
[21:07] Crystal mentions the real estate sector as a potential vehicle for money laundering due to the high-value transactions, price stability, and the lack of historical regulatory oversight.
[21:19] Digital asset providers, cryptocurrency exchanges, wallet providers, and any type of virtual asset service providers face intensifying regulatory scrutiny because the platforms can facilitate anonymous transactions.
[21:35] The Financial Action Task Force has established clear expectations for virtual asset service providers to implement robust AML controls. Gaming and gambling services present money laundering risk.
[21:53] There are other high-risk sectors that money laundering risk could expand to. FinCEN recently required registered investment advisors and exempt reporting advisors who have not been required to have an AML compliance program to have one in place by January 2026.
[22:22] We’re seeing AML compliance extend beyond traditional banking.
[22:34] There are very few industries that, in some form or fashion, could not be a victim of a bad actor performing money laundering. It’s just a matter of the bad guy finding a way to do it.
[23:09] What steps should a company take when money laundering by an employee is discovered? The appropriate officer needs to start an internal investigation. That’s a lengthy process. Make sure the “i”s are dotted and the “t”s are crossed within the investigation.
[23:47] Make sure all the evidence and documentation are aligned. Involve HR and the appropriate supervisor authority. If it’s shown to be true, interview the individual. It could lead to termination. The investigative process could take months. The authorities may be alerted.
[24:39] The company may not want it out in public knowledge and may not file a police report. It can damage a company’s reputation.
[25:00] Crystal explains her passion for AML compliance and why she became a compliance consultant to help more institutions. The downstream impact is so significant. She wants to make sure the bad apples don’t have the opportunity to launder funds.
[25:54] Special thanks again to Crystal Trout for joining us here on RIMScast. I’ve got links to more RIMS coverage of fraud, compliance, financial risk management, and anti-money laundering in this episode’s show notes.
[26:09] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[26:38] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[26:55] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[27:13] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[27:30] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[27:44] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[27:51] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RISKWORLD 2025 — May 4‒7 | Register today!
Nominations for the Donald M. Stuart Award [Canada]
Spencer Educational Foundation — General Grants 2026 — Application Dates
Spencer’s RISKWORLD Events — Register or Sponsor!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
Announcement: RIMS and The Institute for Internal Auditors' Strategic Alliance on Education
RIMS Webinars:
RIMS.org/Webinars
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich | April 3, 2025
“What CISOs Want Risk Executives to Know About Cyber Risk in 2025” | Sponsored by Auditboard | April 10, 2025
“Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025
“Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA | April 22‒23
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | April 16‒17 | Instructor: Chris Hansen
“Managing Data for ERM” | June 12 | Instructor: Pat Saporito
“Generative AI for Risk Management” | June 26 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RIMS Legislative Priorities in 2025 with Mark Prysock”
“AI and Regulatory Risk Trends with Caroline Shleifer”
“Financial Risk Management with Chris Willey of American Eagle FCU”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“ERM in Banking & Finance with Eleni Willis”
Sponsored RIMScast Episodes:
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich (New!)
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog (New!)
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring Walmart ERM Director Michelle Black!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Crystal Trout, Director, Risk Services Advisory Group at Baker Tilly
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
William Sako is a security and risk expert. Justin and William address issues such as how security tech makes buildings smarter and safer, examples of the risk tech used in these buildings, and mistakes that risk leaders might make today. They discuss how COVID-19 has facilitated change in enhancing security measures that will be with us forever.
They talk about the important role of the risk manager when designing a security plan for a building. They dig into how risk managers can lead the charge, going above and beyond check-the-box compliance.
Listen to William’s perspectives on risk technology, communication within an organization, and the future of building security.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] Public registration is open for RISKWORLD 2025! Engage Today and Embrace Tomorrow with RIMS at RISKWORLD from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD.
[:31] About this episode of RIMScast. We will be joined by Bill Sako of Telgian Engineering to discuss security risk management in 2025.
[:58] RIMS-CRMP Workshops! As part of RIMS’s continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:15] Virtual Workshops! On March 26th, Pat Saporito will host “Generative AI for Risk Management”. The next course will be on June 26th.
[1:29] On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S.”
[1:42] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:53] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[2:12] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes.
[2:35] Our guest today, Bill Sako, is the Vice President and Senior Security Consultant at Telgian Engineering and Consulting. He has 50 years of experience in security risk management.
[2:49] Bill will tell us what’s keeping him up at night in security, risk management, visitor management, and workplace safety in 2025. We’ll also provide tips for risk managers on how to be more of a leading voice in finding a new location, renovating it, and installing security tech.
[3:15] Interview! Bill Sako, welcome back to RIMScast!
[3:33] Bill got into the business of security in 1974 by starting Sako & Associates, a security consulting firm. It became the second largest in the U.S. with 28 engineers and support staff, doing every kind of security project in buildings and venues.
[3:54] Sako & Associates did security projects at U.S. Embassies, F.B.I. Headquarters, super highrise buildings all over the world, large mixed-use projects, and developing multiple security programs that have to meld together in a large, complicated building.
[4:20] These projects include large medical centers and college campuses around the world. A lot of its work was done with architects in corporate America when they were developing office buildings.
[4:39] Sako & Associates developed over $2.2 billion in security plans over many projects.
[5:33] Today’s security tech is transforming buildings into smarter and safer environments through advanced sensors, AI, and connectivity. AI-powered surveillance cameras detect unusual behavior, recognize faces, and track movement in real-time.
[5:58] That technology was in its infancy 10 years ago. It’s come a long way and the technology is becoming rock-solid. The systems can differentiate between threats and harmless activities to reduce false alarms and help the person monitoring the system understand them.
[6:18] Access control to the building and tenant spaces within the building is provided through biometric scanners, mobile-based apps, and smart card readers, with logs for digital security auditing.
[6:37] Smart IoT sensors monitor temperature and air quality. They trigger alarms very quickly in case of fire, gas leak, or unauthorized entry, to keep the building occupants safe.
[6:54] Automated threat response is provided through automatically locking doors, alerting authorities, and activating emergency lighting, in response to hazards and breaches. We’ve had this capability for 20 years, but it is being used more now.
[7:27] Cloud-based surveillance allows remote monitoring by management and first responders through web access and smartphones to see the cameras in the building in real time. It’s becoming a trend.
[7:59] Cyber security measures, with increased connectivity, can provide solutions to protect networks from threats like hacking and data breaches to ensure physical security systems are uncompromised.
[8:12] Fire response systems have been hardwired for years. Engineers are starting to implement connected capabilities for them.
[8:39] Bill talks about companies paying to install cameras, but when a camera fails, not paying to replace them, leaving black monitor screens. That gave birth to predictive maintenance plans with established lifelines for any piece of equipment and budgets for replacement as needed.
[9:49] All the functions of emergency management are being automated. These innovations collectively create smarter buildings that are more secure, efficient, and responsive to any potential threat.
[10:40] Many times, the technology that’s put into a building is assumed to be static. That’s true until you make changes to the building. Then you have to update the system.
[11:02] Security is a different ball game. Security is based on behaviors. The threat environment can change from hour to hour or day to day, depending on who’s visiting the building and what’s going on down the street. You have to have flexibility and people to operate the equipment.
[11:28] The technology needs a human operator to interpret the signals and determine the right response in real time. AI and machine learning are great technologies and we’re using them virtually in every piece of equipment going in.
[12:09] You still need a human to be able to assess what’s happening and how they’re supposed to respond when multiple sensors are going off. Bill tells of a break-in when the right response was to send three armed security officers to the asset vault. The suspects were apprehended.
[13:46] Bill explains some of the changes in security technology that have been incorporated as a result of COVID-19. Increased reliance on technology led to changes in security practices. Touchless access control came about as a result of COVID-19.
[14:28] Occupancy management lets building owners know who is in the building and allows for the building to be evacuated safely.
[14:48] With people working from home, COVID-19 led to an expansion in remote monitoring.
[15:02] Visitor management is important. Healthcare facilities realize today that they have to protect their staff and patients in the building. They need screening in the lobby and must use visitor management. Automated systems make it easy.
[16:28] Touchless and mobile access control will be with us forever. Bill also includes hybrid security management, AI-powered surveillance and analytics, and moving security and surveillance to the cloud provides greater capability. Your command center can be your laptop.
[17:35] As security moved more into the digital domain, we figured out how to operate across networks and maintain security for all the data we have. Bill says it’s rock-solid today.
[17:55] Bill believes cloud-based services are the way to go for most buildings today. It gives you the capability to do everything remotely.
[18:04] Data-driven decision-making will stay with us for a long time. It allows you to predict and mitigate risk on the fly. You have to train people well to know how to respond to the data.
[18:26] Zero trust is a practice where no one coming into the network is trusted without proof through multi-factor identification. Even the Chairman of the Board must be verified.
[19:01] Bill continues with crisis management and business continuity planning. A bullet list is not a business continuity plan. With crisis management and business continuity, you have to train people so they understand the plans.
[19:24] The pandemic introduced new security practices and accelerated the modernization of legacy systems. Security includes integrating legacy systems with new systems. Command centers may have multiple disparate systems in one security management enterprise system.
[20:14] Plug Time! RIMS Webinars! On Wednesday, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”.
[20:33] On Thursday, March 27th, Descartes Underwriting will make its RIMS Webinar debut with a session about parametric insurance. On April 3rd, join Zurich for “Understanding Third-Party Litigation Funding”.
[20:47] On April 10th, Audit Board will present “What CISOs Want Risk Executives to Know About Cyber Risk in 2025”.
[20:54] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.
[21:10] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”.
[21:18 More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[21:30] Let’s Resume Our Dialogue about Security Risks with Bill Sako!
[22:10] In 50 years of security work, Bill did not encounter many leaders with Risk in their titles. While all insurance is about risk, in the corporate world, only very large companies have risk officers. Everything is in its silo. Getting the silos to talk together can be a nightmare.
[22:48] Typical buildings don’t have risk managers. Corporate campuses may have a risk manager to manage 50 or 60 buildings. That person is strained.
[23:02] When Telgian Engineering & Consulting is brought in for an audit or to develop a new system design for a client, they identify who the risk leader is, whatever title they may have. They team with the people who know the vulnerabilities and the threats of the organization.
[23:47] Telgian has recommended to several clients that they should hire a risk management person on staff. In a lot of cases, they say they don’t have the budget but they’ll think about it for the future. At that organization, who is evaluating risk for them?
[24:07] Telgian, as a consultant, takes that role for the organization while they’re doing the assessment, creating detailed risk models. Then they educate the client to the extent that the client understands what the risks are and the risk mitigation techniques they could use.
[24:47] Bill says the hard thing is to dig into organizations internally to find who that risk leader might be. Someone is doing it, even without the title. It might be the CEO.
[25:36] In organizations with a titled risk officer, they may be siloed, in a lot of cases. That risk manager needs to understand whom to work with within the organization to address all the organization’s security concerns. The siloes need to be taken down.
[26:17] Telgian Engineering & Consulting has always had the responsibility to educate its clients. The clients may think they understand what security is and what the risks are, but they often have a very narrow view without seeing the big picture.
[27:06] The person at the lobby reception desk of an office building is often the first line of defense. There may be security officers there. What happens when the visitor goes up the elevator?
[27:38] The organization should provide security training for the lobby receptionist. They can see if a visitor is acting agitated. They can attempt to de-escalate an angry visitor. They need to be briefed on the organization’s security practices, especially when they identify a threat.
[29:23] When Telgian does an assessment, they don’t want one point person to show them around. They want to talk to everybody who is in touch with what’s going on in the organization. Receptionists are one of the primary sources of information for Telgian.
[30:13] Bill says that risk leaders and officers need to find a way to become embedded in the organization and the things that are going on. The risk manager needs to be part of the security team, the facilities team, the legal team, and the IT team.
[30:32] Bill has recommended to risk managers that they should set up monthly or bi-monthly meetings with the leaders of the siloes to discuss concerns and risks and how to solve those problems together. The risk manager is usually the right person to pull that team together.
[31:42] Bill says identifying risks through AI on video cameras and following a visitor through the building is happening in many organizations now. This is critical for post-incident analysis.
[33:07] One thing the government is great at is doing a full-blown report after an incident. That incident report winds up informing security of the risks to watch for.
[33:19] On every consultation project, Bill got past reports upfront from the organization to see what the issues have been with the organization. They design security systems to meet those threats. Organizations have to do that to manage their risks properly.
[33:42] Special thanks again to William Saco for joining us here on RIMScast. In this episode’s show notes, I have links to more RIMS Risk Management magazine and RIMScast coverage on security risks and workplace violence preparedness and prevention.
[33:59] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[34:27] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[34:46] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[35:03] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[35:20] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[35:34] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[35:41] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RISKWORLD 2025 — May 4‒7. | Register today!
Nominations for the Donald M. Stuart Award [Canada]
Spencer Educational Foundation — General Grants 2026 — Application Dates
Spencer’s RISKWORLD Events — Register or Sponsor!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
RIMS Webinars:
RIMS.org/Webinars
“Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025
“Parametric Insurance and Climate Risk: An Innovative Tool for CAT Risk Management” | Sponsored by Descartes Underwriting | March 27, 2025
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich | April 3, 2025
“What CISOs Want Risk Executives to Know About Cyber Risk in 2025” | Sponsored by Auditboard | April 10, 2025
“Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025
“Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA | April 22‒23
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Generative AI for Risk Management” | March 26 and June 26 | Instructor: Pat Saporito
“Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | April 16‒17 | Instructor: Chris Hansen
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Evolving Fire Risks with Ralph Bless”
“Public Violence and Workplace Safety with Lauris Freidenfelds”
“E-Commerce’s Impact on Fire Safety in Supply Chains with Leonard Ramo”
“Data Privacy and Protection with CISA Chief Privacy Officer James Burd”
“Solving Wicked Problems with Dr. Gav Schneider”
Sponsored RIMScast Episodes:
“What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog (New!)
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring Walmart ERM Director Michelle Black!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: William Sako, Vice President, Senior Security Consultant at Telgian Engineering & Consulting, LLC
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Our guest, Morgan O'Rourke, is the Senior Director of Content & Publications of RIMS. Justin and Morgan discuss the new member-centric newsletter, RIMS Now, and review the Q1 2025 digital edition of RIMS Risk Management magazine and the marquee features. They talk about the prominent way AI is being covered in this quarter because it’s permeating all facets of risk management.
RIMS attended the TRENDY Awards on March 13 and Risk Management magazine took home the Bronze for Best Quarterly or Annual Magazine or Journal and RIMScast took the Bronze for Best Podcast. The TRENDY Awards honor the best marketing and communication pieces in the association and non-profit community.
Listen in for Morgan’s perspectives on the emerging trends in risk management.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] Public registration is open for RISKWORLD 2025! Engage Today and Embrace Tomorrow with RIMS at RISKWORLD from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD.
[:31] About this episode of RIMScast. We will be joined by RIMS Senior Director of Content and Publications, Morgan O’Rourke. We will discuss risk trends and highlights from the Q1 2025 issue of RIMS Risk Management magazine.
[1:00] RIMS-CRMP Workshops! As part of our continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:19] Virtual Workshops! On March 26th, Pat Saporito will host “Generative AI for Risk Management”. On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S.”
[1:42] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:53] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember that there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[2:12] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! The links are in the show notes.
[2:35] Our guest today, Morgan O’Rourke, is the Senior Director of Content and Publications at RIMS. We will discuss highlights from the Q1 2025 issue of RIMS Risk Management magazine.
[2:50] There’s some proud news from our camps! On March 13th, Risk Management magazine and RIMScast took home Bronze TRENDY Awards during Association Trends and CEO Updates Salute to Association Excellence. This event was in Washington, D.C.
[3:06] Risk Management magazine took home the Bronze for Best Quarterly or Annual Magazine or Journal and RIMScast took the Bronze for Best Podcast. The TRENDY Awards honor the best marketing and communication pieces in the association and non-profit community.
[3:21] We are humbled and honored to be acknowledged and want to thank our audiences worldwide.
[3:27] We’re going to talk all about the risk management trends that are populating the digital pages of RIMS Risk Management magazine and how these articles can help our audience do their jobs better.
[3:42] Interview! Morgan O’Rourke, welcome back to RIMScast!
[3:56] Morgan and Justin just won TRENDY Awards! Justin loves this recognition from his peers. It shows that the work is resonating with the readers and listeners. Hilary Tuttle accepted an award for writing on behalf of RIMS Risk Management magazine.
[5:21] Morgan has a new member publication, RIMS Now, a newsletter about RIMS and what’s going on in the society and the chapters, keeping members up to date on the RIMS community.
[5:47] The next issue should be out in early April. Morgan invites anyone interested to email him at RIMSNow@RIMS.org with any updates you have about your chapter for consideration for a future issue.
[6:28] This is not for risk management thought leadership that can go in other venues. This is for news, accomplishments, and cool stuff your chapter is doing.
[9:21] TRENDY 2025 Award-winning RIMS Risk Management magazine is a quarterly digital publication. RIMS posts articles multiple times a week on the website and compiles them into a magazine flip page format once a quarter. The first quarterly issue of 2025 came out in March.
[10:07] The next quarterly issue is planned for June. The publication will evolve as new software features are added.
[11:29] Justin gives credit to Morgan O’Rourke, Hilary Tuttle, Andrew Bass, and Jennifer Post for leaning into the digital version of RIMS Risk Management magazine. Morgan has produced print magazines for 20 years, but the trend is digital. A digital publication is more responsive to news.
[12:58] Plug Time! RIMS Webinars! On Wednesday, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”.
[13:17] On Thursday, March 27th, Descartes Underwriting will make its RIMS Webinar debut with a session about parametric insurance. On April 3rd, join Zurich for “Understanding Third-Party Litigation Funding”.
[13:30] On April 10th, Audit Board will present “What CISOs Want Risk Executives to Know About Cyber Risk in 2025”.
[13:38] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.
[13:54] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”.
[14:02] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[14:13] Let’s Return to Our Interview with RIMS Senior Director of Content and Publications, Morgan O’Rourke!
[15:19] The big news in Q1 of 2025 was the wildfires in California. There were probably $30 to $50 billion in insured losses. The disasters hit places that weren’t prepared for or used to wildfires. Much of Canada caught fire. There were fires on the East Coast.
[16:09] There were convective storms stronger than ever in the Midwest and floods hitting places that weren’t prepared. The risk landscape has gotten a lot broader. It portends a larger trend you should prepare for. Morgan and Justin agree that climate risk is at the heart of this.
[17:03] Weather patterns are going to change. Disasters are going to be stronger and more frequent. Make sure that you have risk management measures in place. Make sure your coverages are adequate for your needs. Speak to your insurers about how you mitigate risks.
[17:48] Justin says business interruption losses were covered in an article by Anderson Kill. Business interruption coverage should cover smoke damage.
[18:31] An eye-opener for Justin was that AI and AI-related risks are laced throughout the feature articles. Articles cover project management and mergers and acquisitions in terms of AI. Everything we normally do now has an AI facet within different contexts.
[20:07] There is a standing policy in the magazine and RIMS not to publish anything generated by AI. Beyond generative AI, there are ways AI streamlines jobs. In risk management planning, an AI might be used to come up quickly with risk scenarios for you to consider if they apply.
[21:37] Morgan emphasizes that if you use AI, use it thoughtfully. One of the featured articles is about how to manage AI projects successfully. Decide how you will use it if it fits your business. Are you addressing data security risks? Don’t use a program that opens up vulnerabilities.
[22:23] You want to make sure that whoever is supposed to use it can do so and wants to do so. Otherwise, you’ll be spending money on something that’s not useful to you. When you use it, you’ve got to make sure you are looking at certain risks, security being a major one.
[22:54] An article on the site covers how HR departments use AI. You have to make certain the AI has no inherent bias in evaluating resumes and that the data is secure so you don’t make some personally identifiable information public.
[24:03] Justin brings up March being World Water Month. Every time you use AI, you are using water to cool the servers. You use a lot of energy, too.
[24:58] If you’re interested in contributing content to RIMS Risk Management magazine, reach out to MORourke@RIMS.org or go to RMMagazine.com and click on the Contribute link. You will see the basics of what they are looking for and how they approach articles.
[25:45] If you are a risk professional or adjacent to the risk profession, you’re a person RIMS Risk Management magazine wants to hear from. You, the risk managers, are the experts. Morgan relies on the expertise of the risk management community.
[26:25] Morgan thinks there will be content regarding the impact of the Trump administration’s policies, particularly tariffs. They will have huge implications for supply chains. A.M. Best released a statement on the impact on the insurance industry for replacement costs.
[27:17] If there are tariffs on lumber, steel, and aluminum that go into replacing your home or business, property insurance policies will have to go higher because of replacement costs.
[27:29] Morgan speaks of political risk insurance and trade credit risk insurance that are moving to the front burner because of differences in the supply chain and the risks therein. Risk professionals will want to keep informed about various policy changes.
[28:07] Special thanks again to RIMS Senior Director of Content and Publications, Morgan O’Rourke. He signs my checks and he’s never looked or sounded better! You can read the TRENDY Award-winning RIMS Risk Management magazine at RMmagazine.com.
[28:24] Check out this quarter’s digital edition and all the individual articles we mentioned. If you want to contribute to the magazine, check out rmmagazine.com/contribute. You can reach out to the editorial staff on that page as well.
[28:42] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[29:11] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[29:29] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[29:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[30:03] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[30:17] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[30:24] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Links:
RISKWORLD 2025 — May 4‒7 | Register today!
Nominations for the Donald M. Stuart Award [Canada]
Spencer Educational Foundation — General Grants 2026 — Application Dates
Spencer’s RISKWORLD Events — Register or Sponsor!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Now
RIMS Webinars:
RIMS.org/Webinars
“Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025
“Parametric Insurance and Climate Risk: An Innovative Tool for CAT Risk Management” | Sponsored by Descartes Underwriting | March 27, 2025
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich | April 3, 2025
“What CISOs Want Risk Executives to Know About Cyber Risk in 2025” | Sponsored by Auditboard | April 10, 2025
“Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025
“Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA | April 22‒23
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Generative AI for Risk Management” | March 26 | Instructor: Pat Saporito
“Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | April 16‒17 | Instructor: Chris Hansen
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Year In Risk 2024 with Morgan O’Rourke and Hilary Tuttle”
“Kicking off 2025 with RIMS CEO Gary LaBranche”
“Brand New Day with RIMS 2025 President Kristen Peed”
“RIMS Legislative Priorities in 2025 with Mark Prysock”
“(Re)Humanizing Leadership in Risk Management with Holly Ransom” (RISKWORLD Keynote)
“Risk and Relatability with Rachel DeAlto, RISKWORLD Keynote”
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD Keynote)
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring Walmart ERM Director Michelle Black!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Morgan O’Rourke, Senior Director of Content & Publications at RIMS
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Our guest, Kristen Peed, is the Chief Risk Officer of Sequoia, and RIMS 2025 President. Kristen was recently promoted to Chief Risk Officer. She tells about that role and how it differs from her other risk roles.
Kristen speaks of a few of the risks to organizations today. She shares two stories of mentorship from her past and her efforts to provide mentorship today. Kristen shares thoughts about the evolving role of the risk manager and her pathway to the C-Suite for a seat at the table. She discusses the legislative summit, the topic of third-party-funded litigation, and the need for transparency and regulation.
Justin and Kristen discuss how every day is a brand new day for RIMS, what will be celebrated at RISKWORLD 2025, and a couple of new RIMS initiatives you can expect to learn about there. Kristen shares her gratitude to all the RIMS volunteers who make her job as 2025 president possible.
Listen for Kristen’s career advancement advice and her final suggestion for growth.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration is open for RISKWORLD 2025! Engage Today and Embrace Tomorrow with RIMS at RISKWORLD from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:31] About this episode of RIMScast. We will be joined by RIMS President Kristen Peed.
[:48] RIMS-CRMP Workshops! The next workshop will be March 19th and 20th. Register by March 12th. As part of our continuing strategic partnership with Purima, we have a two-day course coming up on April 22nd and 23rd.
[1:03] Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:10] Virtual Workshops! On March 26th, Pat Saporito will host “Generative AI for Risk Management”.
[1:18] On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S.”.
[1:31] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:40] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[1:57] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! Links are in the show notes.
[2:17] Our guest today is the Chief Risk Officer at Sequoia and the RIMS 2025 President, Kristen Peed. We’re going to talk about her risk management career journey, what it took for her to ascend to the level of Chief Risk Officer, and what that means for her organization.
[2:38] We will also talk about the power of mentorship, networking, and what’s in store for us at RISKWORLD 2025 and throughout the year as we celebrate the 75th anniversary of RIMS.
[2:50] Interview! RIMS 2025 President, Kristen Peed, welcome to RIMScast!
[3:07] This is Kristen’s eighth year on the RIMS Board. It’s been an amazing journey! Most of her best friends are RIMS staff members or RIMS members, all over the globe. RIMS is a huge part of her life! Justin joined RIMS almost eight years ago. They have known each other for years.
[3:33] Justin shares a memory with Kristen in Halifax. Kristen took part in an impromptu presentation, in the role of a petulant child.
[4:06] Kristen wears sneakers; she has branded herself as the sneaker queen. She has stopped counting how many pairs of sneakers she has.
[4:34] This year is the 75th anniversary of RIMS. There is a big RISKWORLD in May; its theme is Engage Today and Embrace Tomorrow with RIMS.
[4:54] Kristen Peed was recently promoted to Chief Risk Officer of Sequoia. Sequoia has ambitious growth goals, which is one of the reasons Kristen joined it. In her new role, Kristen has oversight of all corporate risks.
[5:27] These include enterprise risks, IT risks, security risks, property & casualty risks, and E&O risks. It’s overarching.
[5:46] Kristen sees there has been a slow transition for risk managers in general, from a transactional, procurement role to a strategic role, where they see opportunities with risk. Where they see places where they can offer value and insight.
[6:07] Sequoia is a client-based company. Clients are reaching out to Kristen for help dealing with deep-fake interviews. Kristen looked to the RIMS Board of Directors and Cherise Papadopolo, RIMS VP of DEI, People, & Culture, and got some helpful HR information.
[6:48] Kristen was able to provide strategic advice to a Sequoia client’s Chief People Officer. It’s a perfect example of how RIMS helps risk managers to be viewed as strategic. The RIMS community is part of the reason Kristen was able to take on the role of Chief Risk Officer.
[7:13] The role is something Kristen has been preparing for ever since she started as a risk analyst. Every step has been more of a strategic and leadership role rather than being in the weeds doing stuff. The Chief Risk Officer helps navigate and chart the map for the “captain.”
[7:55] Kristen’s career advancement came both from having a plan and from being seen for her hard work. She has learned to ask for things more. She was fortunate to have some success early in her career and capitalized on it. A new boss provided amazing mentorship for Kristen.
[8:41] She asked, “What’s the next role for Kristen?” Kristen realized she would like to be considered for a Chief Risk Officer role. Kristen’s boss understood her value and wanted to make sure she felt appreciated. Six months later, Kristen was offered the role if she wanted to take it.
[9:45] Part of it is making your leadership aware that these titles exist, showing your value, and asking for it.
[10:05] One of Kristen’s early successes at Sequoia involved using her RIMS network to put together a presentation on using surplus funds from the captive PEO insurer to fuel additional risk management activities. Leadership was excited and Kristen implemented it right away.
[11:03] Another success was the consolidation of insurance programs. Sequoia had grown quickly and had renewal dates in different places. Kristen showed her market savvy and leveraged her relationships with carriers to bring down some initial premium costs.
[12:00] Kristen says that putting the C-level title on a risk officer differentiates it. When she partners with the CISO or the Chief Data Officer, they are on equal footing. The C-level carries more weight. It also helps carriers in the marketplace see her as being in company leadership.
[12:42] When Kristen meets with underwriters and carriers, they have a greater sense of comfort knowing she has a seat at the table and understands the direction of the company and how to mitigate against risk before it hits insurance.
[13:01] Plug Time! RIMS Webinars! On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”.
[13:15] On Wednesday, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”.
[13:30] On Thursday, March 27th, Descartes Underwriting will make its RIMS Webinar debut with a session about parametric insurance. On April 3rd, join Zurich for “Understanding Third-Party Litigation Funding”.
[13:43] On April 10th, Audit Board will present, “What CISOs Want Risk Executives to Know About Cyber Risk in 2025”.
[13:51] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.
[14:07] On April 24th, RiskConnect returns to deliver “Better Together: The Marriage of Insurable Risk and Business Continuity”.
[14:40] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[14:26] Let’s Return to Our Interview with RIMS 2025 President Kristen Peed!
[14:37] As a follow-up to the RIMScast episode with Mark Prysock on RIMS’s legislative priorities, Kristen talks about third-party-funded litigation. It affects risk managers, carriers, and brokers because of premium pricing.
[15:06] It’s necessary to have transparency around third-party-funded litigation and eliminate the ability of foreign entities to fund and profit from it. The concern is around nuclear verdicts that are detrimental to the industry as a whole.
[15:39] Nuclear verdicts will impact pricing, not only for that one company but for all risk managers. These verdicts are not sustainable. We need transparency. We want Congress to act upon this. We can all get behind this. Kristen doesn’t think this is a partisan issue.
[15:58] Being able to partner with our carriers and brokers to have a strong message on the Hill is critical to the success and continuation of our industry.
[16:08] Time and money are finite resources. There is no bottomless pit of money.
[16:30] Kristen will soon be going to Capitol Hill with fellow risk practitioners for the RIMS Legislative Summit.
[16:43] Kristen got involved in legislative advocacy after getting a mailer for the Legislative Summit. She attended and met the staff, including Robert Cartwright. She saw It was an amazing platform for risk managers to have their voices heard by the people they elect.
[17:17] The RIMS Legislative Summit is one of Kristen’s favorite annual events. It can be so impactful to the community as a whole. It will be March 19th and 20th. This is your last chance to register for it. Prepare for the trip to D.C.
[17:54] March is Women’s History Month. Kristen says she was lucky to have some key female leaders placed in her life at critical moments, that helped her down this path.
[18:15] At CBIZ, Nancy Mallard was the GC for CBIZ’s Benefits and Insurance Division. She was the first female chair of the CIAB (The Council). Kristen saw Nancy’s leadership throughout the years in the industry. Kristen used her great example to figure out how to get involved at RIMS.
[19:15] Kristen’s new boss, Kathy Ross, is amazing. She’s been a great advocate for Kristen and it has been awesome to learn from her how to elevate her leadership skills. Kristen feels blessed to have had these two impactful women in her life.
[19:47] Sequoia’s culture is paramount to its people. One of its service commandments is “Be of extraordinary value to others.” Sequoia’s mission is “Coming through for others that put their trust in us.” Kristen takes these values to heart, whether in mentoring or calling on the phone.
[20:39] Kristen looks at how she can help create career paths for people and develop them, at Sequoia and in the risk community, as well. Kristen brings together interns and “externs” from other companies and stays in touch with them. She always asks them to pay the help forward.
[21:35] Plug Time! Kristen Peed was a board member of the Spencer Educational Foundation.
[21:41] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[21:59] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits.
[22:13] Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer’s General Grants through the Programs tab of SpencerEd.org.
[22:31] Spencer has several events lined up before and during RISKWORLD 2025. On May 3rd, there’s the Spencer-CNA Pickle Ball Social, on May 4th, the Spencer-Gallagher Golf Tournament, on May 5th, the Spencer Soiree, and on May 6th, the Spencer-Sedgwick 5K Fun Run.
[22:51] You can register for or sponsor any of these through the links on this page or by visiting SpencerEd.org/riskworld2025.
[23:00] The Conclusion of My Interview with RIMS 2025 President, Kristen Peed!
[23:27] Kristen’s theme for her presidency is Brand New Day. Every day is a brand new day of risks. Every day, new risks are popping up. Whether AI, advancements in cyber threats, wildfires, or climate change, everything is changing.
[24:12] It’s a brand new day for risk managers. We have to be more nimble and strategic. That means it’s a brand new day for RIMS. It’s about how RIMS is going to support us in this moment and also as we move into the future, making sure we stay relevant for the next 75 years and on.
[24:41] A new track, Alternative Risk Transfer, highly focused on captives, is being presented at RISKWORLD 2025. This is something risk managers have been asking to learn more about. It’s part of the strategic conversation; how do you start to offer value back to your company?
[25:09] How do you more strategically look at risk from a long-term perspective? That dovetails with Enterprise Risk Management. RIMS ERM content is relevant and has evolved over time. Captives will continue to be a value-generating part of the profession.
[26:06] The 75th anniversary of RIMS is special for Kristen because it shows that RIMS has come so far. This year, RIMS is launching the RIMS Foundation to create opportunities for early-career students. That’s the critical time to help them stay in the profession.
[26:47] The RIMS Foundation will provide them with opportunities for growth, learning, and networking. This is a graying industry. We need to attract the next generation of talent to the industry and fill the pipeline with lots of people to backfill when current risk professionals retire.
[27:21] Also in 2025, RIMS has a brand new Texas regional conference from August 4th through the 6th, on the San Antonio River Walk. People are reaching out to Kristen to submit sessions. It’s exciting to see all the buzz around that conference.
[28:35] Kristen’s concludes: “Never quit learning. In my role, I’ve been doing this for two-plus decades, but I learn something new every day. When I took the RIMS-CRMP, I learned even more. It’s the only risk management credential accredited by ANSI. Go and get your RIMS-CRMP.”
[28:56] “It is one of the best educational opportunities you will have to demonstrate your proficiency and excellence and show your senior leadership team that you have the skills to elevate and provide strategic direction to your company.”
[29:18] Justin notes that later this year, you can look for a RIMS-CRMP story, featuring RIMS 2025 President Kristen Peed.
[29:23] Kristen, it is such a pleasure to see you! I’m so happy that you’re our president this year and I’m happy for your continued success. I look forward to being able to celebrate with you in May at RISKWORLD 2025!
[29:35] Kristen says she is honored to lead RIMS this year but it wouldn’t be possible without all the other volunteer risk professionals around the world, all our chapter leaders, all committee members, and all our council volunteers.
[29:53] Kristen wants to thank everybody who donates their time and energy to making RIMS so relevant and future-thinking. I could not do what I do without your support.
[30:10] Special thanks again to RIMS 2025 President, Kristen Peed. Be sure to catch her at RISKWORLD 2025. She will have a presence on the main stage and during many of the ceremonies. Be sure to register for RISKWORLD 2025 at RIMS.org/riskworld.
[30:23] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[30:48] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[31:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[31:21] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[31:48] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[31:54] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 — May 4‒7 | Register today!
RIMS Legislative Summit — March 19‒20, 2025
Nominations for the Donald M. Stuart Award [Canada]
Spencer Educational Foundation — General Grants 2026 — Application Dates
Spencer’s RISKWORLD Events — Register or Sponsor!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
RIMS Leadership Corner — Featuring Kristen Peed
RIMS Webinars:
RIMS.org/Webinars
“How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025
“Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025
“Parametric Insurance and Climate Risk: An Innovative Tool for CAT Risk Management” | Sponsored by Descartes Underwriting | March 27, 2025
“Understanding Third-Party Litigation Funding” | Sponsored by Zurich | April 3, 2025
“What CISOs Want Risk Executives to Know About Cyber Risk in 2025” | Sponsored by Auditboard | April 10, 2025
“Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025
“Better Together: The Marriage of Insurable Risk and Business Continuity” | Sponsored by Riskonnect | April 24, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP | March 19‒20 | Register by March 12
RIMS-CRMP Exam Prep with PARIMA | April 22‒23
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Generative AI for Risk Management” | March 26 | Instructor: Pat Saporito
“Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | April 16‒17 | Instructor: Chris Hansen
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Kicking off 2025 with RIMS CEO Gary LaBranche”
“RIMS Legislative Priorities in 2025 with Mark Prysock”
“(Re)Humanizing Leadership in Risk Management with Holly Ransom” (RISKWORLD Keynote)
“Risk and Relatability with Rachel DeAlto, RISKWORLD Keynote”
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD Keynote)
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Kristen Peed, Chief Risk Officer at Sequoia and the RIMS 2025 President
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Our guest, Nicole Sherwin, Chief Impact Officer of EcoVadis, explains her ESG philosophy, and how her role as EcoVadis Chief Impact Officer works with sustainability, including climate-related risks, human rights, transparency in supply chains, and sustainability supply chain regulations. Nicole and Justin discuss each of these topics and how companies can improve their sustainability metrics. Nicole points out the incentives companies have to demonstrate to investors and institutions more transparency in their supply chains. She notes tools and frameworks companies can use for supply chain ESG and sustainability reporting. Listen for a perspective on adding sustainability compliance to your organization’s supply chain.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow with RIMS at RISKWORLD from May 4th through May 7th in Chicago, Illinois. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:30] About this episode. We will discuss sustainability and supply chain risk with our guest, EcoVadis Chief Impact Officer Nicole Sherwin.
[:55] RIMS-CRMP Workshops! The next workshop will be March 19th and 20th. Register by March 12th. As part of our continuing strategic partnership with Purima, we have a two-day course coming up April 22nd and 23rd.
[1:12] LInks to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:20] Virtual Workshops! “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025. On March 26th, Pat will also host “Generative AI for Risk Management.”
[1:38] On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S.”
[1:51] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:02] RISKWORLD registration is open. Engage Today and Embrace Tomorrow, May 4th through 7th in Chicago. Register at RIMS.org/RISKWORLD. Also, remember there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[2:20] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! Links are in the show notes.
[2:43] Between tariffs, climate threat, and geopolitical instability, now is a good time to reexamine your supply chain risk management practices, especially in front of April, which is Supply Chain Integrity Month.
[2:57] Joining us today to discuss the role that sustainability efforts can play in managing supply chain risk is Nicole Sherwin, the Chief Impact Officer at EcoVadis, a provider of business sustainability ratings and insights. There’s much to discuss about sustainability, ESG, and more!
[3:17] Interview! Nicole Sherwin, welcome to RIMScast!
[3:40] Nicole holds that businesses have a unique opportunity to magnify the positive social and environmental impacts of the things they do and where they engage.
[3:56] Nicole is especially passionate about sustainable supply chains and the B2B relationship between buyers and suppliers. Procurement, the function that works with suppliers, holds a lot of power, in deciding which suppliers to spend money with.
[4:13] Procurement wants to work with suppliers who can demonstrate they are strong partners in all senses of the word, but increasingly in managing their business’s sustainability.
[4:22] It can reduce risk, increase resilience, and open collaboration opportunities for procurement teams to drive growth and value for their business.
[4:35] Procurement can leverage sustainability innovations of products and services of their suppliers into the design and selling of their products and services, which helps them meet the demands of customers and unlock new markets. That excites Nicole.
[4:59] EcoVadis is a purpose-driven company, as stated in its corporate bylaws. Its purpose is to guide all companies toward a sustainable world.
[5:14] Nicole’s role as Chief Impact Officer is similar to a Chief Sustainability Officer. Part of her role is responsibility for implementing best-in-class sustainability practices internally. Some of those practices are set science-based carbon reduction targets.
[5:31] EcoVadis runs a program with its suppliers to engage them in sustainable practices.
[5:35] The bigger impact EcoVadis can have is via its solutions and driving sustainability transformation with its customers. EcoVadis is dedicated to embedding sustainability data and intelligence into business decisions.
[5:50] EcoVadis has sustainability ratings and data it provides to help businesses benchmark themselves and improve their performance on environmental and social topics. It focuses on global supply chains and procurement organizations that engage their suppliers.
[6:08] The impact EcoVadis has is as an enabler to guide companies to improve their practices on decarbonization, working conditions, and human rights, to create stronger sustainability performance with more resilient supply chains.
[6:19] KPIs are important ways to measure. Action can be even more important. Don’t wait to get the right measurement or figure out how to measure. Get to action, maybe specifically on decarbonization, where some of the metrics and KPIs might be hard to get to.
[6:46] Nicole believes there are many risks to global supply chains. Some are geopolitical instability, tariffs impacting trade, and increased cyber attacks on critical infrastructure as things are becoming more digitalized.
[7:05] Nicole mentions four sustainability topics. The first is climate-related risks, including extreme weather events, natural disasters, and long-term climactic changes, like rising temperatures and sea levels. Climate impacts raw material availability or shortages.
[7:27] Droughts and changes in weather affect agricultural productivity. Weather could be linked to transportation and distribution disruption with infrastructure damages and closure of routes that impact business continuity.
[7:45] The second sustainability topic is human rights and forced labor risks. These can be hard to detect. EcoVadis customers, working with their supply chain, have a strong focus on identifying and remediating those risks.
[8:02] The third sustainability topic is the lack of transparency in the supply chain. Many companies are only scratching the surface of the potential risks as they engage their direct or tier-one suppliers. Behind the tier-one supplier are different products and raw materials.
[8:23] How do you understand who those suppliers are and what are their ethical standards for sourcing and labor practices?
[8:30] The fourth sustainability topic is ESG or sustainability supply chain regulations. Supply chains are complex. They’re global. They could go deep into the multi-tier. Getting supply chain data needed for compliance is also complex.
[8:45] The ESG regulation space is evolving. It’s a moving target, both in the U.S. and in Europe. Being late or not being prepared for these regulations is a risk.
[9:01] Plug Time! The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[9:21] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits.
[9:35] Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer’s Grants through the Programs tab of SpencerEd.org.
[9:54] Spencer Day is an annual virtual event where the risk management and insurance communities come together to celebrate the Spencer Educational Foundation and the incredible work they do to attract and retain talent in the risk management and insurance professions.
[10:10] It’s never too late to donate. You can send a belated Spencer Day card. This year, the Foundation is seeking donations of $46 in honor of Spencer’s 46th year of operations. Visit SpencerEd.org/spencer-day for more details and donate.
[10:34] Every contribution is an investment in the future of risk management. We appreciate your support.
[10:40] Let’s Get Back to Our Interview with Nicole Sherwin of EcoVadis!
[11:02] Organizations can focus on sustainable procurement, creating an end-to-end program with suppliers, identifying where the risk is, assessing the performance, closing the gaps, and driving improvements on ethical, social, and environmental topics. That’s a key foundation.
[11:22] This can be done with on-site audits, online questionnaires, certifications that can be collected, and verification technology. Companies are deploying targeted engagements with suppliers that align with their corporate sustainability goals.
[11:39] Decarbonization of the supply chain is a key sustainability goal. It starts by understanding a supplier’s carbon footprint.
[11:47] A vast majority of the supply chain is small-to-medium companies (SMEs) in emerging markets. They don’t know where to start calculating their Scope 1 and Scope 2 indirect emissions. There are a lot of carbon estimators that can support suppliers to calculate those.
[12:03] These estimates can be used by procurement organizations to calculate their Scope 3 emissions.
[12:11] Nicole talks of transitioning to renewable energy sources, energy-efficient buildings, and manufacturing equipment, depending on the industry, optimizing transport, and localizing sourcing. Can you get closer to the source from the suppliers you’re working with?
[12:34] Look for eco-friendly materials that can be reused and recycled at the end of life. Use life-cycle assessments (LCA). Some tools can be used to support sustainable product design.
[12:58] Life cycle assessments require a level of expertise. Tools and technologies for LCA are becoming much more advanced and make it easier for SMEs to adopt at-scale deployments across multiple product areas.
[13:26] Dimensions of ROI can be incorporated into sustainability. The centerpiece of sustainability is looking at the environmental and social impacts of materials. Figuring ROI on a sustainability initiative is complex.
[14:12] EcoVadis did a report with Bain, “ESG Financial Performance.” Companies at the forefront of working on sustainable procurement have a profitability margin of three percentage points above those who don’t focus on their suppliers’ environmental and ethical practices.
[14:32] That research also showed that companies in natural resources, transportation, or industrial goods that had a high EcoVadis rating on their sustainability performance had higher EBITDA margins.
[14:53] Nicole says, succeeding with sustainability means thinking about it as an integrated approach to solving these core business challenges. Sustainability can reduce risk, increase resilience, and drive innovation and sales revenue through the offering of sustainable solutions.
[15:24] Plug Time! RIMS Webinars! On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”.
[15:30] On Wednesday, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”.
[15:53] On Thursday, March 27th, Descartes Underwriting will make its RIMS Webinar debut with a session about parametric insurance. On April 10th, Audit Board will present, “What Non-CISO Risk Executives Should Know about Cyber Risks in 2025.”
[16:09] Following the success of their recent webinar, HUB International returns for the next installment of their Ready for Tomorrow Series, “From Defense to Prevention: Strengthening Your Liability Risk Management Approach”. That session will be on April 17th.
[16:24] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[16:36] The Conclusion of My Interview with EcoVadis Chief Impact Officer, Nicole Sherwin!
[16:51] Nicole shares some sustainability plan pointers. Having a data-driven approach is key, using accurate, verified data to measure progress and inform decision-making. EcoVadis issues a Sustainable Procurement Barometer every three years. It was updated at the end of 2024.
[17:10] Companies that were showing a high level of maturity in sustainability and ESG were more than two times more likely to engage key stakeholders strategically with data. The C-Suite cares about KPIs. Being able to show performance and outputs catches their attention.
[17:33] Taking a data-driven approach, even if it’s starting with a small set of data from proof of concept of deployment can be a way to get their attention and bring in additional investment. Cross-department collaboration is key. Sustainability is a responsibility across the organization.
[17:55] We increasingly see that sustainability is integrated into performance bonuses, not just for senior executives, but also for managers across departments. It’s a company-wide initiative to drive sustainability.
[18:06] In the Sustainable Procurement Barometer, 45% of the suppliers say that they see sustainability as important to their customers and are engaged about it as partners. However, 46% see it as important to their customers but don’t find it in their relationship.
[18:28] Sometimes Procurement can see a risk in the supply chain we see as important but they don’t have enough of a program around embedding collaboration with a supplier.
[18:40] Collaboration can be putting it in contract clauses, setting sustainability targets to where they want to see them improve, and running capability building and training in decarbonization.
[19:13] Forced labor can lie under the surface if you don’t look for it. EcoVadis customers are looking to understand where human rights and forced labor are happening in the supply chain.
[19:29] One effective technology is engaging workers through automated worker surveys and grievance mechanisms, directly to workers through SMS or WhatsApp. It’s been extraordinarily powerful, allowing companies to work on remediation efforts.
[20:47] Nicole thinks the SEC’s decision to pause indefinitely its Climate Disclosure Rules will have an impact on corporate accountability. Companies are not being mandated to disclose on climate. However, from an investor perspective, the demand for disclosure is still there.
[21:08] For investors, these regulations are seen in a positive light for those assessing climate-related risk, and wanting to accelerate investment toward a more sustainable economy. They want standardized and comparable data to manage these risks and impacts.
[21:27] Companies face a potential loss of investment opportunities if they don’t disclose climate impact data in a common format.
[21:36] Companies will have to decide if they’re going to voluntarily disclose climate-related information or not. They will have to if they want to be considered by investors, or even financial institutions, who are increasingly requesting this kind of information for lending or underwriting.
[21:54] There are international standards that continue to emphasize consistent reporting. The Task Force on Climate-Related Financial Disclosures (TCFD) is one. The Sustainability Standards Board offers The Climate-Related Risk Disclosure Framework.
[22:15] Companies can voluntarily report their climate-related risk using the available frameworks.
[22:27] Companies know that there is a reputation risk to transparency. For some companies, up to 90% of their carbon footprint is in their supply chain. Getting that data and driving reductions in their supply chain is complicated.
[22:52] The economic driver of investors and access to finance are incentives for companies to disclose climate-related risk data. Each company has to decide.
[23:41] Nicole thinks that ESG is under fire in the U.S. However, she believes that the ESG frameworks supported by the risk community help businesses anticipate and manage risks. That’s not going anywhere. There’s a business imperative here.
[24:17] Companies that get this understand and have the experience of how sustainability interconnects to core business goals of risk, resilience, competitiveness, and unlocking new market share, driving new sales with demand for sustainability solutions and products.
[24:38] The market’s focus on long-term resilience will keep it at the forefront. Those companies that are committing to it will be able to demonstrate resilience and transcend other companies that drop ESG for now.
[24:49] We’re ending on a hopeful note. Nicole, it’s been a pleasure, of course, and it’s very insightful to get a glimpse into your mind and perspective. Thank you so much for joining us here on RIMScast! Happy Supply Chain Integrity Month to you!
[25:11] Special thanks again to Nicole Sherwin of EcoVadis for joining us here on RIMSCast! Links to RIMS resources about sustainability and supply chain risk are in this episode’s show notes.
[25:24] We’ve got more supply chain coverage coming up ahead of Supply Chain Integrity Month in April. Stay tuned!
[25:31] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[25:59] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[26:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[26:34] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[26:50] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[27:04] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[27:12] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 — May 4‒7. | Register today!
RIMS Legislative Summit — March 19‒20, 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Risk Management magazine
www.EcoVadis.com
RIMS Webinars:
RIMS.org/Webinars
“How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025
“Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025
“Parametric Insurance and Climate Risk: An Innovative Tool for CAT Risk Management” | Sponsored by Descartes Underwriting | March 27, 2025
“Ready for Tomorrow? From Defense to Prevention: Strengthening Your Liability Risk Management Approach” | Sponsored by Hub International | April 17, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP | March 19‒20 | Register by March 12
RIMS-CRMP Exam Prep with PARIMA | April 22‒23
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Managing Data for ERM” | March 12 | Instructor: Pat Saporito
“Managing Worker Compensation, Employer's Liability and Employment Practices in the US” | April 16‒17 | Instructor: Chris Hansen
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Kicking off 2025 with RIMS CEO Gary LaBranche”
“RIMS Legislative Priorities in 2025 with Mark Prysock”
“(Re)Humanizing Leadership in Risk Management with Holly Ransom” (RISKWORLD Keynote)
“Risk and Relatability with Rachel DeAlto”, RISKWORLD Keynote
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD Keynote)
“Kicking off 2025 with RIMS CEO Gary LaBranche”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Nicole Sherwin, Chief Impact Officer of EcoVadis
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Our guest, Holly Ransom, an internationally acclaimed speaker and leadership trailblazer, will be a keynote speaker on May 6th at RISKWORLD 2025 in Chicago. Holly previews her keynote as well as shares nuggets of risk knowledge she has collected throughout her career. Holly gives tips for leadership qualities and skills that are needed more than ever in this uncertain environment. She speaks of resilient leadership and confidence in crises. She tells how to recover a strong brand from a crisis when handled properly. She speaks of the importance of lifelong learning, not as an ideal but as a practice. Listen for Holly’s keynote theme and her advice for leaders today in this insightful episode.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:29] Register now! The Super Savings Rate ends on February 28th!
[:37] About this episode. We will be joined by Holly Ransom, who is one of the keynote speakers who will be on the main stage at RISKWORLD 2025 on May 6th. We will get a preview of her session, “Humanizing Leadership in a Tech-Enhanced World.”
[1:10] RIMS-CRMP Workshops! RIMS will partner with Purima once again on March 5th and 6th to deliver a virtual RIMS-CRMP Prep Course. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:30] Virtual Workshops! “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025. On March 26th, Pat will also host “Generative AI for Risk Management.”
[1:52] On April 16th and 17th, Chris Hansen will lead “Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S.”
[2:05] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:16] RISKWORLD registration is open. Take advantage of our Super Savings Rate by February 28th. Register at RIMS.org/RISKWORLD. Also, remember there will be lots of pre-conference workshops being held in Chicago just ahead of RISKWORLD.
[2:34] These courses include “Applying and Integrating ERM,” “Captives as an Alternate Risk Financing Technique,” “Contractual Risk Transfer,” “Fundamentals of Insurance,” “Fundamentals of Risk Management,” RIMS-CRMP Exam Prep, and more! Links are in the show notes.
[2:55] Our guest today is Holly Ransom, and she is one of the keynote speakers who will be on the main stage on May 6th at RISKWORLD. She will lead the session “Humanizing Leadership in a Tech-Enhanced World.” We’re going to get a preview of her presentation.
[3:08] Holly will also talk about some of the world leaders she has shared the stage with and why she found them impactful.
[3:17] Interview! Holly Ransom, welcome to RIMScast!
[3:24] At RISKWORLD 2025, on May 6th, Holly Ransom will present a TED-style talk, “Humanizing Leadership in a Tech-Enchanced World.”
[3:41] Holly can’t wait to be there in Chicago. She is excited that so many will be attending! Her keynote goal is to explore how important authenticity, empathy, and purpose in leadership are amid technological change.
[3:59] It’s easy to lose sight of authenticity in an industry that’s all about metrics and frameworks. We need to maintain that focus on building resilient teams that can navigate uncertainty with confidence and clarity. That’s what Holly will share at RISKWORLD.
[4:34] Holly will be diving into the high-performing culture element. A lot of Holly’s work with high-performing sports teams and in the corporate landscape is about how to get collective effectiveness.
[4:45] Holly’s keynote will pull on those insights to ask what it looks like to influence positively the environment to get the best out of the people around her, maximize creativity, and seize the innovation opportunity. That will be where it comes together in her conversation.
[5:22] Holly discusses the metrics of success. It depends on the organization. There are performance metrics for revenue and reputation that show how effective a business is. She talks about looking beyond traditional KPIs to other ways to measure effectiveness.
[5:51] These other measures may include new products to market, rate of innovation, successful growth of new products versus legacy brands, psychological safety scores, team engagement, and recognition.
[6:12] Holly looks for proactive measures and team collaboration quality. That’s a combination of metrics beyond what organizations have traditionally measured. Pick out of the KPI soup the ones that benefit you. Which ones measure the needle moving in your organization?
[7:01] Holly has spoken at events within the risk industry. RISKWORLD will be her largest risk management speaking event.
[7:23] Holly sees the risk profession as having an incredibly important role, making sure that safety is maintained and people safely get to where they want to go, inside their organizations.
[7:39] These are the people laying down strategy and setting the innovation roadmap, and how we get there while maintaining the expectations of our customers, standards for our employees, and the license we have to operate within our community and the broader society.
[8:05] Holly says risk management is one of the most complex jobs inside an organization. Holly worked in large corporations in mining and banking early in her career. She spent a lot of time with CROs. Their risk reports to the board were around 150 pages, before cyber frontier.
[8:44] Holly has empathy for risk managers who must influence other executives to understand the risk agenda and embrace and support it. The skills of risk professionals have probably never mattered more as we navigate the complexity.
[9:30] The 150-page risk reports Holly saw in her corporate career were filled with information, including heatmaps. It was important to call attention to what mattered most and report it realistically while discharging risk duties responsibly. It’s an interesting tightrope to walk.
[10:22] Holly mentions the role that smart risk plays in innovation and progress. In high-performing teams, if you keep doing the same thing, you can’t maintain your competitive edge. There is always an element of risk in the evolution of strategy and approach.
[10:49] Netflix embraced risk in its strategy of pivoting away from rental to streaming, first with owned content and now into live sports. There were difficulties, but now Netflix is one of the most successful stories of the last 20 years.
[11:52] Netflix was prepared to “cannibalize” itself and jump on what it saw as an emerging technology opportunity to stake out a new business model. Netflix continues to add new subscribers.
[12:40] What can leaders learn from Netflix? Ask yourself what you are doing as a leader to build your peripheral vision. How do you make sure you’re not getting caught in the way you do things or the way your industry operates?
[13:02] How do you expand your view so change does not catch you off-guard and the opportunities and threats that come are things that you as a leader are beginning to think about? AI could be an example of something relevant to leaders at the moment.
[13:21] Ask what’s the question you need to be reflecting on. What’s the strategic question you can take to your leadership team or board that allows you to get into a “meaty” conversation on the topic with ideas on how the board wants to respond to it, proactively versus reactively?
[13:40] How are you keeping your finger on the pulse? Do you have a source outside your deep industry expertise or outside where you operate? Are you having periodic conversations with a leader in another industry sharing observations and data points?
[14:06] How do you turn an observation into a question that sparks the thinking and the conversation that can be the catalyst for transformation? Get into conversations with your colleagues. What does this mean for us and how can we do something significant for us with it?
[14:27] Netflix started very early in strategic conversation and prepared to take strategic bets on what part of its portfolio and what allocation of its resources to give to this new idea.
[14:41] You see this process in a range of businesses, however they structure it. Some businesses have an innovation arm. Other places have a budget allocation per department for new ideas each year.
[15:05] There needs to be a meaningful skin in the game each year, building the muscle of working up an idea and attempting execution. That allows you to get real opportunities, rather than just intellectualizing risk. What will you learn in the process to try better next time?
[15:35] Plug Time! RIMS Webinars! On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”.
[15:49] On a unique day and time, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”.
[16:07] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[16:19] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada.
[16:27] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[16:46] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits.
[16:59] Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025. General Grant awardees are typically notified at the end of October. Learn more about Spencer’s Grants through the Programs tab of SpencerEd.org.
[17:18] The Conclusion of My Interview with Upcoming RISKWORLD 2025 Keynote, Holly Ransom!
[17:37] Holly has been to Chicago and loves it, but not Chicago winters! This will be Justin’s first time in Chicago. He’ll do the generic bucket list Chicago stuff when he finds a couple of pockets of time, to enhance the experience.
[18:34] During the pandemic, there were studies done on leadership communication during a crisis. There was a difference between leaders in companies who performed well in the face of adversity, versus others.
[18:58] There was a big piece around leaders who could demonstrate authentic concern. An example of this was New Zealand’s former Prime Minister, Jacinda Ardern, after the terrorist attack in Christchurch.
[19:14] She had an incredible ability to show empathy and to see it as a moment of extreme sadness; an opportunity to bring the nation together.
[19:31] Successful leaders in crisis focus on what they can control and communicate with a transparent confidence. Ed Bastian at Delta did a good job managing the 2017 system outage across Delta. He appeared in a video message to customers within hours and took ownership.
[20:12] He offered compensation proactively versus reactively, making it right for his customers, knowing that how he handled the situation would set Delta’s reputation and make the comeback stronger.
[20:29] You can build back a stronger brand and reputation by how you handle a crisis. You can have a higher brand score after a crisis you’ve handled well. Your relationships need to be in hand before the crisis. Be proactive in stakeholder relations so there are credits “in the bank.”
[21:08] Then, when the crisis comes, you can call in favors and ask people to come in, in support. Those people show up.
[22:04] Holly describes her feelings on giving a keynote. She loves it. She says she’s on the strange end of the psych profile, in liking to be in front of an audience and talking. Holly says that for her, there is nothing more precious than people’s time.
[22:25] She calls it a privilege to have time to impart a message. Her goal is always to give the audience practical tools and new ideas that leave them feeling empowered and less overwhelmed, with things they can immediately put to work to enhance their effectiveness.
[22:56] Holly wants to practically equip leaders as she feels we are in desperate need of new tools to help us overcome the overwhelm, make sense of the complexity, and find our way through the uncertainty.
[23:23] Justin checked out Holly’s highlight reel where she has hosted sessions with major world leaders, including former President Barack Obama. Of everyone she has shared a stage with, who stood out to her as a magnetic personality?
[24:06] Matthew McConaughey comes to mind as someone who has real confidence in himself, doesn’t take himself too seriously, is very funny, engaging, extroverted, and is a natural storyteller. He is as delightful offstage as he is on.
[24:25] Without exception, the world leaders Holly has had the privilege of interviewing and hosting, tend to be incredible communicators and have an “X” factor to them.
[24:57] Brené Brown was warm, authentically passionate about the work that she does, and genuine in her desire to connect and converse. Holly said Brené Brown was everything you would hope she would be.
[25:55] Holly’s last thoughts for leaders of the risk profession: There is an increasing communication demand on every leader to be a storyteller, to be able to cut through because the world has never been noisier, and to help people make sense of what they’re saying.
[26:20] People feel overloaded. Uncertainty leads to a bias of inaction rather than action. Risk professionals need to cultivate the skill of storytelling and influencing to convey the critical information they have to stakeholders who don’t have the same depth of understanding.
[26:55] We give a lot of lip service to life-long learning. We need to start practicing what we preach, getting “in the gym” and building that new muscle, whatever you can do to widen your view into topics that may not have been traditionally part of your wheelhouse, like AI.
[27:23] AI is becoming increasingly important to understand opportunities and risks. Have you humbled yourself and been a beginner and gotten on the tools, played with them, and taken a master class, to get your hand around it and think about what it means for your organization?
[27:52] It could be GenZ coming in. Do you have a mentor under the age of 26? Think about that if you haven’t. There could be a whole range of factors that are looming as things that are going to reset the table. What are you doing to build your understanding and experience?
[28:36] Holly, it has been such a pleasure to speak with you and meet you, in advance of your presence at RISKWORLD 2025. I can’t wait to see you on May 6th! You’re going to be fantastic, along with Ryan and Rachel! It’s been insightful to speak with you, I appreciate you very much!
[29:02] Special thanks again to Holly Ransom for joining us on RIMScast! You can learn more about her at HollyRansom.com. We look forward to seeing Holly at RISKWORLD 2025 on the main stage on May 6th.
[29:15] Remember to register for RISKWORLD at RIMS.org/RISKWORLD. Recent episodes with the other keynote speakers, Ryan Harris and Rachel DeAlto, are now in this episode’s show notes. Remember to lock in that Sweet Super Rate for RISKWORLD 2025 before March 1st!
[29:35] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes.
[30:04] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[30:22] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[30:40] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[30:56] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[31:10] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[31:17] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 — May 4‒7 | Register today! | Super savings rate ends Feb. 28.
RIMS Legislative Summit — March 19‒20, 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)RISK PAC | RIMS Advocacy
RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24.
RIMS Risk Management magazine
Hollyransom.com
RIMS Webinars:
RIMS.org/Webinars
“How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025
“Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA | March 5‒6 and April 22‒23 | Virtual
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Applying and Integrating ERM” | Feb. 26‒27 | Instructor: Elise Farnham
“Managing Data for ERM” | March 12 | Instructor: Pat Saporito
“Managing Worker Compensation, Employer's Liability and Employment Practices in the US” | April 16‒17 | Instructor: Chris Hansen
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Risk and Relatability with Rachel DeAlto, RISKWORLD Keynote”
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris” (RISKWORLD Keynote)
“Kicking off 2025 with RIMS CEO Gary LaBranche”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Holly Ransom, internationally acclaimed speaker and leadership trailblazer
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Our guest, Mark Prysock, RIMS General Counsel & VP of External Affairs, is here to tell us about the RIMS Legislative Summit 2025, in Washington D.C. on March 19th and 20th. Mark shares the top five RIMS legislative priorities, what they mean, and how they impact the risk management profession. These include the need to regulate private third-party legislation funding, data privacy, and cyber security, the National Flood Insurance Program, non-profit tax reform, and the Investing in Tomorrow’s Workforce Act, liberalizing College 529s to allow using them for certifications. Listen for details on the RIMS Legislative Summit 2025, why you should attend, and what you can expect from it.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:33] About this episode. We will be joined by RIMS General Counsel and Vice President for External Affairs, Mark Prysock to discuss RIMS’s legislative priorities and the RIMS Legislative Summit..
[:59] RIMS-CRMP Workshops! RIMS will partner with Purima once again on March 5th and 6th to deliver a virtual RIMS-CRMP Prep Course. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:18] Virtual Workshops! On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025.
[1:44] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[1:55] RISKWORLD registration is open. Take advantage of our Super Savings Rate by February 28th. Register at RIMS.org/RISKWORLD.
[2:07] Speaking of RISKWORLD, next week, we will have one of the main stage keynotes, Holly Ransom, join us. Be sure to subscribe to RIMScast to make sure you get that episode as it comes out!
[2:19] Today’s episode is all about RIMS’s legislative priorities and how those priorities will be addressed at the RIMS Legislative Summit 2025, March 19th and 20th in Washington, D.C. You can learn more about it at RIMS.org/advocacy.
[2:37] One of my favorite RIMS colleagues is here to discuss all things legislation. Mark Prysock is our General Counsel and Vice President for External Affairs.
[2:48] Mark is the point person for the RIMS Legislative Summit 2025, helping to ensure that our priorities at RIMS are communicated on behalf of our members to representatives in Congress.
[3:02] Mark is going to join me today to discuss the top five RIMS legislative priorities in a little bit more detail, provide some additional perspective, and discuss the agenda a little bit, which will be finalized soon.
[3:19] Interview! Mark Prysock, welcome back to RIMScast!
[3:26] The RIMS Legislative Summit 2025 will be held on March 19th and 20th in Washington, D.C. This is a different time of year to host the summit. It was formerly held in September or October, depending on whether it was an election year.
[3:56] Mark says the event was shifted to March because Congress, in general, seems to be fatigued by the end of the year. By September or October, it seemed that Congress was pretty much done with what they planned to get done for the year already.
[4:13] RIMS thought it would make sense to meet with them in the first quarter of the year rather than the last quarter and see if they can’t get more engagement or interest in RIMS’s issues. Mark is excited about this change to March for the Summit. Congress will be newly in session.
[4:41] The Summit participants will be meeting some new committee chairs and ranking members for the first time. This is going to be a great shift for the RIMS Legislative Summit.
[5:02] This year will be a little different because there is going to be a significant tax bill passed. In 2017 there was a large package of temporary tax cuts which are set to expire this year. No one in Congress wants those tax cuts to expire and hit the American people with a tax hike.
[5:27] To extend those tax cuts, Congress has to find other ways to generate tax revenue. So there will probably be a big tax bill this year. This is a good time to engage with the broader association community and members of Congress on these issues.
[6:05] Mark says the Congressional Budget Office will rate how much of an impact, positively or negatively, a bill is going to have on the government’s finances. Eight years was the maximum they could push out these tax cuts without the government going over the tax cliff.
[6:30] These temporary tax cuts are set to expire in September. Congress will need to do something about that.
[6:39] The top five RIMS legislative priorities are listed on the RIMS.org site. Please see the link in this episode’s show notes. Justin and RIMS CEO Gary LaBranche discussed these legislative priorities in a recent RIMScast episode.
[7:07] The top five legislative priorities, in no particular order, include third-party litigation funding. This issue is gaining a lot of traction in Washington. Mark defines third-party litigation funding as private investors backing civil litigation with significant sums of money.
[7:39] There are currently no disclosure requirements. It can be a national security risk when foreign agents fund litigation here in the United States. Funders are often in a position to take control of litigation. They often get paid before the claimants and there is little regulation.
[8:23] On both sides of the aisle, there’s a feeling that Congress needs to adopt, at least, some disclosure requirements so the courts and arguably, the other parties to the lawsuit are aware of who is backing this litigation.
[8:43] RIMS is particularly concerned about the national security threat. There could be bad players from around the world funding litigation against American businesses. This concern seems to be gaining traction in the House and the Senate.
[9:08] RIMS is very happy to be actively involved in a broader group that’s working on this issue.
[9:27] The Plaintiffs Bar loves third-party litigation funding because it can make filing and pursuing lawsuits extremely profitable. They may not embrace limits on it.
[10:10] Another legislative priority is data privacy and cyber security. RIMS is interested in having Congress pass a uniform data privacy law. Right now, there’s a patchwork of state laws that your company needs to know if it operates in multiple jurisdictions. It’s not an easy thing to do.
[10:45] The last session of Congress came close to passing a Uniform Data Privacy Bill. That bill had a couple of significant flaws. It created carve-outs for the laws of favored states such as California, New York, and Massachusetts.
[11:24] It also created a private right of action so individuals could sue companies for failing to comply with this law. The outcome of those cases would be on a state-by-state basis. Over time, this would lead to a patchwork of state laws.
[11:48] RIMS is hoping to get a better version of the unified standard bill passed this session.
[11:53] RIMS is looking for a reauthorization of the National Flood Insurance Program (NFIP), currently part of the Continuing Resolution funding the federal government. It’s “must pass” legislation. Few serious lawmakers would consider it good to shut down the government.
[12:25] The Continuing Resolution gets renewed regularly. The NFIP, rolled up into it, also gets renewed regularly. It’s hard to make structural enhancements to a program that is part of the Continuing Resolution. The CR is often passed at the last minute; it’s hard to change it.
[13:21] Non-profit Tax Reform is a new issue. It’s in a tax bill being considered to generate revenue to cover extending the expiring tax cuts. Tax-exempt organizations pay taxes on unrelated business income, which is a foggy area. Many organizations don’t pay any tax.
[13:54] There is a movement to reconsider non-profit tax exemptions. The idea is that the corporate tax rate, currently 21%, should be levied against all non-donation revenue that associations and non-profit organizations generate.
[14:10] For RIMS, that would include event revenue, sponsorships, royalties, membership dues, and any other non-donation revenue. It’s a significant deal.
[14:29] Mark sees two drivers to this idea. The first is, that Congress does need to find a big pot of money to make sure the government doesn’t go off this tax cliff. The second is an intellectual argument that it’s time to take another look at why we’re not taxing these organizations more.
[14:52] It’s a significant issue for RIMS and the association community at large because of the financial hit they could all take. Mark believes it will be considered by Congress relatively early this year.
[15:05] Justin adds a statement that “RIMS has joined the steering committee of ASAE’s Community Impact Coalition to protect the non-profit community and educate Congress on the societal benefits of the tax-exempt sector.”
[15:21] ASAE is the American Society of Association Executives. It’s an association for association people. Justin met some of the ASAE executives at an NYSAE event last year. They are all in alignment on this issue.
[15:43] Plug Time! RIMS Webinars! HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[16:03] On March 13th, our friends from Global Risk Consultants will return to discuss “How to Make Your Property Insurance Submission AI-Ready”.
[16:13] On a unique day and time, March 26th at 2:00 p.m. Eastern Time, members of the RIMS Strategic and Enterprise Risk Management Council will extend the dialog that began in the recent RIMS Executive Report “Understanding Interconnected Risks”.
[16:31] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[16:43] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[16:54] The First of (hopefully) Many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through 6th, 2025. The Risk Management Roundup in San Antonio is set to unite the Texas RIMS Chapters and welcome risk professionals from around the world.
[17:13] You can join as a speaker. The Conference Planning Committee is interested in submissions that explore technology and cyber risk, workforce protection and advancement, energy and sustainability, extreme weather, construction, restaurant, retail, hospitality, and more.
[17:35] The deadline to submit your proposal is Monday, February 24th. The link to the event and the submission process is in this episode’s show notes. Go check it out!
[17:47] Let’s Return to My Interview with RIMS General Counsel & VP of External Affairs, Mark Prysock!
[17:58] The fifth RIMS top legislative priority is the Invest in Tomorrow’s Workforce Act. That has emerged in the last year or so, about 529 Savings Plans. In the last Congress, there was strong bi-partisan, bi-cameral support to pass this legislation.
[18:15] This bill would allow College 529 plans to be used to pay for certification programs, like the RIMS-CRMP. There’s a strong coalition, led by ASAE, that emerged last year to get this legislation moving.
[19:06] This bill would benefit association members in two ways: Members with 529 plans could use them for certifications, and many associations have certification programs that would benefit if 529 dollars were used to pay for them.
[19:34] Will all five priorities be addressed on Capitol Hill during the Summit? Mark will prep RIMS members to go forward and talk about all five issues. It’s possible that some of the issues will not have surfaced enough for RIMS members to spend a lot of time discussing them.
[19:50] If no House or Senate bill has been introduced on the issue, it would be premature to try to have a conversation about it with a Congressional staffer or a member of Congress. On the other hand, an issue may already have been settled and wouldn’t be a priority to discuss.
[20:23] Mark is moving forward with the idea that there will probably be five issues, but practically speaking, it may work out to be three.
[20:39] The agenda for the Legislative Summit is on the RIMS Advocacy page. Click on the Register Now button to see it.
[20:58] Mark gives an overview of what to expect at the RIMS Legislative Summit 2025. Wednesday, March 19th, is Education Day, a crash course in legislation. U.S. Chamber lobbyists, members of the administration, members from Capitol Hill, and Mark will talk on these issues.
[21:24] The idea is to make sure RIMS members are well-briefed before they go to the Hill. They will understand the key talking points and will have the key talking points in hand. It’s very important to know what the “ask” is; what we are asking the members of Congress to do.
[21:46] By the end of the day, the RIMS member will be prepped. On Wednesday evening there will be a nice reception.
[21:56] Thursday, March 20th, is the day the RIMS members go to the Hill, meet with Congressional Staff, maybe meet with members of Congress, and talk about the RIMS legislative priorities.
[22:38] Something Mark is working on and hopes to finalize and announce soon is a private tour of the U.S. Capitol Building on Tuesday, for those who arrive early enough. Tours are normally led by current or former members of Congress. The tours are entertaining and memorable.
[23:09] Mark is a former Congressional staffer. He enjoyed working on Capitol Hill. He spent a lot of time sitting across the table from people like the RIMS members. He emphasizes that Congressional staff are more interested in hearing from you (constituents) than from lobbyists.
[24:11] Don’t in any way be intimidated by the thought of going up to Capitol Hill and lobbying. The staff do want to hear from you!
[24:24] Mark and his experience help put the RIMS attendees at a little bit of an advantage in putting things in a way that will get through to the staffers and be heard. He speaks the language!
[24:52] Mark, it has been a pleasure to see you. One thing I want to mention: Only U.S. RIMS members and individuals who are representing U.S.-based entities of RIMS can attend the RIMS Legislative Summit! You don’t have to live in the U.S. to be an attendee.
[25:16] Mark is looking for a keynote speaker to speak to the RIMS Legislative Summit 2025 at the reception on Wednesday the 19th. Stay tuned!
[25:56] Special thanks again to RIMS General Counsel and Vice President of External Affairs, Mark Prysock. Learn more about RIMS advocacy efforts at RIMS.org/Advocacy. If you go there, you’ll find the registration page for the RIMS Legislative Summit on March 19th and 20th, 2025.
[26:18] More announcements about the summit will be made here on RIMScast as they are released. Also on the RIMS Advocacy page, check out the RISKPAC, the RIMS Political Action Committee, the Chapter Advocacy Ambassador program, and more.
[26:33] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.
[27:01] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[27:19] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[27:37] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[27:53] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[28:07] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[28:15] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 — May 4‒7 | Register today! | Super savings rate ends Feb. 28.
RIMS Legislative Summit — March 19‒20, 2025
RIMS Announces Legislative Priorities for 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24.
RIMS Risk Management magazine
RIMS Webinars:
RIMS.org/Webinars
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
“How to Make Your Property Insurance Submission AI-Ready” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | March 13, 2025
“Understanding Interconnected Risks” | Presented by RIMS and the Strategic and Enterprise Risk Management Council | March 26, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter
February 19‒20, 2025 | Instructor: Chris Mandel
RIMS-CRMP Exam Prep with PARIMA | March 5‒6 and April 22‒23 | Virtual
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Fundamentals of Insurance” | Feb. 19‒20 | Instructor: Gail Kiyomura
“Applying and Integrating ERM” | Feb. 26‒27 | Instructor: Elise Farnham
“Managing Data for ERM” | March 12 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Kicking off 2025 with RIMS CEO Gary LaBranche”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Mark Prysock, RIMS General Counsel & VP of External Affairs
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Our guest, Communication and Relatability Expert Rachel DeAlto will be a keynote speaker on May 6th at RISKWORLD 2025. In this episode, Justin and Rachel discuss her career from insurance defense attorney to speaker, author, and startup leader. As a defense attorney, Rachel worked with risk management professionals. Rachel shares tips for creating connection, relatability, and trust. She speaks of authenticity within professional boundaries.
Listen for suggestions on developing empathy and establishing trust.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:33] About this episode. Our guest is relatability and communication expert, Rachel DeAlto. She will be one of the keynote speakers at RISKWORLD 2025.
[:59] RIMS-CRMP Workshops! On February 19th and 20th, a two-day virtual workshop for the RIMS-CRMP will be led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:21] RIMS will be partnering with Purima once again on March 5th and 6th to deliver a virtual RIMS-CRMP Prep Course. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:38] Virtual Workshops! Gail Kiyomura of The Art of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[1:53] On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025.
[2:14] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:25] The RIMS Legislative Summit 2025 is back! It will be held on March 19th and 20th in Washington, D.C. Join RIMS for two days of Congressional meetings, networking, and advocating on behalf of the risk management community.
[2:43] This event is open for RIMS members only so if you’re not a member, join now! Visit RIMS.org/advocacy for registration details.
[2:51] RISKWORLD 2025 registration is open. Take advantage of our Super Savings Rate by February 28th. Speaking of RISKWORLD, that brings us to our very special guest.
[3:03] Rachel DeAlto is a communication and relatability expert. She maintains a law degree and a master’s in psychology and has achieved the designation of Certified Speaking Professional through the National Speakers Association.
[3:17] Rachel is the author of Relatable: How to Connect with Anyone, Anywhere, (Even if it Scares You), available from Simon and Schuster.
[3:26] On May 6th, Rachel DeAlto will deliver her keynote, “The Power of Relatability,” at RISKWORLD 2025, where she will explore the vital role of genuine human connections in effective leadership.
[3:38] She’s here to tell us a little bit more about her keynote and she will reveal some of the top interpersonal qualities that inspire trust and motivate teams. These are the sorts of skills that risk management professionals can use at any stage of their career.
[3:56] Interview! Rachel DeAlto, welcome to RIMScast!
[4:01] Rachel is one of the three keynote speakers on May 6th. She is super excited about it. She has heard amazing things about RISKWORLD from friends who have attended or spoken there.
[4:18] Rachel was adjacent to the risk profession as an insurance defense attorney. She was very much aware of the risk management professionals.
[4:47] Rachel was constantly having conversations with the risk professionals, keeping them in the loop, determining together where potential pitfalls were, based on the boots on the ground, in front of witnesses or clients. She and the risk management professionals were cooperative.
[5:16] Rachel is still friendly with the claims adjusters she worked with and her former office, who are still working in the insurance defense world.
[5:33] When Rachel knew she was going to be at RISKWORLD, she took a bigger look at it to see how large it is, how many different risk professionals are out there, and the different roles they play. The risk professionals Rachel had worked with were a fragment of the risk population.
[6:07] Rachel saw there was a holistic way that organizations mitigate or prevent risk.
[6:26] Rachel tells how she had transitioned from being an attorney. She had always dreamed of being an attorney and maybe a judge. Ten years ago, she came up with an idea for a startup company, intending to continue practicing law while running the company.
[6:52] The company led to a significant launch, with about $2 million in private placement. Her responsibility shifted to the company she was running. That led to doing more media and public speaking. She had had no intention of leaving her boss; he still chastises her for it.
[7:27] Rachel uses very strategic “yeses.” She notes that there are times when you are shown two paths; one goes this way, and one goes the other. She is grateful her paths led her to where she is. She would have been happy still practicing as an attorney but she enjoys what she does.
[8:04] Rachel believes her skills as an attorney transfer to her career as a speaker. She likes being able to help people and make an impact, with some of the elements of her former career integrated into her work. She feels lucky to do what she does.
[9:18] Rachel sees a change over the last several years in that we’re understanding that we’re all on a stage. We all have stories to tell. We all have parts of ourselves to share. The more comfortable we are in that, the more successful we can be. It’s how we connect with people.
[9:43] Rachel is all about relatability now. We should all be striving for it. It’s the ability to connect with people on a multitude of levels. How can risk professionals balance the emotional risks of vulnerability, authenticity, and leadership and be relatable?
[10:15] Rachel speaks of the components of relatability. Authenticity and vulnerability are parts of it, but you don’t reveal everything. Be genuine while maintaining professional boundaries. It’s not about oversharing but having appropriate levels of transparency.
[10:46] Cheryl always tries to demonstrate this, whether in conversations or on a keynote stage. It’s sharing stories for a purpose; sharing parts of herself, with intention attached to it. That’s how we can build trust and credibility without compromising our authority and professionalism.
[11:08] Justin asks about resilience. What traits or practices distinguish reliant leaders in periods of uncertainty?
[11:31] Because she loves student loans, Rachel went back and got her master’s degree in psychology. Resilience stuck with her. It’s not a huge part of what she speaks on but it’s part of our lives.
[11:56] There’s a lot of research around the difference between resilient states and traits. Some people naturally have resilient traits. Others can invoke resilient states when needed, focusing on adaptability, emotional intelligence, and maintaining composure. These can be developed.
[13:44] Plug Time! RIMS Webinars! HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[13:04] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[13:15] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[13:27] The First of (hopefully) Many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through 6th, 2025. The Risk Management Roundup in San Antonio is set to unite the Texas RIMS Chapters and welcome risk professionals from around the world.
[13:50] You can join as a speaker. The Conference Planning Committee is interested in submissions that explore technology and cyber risk, workforce protection and advancement, energy and sustainability, extreme weather, construction, restaurant, retail, hospitality, and more.
[14:08] The deadline to submit your proposal is Monday, February 24th. The link to the event and the submission process is in this episode’s show notes. Go check it out!
[14:20] Let’s Return to My Interview with RISKWORLD Keynote Rachel DeAlto!
[14:28] Justin asks about compassion. What steps can a risk professional take to build compassion? Compassion can be developed through practice. It’s easy for risk professionals to look at things as black and white; as numbers, percentages, and data points.
[15:30] If you start to feel a little disconnected from what you’re talking about it’s because you’re coming at it from a very educated perspective. Recognize that and then ask yourself where are the parts of it where you can become compassionate. Take a step back and practice empathy.
[15:53] Look at things from the other side and put yourself in the other person’s shoes. Use active listening without judgment. Be in tune with the other person, trying to understand their objectives. Find common ground and the space to take a step back. Take small steps.
[16:22] If someone feels disconnected from their compassion, they can start with the awareness of it and then take small steps in the beginning, to dive back into it.
[16:32] On the RISKWORLD keynote stage, on May 6th, Rachel will share a lot of her practical frameworks for building trust and connection. She will also share data from her research on relatable leadership and what teams are looking for from their leaders.
[16:57] Rachel will share ways to create stronger working relationships. Regardless of where you work as a risk professional, you work with other people. The stronger connections you have and the better teams you have, the more efficient you can be at what you do. That is her goal.
[17:16] Who does Rachel look up to? The first to come to mind is Carey Lohrenz, one of the first female fighter pilots. She’s an incredible human who has a phenomenal background. Brené Brown is incredibly relatable. She transmits information in a way that draws you in.
[18:19] Rachel’s parting words: “I’m excited to connect with everyone! That is where our superpowers lie, in the connections we build.
[18:27] “Anyone attending RISKWORLD, setting the intention of creating connections that will make a difference professionally and personally is going to change how you show up and what you walk away with.”
[18:39] It has been a delight to meet you, and I look forward to seeing you on May 6th at RISKWORLD. Thank you so much for joining us here on RIMScast!
[18:53] Special thanks again to Rachel DeAlto, for joining us here on RIMScast. You can go to her site, RachelDeAlto.com for more information. Rachel will be one of three keynote speakers on the main stage at RISKWORLD 2025 on May 6th.
[19:09] In our prior episode, we heard from Ryan Harris, who will also be keynoting there. Shortly, we will hear from the third May 6th keynote speaker, Holly Ransom. So be sure to subscribe to RIMScast and catch all of these episodes.
[19:24] We want to see you at RISKWORLD 2025, from May 4th through May 7th. Register at RIMS.org/RISKWORLD.
[19:30] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.
[19:58] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[20:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[20:35] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[20:51] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[21:05] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[21:12] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 — May 4‒7. | Register today! | Super savings rate ends Feb. 28.
RIMS Legislative Summit — March 19‒20, 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)RISK PAC | RIMS Advocacy
RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24.
RIMS Risk Management magazine
www.racheldealto.com
RIMS Webinars:
RIMS.org/Webinars
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
Upcoming Virtual Workshops:
“Fundamentals of Insurance” | Feb. 19‒20 | Instructor: Gail Kiyomura
“Applying and Integrating ERM” | Feb. 26‒27 | Instructor: Elise Farnham
“Managing Data for ERM” | March 12 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Upcoming RIMS-CRMP Prep Virtual Workshops:
“Stay Competitive with the RIMS-CRMP | Presented by the RIMS Greater Bluegrass Chapter”
February 19‒20, 2025 | Instructor: Chris Mandel
RIMS-CRMP Exam Prep with PARIMA | March 5‒6 and April 22‒23 | Virtual
Full RIMS-CRMP Prep Course Schedule
Related RIMScast Episodes:
“Risk and Leadership Patterns with Super Bowl Champion Ryan Harris”
“Kicking off 2025 with RIMS CEO Gary LaBranche”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Rachel DeAlto, Communication and Relatability Expert
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Our guest, Ryan Harris, became a Super Bowl Champion after winning Super Bowl 50 in 2016 with the Denver Broncos and retired later that year. Ryan speaks about winning a game in Chicago, winning the Super Bowl, and becoming a sportscaster. He shares inspiring thoughts about achieving greatness, what it takes to succeed, and the difference between willingness and perfection.
Listen for Ryan’s rules for success in this inspiring episode.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:33] About this episode. We will be joined by Super Bowl Champion and award-winning broadcaster, Ryan Harris. He will be a keynote at RISKWORLD 2025.
[:59] RIMS-CRMP Workshops! On February 19th and 20th, a two-day virtual workshop for the RIMS-CRMP will be led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:21] The next RIMS-CRMP-FED exam course will be held from February 4th through the 6th, 2025. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:37] Virtual Workshops! Chris Hansen will return on February 11th and 12th to lead the two-day course “Claims Management”. Gail Kiyomura of The Art of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[2:00] On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025.
[2:23] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:34] The RIMS Legislative Summit 2025 is back! It will be held on March 19th and 20th in Washington, D.C. Join RIMS for two days of Congressional meetings, networking, and advocating on behalf of the risk management community.
[2:52] This event is open for RIMS members only so if you’re not a member, join now! Visit RIMS.org/advocacy for registration details.
[3:00] RISKWORLD 2025 registration is open. Take advantage of our Super Savings Rate by February 28th. Speaking of RISKWORLD, that brings us to our very special guest.
[3:12] Ryan Harris became a Super Bowl Champion after winning Super Bowl 50 in 2015 with the Denver Broncos. He retired in 2016.
[3:21] Beyond the field, Ryan has continued to work to win. For his contributions to Denver’s business community, Ryan was the First African American to be awarded Colorado Sportscaster of the Year in 2020.
[3:33] Ryan was also named to Denver Business Journal’s 40 under 40 class of 2021. He is an analyst for his alma mater, Notre Dame.
[3:42] On May 6th, Ryan Harris will be a mainstage speaker at RISKWORLD in Chicago where he will discuss transformative "5 Components of Championship Leadership," emphasizing how the direction from which leaders operate shapes their effectiveness.
[3:58] We’re going to have so much fun speaking to Ryan, and we might even get his predictions on Super Bowl LIX. Let’s get to it!
[4:06] Interview! Super Bowl L Champion, and RISKWORLD 2025 Keynote Speaker, Ryan Harris, welcome to RIMScast!
[4:18] Ryan Harris is the first Super Bowl Champion to join us on RIMScast! Justin and Ryan are both big fans of the Buckhorn Exchange in Denver.
[5:09] Ryan loves the idea of having people together at RISKWORLD 2025 to find groundbreaking solutions and try new things. That’s how you win in football; that’s how you win in life! Ryan looks forward to a convention of people looking for what’s next with the skills they have now.
[5:32] Ryan says playing NFL football in Chicago was cold. He recalls that playing on Soldier Field feels like you’re in a spaceship; the way the stadium bows out and comes right up is unique!
[5:49] One of Ryan’s favorite memories of playing against the Chicago Bears was when the Broncos beat the Bears in a tight game, the year the Broncos went to win the Super Bowl! It was an important win!
[6:02] Ryan credits Head Coach Gary Kubiak for inspiring the team to win that day in Chicago by shortening team meetings from an hour to 15 minutes. So they kept the 15-minute meetings for the rest of the year and won the Super Bowl! Ryan loves going to Chicago.
[5:38] Ryan had said that one of the things he was going to do after the Super Bowl was get into broadcasting. He didn’t have to go to anybody else to make that happen.
[6:55] Ryan says the plan starts with you! You need nothing outside of yourself to be great. You cannot expect other people to work harder for you and your goals. You’re working toward them.
[7:06] Ryan got his “doctorate” in Applied Football Mechanics and Theory. He went into broadcasting to use all that knowledge. He was selected by the NFL to go to a Broadcast Boot Camp and meet the best of the best in the broadcast industry.
[7:20] On the last day, one of the presenters told them to go to their Alma Maters and work their way up. Ryan canceled his flight home, rented a car, and drove from that symposium to Notre Dame, and that’s where he got his first broadcasting job.
[7:34] Ryan says it started with him listening, taking action, and telling people what he wanted to do and how he wanted to get involved. You sometimes have to work for free to get started, and then you don’t.
[7:59] Everyone can sit on the couch and say they want to do something. The difference is the people who put their feet where they want to be.
[8:04] At the Broadcast Boot Camp, Ryan saw an old college football rival. They hugged it out. The NFL is one big office building and there aren’t a lot of chairs. Spend a couple of years there and you’ll get to know a lot of people in the NFL and they’ll get to know you.
[8:31] Ryan is currently in law school. His “doctorate” is from “Peyton Manning University.” He had great “professors” like Ben Roethlisberger, Alex Smith, and Tim Tebow. He went through quite the school of football thought.
[8:47] It’s fun to have that knowledge, but it’s useless as a father or a keynote speaker. He can’t go hit people anymore. He had to change, and it’s been fun doing that.
[9:17] Ryan has a double major in Political Science, and Economics and Policy. From Political Science he learned that there are many ways to solve social problems. In economics, he learned that having two parents in your life puts you in the top 1% of opportunities in America.
[9:51] There are key figures in your life or the education you receive that drastically change economic outcomes. What kinds of levers motivate people? There are many ways to do the same thing. It’s a matter of degree and what fits the situation.
[10:34] Ryan’s advice on stories: 1. People remember the first 20 words you say. 2. Storytelling is more valuable than a Master’s in Business Administration.
[10:55] Start a story with a main theme. “We’re going to talk about failure. This is a time I failed. On my sixth day in college football in training camp, I got knocked to the ground.” Our brains love tangible examples. Examples get people into the story. Then Ryan introduces the obstacle.
[11:18] “At one point in Kansas City, I wanted to quit.” He tells what he learned from it. He always brings a big idea that everybody understands and gives a concrete example from his life, what he said to himself, how he went through it, and what he learned from it.
[11:45] When we can bring people into our story and talk about our failures and how we worked out of them, we help others and create impact.
[12:14] Ryan attests that you don't win by ignoring the struggle. He speaks of factors of success and elements of success. Factors are things like having money and goods. Elements are things that have to happen for you to be successful.
[12:30] Failure is an element of success! You have to fail to reach your highest potential. That’s the only way it works. Any famous person or industry has had a failure or ten, along the way. We don’t talk enough about our failures. Having a process for failure dictates your success.
[13:05] Kickers in the NFL focus on process. Golfers focus on process. When you focus on the process, you reduce anxiety by 78%. You have the power to create the process for the failure you need. Then you start to have fun!
[13:22] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th to discuss “4 Themes Shaping the Future of GRC in 2025”.
[13:34] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[13:50] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[14:02] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[14:13] The First of (hopefully) Many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through 6th, 2025. Risk Management Roundup in San Antonio is set to unite the Texas RIMS Chapters and welcome risk professionals from around the world.
[14:32] You can be a speaker. The Conference Planning Committee is interested in submissions exploring technology and cyber risk, workforce protection and advancement, energy and sustainability, extreme weather, construction, restaurant, retail, hospitality, and other trends.
[14:55] The deadline to submit your proposal is Monday, February 24th. The link to the event and the submission process is in this episode’s show notes. Go check it out!
[15:07] Let’s Return to My Interview with Super Bowl 50 Champion and RISKWORLD 2025 Keynote, Ryan Harris!
[15:20] Ryan Harris had an NFL career of 10 years, about 300% longer than the average NFL career. Justin asks what lessons of his career apply themselves most to risk management.
[15:43] Preparation is number one. What are you preparing for? When you’re an NFL lineman you get prepared for different blitzes, an extra person who’s going to come from a different place. The key to picking up the blitz is knowing it’s coming. You anticipate it.
[15:58] Anticipation is very big. Then take the space that you need. Ryan tells of introducing himself to Mark Cuban, as a fan, referring to a book about him. Don’t hold back. Introduce yourself to people you want to meet. In the NFL, you learn you have to take action.
[16:45] Go do it. You don’t get to know if it’s successful or not until the end. That’s what Ryan loves bringing to people about the game of football.
[17:22] If you are looking to transition from one career to another, 1. Find out how to listen with curiosity. You add value by being curious. 2. Ask “How” or “What” questions, not “Why” questions. 3. Follow up. Call or email. Do those three things and you are going to be successful.
[18:47] Ryan Harris will bring his positivity to RISKWORLD. Positivity is one of the most important elements of success. Some hard experiences are a part of succeeding. Find a way to stay positive. It is so easy to be negative. Be positive and look at the obstacles in front of you.
[19:36] Look at the things you can do with the skills you can add to be successful. The positivity keeps you moving faster in that direction.
[19:59] What about injuries? Ryan Harris has had nine surgeries; four of them on his back! One time, walking to dinner, his body locked up, being so swollen from the impact in the game.
[20:19] The biggest thing people miss about professional athletes is how they take care of their bodies. Ryan has been doing yoga for 17 years. The Kansas City Chiefs are on their way to their third straight Super Bowl. They’ve had yoga every Tuesday at their facility for the last 10 years.
[20:46] If you want to know what the greats are doing, they’re doing yoga. They start with yoga, a stretch, hydration, and nutrition to repair. All those things matter, but also the mindset they’re in. Tell your body, I don’t care how you feel right now, we’ve got to lift at 11:00. Then do it.
[21:13] Find a way. Get the kinks out. It is mind over matter.
[21:42] Ryan explains how he, as an offensive tackle, adjusted for a blitz. The key to being great is using all the information that’s out there. We fail sometimes to realize the information that’s at our fingertips because we’re not even looking.
[21:55] When Ryan was with the Kansas City Chiefs, his 8th year in the NFL, a coach taught him, “Ryan, that spacing doesn’t make sense. What is the field telling you right now?” He had not looked up beyond the line. When he looked, he could see the safety positioned to blitz.
[22:36] Ryan took it upon himself to get all the information he could before the snap. That made the play easier. He anticipated this guy going there, and he pushed him hard, helping his teammate. He was ready to attack the guy who was coming. That could apply to a sales call.
[22:54] Any situation you face will be easier if you gather all the information that’s available about it. Make backup plans.
[23:09] Ryan talks about entrepreneur Jesse Itzler. He went to Davos to sell hourly memberships on his airplane. He couldn’t get in, but he found out everyone was going to one coffee shop for a muffin and coffee. On the last day, he bought all the muffins and sat in the corner.
[23:27] Someone walked in for a muffin. The shopkeeper said he’s got them over there. Jesse said, I’ve got a muffin for you, do you want it? That was his first sale. Do everything you can, take in all the information you can, and apply it strategically.
[24:08] Ryan predicts the Kansas City Chiefs are going to win Super Bowl LIX. He believes their willingness is the highest. The number one thing you learn in winning a Super Bowl is you have to be willing, not perfect. Ryan says most people are unwilling to be imperfect to succeed.
[24:23] The Kansas City Chiefs don’t care what it looks like. They’re willing to win the game with 13 seconds left on the clock or with five seconds left on the clock.
[24:34] For those who will be watching as a casual spectator, look for somebody to make a mistake and see if they’re strong enough to come back and make a play again. If you can find that person, that team is a likely winner.
[24:51] Ryan, it’s been such a pleasure to meet you today! I look forward to seeing you again in May. I’ll be in the front, right there, waving to you! I’ll try not to distract you too much, though!
[24:58] Ryan says, “Please try, I’m used to it! I love you, Justin. Thanks for having me, my friend!”
[25:04] Special thanks again to Super Bowl Champion and award-winning broadcaster, Ryan Harris, for joining us here on RIMScast. You can go to his site, RyanHarris68.com for more information.
[25:17] Be sure to register for RISKWORLD 2025, where Ryan will be on the main stage on May 6th, delivering a Keynote.
[25:27] Be sure to tune into next week’s RIMScast episode, when another one of those main stage Keynotes, Rachel DeAlto, will join us as we talk about “The Power of Relatability.” Register at RIMS.org/RISKWORLD.
[25:42] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.
[26:10] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[26:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[26:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[27:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[27:16] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[27:24] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Risk Management magazine
RISKWORLD 2025 — May 4‒7. | Register today! | Super savings rate ends Feb. 28.
RIMS Legislative Summit — March 19‒20, 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)RISK PAC | RIMS Advocacy
RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24.
RyanHarris68.com
RIMS Webinars:
RIMS.org/Webinars
“4 Themes Shaping the Future of GRC in 2025” | Sponsored by Resolver | Feb. 6, 2025
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
Upcoming Virtual Workshops:
“Claims Management” | February 11‒12 | Instructor: Chris Hansen
“Fundamentals of Insurance” | Feb. 19‒20 | Instructor: Gail Kiyomura
“Applying and Integrating ERM” | Feb. 26‒27 | Instructor: Elise Farnham
“Managing Data for ERM” | March 12 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Upcoming RIMS-CRMP Prep Virtual Workshops:
“Stay Competitive with the RIMS-CRMP | Presented by the RIMS Greater Bluegrass Chapter”
February 19‒20, 2025 | Instructor: Chris Mandel
Full RIMS-CRMP Prep Course Schedule
Related RIMScast Episodes:
“Kicking off 2025 with RIMS CEO Gary LaBranche”
“Stacking Habits with Olympic Gold Medalist Jon Montgomery”
“Exploring Risk in Extreme Environments with Kevin Vallely”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Ryan Harris, Super Bowl Champion, Colorado Sportscaster of the Year
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews CISA Chief Privacy Officer James Burd about data privacy and protection. Topics include how CISA protects agencies and critical infrastructure, how they responded to a recent data attack, and what risk professionals and data privacy professionals can work together to ensure their organization is resistant to data breaches.
Listen for actionable ideas to improve the cyber security at your organization.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:32] About this episode. We will discuss data privacy with James Burd, the Chief Privacy Officer of The Cyber Infrastructure Security Agency (CISA) here in the U.S.
[:58] RIMS-CRMP Workshops! On February 19th and 20th, a two-day virtual workshop for the RIMS-CRMP will be led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:20] The next RIMS-CRMP-FED exam course will be held from February 4th through the 6th, 2025. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:36] Virtual Workshops! Chris Hansen will return on February 11th and 12th to lead the two-day course “Claims Management”. Gail Kiyomura of The Art of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[1:59] On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025.
[2:22] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:34] The RIMS Legislative Summit 2025 is back! It will be held on March 19th and 20th in Washington, D.C. Join RIMS for two days of Congressional meetings, networking, and advocating on behalf of the risk management community.
[2:51] This event is open for RIMS members only so if you’re not a member, join now! Visit RIMS.org/advocacy for registration details.
[3:02] Interview! It is Data Privacy Week here in the U.S., through January 31st. This is an annual effort to promote data privacy awareness and education. Its events are sponsored by the National Cybersecurity Alliance. This week’s theme is Take Control of Your Data.
[3:23] Here to discuss how to take control of your data, and the best practices that risk professionals and business leaders need to know, is Chief Privacy Officer of CISA, James Burd.
[3:36] James is the senior agency leader responsible for managing and overseeing CISA’s privacy, external civil rights, civil liberties, and transparency programs.
[3:46] We’re going to talk about some of the big events that made headlines in late December and early January around cybersecurity and data privacy and the frameworks and strategies that risk professionals can implement to take control of their data.
[4:02] CISA Chief Privacy Officer James Burd, welcome to RIMScast!
[4:18] James has a fantastic team of privacy, transparency, and access professionals who provide transparency to the American public while integrating full privacy rights, liberties, and protections into the management of a safe, secure, and resilient infrastructure.
[4:48] As Chief Privacy Officer, James Burd’s primary responsibility is to ensure that privacy is at the forefront and integrated into every initiative, program, and policy CISA undertakes, regardless of whether it’s by policy, process, or technical solutions.
[5:00] This includes ensuring compliance with Federal privacy laws and embedding privacy considerations in the agency’s operations and partnerships.
[5:08] Protecting critical infrastructure inherently involves safeguarding sensitive and critical information that any organization holds, whether it’s CISA or any of the many stakeholders of CISA. Privacy and cybersecurity are inherently interconnected.
[5:21] CISA ensures its cybersecurity programs focus on protecting systems, networks, and data from unauthorized access while the privacy portion ensures that personal and sensitive data are handled responsibly, ethically, and securely.
[5:39] What are the keys to a strong cybersecurity strategy?
[5:52] The work CISA does in the privacy world is to ensure that the information CISA is holding is secure and safeguarded and also to tell the public how exactly they do that.
[6:14] In the early days of CISA, it was a Computer Emergency Readiness Team (CERT). CERTs respond to major cybersecurity incidents at a state, local, national, or international level. A cybersecurity incident in the U.S. is similar to a cybersecurity incident in any nation.
[6:50] All nations are facing the same cybersecurity issues. CISA’s international work is about information sharing and helping each other understand what threats we all face.
[7:19] Integrating privacy into risk management frameworks is a core consideration. A lot of the privacy work CISA does with risk managers is for ERM, identifying privacy risks and impacts and ensuring that mitigation strategies align with goals.
[7:42] Risk managers are key partners in implementing strong data governance practices. CISA works with them to establish policies for data handling, access, and usage that align with the security needs and privacy protection of an agency or organization.
[7:56] Risk managers have the opportunity to help privacy officers identify a privacy problem or privacy risk all across the organization. That’s part of the risk manager’s job as a point person. [9:13] CISA wants to do this privacy protection work with organizations before a breach. Many privacy professionals have learned the hard way that if you don’t collaborate up front, you have to collaborate later, as a result of your emergency. That’s not a great day.
[9:29] Risk professionals have different viewpoints to consider. They may see that some privacy risks overlap with some financial risks, depending on the risk owner’s point of view. It doesn’t make sense to solve the same problem in 10 different ways.
[10:30] The National Institute of Standards and Technology (NIST) is a valuable partner of CISA’s. NIST can see what works or doesn’t work as a conceptual or technical framework. NIST studies a problem from several angles and gives CISA an effective solution for the framework.
[11:23] Daniel Elliott of NIST has been on RIMScast. James has collaborated with Daniel.
[11:49] CISA is a collaborative agency. It does not exist without its partners and stakeholders. When NIST facilitates conversations between CISA and other stakeholders, it helps CISA figure out, of all the problems in the world, which critical problem we need to solve right now.
[12:17] CISA has Cyber Performance Goals or CPGs, which are a subset of the NIST Cybersecurity Framework. CISA will tell a small business that they should start with the CPG and get it right, and then expand to everything else.
[12:38] CPGs are not a substitute for a risk management framework, but they are a starting point. The CPGs would not exist if not for the work NIST had done in talking to small, medium, and large businesses and figuring out all the different issues they face.
[13:08] In December, Chinese cyber attackers infiltrated U.S. agencies. When there is a major incident like that, there is a whole-government response. CISA plays an important role in that response, like a firefighter. Law enforcement plays the role of investigator.
[14:16] CISA and its interagency partners are heavily involved in responding to recent Chinese activity associated with both Salt Typhoon and Volt Typhoon. They’ve been working very closely with the Treasury Department to understand and mitigate the impacts of the recent incident.
[14:35] There’s no indication that any other Federal agency has been impacted by the incident but CISA continues to monitor the situation and coordinate with other authorities, like the FBI, to ensure that there’s a comprehensive response.
[14:50] The security of federal systems and data is of critical importance to national security. CISA is working aggressively to safeguard any further impacts. The People’s Republic of China is a persistent threat, specifically, the GRC and related entities, who perform these activities.
[15:12] They’re one of the most persistent and strategically sophisticated adversaries we face in cyberspace today. The PRC has decades of experience in conducting rampant cyber espionage against U.S. businesses and critical infrastructure.
[15:26] CISA has become increasingly concerned over the last year that the PRC is not just doing espionage but is trying to burrow into the critical infrastructure for a rainy day. These state-sponsored activities are coming from campaigns like Volt Typhoon and Salt Typhoon.
[15:45] What happened to Treasury provides a stark example of these types of tactics. These tactics target critical infrastructure such as telecommunications, aviation, water, and energy.
[15:56] Their goal, as far as we can tell, is not to cause immediate damage but to gain persistent access to those systems and remain undetected until they want to do something.
[16:08] CISA has been very involved, not just responding to these incidents, but deeply studying these incidents to understand what is happening and what we need to do as a government and nation to protect ourselves from these burrowing activities.
[16:27] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th to discuss “4 Themes Shaping the Future of GRC in 2025”.
[16:39] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[16:55] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[17:07] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[17:20] Let’s Return to My Interview with James Burd of the Cyber Infrastructure Security Agency!
[17:42] Whether talking about AI, IoT, or 5G, the issues are hardware problems and software problems.
[18:02] The issues of the 1970s are similar to the issues of the 2020s, regarding vulnerabilities, exposure, and unsafe practices when developing software and hardware.
[18:20] What we’re seeing in the emerging technology space with AI, IoT, and 5G is an increase in the volume and velocity of data. The improvement of technology in this space is based on power and efficiency. Software improvement is based on the reach of interconnectivity.
[18:34] Privacy and cybersecurity risks do not just appear. We’re seeing existing risks and issues increasing in size and complexity. What we previously thought of as a perceived risk is now a real risk, thanks to advances in computational power and the amount of data available.
[18:54] It’s always been a risk but it was less likely to occur until this point where there’s more data, more volume, and more complexity. AI systems rely on a vast amount of personal data, raising concerns about data security, algorithmic bias, and a lack of transparency.
[19:11] We’ve heard about these risks with machine learning and big data databases. They require governance frameworks that address how data is collected, stored, and used in systems, or, in this case, AI models.
[19:28] Those frameworks should be familiar to anyone working in the data protection space or the risk management space for the last three decades. Insurers getting into the cybersecurity space have been paying stark attention to this.
[19:58] We’ve found out that IoT devices are probably the easiest and most risky entrance points within networks into homes and critical infrastructure devices. The biggest risks they create are unauthorized access, data breaches, and potential surveillance.
[20:19] These are not new risks. They’re existing risks that are promulgated because of the new avenue to get in. It used to be that the worst thing that could happen to an IoT device like a router is that it gets compromised and becomes part of a botnet to take down websites.
[20:38] Today, that still happens, but that IoT device is looked at as the back door for entering someone’s network if it’s not properly secured.
[20:49] In itself, 5G is awesome. There are fantastic things to do with increased data flow. With increased speed and connectivity come the ability to move more data at a time and we’re facing data being transferred in an insecure manner. People don’t know what data they’re sharing.
[21:15] We’re running into the same classic issues but they’re exacerbated by something we view as a major success, access. Access should be celebrated but we shouldn’t open doors because we can open them. We need to be able to make sure those doors are secured.
[21:48] James paraphrases Mark Groman, a privacy expert formerly with the FTC. “Privacy and cybersecurity are sometimes viewed as competing priorities. They are two sides of the same coin. I refuse to live in a world where you compromise security for privacy or vice versa.”
[22:11] We live in a world where you can have both. The great thing about advancing technologies is that we can do both. Both cybersecurity and privacy aim to protect sensitive data and systems, just from slightly different angles and for different reasons.
[22:31] There has to be a collaborative approach between cybersecurity and privacy. An intermediary like a risk professional can help cybersecurity and privacy teams work together.
[22:41] By leveraging things privacy-preserving technologies and designing privacy into cybersecurity measures, organizations can bridge the gap and achieve harmony between the two essential functions. This strengthens the organization and its overall risk management.
[22:58] When a risk is realized in one area, it’s common for it to be a harmonious risk with another risk in a different area. In the privacy and cybersecurity space, risks overlap often. Conflicts between cybersecurity and privacy are easily bridged.
[23:24] Cybersecurity professionals want to collect more data; privacy professionals want you to minimize the amount of data you collect.
[23:34] Cybersecurity relies on extensive data collection to detect, monitor, and respond to threats. Privacy wants to collect only what’s necessary and maintain it for a minimum time.
[23:46] Security monitoring tools like intrusion detection systems may gather logs or metadata that could include personal data, creating potential privacy risks, especially for an insider threat.
[24:00] Organizations can implement privacy-aware cybersecurity solutions that anonymize or pseudo-anonymize data where possible, allowing cybersecurity professionals to get to the root of the problem they’re trying to solve while masking sensitive data.
[24:13] If you’re investigating an insider threat, you can unmask the data. Do you need that data to do the job that you’re tasked to do? If not, why run the risk of inappropriately accessing it?
[24:53] Privacy frameworks will always encourage transparency about data usage and sharing, especially by private entities doing consumer business and handling personal information.
[25:07] The public needs to know what you are collecting from them, how you are using it, and whether are you sharing it. They need to know if you are handling their data securely.
[25:38] James would tell cybersecurity professionals that if they think obscurity is security, they should find another job. Obscurity is typically the worst way to secure things.
[25:51] There are ways to describe how data is being held or secured by an organization without compromising the cybersecurity tools or techniques used to monitor or look for vulnerabilities.
[26:03] Transparency can be maintained without compromising security and can be used in a way to assure the public that an organization is keeping serious security techniques in mind when handling the public’s data. James tells how to share that message with the public.
[27:08] When James opens software, he reads the Third Party Agreements. He knows most people don’t. Government agencies include a plain language version of the agreement. Some private companies are doing the same to help people understand how their data is being used.
[28:40] Quick Break for RIMS Plugs! The first of hopefully many RIMS Texas Regional Conferences will be held in San Antonio from August 4th through August 6th, 2025.
[28:58] This groundbreaking event is set to unite the Texas RIMS Chapters and welcome risk management professionals from around the world! Also known as the Risk Management Roundup in San Antonio, you can join as a speaker!
[29:11] The Conference planning committee is interested in submissions that explore technology and cyber risk, workforce protection and advancement, energy and sustainability, extreme weather, construction, restaurant, retail, hospitality, and other trending now sessions.
[29:28] The deadline to submit your proposal is Monday, February 24th. The link to the event and the submission process is in this episode’s show notes. Go check it out!
[29:39] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[29:58] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.
[30:20] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org.
[30:30] Let’s Return to the Conclusion of My Interview with the Chief Privacy Officer of CISA, James Burd!
[31:00] A lot of ERM frameworks exist because they were required by regulation or law.
[31:10] Privacy professionals are starting to see the same risks that risk management and compliance professionals have been dealing with for decades. The big tools that privacy professionals use are called Data Privacy Impact Assessments (DPIA).
[31:29] DPIAs vary, depending on the regulatory framework or law. DPIAs do two things: they identify what data assets you have and they examine the risks that are associated with the handling of those data assets and what mitigations must be in place to buy down those risks.
[31:48] That assessment can populate half of an ERM framework’s register. Getting involved with your privacy program manager as they do these DPIAs may first cause the privacy program manager to resist your risk assessment, but a risk in one space is a risk in another space.
[32:21] The DPIA is a valuable source of information for a risk manager. You can see the risks earlier. You can identify with the privacy program manager what some of the major risks might become. That means both realized and unrealized risks, which are equally important.
[33:06] A privacy program manager will be preoccupied with a lot of the perceived risks. A risk manager wants to know which risks are more likely and identify them early.
[33:40] A likelihood assessment will help the privacy officer identify how many “calories” to spend on this risk. The risk manager and privacy manager have a mutually beneficial relationship. They help each other.
[34:17] CISA provides cybersecurity education, news on vulnerabilities and cyber threats, threat intelligence, and service to critical infrastructure providers once there is an incident of some sort. The CISA website shows cyber threat indicators of what a compromise might look like.
[35:40] CISA has found novel patterns on networks that make it hard to tell that your network has been compromised. CISA calls those things “Left of Doom.” On the “RIght of Doom,” CISA prioritizes the incidents that it responds to.
[36:02] CISA focuses primarily on critical infrastructure. If you have a situation CISA cannot respond to, they will assist you by a local field office to find the people to help you, whether it’s law enforcement, local cyber security service providers, or a local Emergency Response Team.
[37:03] Companies are involved in the California wildfires. Could an incident like that distract them that they might become susceptible to data breaches? James notes that you can’t address every problem at the same time. Prioritize, rack, and stack.
[37:17] Incidents are going to happen. CISA asks agencies and companies to take the time and spend the resources to knock out all the low-hanging fruit. The great majority of incidents CISA sees are bad actors exploiting very simple, easy-to-fix vulnerabilities.
[37:55] It might be companies not using encrypted traffic, or only using a password to secure access to a server. The fix is relatively low cost or low impact. It takes time to figure out how to do the fix, but you’ll be grateful that you took the time and spent the money to implement it.
[38:24] The cost of a greater fix from the breach of a simple vulnerability will be far greater than the resources you’d spend to address it in the first place. Establishing that floor will help you focus on other “fires” that pop up while assuring you won’t get “popped” for a silly reason.
[38:49] If somebody’s going to get you, make sure they’ve tried their hardest to get you.
[38:58] It’s Data Privacy Day today, as this episode is released! It’s the start of Data Privacy Week! The theme is Take Control of Your Data!
[39:22] Robust privacy governance tips: Figure out where your data asset inventory is for your organization. Keep track of it and keep track of the risk associated with each data asset, Each data asset may have a different set of risks.
[39:47] Every organization should maintain a comprehensive inventory of data assets, detailing what data is collected, where it is stored, who has access to it, and how it’s used.
[39:56] The risk professional probably isn’t the one who takes the inventory, but they should have access to it and they should be evaluating that inventory.
[40:06] The risk professional can help the privacy manager by helping them establish clear policies and procedures for handling data, access control, and breach response, based on real risk. A privacy officer sometimes has difficulty identifying a real risk over a perceived risk.
[40:23] By focusing on real risks, you avoid the problem where privacy officers spend too much energy coming up with solutions for the most unlikely scenarios, leaving organizations unprepared for what’s likely to happen.
[40:42] Special thanks again to James Burd of CISA for joining us here on RIMScast! There are lots of links about Data Privacy Day and Data Privacy Week in this episode’s show notes.
[40:54] Also see links to RIMS Risk Management magazine coverage of data privacy through the years and links to some RIMScast episodes that touch upon the topic. Be sure to tune into last week’s episode with Tod Eberle of the Shadowserver Foundation on cyber risk trends of 2025!
[41:18] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.
[41:47] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[42:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[42:23] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[42:39] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[42:53] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[43:00] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Risk Management magazine
RISKWORLD 2025 — May 4-7. | Register today!
RIMS Legislative Summit — March 19‒20, 2025
Cyber Infrastructure Security Agency
National Cybersecurity Alliance | Data Privacy Week 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Texas Regional Conference 2025 | Submit an Educational Session by Feb. 24.
RIMS Webinars:
RIMS.org/Webinars
“4 Themes Shaping the Future of GRC in 2025” | Sponsored by Resolver | Feb. 6, 2025
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
Upcoming RIMS-CRMP Prep Virtual Workshops:
“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter
February 19‒20, 2025 | Instructor: Chris Mandel
Full RIMS-CRMP Prep Course Schedule
Upcoming Virtual Workshops:
“Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen
“Fundamentals of Insurance” | Feb. 19‒20, 2025 | Instructor: Gail Kiyomura
“Applying and Integrating ERM” | Feb. 26‒27, 2025 | Instructor: Elise Farnham
“Managing Data for ERM” | March 12, 2025 | Instructor: Pat Saporito
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Upcoming RIMS-CRMP Prep Virtual Workshops:
“Stay Competitive with the RIMS-CRMP | Presented by the RIMS Greater Bluegrass Chapter”
February 19‒20, 2025 | Instructor: Chris Mandel
Full RIMS-CRMP Prep Course Schedule
Full RIMS-CRMP Prep Course Schedule
Related RIMScast Episodes:
“Cyberrisk Trends in 2025 with Shadowserver Alliance Director Tod Eberle”
“Kicking off 2025 with RIMS CEO Gary LaBranche”
“Year In Risk 2024 with Morgan O’Rourke and Hilary Tuttle”
“AI and Regulatory Risk Trends with Caroline Shleifer”
“Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST” (2024)
“Cybersecurity and Insurance Outlook 2023 with Josephine Wolff”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance”| Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: James Burd, Chief Privacy Officer, Cyber Infrastructure Security Agency (CISA)
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Shadowserver Foundation Alliance Director Tod Eberle about cybersecurity. Tod tells how his background as a prosecutor led to his interest in cybersecurity, how he encountered the non-profit Shadowserver Foundation, and how he left the public sector to work with them. He explains how Shadowserver provides actionable data to alert network owners and law enforcement of network vulnerabilities that need to be mitigated. He discusses trends in malware attacks, especially in ransomware. He shares his thoughts on ransomware threats of 2025 and the years to come. He provides tips on preparing your network against ransomware.
Listen to how you can harden your organization’s network against malware attacks.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to Engage Today and Embrace Tomorrow in Chicago from May 4th through May 7th. Register at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[:33] About this episode. We will discuss cybersecurity with Tod Eberle, the Alliance Director of the Shadowserver Foundation.
[:55] RIMS-CRMP Workshops! On February 19th and 20th, there will be a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:18] The next RIMS-CRMP-FED exam course will be held from February 4th through the 6th, 2025. Links to these courses can be found through the Certification page of RIMS.org and this episode’s show notes.
[1:34] Virtual Workshops! Chris Hansen will return on February 11th and 12th to lead the two-day course “Claims Management”. Gail Kiyomura of The Art of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[1:58] On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito. That course starts on March 12th, 2025.
[2:20] A link to the full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:31] The RIMS Legislative Summit 2025 is back! It will be held on March 19th and 20th in Washington, D.C. Join RIMS for two days of Congressional meetings, networking, and advocating on behalf of the risk management community.
[2:49] This event is open for RIMS members only so if you’re not a member, join now! Visit RIMS.org/advocacy for registration details.
[3:02] Interview! Our guest Tod Eberle is the Alliance Director of the Shadowserver Foundation, a non-profit security organization working altruistically behind the scenes to make the internet more secure for everyone.
[3:15] Tod Eberle is with us to discuss the cybersecurity trends on his risk radar and the threats he wants risk professionals to be aware of as 2025 kicks into high gear. Shadowserver Alliance Director, Tod Eberle, welcome to RIMScast!
[3:41] Justin saw that Shadowserver Foundation was promoted by the National Cybersecurity Alliance and he thought it would be great to have a follow-up on his appearance there.
[3:54] Tod says the National Cybersecurity Alliance is a great organization. After working together with them for a year, they invited Tod to do a webinar. It was a great experience.
[4:28] Tod’s background is as a career prosecutor, starting as a county prosecutor in Western Pennsylvania in 1997. In 2004, Tod became a Federal Prosecutor in Pittsburgh for the U.S. Department of Justice.
[5:00] In 2014, He transitioned over to the National Security and Cybercrime section in Pittsburgh. Pittsburgh was at the forefront of cyber investigations by both the U.S. Attorney’s Office and the FBI. Tod wanted to be a part of that.
[5:34] The Pittsburgh office has run investigations and issued indictments against Chinese Military Intelligence officers and Russian GRU officers for hacking. In 2014, Pittsburgh had the first criminal indictment of nation-state threat actors.
[6:00] In that case, Chinese Military Intelligence PLA officers hacked into Pittsburgh companies Westinghouse, ALCOA, U.S. Steel, and United Steel Workers. Some forward-thinking folks at the FBI and the U.S. Attorney’s Office, particularly U.S. Attorney David Hickton, focused on cyber.
[6:29] That continued over the years until the present.
[6:46] To begin an investigation, the FBI and U.S. Attorney’s Office in Pittsburgh, need to have some aspect of an organization’s criminal activity touch that district, the Western District of Pennsylvania. A national ransomware case with one victim in Pittsburgh can be investigated.
[7:16] In the investigation of Russian GRU actors responsible for the destructive NotPetya malware attack, a district hospital’s network was attacked and destroyed. They expanded the investigation and charging documents to include other attacks around the country.
[7:58] In 2015 Tod was a prosecutor working with the FBI on an investigation. He was at Europol at the Hague in the Netherlands, a center that brings together investigators and prosecutors from different countries who investigate the same threat group through Europol and Eurojust.
[8:33] Tod met the Shadowserver Foundation non-profit group at the Hague in 2015. They were helping, through free technical support to the takedown operation, to dismantle the infrastructure of a crime group, using sinkholing and other security measures.
[9:08] Tod Joined the Shadowserver Foundation in January of 2023. He is the Shadowserver Alliance Director. As a small non-profit, everyone wears many hats. The Shadowserver Foundation is a 501(c)(3) in the U.S. and a separate non-profit legal entity in the Netherlands.
[9:47] The Shadowserver Foundation started about 2004. It celebrated its 20th anniversary in 2024. It began as a loose group of volunteers made up of cybersecurity researchers and technical experts who came together to help network owners and law enforcement.
[10:15] Over the years they became more structured and became a non-profit organization. It’s an unusual non-profit organization working 100% in operations. It works in three core areas. First, it’s the world’s largest provider of free, actionable cyber threat intelligence.
[10:45] Second, the Shadowserver Foundation does cybersecurity capacity-building around the world. Third, it also provides free support to law enforcement investigations and disruption operations with technical support and expertise. Those three things are its core mission.
[11:07] Justin notes commonalities between RIMS cyber risk reporting and the Shadowserver Foundation’s work. Shadowserver collects a vast amount of threat data daily. What are the patterns it sees for 2025?
[11:29] Shadowserver Foundation can help organizations mitigate risks. It collects cyber threat data at its data center in California through internet-wide scanning, honeypot sensors, sinkholing operations, and collecting and analyzing malware samples.
[11:57] Every day for free the Shadowserver Foundation takes that data and provides it to over 9,000 organizations around the world and to 201 National C-CERTs that cover about 176 countries.
[12:13] These reports identify exposed, misconfigured, vulnerable, compromised instances or devices on networks that need patching.
[12:25] The organizations that get Shadowserver’s data can be anything from banks to hospitals, universities, K-12 school districts, ISPs, local, state, and federal governments, small, medium, and large businesses, Fortune 500s, and NGOs; just about anyone can sign up.
[12:46] The idea behind this is that cyber security should be available to everyone, regardless of the ability to pay. Organizations can sign up at the Shadowserver Foundation website, and provide their contact information and network information with IP ranges and ASNs.
[13:12] The Shadowserver Foundation does its due diligence and if everything checks out, it automates those reports to go out to the organization daily. About 9,000 organizations sign up directly to receive daily reports.
[13:22] The Shadowserver Foundation also sends out data for entire countries to the national C-CERT designated to handle that in those countries. In the U.S., CISA gets hundreds of millions of events from them every day for all the U.S. It is the same around the world.
[13:52] Tod says that some things never change. Networks are breached primarily through phishing attacks, malicious links or attachments, and social engineering.
[14:09] One trend is a focus on vulnerabilities. Criminals exploit vulnerabilities in the network that aren’t timely patched and before they are patched. Shadowserver gives organizations an external snapshot view of their networks just as criminals are scanning for themselves.
[14:52] Cybercriminal groups increasingly leverage zero-day vulnerabilities to breach a network. A zero-day vulnerability is a flaw in software or hardware that’s unknown to the vendor and has no patch. The vendor has had zero days to fix the vulnerability after it has been discovered.
[15:16] That was the case with the Clop ransomware gang. In 2024, they started exploiting zero-day vulnerabilities in Fortra’s GoAnywhere software. That continued in May, with them exploiting Progress Software’s MOVEit file transfer application.
[15:38] Very recently, in December, the Clop Ransomware group claimed responsibility for using a zero-day vulnerability in Clio’s file transfer platform that breached victims’ networks.
[15:49] Cyber criminals extort victims and steal data with ransomware attacks. Risk managers in cybersecurity need to stay on top of critical vulnerabilities that often go unpatched. Those are often the easiest gateway into a network.
[16:26] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th to discuss “4 Themes Shaping the Future of GRC in 2025”.
[16:38] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[16:54] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[17:06] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[17:17] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[17:35] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.
[17:58] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org.
[18:08] Let’s Return to the Conclusion of My Interview with Tod Eberle of Shadowserver!
[18:49] Justin notes that In December of 2024, China attackers breached the Committee on Foreign Investment in the U.S. That is the government office that assesses foreign investments for national security risks.
[18:58] China also targeted the Treasury’s Sanctions Office after it sanctioned a Chinese company for its alleged role in cyberattacks.
[19:14] Tod thinks we should acknowledge that this is nothing new and nothing we should be surprised about. It’s been going on for many years and it’s going to continue. Justin was in the Federal government in 2013 and 2014.
[19:32] In 2015, it was announced that the U.S. Office of Personnel Management had been breached. Personal sensitive data for 42 million people were stolen.
[19:44] In May 2014, five Chinese military officers were indicted for computer hacking and economic espionage against companies based in Pittsburgh. This is nothing out of the ordinary. Unfortunately, indictments don’t seem to have a deterrent effect.
[20:21] Countries can deny the charges of hacking even with strong evidence of their involvement.
[20:37] There are different types of hacking, with different types of motivation. There is traditional espionage against U.S. government agencies. There is theft of intellectual property with nation-states trying to gain a commercial advantage in business.
[21:23] There are destructive hacks by nation-state actors, like the NotPetya attack, or attacks on the Ukrainian power grid and banking systems in 2015 and 2016.
[21:36] The Volt Typhoon threat actor group and its access to the U.S. critical infrastructure is one of the greatest national security concerns because of its potential to disrupt everything from water to power, to food, to transportation.
[22:10] The ripple effect that can come from those disruptions would be enormous. The Colonial Pipeline ransomware attack of a few years ago affected fuel supplies, commerce, and the prices of goods.
[22:31] Nation-state hacking is no longer just a concern for government agencies and companies that do business internationally, but it’s now a concern for all of society. There’s the potential to affect the daily lives of innocent civilians through attacks on critical infrastructure.
[23:16] Tod mentions another 2014 indictment out of Pittsburgh, on the GameOver Zeus Botnet takedown. Part of that was a crypto locker ransomware disruption. This was in the infancy of ransomware, for $300 ransoms. Now ransom demands are in the tens of millions of dollars.
[23:53] We have seen a huge evolution in ransomware. It’s not going away. One thing we’re seeing is bypassing data encryption and focusing on data theft. It’s easier and less time-consuming for the threat actors because they don’t have to map out the network.
[24:41] If a victim company had good backups and easy restoration, that was an issue ransomware actors had to deal with, so why would the threat actors bother with that? They just focus on easy data theft and extortion of ransom for the data.
[25:04] Tod thinks we will continue to see extortion. Ransomware continues to be the greatest concern for companies. The use of AI has been increasing both for defenders and attackers.
[25:14] A new ransomware group, FunkSec, is claiming large numbers of victims of extortion, encryption, and data theft. They seem to have ransom demands of less than $10,000. They have sold stolen data. Researchers think this is a less experienced group using AI to write code.
[27:22] Shadowserver’s very talented team collects the data. It’s free. They want to get it into the hands of those who can use it. The reports identify things that are seen to be misconfigured or unnecessarily exposed to the internet. Sometimes they can show if something is compromised.
[28:12] Shadowserver designates the events by severity level so the end user can prioritize their patching and address first the ones that are most critical and severe. The reports act both as an early warning system and a victim notification system if a device is seen to be compromised.
[28:59] The network owner needs to remediate that and patch it before further exploitation like a ransomware attack can occur.
[29:07] Shadowserver has two ways to detect that a device is compromised. The first is if they have indicators that tell them a device on the network is compromised. The second is with their support for law enforcement, law enforcement may share sensitive data with Shadowserve.
[29:32] When law enforcement does a takedown and they get victim identification data like IP addresses, they must do victim notification. Law enforcement isn’t scaled to do victim notification for hundreds of thousands of users. Shadowserver helps them with notifications.
[30:48] Shadowserver is very careful to share data responsibly. Company A will get the data they have for Company A and it won’t be shared with Company B and vice versa. Shadowserver views the data as belonging to that network owner.
[31:08] If a company authorizes Shadowserver and wants them to share their data with a third party, Shadowserver will happily do it. There are several companies with MSSPs to manage their security. If the company asks, Shadowserver will send the data to their MSSP.
[31:43] As a small, non-profit organization, not everyone has heard of the Shadowserver Foundation. They want people to know they have this data and they want to share it. It could be relevant for cyber insurance companies’ due diligence, with the insurance applicant’s consent.
[32:20] It’s important because those reports can show whether a network has remained healthy and secure over time. Tod would love to see Shadowserver be able to help more in the risk mitigation areas.
[32:56] Special thanks again to Shadowserver Foundation's Tod Eberle for joining us here on RIMScast! Check out this episode’s show notes for links to the Shadowserver reports we mentioned.
[33:07] Be sure to tune in next week for Data Privacy Day! We’ve got a special episode with James Burd, Chief Privacy Officer of the Cybersecurity and Infrastructure Security Agency (CISA). That’s going to be a good one!
[33:22] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.
[33:50] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[34:07] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[34:25] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:41] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[34:55] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[35:03] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Risk Management magazine
RISKWORLD 2025 — May 4‒7 | Register today!
RIMS Legislative Summit — March 19‒20, 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
Shadowserver Foundation
National Cybersecurity Alliance
RIMS Webinars:
RIMS.org/Webinars
“4 Themes Shaping the Future of GRC in 2025” | Sponsored by Resolver | Feb. 6, 2025
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
Upcoming Virtual Workshops:
“Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen
“Fundamentals of Insurance” | Feb. 19‒20, 2025
“Applying and Integrating ERM” | Feb. 26‒27
“Managing Data for ERM” | March 12, 2025
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Upcoming RIMS-CRMP Prep Virtual Workshops:
“Stay Competitive with the RIMS-CRMP | Presented by the RIMS Greater Bluegrass Chapter”
February 19‒20, 2025 | Instructor: Chris Mandel
Full RIMS-CRMP Prep Course Schedule
Full RIMS-CRMP Prep Course Schedule
Related RIMScast Episodes:
“Kicking off 2025 with RIMS CEO Gary LaBranche”
“Year In Risk 2024 with Morgan O’Rourke and Hilary Tuttle”
“AI and Regulatory Risk Trends with Caroline Shleifer”
“Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST” (2024)
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail’ | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Tod Eberle, Shadowserver Foundation
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews RIMS CEO Gary LaBranche about what you can expect from RIMS in 2025. This value-packed discussion offers Gary’s comments on 2025 RIMS President Kristen Peed, RIMS’ 75th Anniversary events, possible insurance impacts of proposed trade tariffs, nuclear verdicts, and third-party litigation. Gary encourages you to join RIMS Advocacy and the RIMS Legislative Summit on March 19th and 20th, 2025 to lobby on Capitol Hill. He shares insights on public safety, security, and of course, news of RISKWORLD 2025 and more.
Listen for how you can participate in 2025 RIMS events.
Key Takeaways:
[:01] About RIMS.
[:16] About this episode, coming to you from RIMS headquarters in New York, kicking off 2025 with RIMS CEO Gary LaBranche! Gary, welcome back to RIMScast!
[:59] Interview! Gary had a quiet, fun New Year’s Eve at home, dining on Asian sea bass with champagne and watching television.
[1:39] This is a big year for RIMS. RIMS has a new president, Kristen Peed. Justin has known her since he started with RIMS. Kristen is a long-time volunteer, very positive, and great at representing RIMS. She continues in a long line of volunteer leaders who have built RIMS.
[2:29] Gary reports that RIMS 2024 president David Arick had a wonderful term. On David’s last day, the Wall Street Journal published an interview with him; a wonderful capstone to his year.
[2:49] RIMS board presidents serve as unpaid volunteers. They travel for board meetings and events, taking time away from their families and jobs. Gary says everyone should appreciate what the board president and officers, chapter leaders, and other volunteers do to help RIMS.
[3:35] Reading the history of RIMS, Gary is struck with and inspired by the long line of volunteers who put their shoulders to the wheel, creating this organization.
[3:59] RIMS is delighted to have Kristen. Kristen is with Sequoia. You’ll get to meet her at RISKWORLD, the RIMS Canada Conference, and other activities in 2025. Kristen embodies the spirit of the RIMS community.
[4:29] This year is the 75th anniversary of RIMS. It’s a good opportunity to reflect and appreciate all that came before us. RIMS New York traces its roots to the 1930s. Later, four groups came together to create the National Association of Insurance Buyers, today known as RIMS, in 1950.
[5:44] The NAIB provided networking and learning opportunities for commercial buyers of corporate insurance. They saw that it would be helpful to have a national view and ultimately, an international view of the issues and trends in the commercial side of insurance.
[6:26] Reading the history gives you a better sense of how RIMS has played a key role in creating today’s insurance world. Justin points out that they organized RIMS without email or interstate highways! They worked hard to make the organization happen.
[8:31] RIMS will celebrate its 75th anniversary throughout the year. Chapter leaders will soon attend the Annual Leadership Forum to kick things off. At the RIMS Canada Conference 2024, RIMS unveiled the 75th Anniversary logo and themes. RISKWORLD 2025 will be the tent pole event.
[9:21] This will be the biggest RISKWORLD in history! The biggest RIMS annual conference was held in Chicago 20 years ago. RISKWORLD 2025 will be in Chicago from May 4th to May 7th and RIMS is expecting to see well over 11,000 attend. Other events will also feature the anniversary.
[9:53] RIMS is launching the Texas Regional Conference, with the four Texas chapters, in August, in San Antonio. It’s a wonderful opportunity for folks in that region to gain access to the power and value represented in the RIMS community.
[11:04] About trade tariffs: Gary recently spent an hour at a U.S. Chamber of Commerce meeting, talking with top trade policy experts. U.S. President-elect Donald Trump has mentioned tariffs. How would new tariffs impact consumers? What might they do to the cost of insurance?
[13:05] If any goods go up in cost, that could potentially have an effect on the cost of insurance, just as inflation causes prices to go up. If you’re insuring a fleet of trucks, where do you get the parts to fix those vehicles? Will the cost of those parts go up?
[14:05] Right now, we don’t know. There are differences of opinion. Some 60% of replacement truck and auto parts are made outside of the United States. If tariffs are imposed on those, and if those costs are passed on to consumers, that will raise the cost of insurance.
[14:56] Justin sees tariffs impacting insurance rates, the supply chain, and decisions risk professionals make about materials to use. Tariffs may not have their intended effect of having you “buy American” if you’re in America. It may not work that way.
[15:28] Gary notes that tariffs, historically, have had the long-term effect of spurring domestic production. The question is, how fast will that happen? How long will it take to create the infrastructure to create more cement or truck parts? Where will the workers come from?
[16:16] If there are price increases for supplies and materials or if there are disruptions in the supply chain, that will have a dragging effect in terms of the cost of insurance. RIMS publications will tackle this topic and report on it as they have done for 75 years.
[17:08] Dave Arick was interviewed in the Wall Street Journal, He discussed how “nuclear verdicts” of $10 million or more are influencing what happens in the insurance markets. Nuclear verdicts create higher costs.
[17:47] If insurance companies are paying out more and more for those claims, they’re going to try to recoup that cost through higher premiums in the future. RIMS is concerned about the runaway growth of nuclear verdicts.
[18:11] Ultimately, the claims bar pumping up the demands for recompense is having an impact on cost. When someone is hurt, there should be recompense for that. The issue is the significant growth in multi-million dollar verdicts that are outside of what is reasonable and fair.
[18:53] If that happens, it simply drives up the cost for businesses to do business. If people are getting 10 times the reasonable recompense for their injuries, it starts to add up significantly.
[19:35] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be announced.
[19:42] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[19:58] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[20:10] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[20:21] Congratulations to my RIMS colleagues! RISKWORLD 2024 was honored with the 2024 TSNN Trade Show News Network Award for Outstanding Commitment to Advancing DE&I in the Risk Management Community Through Intentional Programming and Representation!
[20:44] The programming included real-time translation technology and partnerships with DE&I organizations NAAIA, AAIN, and APIW, fostering a globally inclusive environment, and keynote speaker Academy Award-winning actress, Marlee Matlin, on inclusion and accessibility.
[21:10] The TSNN Award is a huge honor and RIMS is so pleased that our continued DE&I efforts are being recognized by various industries, specifically in events and exhibitions.
[21:23] Of course, a big shout-out to the RIMS DE&I Advisory Council for their unwavering commitment to helping advance DE&I initiatives at our conferences and RIMS events throughout the risk management community.
[21:36] There are still DE&I sponsorship opportunities available for RISKWORLD 2025 in Chicago. You can visit the link in this episode’s show notes for more details.
[21:51] Back to My Interview with RIMS CEO Gary LaBranche!
[22:03] Justin and Gary consider third-party litigation, which impacts the courts, laws, and legislation. Gary will attend the RIMS Legislative Summit, to be held on March 19th and 20th.
[22:39] Gary says the plaintiffs’ bar has discovered the power of investment. They have learned they can gather investors who will back a potential lawsuit and fund lawsuits that come along, in return for a share of the proceeds of that suit. That has always been concerning.
[23:13] Something that has become an additional concern is the lack of transparency as to where those investment funds are coming from. They could be coming from anywhere, inside or outside the U.S. They could be from sources that could be illegal. It’s unknown.
[23:45] As a matter of national security and public policy, RIMS thinks it’s time we have better insight into the sources of funds for third-party litigation. Gary will be on Capitol Hill, lobbying with members of Congress for transparency in funding third-party litigation.
[24:09] A link to the RIMS.org/advocacy page is in the show notes. If you’re a RIMS member and want to go to Capitol Hill for a couple of days with the very knowledgeable RIMS staff and have a chance to meet with your Representatives in Congress, that’s the way to do it.
[24:26] Gary will be there, RIMS General Counsel, Mark Prysock, will be there, and a few other very knowledgeable folks will help you prepare for these fun “pitches.” Gary says it’s a blast. You’re telling your story and why this is something of concern to you.
[25:12] Typically you’ll be meeting with staff members who are directly involved in the public policy process. They want to hear your story, especially if you’re from their district. It’s a lot of walking, listening, and talking along with your peers. You’ll appreciate what you’ve done.
[25:56] Going from office to office on the Hill, you’re seeing other people doing the same thing; ranchers, flight attendants, and more. It’s an interesting cross-section of America. You’re seeing the Constitutional freedom of speech. It gives you a perspective on the public policy process.
[26:51] Gary has led other organizations for 25 years, so he has been to Capitol Hill a few dozen times. He worked in Washington D.C. for years. He loves gathering a group of members, having a reception and a briefing, and walking around Capitol Hill. By lunchtime, people are excited.
[27:53] At the end of the day, there’s a sense of relief and satisfaction; most of the members want to know when they can do it again! Justin did it in 2018 and it made an impression on him. He also loves speaking with the people who are involved in it.
[28:25] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[28:43] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.
[29:07] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org.
[29:18] Let’s Return to the Conclusion of My Interview with RIMS CEO Gary LaBranche!
[29:31] Justin describes the horrific terrorist act in New Orleans on New Year’s. Someone circumvented the meager barriers, drove onto the Bourbon Street sidewalk, ran over several people, and exchanged fire with the police. The police neutralized him.
[30:11] He had killed 14 people and disrupted everything going on there. This also affected the local economy. RISKWORLD 2023 was affected by an issue in the host city. RIMS has had other issues with public safety. Gary mentions the car bomb in Las Vegas and RIMS’ security plans.
[32:26] For conferences like RISKWORLD, 30 to 50 hotels are used. You have to look at the security measures already in place for each hotel. That sort of thing keeps Gary up at night.
[32:54] Before lunch on his first day back, Gary was on the phone with staff to restart their thinking about RISKWORLD security, in light of the attacks in New Orleans and Las Vegas. RIMS is well advanced on plans for RISKWORLD 2025. Security will be even more on their minds.
[33:37] RISKWORLD has no big outdoor events for this year. Chicago in May is not necessarily warm and sunny, so they will be inside. RIMS has a responsibility as event organizers to think about the risks. Every event organizer must do the same.
[34:33] RISKWORLD 2025 keynotes and speakers have been announced. Find them at RIMS.org/RISKWORLD. Chicago is a Mecca for the risk management and insurance community. Gary can’t think of a better place to have the 75th Anniversary RISKWORLD convention.
[35:43] RISKWORLD 2025 will be held at the McCormick Convention Center, in one of the most beautiful cities in the country. It has a great, diverse culture with 77 unique neighborhoods.
[36:01] The RISKWORLD 2025 program is very exciting, being built by great risk professionals who are contributing their time and talent to sharing their knowledge and insight. It’s a lot of fun and it’s a “heck of an event!” Gary is thrilled about the whole thing!
[36:26] A huge team works so hard on creating RISKWORLD. It is so much work and there is so much work on-site. At the end of it, the team is exhausted, and so sad that it’s over! It’s a wonderful, fun, safe, educational experience, and then it’s gone. RIMS works on it year-round.
[37:15] Three of the keynotes will be delivering TED talks on the main stage on Tuesday, May 6th. Rachel DeAlto, Ryan Harris, and Holly Ransom. It’s called “Triple Vision, Leadership Insights.” RISKWORLD has never done anything like that before.
[37:34] These will be short, punchy, to-the-point talks showing a diversity of perspectives, and touching on more topics, and it’s more in keeping with how people obtain and consume information today. Gary is very excited about them. He’s watching to see how it works.
[38:18] The RISKWORLD 2025 opening reception will be on Sunday, May 4th, at the Field Museum of Natural History. Gary calls it one of the greatest museums in North America and it’s a great place to have an event. Gary has done black-tie events there. It has a wonderful view.
[39:47] Public registration is open. Go to RIMS.org/RISKWORLD and register today!
[40:01] This episode with RIMS CEO Gary LaBranche has given us a great glimpse into 2025. Gary will be back on RIMScast sometime after RISKWORLD 2025.
[40:53] Gary says RIMS has an extraordinary IT team and they are always drilling on avoiding phishing and cyber-attacks. Risk management is important. When he looks a the RIMS logo, he is reminded that the wind is in our sails. Risk management could not be hotter, now!
[41:39] Gary ranks hot, sexy jobs now: astronaut, firefighter, and risk manager! He hopes people take pride in their risk manager jobs. There’s a lot of demand. Salaries have been going up, according to the RIMS salary survey. There are more people attracted to the profession.
[42:01] At RISKWORLD, we get 250 or more students. It’s fun to watch them compete in the Spencer Risk Management Challenge. It’s fun to see the support that Spencer and the community give them. It’s fun to see them engage with our professionals and want to learn.
[42:39] RIMS CEO Gary LaBranche, thank you so much. It’s always a pleasure!
[42:46] Special thanks, as always, to RIMS CEO Gary LaBranche for stopping by and keeping us informed. Be sure to check out all the links in this episode’s show notes to learn more about RISKWORLD 2025, RIMS advocacy, and other RIMS initiatives and events.
[43:06] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.
[43:32] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[43:51] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[44:09] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[44:25] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[44:39] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[44:47] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Risk Management magazine
RISKWORLD 2025 — May 4‒7 | Register today!
RIMS Legislative Summit — March 19‒20, 2025
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Kristen Peed named 2025 President of RIMS
‘Nuclear Verdicts’ Driving Up Costs of Doing Business, Says Risk Management Society’s Head — The Wall Street Journal, Dec. 30, 2024 — an interview with former RIMS President David Arick
RIMS DEI Council | Learn more about DEI Inclusivity Partnership opportunities at RISKWORLD
RIMS Webinars:
RIMS.org/Webinars
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
Upcoming Virtual Workshops:
“Claims Management” | February 11‒12, 2025 | Instructor: Chris Hansen
“Fundamentals of Insurance” | Feb. 19‒20, 2025
“Applying and Integrating ERM” | Feb. 26‒27
“Managing Data for ERM” | March 12, 2025
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Upcoming RIMS-CRMP Prep Virtual Workshops:
“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter
February 19‒20, 2025 | Instructor: Chris Mandel
Full RIMS-CRMP Prep Course Schedule
Related RIMScast Episodes:
“Year In Risk 2024 with Morgan O’Rourke and Hilary Tuttle”
“300th Episode Spectacular with RIMS CEO Gary LaBranche”
“RIMS Advocacy Updates 2024 with Mark Prysock”
“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”
“On Risk Appetite and Tolerance”
“Global Perspectives with RIMS 2023 Chapter Presidents” (ft. Greater Bluegrass Chapter)
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
”Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Gary LaBranche, FASAE, CAE, CEO of RIMS
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Christine Schelble, Director of Insurance and Risk Management at GE Appliances, a Haier company about her work at GE Appliances, a Haier company. She shares how she began with GE Appliances, shortly after GE sold GE Appliances to Haier. She talks about how she works as a department of one and the relationships she has built throughout the company and with insurance brokers and TPAs. She speaks of the necessity of making changes when a relationship isn’t good or a risk philosophy isn’t a match. Christine also shares about her risk career and how her risk philosophy has remained constant wherever she has worked. She gives tips for preparing a request for proposal when a change is necessary and shares her advice for less experienced risk professionals. She speaks of the history of the Greater Bluegrass Chapter of RIMS, where she sits on the board, and the benefits of actively participating in a RIMS chapter.
Listen for wisdom about keeping current with the insurance market, getting your designations, and changing with conditions.
Key Takeaways:
[:01] About RIMS.
[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes.
[:30] About this episode, coming to you from RIMS headquarters in New York. Our guest is Christine Schelble, the Director of Insurance & Risk Management at GE Appliances. We are going to discuss career development in risk management.
[:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.
[1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[1:50] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025.
[2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:25] Interview! Christine Schelble is the Director of Insurance and Risk Management at GE Appliances, a Haier company. She is one of the founding members of what is now the Greater Bluegrass Chapter of RIMS, which won the 2024 Chapter of the Year Award at RISKWORLD.
[2:49] Christine has decades of experience leading risk management initiatives for global companies. We will learn about what it takes to be in that sort of position, how she progressed throughout her career, and when and where she saw opportunities and took them.
[3:07] This will be a fun way to kick off 2025; let’s get started! Christine Schelble, welcome to RIMScast!
[3:18] GE sold GE Appliances on June 6, 2016, to Haier, the world’s largest home appliance company. They are located in China. Christine works for Haier U.S. Appliance Solutions, Inc. doing business as GE Appliances, a Haier Company. It is the Haier U.S. headquarters.
[4:09] Christine is a department of one. She works with people throughout the company. The goal of risk management is to spread that philosophy throughout the company. It has only improved since she started. She has lots of support when it comes to claims and coverage.
[5:11] Christine had come from a technology company and was very familiar with the technology supply chain. When she came on board, she met with the supply chain people to learn their philosophy and processes. The only time she gets involved with them is for an insurance claim.
[6:05] In appliances, Christine says there are so many “Black Fridays” in the year that you can see the returns ebb and flow throughout the year. It’s not a serious problem.
[6:44] Christine left Lexmark in 2001 after 15 years. One of her risk management connections called her and said that the position was opening at GE Appliances. She wanted new challenges so she sent in her resume, interviewed with them, and got the position.
[7:43] Christine says it’s one of the best jobs she’s ever had. She’s been able to take everything that she’s learned and implement it into a startup program. That has been rewarding. When she started, it was the first time GE Appliances was managing and purchasing insurance coverage.
[8:23] Christine joined GE Appliances three months after the sale and took a couple of months to understand how things worked. She started making changes at her first renewal because she could see where things hadn’t worked out in relationships and coverage.
[9:25] Risk management for your company is not a static position. It’s constantly changing. You’ve got to constantly look at what’s going on in the insurance market and what’s going on internally and adapt your coverages, deductibles, and maybe your relationship with your TPA.
[9:17] The way the program looked in 2016 when she came in is not the way it looks now.
[9:30] The biggest third-party GE Appliances works with is the claims administrator. Otherwise, Christine works with brokers. Currently, she works with three different brokers for the competition. If the relationship is not great, she’ll change the people on her account.
[10:28] For risk managers coming up in the industry, Christine recommends keeping up with your education, getting your designations, attending webinars and seminars, and doing everything you can to keep up with what’s going on in the insurance market. It’s constantly changing.
[10:49] Christine will do an RFP when she’s looking to change something. You’ve got to have face-to-face conversations with your brokers, carriers, and TPAs. You have to educate them on your business and products. Your company and products are not the same as another’s.
[11:41] If you’re just moving to a TPA because they gave you the lowest price, it’s not going to work unless you work with them and have an ongoing relationship. Christine has them come in, meet her people, go through some of GE Appliance’s processes, and see the plants.
[12:01] Christine has done the same things in her previous jobs, as well.
[12:15] TPAs changed how they worked during the pandemic. The TPA world will continue to change in reaction to changes in the world.
[12:50] Christine has a process for developing an RFP. She starts with having a non-disclosure agreement in place. That’s very important. Then she shares exposure information, the insurance schedule, the actuary report, and a loss run or two, so they can understand the overall risk.
[13:33] She puts hot points into the RFP, how to move claims forward, and how the program should be improved and moved forward. That’s been her philosophy throughout her career.
[14:17] Plug Time! RIMS Webinars! Resolver will be joining us on February 6th with a topic to be arranged.
[14:25] HUB International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[14:41] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[14:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[15:04] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[15:22] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.
[15:45] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the Programs tab at SpencerEd.org.
[15:57] Back to the Conclusion of My Interview with Christine Schelble!
[16:23] Christine shares how she works as a department of one. She just continues to do what she’s educated to do. When she looks back, it feels great to see all that she has done. It’s important to get the relationships going so that people can trust you.
[16:49] Christine works with the Finance, the supply chain, the manufacturing finance people, and Legal, where she is located. It’s about building the trust factor.
[17:12] Christine is a long-time member of the RIMS Kentucky and Bluegrass Chapters, which are now the RIMS Greater Bluegrass Chapter. Christine has been in RIMS since she started in risk management. She loves the support from other risk professionals and the networking.
[18:13] Christine started with RIMS in the D.C. area, then in Connecticut. She moved to New Jersey and was in RIMS in New Jersey and New York. When she moved to Kentucky, she joined the chapter. She was president for a year or two around 2003 or 2004.
[18:46] Christine is thrilled that the younger members of the community have started the chapter back up. During economic downturns there was a loss of people and others couldn’t get out to meetings. The same five people were doing the same job and they were ready to pass the torch.
[19:21] It took several years for the torch to come back up. Christine acknowledges the work of Jeremy, Erica, Britt, and Brittany in getting the chapter up and going again. Christine is more than happy to help and support them by sitting on the board.
[19:50] The Greater Bluegrass Chapter of RIMS was named the 2024 Chapter of the Year. Christine says that was a good feeling. It was fun to support them at RISKWORLD 2024 in receiving that award.
[20:42] Christine is thrilled to see that in the younger generations, there are more women in higher positions within insurance carriers and brokers. When she started, there weren’t as many. She says it is such a great career, whether you are male, female, or whatever. It’s amazing!
[21:22] Christine is thrilled to see that more schools offer risk and insurance as a degree. The Greater Bluegrass Chapter supports Eastern Kentucky University and its risk and insurance curriculum with an annual golf tournament in September that raises money for scholarships.
[21:55] The Greater Bluegrass Chapter has also asked the university to have a student become a member to help expand their knowledge into the RIMS world. Justin mentions Spencer’s Risk Manager on Campus program. He thanks Christine for her continued service in RIMS.
[23:18] Special thanks to Christine Schelble for joining us here on RIMScast and kicking off 2025! Next week, we will be joined by RIMS CEO Gary LaBranche!
[23:30] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes.
[23:57] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[24:15] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[24:33] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[24:49] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[25:21] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:28] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Risk Management Magazine
RIMS DEI Council
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
Contribute to RIMS Risk Management Magazine / Submission Guidelines
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Webinars:
RIMS.org/Webinars
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by HUB International | Feb. 20, 2025
Upcoming Virtual Workshops:
“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter
February 19‒20, 2025 | Instructor: Chris Mandel
“Applying and Integrating ERM” | Feb. 26‒27
“Managing Data for ERM” | March 12, 2025
“Fundamentals of Insurance” | Feb. 19‒20, 2025
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance”
“Global Perspectives with RIMS 2023 Chapter Presidents” (ft. Greater Bluegrass Chapter)
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Christine Schelble, Director of Insurance and Risk Management at GE Appliances, a Haier company
Production and engineering provided by Podfly.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine for the Q4 Edition Risk Year in Review. They discuss the biggest risk events we’ve seen in 2024, including natural disasters following climate change and even the recent murder of the UHC CEO. They give their forecasts for 2025, with cybersecurity being an expanding area of risk, combined with AI, and regulatory changes likely under the new administration.
Listen for categories of risk your organization is sure to face in the coming year.
Key Takeaways:
[:01] About RIMS.
[:14] Public registration is open for RISKWORLD 2025! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes.
[:30] About this episode, coming to you from RIMS headquarters in New York. This episode is our special 2024 finale! Hilary Tuttle and Morgan O’Rourke of RIMS Risk Management Magazine will join us to discuss the top trends and stories from 2024 and what to expect in 2025.
[:58] RIMS-CRMP Virtual Workshops On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:20] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.
[1:36] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[1:50] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. The “Managing Data for ERM” course will be hosted by Pat Saporito, starting on March 12th, 2025.
[2:12] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:25] Interview! The Q4 edition of RIMS Risk Management Magazine is my favorite of the year! It is The Year in Risk edition. We’ll have a chance to revisit all the risk highlights from 2024.
[2:42] Here to discuss what made the cut and trends we need to look out for in 2025 are RIMS Director of Publications and Risk Management Magazine Editor in Chief, Morgan O’Rourke and Risk Management Magazine Managing Editor, Hilary Tuttle.
[3:01] There is so much to discuss from cyber security to executive safety. As a show of appreciation to the RIMScast audience and subscribers worldwide, we’ve got so much great content in one huge episode, as opposed to spreading it out over two episodes.
[3:18] You don’t have to wait, it’s all here for you at once! Let’s get to it!
[3:30] Morgan O’Rourke and Hilary Tuttle, Welcome back to RIMScast!
[3:39] Morgan and Hilary are here to discuss The Year in Risk, which is the title of the Q4 edition of RIMS Risk Management Magazine. How does 2024 stand out from other years?
[4:04] Morgan starts looking back at the year’s events in October. He recalls the bridge collapse in Baltimore in March. There are always going to be hurricanes and natural disasters. There are always going to be cyber attacks. It’s just a matter of what flavor they are this year.
[5:15] Morgan categorizes big risk events. There are accidents, like the bridge in Baltimore that affect shipping, and natural disasters, including storms, earthquakes, and record heat. 2024 is the hottest year on record, with the hottest day in recorded history, July 22.
[6:38] The AXA Future Risks Report lists climate change as the number one risk. Climate change brings natural disasters to places that don’t normally see them, like wildfires in the Northeast.
[7:55] Hilary says there were a few hundred fires in New York City this year. The NYFD had to put together its first brush fire task force. In the first two weeks of November, they had 271 fires. Canada has had a terrible year for fires, continuing from its 2023 fire season.
[9:25] Climate change puts everybody at risk. The risk landscape expands so that everybody’s in the game. Paraphrasing Flannery O’Connor, Hilary says 2024 was a disaster in truth everywhere. Disasters are not new but they are occurring in different places and times than before.
[10:22] There were 11,000 fires in the Northeast this year, largely in October and November. It’s a different season and in a different region. The traditional risk models are thrown out the window.
[10:49] Morgan comments that this year we saw the earliest category 5 hurricane formed: Beryl in June. We’re starting to throw out more of the parameters for when you need to be prepared for something.
[11:21] We are seeing more geopolitical conflict, supply chain issues, and risks that didn’t seem impactful in regions that seemed stable and reliable. Thirty percent of shipping goes through the Red Sea. Shipping is 90% of the supply chain.
[11:55] Hilary says in the last year and a half, shipping through the Red Sea has become an untenable and sometimes uninsurable risk. Our standard expectations for doing business are going out the window or being upended. This has become more of a problem this year.
[12:42] There are risks we itemize as the things that are causing problems. Then there are bigger-picture risks you don’t necessarily identify when you’re thinking about your problems.
[13:01] You’re thinking about supply chain disruption and natural catastrophes and business interruption, but not about the climate change that may cause them.
[13:42] Morgan says people have to focus on the problem that’s in front of them. You have to deal with the acute issues before you can deal with the systematic ones. It’s hard to solve systematic problems.
[14:28] Morgan sees polycrisis as interconnected risks. Hilary sees the word as an easy way to allude to something that has been happening for a long time. She can’t think of a time in which you truly faced only one risk without having to think of multiple interconnected risks.
[17:35] Morgan edited the new RIMS Executive Report, “Understanding Interconnected Risks” authored by RIMS Strategic and Enterprise Risk Management Council members Michael Zuraw and Tom Easthope.
[17:48] The paper is available only for members until February 12th, 2025. Then it will be publicly accessible.
[18:16] Morgan says the key for the paper is in its practicality about how you should go about prioritizing risks and understanding where they connect within your operations to communicate with departments and executives and implement risk mitigation. It’s actionable.
[19:30] Morgan considers that the value of RIMS membership and Risk Management Magazine is in learning what to do about risks.
[20:02] Hillary objects to the term polycrisis. It over-intellectualizes a problem to the detriment of focusing on how to solve it or what to do about it.
[20:58] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[21:23] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[21:34] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[21:54] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[22:32] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[22:40] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[22:51] Back to our Year in Risk Interview with Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine!
[23:16] Justin brings up the recent shooting and killing of the UHC CEO. Morgan was at the same hotel but didn’t hear about it until he had walked to the office.
[23:46] If RIMS Risk Management Magazine had been a print publication, this event would not have been included. Being a digital publication, Risk Management Magazine was able to cover it.
[23:59] Hilary starts with executive safety and employee safety. She speaks of reputation risk and monitoring social media discussion. For most who commented on social media, this murder was no surprise. UHC had a tremendous failure of reputation risk and public listening.
[25:28] Hilary was saddened but not surprised by the incident. She calls privatized health insurance in the United States a horror show. You can’t let cashing those executive incentive checks blind you to public response.
[26:27] Morgan says it’s amazing to see that public sentiment was decidedly unsympathetic, but it’s not unexpected. Hilary mentions the rates of medical debt in the U.S. Hilary saw an outpouring of approval of the murder, which is an awful response to have.
[27:15] If you’re in a position where that is the public sentiment around your organization, you need to fire your PR firm and think very seriously, not only about how you’re conducting business but about how you’re communicating with the public. That is a huge reputation failure.
[27:47] Some health insurance companies have trimmed down or removed their executive team pages to make them less identifiable in public. It’s a safety issue. You want to be very careful about how much you post about individual people.
[28:43] From a cyber security perspective, nothing you put on the internet is private or innocuous. If you are an insurance executive who likes to go hiking at Mount Whatever, maybe that’s not information you want to put on the internet.
[29:31] Hilary sees this situation as reminiscent of Big Tobacco as an industry. She believes there is an awareness that there is a certain amount of evil being done among executives in this industry. She says perhaps there is a social reckoning to be had in that.
[30:06] Plug for The Spencer Educational Foundation! Spencer’s goal to help build a talent pipeline of risk management and insurance professionals is achieved in part by its collaboration with risk management and insurance educators across the U.S. and Canada.
[30:24] Since 2010, Spencer has awarded over $3.3 million in general grants to support over 130 student-centered experiential learning initiatives at universities and RMI non-profits. Spencer’s 2026 application process will open on May 1st, 2025, and close on July 30th, 2025.
[30:48] General grant awardees are typically notified at the end of October. Learn more about Spencer’s general grants through the programs tab of SpencerEd.org.
[30:59] Let’s Return to the Conclusion of my Interview with RIMS Risk Management Magazine’s Morgan O’Rourke and Hilary Tuttle!
[31:11] Justin asks about AI and cyber security in 2025. The Cybersecurity and Infrastructure Security Agency (CISA) has noted that there will be an increase in breaches and the creativity of attacks.
[31:38] They have a revised Revised National Cyber Incident Response Plan that is available for public comment. Hilary agrees that there will be more AI embedded in cyber attacks in 2025. It is already being used to power attacks and in the detection of attacks.
[32:01] AI is also being used effectively in different forms of exploiting humans with ChatGPT and better phishing emails. It is being used to write better malware that is harder to detect.
[32:25] Moody’s Outlook expects a significant intensification of cyber risk in 2025, from the number of cyber incidents that are occurring and the sophistication and impact of cyber risk. Companies are getting better at detecting cyber attacks and doing basic cyber security.
[33:19] Cyber criminals are getting better, too. The attacks will be harder to detect or more severe in scope. Hilary calls social engineering an interesting art. Like journalism, you have to find the approach that successfully gets the information you are looking for out of humans.
[34:38] Morgan describes an old social engineering attack with a recording of a baby crying in the background, and a “harried mom” trying to get into an account without her password, trying to craft a persuasive argument. Gen AI might do all this in one step and be relatively successful.
[36:01] Hilary mentions that at the DEF CON hacker’s conference, there is a social engineering village. Their “Capture the Flag” is a contest to do just what Morgan described. There are bulleted lists of the types of information you are trying to get in an allotted time.
[37:02] Morgan says it’s not like the fast-typing hackers seen in the movies. You get the information through conversation.
[38:05] Hilary says one of the downsides of automation is the tremendous proliferation in the number of attacks that are being launched. Ransomware attacks grew 70% last year and are on track to double their 2022 levels by the end of 2024.
[38:29] Moody’s and QB Canada both came out with reports anticipating 5,200 ransomware attacks around the world in 2025, from 2,500 in 2022. It’s easier to launch attacks at scale against multiple organizations at once. The attacks are more sophisticated and damaging.
[39:01] The ransomware attacks are asking for significantly more money. Fewer companies are paying ransoms because they have backups and plans in place. Average ransomware payments are going up. Last year, ransomware payments passed $1.1 billion for the first time.
[39:26] The companies that pay ransom are feeling more compelled and are in a tougher spot so they are paying larger ransoms.
[39:48] Morgan points out that paying the ransom doesn’t solve the problem. Change Healthcare had the largest healthcare data breach in U.S. history. They paid $22 million in ransom but didn’t get the data back. Some attackers will keep extorting you or just take your money and run.
[40:36] The FBI has said don’t pay ransomware. You can’t trust criminals.
[40:43] Hilary mentions three ransomware threats: holding a network captive, holding data captive, and holding sensitive information captive. This is triple extortion. If you are the victim of a ransomware attack, go in with the expectation that that is the situation.
[41:55] Hilary forecasts that 2025 will be a colorful year. There is a tremendous amount of uncertainty in pretty much everything. It will be an interesting year, politically. It will be a very interesting four years, from a regulatory perspective.
[42:22] In terms of severe weather, disasters, and cyber, it feels like there will be more, and more, and more events.
[42:51] Morgan thinks the biggest thing is the change in administration and the priorities. ESG has been downscaled. A lot of companies are moving off of DEI initiatives, based on the shift in administration and the feeling that DEI will not be as popular.
[43:16] The regulations concerning a lot of ESG may no longer be in play. The federal guidelines are not going to be what they were in any aspect.
[43:39] President Biden in 2023 issued an Executive Order with guidelines and restrictions on AI. Donald Trump has said he’ll probably rescind that. Donald Trump seems to be aligned with a lot of the tech companies for less regulation of AI. Fingers crossed it doesn’t make things worse!
[44:33] Hilary knows several organizations are particularly concerned about some of the potential risk impacts of taking away many of the consumer protections and other regulations that do a tremendous amount to curb risk. That could increase the risk landscape for many.
[44:55] CISA has cautioned that this could have a disastrous impact on cyber security. A lot of regulations that keep organizations safer are potentially on the chopping block under the new administration. Hilary thinks that’s probably true in some other industries. It will get risky.
[45:30] It has been a pleasure to see you both! I appreciate your time. The RIMS Risk Management Magazine Year in Review is now available at RMMagazine.com. Quick Plug! We’re looking for submissions from the risk profession. See the contribution guidelines.
[46:01] Reach out to Hilary and Morgan. Especially if you’re a risk professional, we want to hear your ideas. Morgan says we’re only as strong as our contributors in the risk management community. Give us what you’ve got!
[46:21] Special thanks again, as always, to Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine for joining us here on RIMScast! The Risk Management Year in Review Edition is now live at RMMagazine.com. A link is in this episode’s show notes.
[46:41] We look forward to checking back with Morgan and Hilary for the mid-year update in 2025.
[46:48] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[47:35] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[47:52] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[48:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[48:23] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[48:30] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Risk Management Magazine
RIMS DEI CouncilNominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
Spencer Educational Foundation — General Grants 2026 — Application Dates
Contribute to RIMS Risk Management Magazine / Submission Guidelines
“RIMS Executive Report: Understanding Interconnected Risks”
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Webinars:
RIMS.org/Webinars
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
Upcoming Virtual Workshops:
“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter
February 19‒20, 2025 | Instructor: Chris Mandel
“Applying and Integrating ERM” | Feb. 26‒27
“Managing Data for ERM” | March 12, 2025
“Fundamentals of Insurance” | Feb. 19‒20, 2025
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Big Shifts with John Hagel, RIMS ERM Conference Keynote”
“2024 Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle”
“2023 Risk Year In Review with Morgan O’Rourke and Hilary Tuttle”
“Live from the ERM Conference 2024 in Boston!”“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests: Morgan O’Rourke, RIMS Director of Publications and Risk Management Magazine Editor in Chief Hilary Tuttle, Managing Editor, Risk Management Magazine
Social Shareables (Edited For Social Media Use):
There were 11,000 fires in the Northeast this year, largely in October and November. It’s a different season and in a different region. The traditional risk models are thrown out the window. — Hilary Tuttle
There are always going to be hurricanes and natural disasters. There are always going to be cyber attacks. It’s just a matter of what flavor they are this year. — Morgan O’Rourke
In the last year and a half, shipping through the Red Sea has become an untenable and sometimes uninsurable risk. Our standard expectations for doing business are going out the window or being upended. — Hilary Tuttle
People have to focus on the problem that’s in front of them. You have to deal with the acute issues before you can deal with the systematic ones. — Morgan O’Rourke
For most who commented on social media, the murder of the UHC CEO was no surprise. UHC had a tremendous failure of reputation risk and public listening. — Hilary Tuttle
Phishing is not like the fast-typing hackers seen in the movies. They get the information through conversation. — Morgan O’Rourke
Nothing you put on the internet is private or innocuous. If you are an insurance executive who likes to go hiking at Mount Whatever, maybe that’s not information you want to put on the internet. — Hilary Tuttle
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Carrie Frandsen, the ERM Director of the University of California and a RIMS-CRMP Commissioner. Justin and Carrie discuss all things ERM. In particular, Carrie explains the purposes of ERM, what constitutes success in an ERM Program, and how to start an effective ERM Program in your organization.
Listen for ideas on fitting ERM into your organization’s daily processes and decision-making, with resources to set you on the path to ERM success.
Key Takeaways:
[:01] About RIMS.
[:14] Public registration for RISKWORLD 2025 is now open! RIMS wants you to engage today and embrace tomorrow in Chicago from May 4th through May 7th! Register at RIMS.org/RISKWORLD and the link in this episode’s notes.
[:30] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Carrie Frandsen, for some ERM motivation. She is the system-wide ERM Director for the University of California and a RIMS CRMP Commissioner.
[:58] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th.
[1:09] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:27] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.
[1:42] RIMS Virtual Workshops! Gail Kiyomura of The ART of Risk Consulting will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[1:57] We’ve got ERM on our minds. On February 26th and 27th, Elise Farnham of Illumine Consulting will lead “Applying and Integrating ERM”. “Managing Data for ERM” will be hosted by Pat Saporito, starting on March 12th, 2025.
[2:18] A link to the full schedule of virtual workshops can be found through the RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:29] Interview! Our guest today is one of the most enthusiastic people I know on the topic of ERM! She is Carrie Frandsen, the system-wide ERM Director of the University of California. She’s also a RIMS CRMP Commissioner.
[2:48] Carrie is here to talk about all things ERM. Whether you want to build a program from the start or you want to enhance an existing program, this is the mind that you want to tap into! We are thrilled that she’s here. Let’s get to it!
[3:03] Carrie Frandsen, Welcome to RIMScast!
[3:13] Carrie says she is a true ERM geek! With enterprise risk management you need the ability to think organization-wide.
[3:25] Not just to think organization-wide but you need to be able to think about the world and how things that are changing in the world, like politics, economics, and sociological changes, impact your organization. Then you have to get other people excited about that.
[3:42] You need to be able to partner with people inside your organization, like internal audit, compliance, and health and safety, all the different groups that are second-line, and help them get excited about building an enterprise-wide view of risks across the organization.
[4:03] Once you’ve got your second line of defense, you can build that risk committee to democratize risks across the organization. Everybody can see the risks in their silo and how things impact each other across different units.
[4:36] Carrie says the primary goal of enterprise risk management is to enhance an organization’s ability to anticipate and mitigate risks effectively while maximizing those opportunities for value creation.
[4:49] ERM helps organizations make more risk-informed decisions. It helps improve resilience and removes obstacles to achieving strategic objectives.
[5:06] ERM is part of the governance and management of an organization. Know what could impact you from outside the organization as well as things that are changing in your policies, procedures, and processes. Make sure those are effective to continue achieving your objectives.
[5:37] ERM can provide an early warning on risks and the effectiveness of controls. When you’re using ERM in decision-making, it can help you to challenge assumptions before decisions are made. It can help you to set the frame for the decision and help you consider the alternatives.
[6:02] ERM can help you ensure that appropriate actions are taken to reduce your risks. It helps the organization to learn and adapt.
[6:14] Healthcare organizations do root cause analysis, a good risk assessment technique to figure out how to make negative outcomes not happen again. There are a lot of risk assessment techniques that can help you, depending on the situation your organization is working on.
[6:42] Culture is how things are done. A risk-aware culture is essential for a successful ERM implementation. It fosters an environment where risk is openly discussed and employees feel comfortable in identifying and reporting potential risks without fear of repercussions.
[7:08] This allows organizations to address issues proactively before they escalate. If you have a risk-aware culture, risks and risk assessments are integrated into decision-making and risk is considered at all levels of decision-making from strategic planning to operational activities.
[7:29] This helps to ensure that risk is a key factor in every management decision. Employees can take ownership of risk management.
[7:38] The University of California has a motto: “ERM means Everyone’s a Risk Manager.” Individuals doing their day-to-day work in their area of expertise are the ones who know best what their risks are and how to manage their risks.
[7:58] Our role as risk managers is to support these employees by giving them training in ERM, and risk assessment tools, and letting them talk to other people about risks that may impact them that aren’t in their area. That distributed approach enhances the effectiveness of ERM.
[8:18] A risk-aware culture promotes continuous learning where lessons from past incidents are shared and used to improve future risk management practices.
[8:36] At the top level of ERM are the board and leadership. They set the tone for the organization’s risk culture. They need to understand the dynamic risk environment in which the organization operates. They need to know of rising risks so they can make good decisions.
[9:06] At the day-to-day level, where the work happens, is the risk owner. That’s the person with the accountability and authority to manage that risk.
[9:18] The business unit level is where risk management and control processes take place. An organization’s risk is inseparably connected to its objectives. The responsibility for managing risk can’t lie with anyone other than the person who’s responsible for achieving those objectives.
[9:36] Good risk management is everybody’s responsibility. What does the Risk Manager do? The risk leader provides the infrastructure, tools, coaching, leadership, and resources.
[10:08] Resources can be anything from software to workshops to all sorts of things to help people identify, manage, monitor, and report on the risks.
[10:20] Risk managers can champion a risk-intelligent culture across the organization. Risk-intelligent culture is a term coined by Deloitte in a white paper.
[10:46] Risk managers are the ones who champion the integration of ERM into existing policies, structures, and processes. They get the risk committees going, they make sure that the issues get escalated to leadership, and that policies, procedures, and controls are improved.
[11:07] Risk Managers facilitate proactive risk thinking. They conduct risk sensing and report on emerging risks. An ERM person is a generalist. They don’t manage a particular area but check in with everybody about rising risks and report that information. They have people tracking risks.
[11:55] We have a new political landscape and changes in society. There are always new health issues arising. As long as there’s somebody in an organization paying attention to conditions, the ERM person’s role is to make sure those things get considered at the leadership level.
[12:19] A Risk Manager can provide a structured discipline for the consideration of risk in decision-making. They can lead risk workshops. They can make sure a risk-assessment process is built into regular management meetings. They can support risk-mitigation activities.
[12:46] Risk Managers can support mechanisms to provide timely risk information to decision-makers.
[12:54] Plug Time! RIMS Webinars! Hub International continues its Ready for Tomorrow Series with RIMS. On February 20th, they will host “Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025”.
[13:14] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[13:25] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[13:45] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[14:23] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[14:31] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[14:43] Back to the Interview about all things ERM with Carrie Frandsen!
[15:01] For ERM success, you need to have a framework for taking the steps to integrate risk management more into your existing activities and functions. Organizations are already managing risk. ERM gets more people to consider and talk about risk in their decision-making.
[15:34] ERM success factors include strong leadership buy-in, a culture of risk awareness, and open communication.
[15:45] When you’re getting started, you want to develop a clear ERM vision. Start where you are and build your business case and your implementation roadmap.
[15:58] Your implementation roadmap starts with a gap analysis between what you are doing well with risk management and where you can make improvements. The vision is what you see in five years of doing X.
[16:17] Based on those areas where you want to improve your ERM approach, you build your business case and lay out your implementation roadmap. Bring it to your leadership and that improves your leadership buy-in.
[16:32] Then you need to define your enterprise risk management roles and accountabilities. They’re often straightforward. The person in charge of an area is the risk owner of that area. Just take the time to define those roles.
[16:50] Sometimes when you map out risk accountabilities, you see that for some enterprise risks, there’s not one person who’s responsible for it because it covers a few areas or reaches across the whole organization.
[17:08] The pandemic was a good example of that. It doesn’t fit in any one area of responsibility. Building accountability for things that go across areas is always a challenge.
[17:21] Consider how you will develop your risk assessment and mitigation resources for risk owners. What are they already doing and what tools do they need? That’s where you engage those risk owners and work directly with them to provide them with resources.
[17:40] Make ERM an integral part of your operational processes and decision-making. Look at your existing processes and meetings to see where you can build risk assessment into them. You can’t be everywhere. You want to build that in as a normal part of processes.
[18:04] Ensure that the organization and its people are regularly monitoring risks and learning from those experiences.
[18:21] As you get started with ERM, get your hands on some material and read about enterprise risk management. Get some familiarity with it. You want to become a trusted advisor and be that ERM expert as much as you can.
[18:44] To begin doing ERM, engage leadership, risk owners, and your second line of defense. Start doing your gap analysis which starts with conversations. Ask leadership what they hope and expect from enterprise risk management.
[19:03] When talking with leadership, you generally want to work to become a trusted advisor. You want to focus on the biggest risks. Ask people what they care about and what they’re working on. That will help inform assessing your organization’s current ERM capabilities.
[19:24] In your ERM plan, figure out how to integrate ERM into strategic decision-making and everyday management actions. Identify where, when, and how, key decisions are made. Work to embed risk assessment into those decision-making activities.
[19:47] Carrie suggests using a decision quality chain. Form a risk committee. Risk committees facilitate the identification, analysis, and mitigation of risks. You want people that are at the director level and the same reporting level.
[20:09] You want a representative from every area for an enterprise-wide view. You want a good forum where people can bring up their issues or concerns, build a shared understanding of the organization’s risks, and provide recommendations to leadership on significant issues.
[20:35] Effective risk governance depends on timely and relevant risk information so your exposures can be monitored and managed. Information needs to be communicated to the right people at the right time and in the right ways for people to make risk-informed decisions.
[21:02] Carrie recommends using new ERM material. In addition to ISO 31000, ISO recently published Risk Management — A Practical Guide that helps with the steps of implementing ERM. Norman Marks has a helpful blog and wrote a book, World-Class Risk Management.
[21:43] Carrie used World-Class Risk Management as an assignment in her ERM Certificate program classes through UCLA Extension. She teaches the first two classes, The Foundations of Enterprise Risk Management, and The Designing and Implementing an ERM Program.
[22:16] Carrie’s partner Carol teaches the Advanced Techniques class.
[22:33] The ERM Certificate Program aligns with the RIMS-CRMP so that once you’ve taken all the classes, you’re well-positioned to sit for and pass the RIMS-CRMP.
[22:47] Special thanks to Carrie Frandsen for joining us. A link to her ERM Q&A interview from 2021 is in this episode’s show notes. Many of the resources she mentioned are in the show notes as well as links to RIMScast and RIMS Risk Management Magazine coverage of ERM.
[23:11] As always, visit RIMS Risk Management Magazine at RMMagazine.com.
[23:17] Next week, our 2024 Finale will feature an interview with the editors of RIMS Risk Management Magazine, Morgan O’Rourke and Hillary Tuttle.
[23:26] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[24:13] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[24:32] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[24:48] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[25:03] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:11] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — Featuring RIMS Vice President Manny Padilla!
Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
“ERM Q&A with Carrie Frandsen: ERM at the University of California System”
RIMS Webinars:
RIMS.org/Webinars
“Ready for the Unexpected? Strategies for Property Valuation, Disaster Recovery and Business Continuity in 2025” | Sponsored by Hub International | Feb. 20, 2025
Upcoming Virtual Workshops:
“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter
February 19‒20, 2025 | Instructor: Chris Mandel
“Applying and Integrating ERM” | Feb. 26‒27
“Managing Data for ERM” | March 12, 2025
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
“Fundamentals of Insurance” | Feb. 19‒20, 2025
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Risk Quantification Through Value-Based Frameworks”
“Live from the ERM Conference in Boston!”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance”
“Big Shifts with John Hagel, RIMS ERM Conference Keynote”
“Contract Review’s Role in Risk Management”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)
“Risk Management in a Changing World: A Deep Dive into AXA’s 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Carrie Frandsen, Systemwide Enterprise Risk Management Director, University of California
RIMS-CRMP Commissioner (and RIMS-CRMP holder)
ERM Certificate Program at UCLA Extension
Social Shareables (Edited For Social Media Use):
You need to be able to partner with people inside your organization, like internal audit, compliance, and health and safety, all the different groups, and help them get excited about building an enterprise-wide view of risks across the organization. — Carrie Frandsen
The primary goal of enterprise risk management is to enhance an organization’s ability to anticipate and mitigate risks effectively while maximizing those opportunities for value creation. — Carrie Frandsen
A risk-aware culture promotes continuous learning where lessons from past incidents are shared and used to improve future risk management practices. — Carrie Frandsen
As you get started with ERM, read about enterprise risk management. Get some familiarity with it. You want to become a trusted advisor and be that ERM expert as much as you can. — Carrie Frandsen
Effective risk governance depends on timely and relevant risk information so your exposures can be monitored and managed. Information needs to be communicated to the right people at the right time and in the right ways. — Carrie Frandsen
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Caroline Shleifer, Founder and CEO of RegASK about the RegASK report, “The 2025 State of Regulatory Affairs and Compliance Report.” Justin and Caroline discuss how regulatory affairs professionals see AI adding the most value in three key areas of their day-to-day activity: augmentation, automation, and acceleration. Caroline shares some examples of these areas of AI. The report highlights AI and ESG as areas of increasing regulation. Caroline shares how risk management professionals can best prepare for the unique challenges these emerging regulatory areas present.
The report suggests that AI solutions could transform regulatory affairs work, particularly in summarizing and adapting requirements to specific organizational contexts. Caroline offers her thoughts on risk management roles evolving alongside this AI adoption in regulatory affairs.
Listen for ideas on leveraging AI tech to stay current with the evolving regulatory landscape.
Key Takeaways:
[:01] About RIMS.
[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.
[:25] About this episode, coming to you from RIMS headquarters in New York. Our topic is AE adoption and regulatory risks with the Founder of RegASK, Caroline Shleifer.
[:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th.
[1:00] On February 19th and 20th, there is a two-day virtual workshop for the RIMS-CRMP led by former RIMS President Chris Mandel and presented by the RIMS Greater Bluegrass Chapter, the 2024 RIMS Chapter of the Year.
[1:18] The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025. Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.
[1:34] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.
[1:49] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[2:00] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th.
[2:12] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:26] Interview! The adoption of Artificial Intelligence in an enterprise’s operations, workflows, and processes is on our members’ minds. AI presents its own unique set of regulatory risks. My guest today is here to discuss insights about AI adoption.
[2:46] She is Caroline Shleifer, the CEO and Founder of RegASK, which recently released “The 2025 State of Regulatory Affairs and Compliance Report.” She is here to discuss some of the trends that she noticed from the surveys of senior executives and business leaders.
[3:04] She shares her perspective on the upside potential of AI adoption and ways that risk professionals can work alongside regulatory professionals to ensure everything runs smoothly and above board. We’ve got data, trends, and perspectives to explore.
[3:21] Caroline Shleifer, Welcome to RIMScast!
[3:49] RegASK’s new report is “The 2025 State of Regulatory Affairs and Compliance Report.”
[4:15] Caroline worked for years in the life science and consumer product industry, helping them scout innovation in ingredients and technology and helping them put it on the market.
[4:47] Doing that, Caroline realized that many times there was a challenge in understanding which regulations applied or in being caught off guard by a regulation they were not aware of. Sometimes these regulations prevent businesses from launching a product as they plan.
[5:28] It’s important to understand and catch up with the fast-moving regulatory environment. The challenge is understanding what applies to an organization well in advance so there are no delays or non-compliance. This is a recurring challenge for small and large companies.
[6:00] Caroline looked at the technology used in the banking and finance systems to help with compliance. She wondered why not apply that technology to the consumer product and life science industry to develop a product to help the regulatory affairs team stay current.
[6:35] About six years ago, Caroline founded RegASK, starting small with her clients in the consumer products and consumer health industry. She expanded it progressively to larger geographies and industry verticals.
[7:06] Caroline respects risk professionals as they deal with challenges that are often overlooked by other business units. When the work is well done, no one sees it, as it seems seamless. No one sees the day-to-day work behind the scenes to prevent non-compliance.
[8:02] Risk professional teams are usually understaffed. The risk of non-compliance can range from stopping a product from being imported to stopping a clinical trial or having a big financial impact.
[8:45] Sometimes the compliance manager is the default risk manager and wears many hats.
[9:33] When Caroline formed RegASK, she saw something like AI was coming. She didn’t see how quickly it would come. Things that took RegASK years to develop a few years ago, take less than a year to develop now. RegASK has accelerated its roadmap due to recent developments.
[10:49] According to the RegASK report, 38% of regulatory affairs professionals feel at risk of non-compliance due to unawareness of specific regulations. That agrees with the feedback RegASK gets from its clients.
[11:21] It’s very challenging to understand every regulation. RegASK provides the curation of regulatory information and helps pass the information to the right teams at the right moment with the right language, including what the impact and risk may be for different business units.
[12:27] The report says 27% of senior executives expect regulatory risks to have the biggest impact on businesses in 2025. Everyone should be aware of these risks and be attentive to understanding the landscape and what is happening around them.
[13:17] Monitor regulatory agencies. Learn where and how to collect information and who should get the information you collect. Get training for the regulatory affairs team and the broader company on how to collect, summarize, and convey this information.
[14:04] The third point is to understand that now you have some technology that can help in this process. Understand what your needs are and adopt AI technology to some aspects of your workflow to solve some critical challenges you have.
[14:34] Understand what your workflow is. If you digitalize a process that is not optimal, you end up with a suboptimal digitalization and outcome. Study your current process and challenge it to see how it could be improved. Understand where technology can be leveraged in your process.
[15:10] RegASK helps companies to understand their workflow and how it can be improved. Caroline recommends picking the right partner to help you. Caroline notes that RegASK has been featured in a Gardner industry report on regulatory agencies and technology solutions.
[16:18] Plug Time! RIMS Webinars! On Thursday, December 12th, our final RIMS Webinar of 2024 will be presented by OneTrust: “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.
[16:35] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[16:47] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[17:07] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[17:44] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[17:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[18:04] Back to the Interview with Caroline Shleifer!
[18:20] Justin likes the part in the report that zeroed in on AI in regulatory risk management: augmentation, automation, and acceleration, three areas where AI will add value to daily activity.
[19:10] Caroline says these are the key areas where the technology can support regulatory risk professionals. She gives an example of augmentation. AI can take the capture of regulatory change and augment it with external information that can come into play.
[19:40] You can augment your initial data with additional feedback from your internal team’s experience and external experts. With technology, you can easily collaborate and have information in one place and integrated into your workflow.
[20:29] Acceleration is about speeding up your workflow. Instead of searching multiple databases and websites, AI technology can leverage the search much faster. You type a question to get sources of information and then converse intelligently with the system.
[21:12] Automation handles mundane repetitive tasks. You can automate searching for regulatory agency information.
[22:01] The report also highlights ESG as an area of increasing regulation internationally. ESG regulations demand increased transparency and focus on sustainability practices, labor rights, corporate governance, environmental regulations, and more.
[22:45] There is a broad spectrum of additional regulations and directives you have to look at and monitor. It’s evolving quickly.
[23:00] The first thing is to integrate ESG into the risk framework. Establish an ESG-specific risk management process such as a governance compliance check, supply chain audit, and so forth.
[23:17] The second aspect is the reporting and disclosure using robust reporting tools. Look at the mandatory disclosure requirements. Make regular improvements in your reporting.
[23:41] Reporting requires collaboration across functions, such as sustainability, HR, corporate governance, and other teams to align on the ESG initiatives versus regulatory expectations. It’s across the organization. Collect and then disseminate the information across the organization.
[24:09] Finally, monitoring the evolving global ESG standards, emerging social responsibility regulations, and environmental and sustainability regulations. There is a lot to take care of and companies are not always well-equipped to do so. It requires a lot of attention and structure.
[24:54] Regulatory affairs professionals are collecting the regulatory changes and requirements for compliance. They summarize them and highlight the potential impacts and risks for the company. For instance, regulation around packaging can put a supply chain at risk.
[25:24] This information needs to be passed on to the risk management and compliance decision-makers. These are early signals they get much faster than when they waited for the information to be processed manually. That can give them more time to prepare the response.
[26:14] This data-driven decision-making helps teams prepare better for compliance and active risk identification.
[26:33] RegASK has about 35 employees and a global community of about 2,000 spread across more than 120 countries.
[27:11] Caroline credits technology such as Teams and Zoom for helping RegASK continue to function during COVID-19. It’s super easy to collaborate remotely now and be productive. When she needs to meet in person, Caroline enjoys meeting with different teams in different places.
[28:01] Caroline thinks remote work brings some additional energy and creativity with teams being in various countries and regions.
[28:14] Caroline uses AI in her work. She uses it day-to-day in testing RegASK’s products and functionality, sales process, and drafting marketing materials. Now it’s how you adapt AI rather than do you adapt AI. How can you leverage it efficiently in a very specific use case?
[29:07] After the creativity and value added by humans, AI is helping in different processes.
[29:20] Special thanks again to Caroline Shleifer of RegASK for joining us here on RIMScast. “The 2025 State of Regulatory Affairs and Compliance Report” is now publicly available. A link is in this episode’s show notes.
[29:37] I’ve also listed links in this episode’s show notes to RIMS and Risk Management Magazine reporting and coverage of AI and AI adoption. Check it out!
[29:50] More RIMS Plugs! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[30:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[30:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[31:24] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[31:31] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — Featuring Manny Padilla!
Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
“RegASK: The 2025 State of Regulatory Affairs and Compliance Report”
RIMS Risk Management Magazine, “Managing the Risks of Emerging AI Regulations”
RIMS Risk Knowledge: Artificial Intelligence
RIMS Webinars:
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.
“Stay Competitive with the RIMS-CRMP” | Presented by the RIMS Greater Bluegrass Chapter
February 19‒20, 2025 | Instructor: Chris Mandel
“Managing Data for ERM” | Dec. 12, 2024 & March 12, 2025
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
“Fundamentals of Insurance” | Feb. 19‒20, 2025
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Exploring Risk in Extreme Environments with Kevin Vallely”, RIMS Canada Conference 2024 Keynote
“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”
“Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024”
“RIMS 2024 Rising Star Chelsea Andrusiak” (SKRIMS Vice President)
“Supply and Bike Chains with Emily Buckley”
Sponsored RIMScast Episodes:
“Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor (New!)
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Caroline Shleifer, CEO and Founder at RegAsk
Social Shareables (Edited For Social Media Use):
I worked for years in the life science and consumer product industry, helping them scout innovation in ingredients and technology and helping them put it on the market. — Caroline Shleifer
Risk professional teams are usually understaffed. The risk of non-compliance can range from stopping a product from being imported to stopping a clinical trial to a financial impact. — Caroline Shleifer
Leveraging technology helps you to augment the data with all the additional knowledge that you have collected along the way that can be integrated into your workflow. — Caroline Shleifer
Now it’s more how you adapt AI rather than do you adapt AI. — Caroline Shleifer
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
As the 2010 Winter Olympics gold medalist in men’s skeleton, Jonathan “Jon” Montgomery became a national icon, renowned for his spontaneous and exuberant celebration. Since 2013, Jon has hosted The Amazing Race Canada, captivating audiences nationwide. His career highlights include winning his first World Cup race in 2008 and earning two silver medals at the 2008 FIBT World Championships. Inducted into the Manitoba Sports Hall of Fame in 2019, Jon continues to inspire through his passion for sport and community.
Jon recently keynoted the RIMS Canada Conference 2024 in Vancouver, where he took the audience along on his journey to Olympic history. RIMScast Host Justin Smulison was in the audience and was inspired by Montgomery’s story, which revealed the parallels between risk management and sports and competition.
To help close out 2024 and usher in the winter, Montgomery joined RIMScast to discuss his risk philosophies, highlighted by the ups and downs of training and competition. Justin and Jon discuss Jon’s victory at the 2010 Olympics followed by his failure to qualify for the 2014 Olympics. Jon reveals where he fell short and how he turned this failure into a life-changing habit of learning lessons from every setback. Jon comments on the differences between individual risk-taking, and risk professionals applying more risk-aware thinking. Jon talks about journaling his wins and losses in life. Jon credits his team for everything he achieves, from the Olympics to Amazing Race Canada. Jon shares how a misunderstood training program challenged him to his limit but built him up for the 2010 Olympics. Jon’s secret sauce is his curiosity and his desire to chase the best-informed guesses. Jon recommends stacking habits to make short-term goals become long-term commitments.
Listen in to hear Jon’s take on the RIMS Canada Conference 2024 and what he experienced there.
Key Takeaways:
[:01] About RIMS.
[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.
[:25] About this episode, coming to you from RIMS headquarters in New York. We will be joined by Olympic Gold Medalist, Host of The Amazing Race Canada, and recent RIMS Canada Keynote, Jon Montgomery!
[:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be held from February 4th through the 6th, 2025.
[1:08] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.
[1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.
[1:30] Gail Kiyomura of The ART of Risk Consulting, will host the “Fundamentals of Insurance” virtual workshop on February 19th and 20th, 2025.
[1:41] This is the last week to sign up for “Managing Data for ERM”, hosted by Pat Saporito on December 12th. Registration closes on December 11th.
[1:52] A link to the full schedule of virtual workshops can be found through RIMS.org/education/online-learning pages. A link is also in this episode’s show notes.
[2:08] Interview! My guest today is one of my favorite RIMS Keynotes from 2024, the 2010 Winter Olympics Gold Medalist for Men’s Skeleton, Jon Montgomery. He’s an icon in Canada. He’s known since 2013 as the host of The Amazing Race Canada, captivating audiences.
[2:27] He’s an all-around great guy. His keynote at the RIMS Canada Conference 2024 inspired me. We are catching up now to close out 2024 with a little extra inspirado! We will discuss his risk philosophies and how our listeners can apply these philosophies to their lives.
[2:58] Jon Montgomery, welcome to RIMScast!
[3:09] Jon Montgomery is an Olympic Gold Medalist. You may also know him as the recent host of the RIMS Canada Conference 2024. Jon is calling into the interview from his home office. Justin found Jon to be very personable after his keynote address at the conference.
[3:49] Jon says his experience was awesome. The best part was connecting one-on-one with people, and putting a medal around folks’ necks. Not everybody is going to remember what you say but everybody will remember how you made them feel and a moment you shared.
[4:27] Jon gets a charge out of meeting folks and finding out who they might know in common. He says in Canada if it’s more than a couple degrees of separation, one of them has been living under a rock.
[5:13] Jon saw that folks at the conference were genuinely engaged and happy. The level of positivity was the connecting element from person to person. He could feel the energy. It felt like folks looked forward to these opportunities. People were familiar with one another, like family.
[5:36] Jon saw that people look forward to these conferences to be among friends, as well as to learn and network. The level of familiarity was tangible.
[6:26] Jon likes to assess risk, by whatever metrics he uses, and he loves to compete against the best, whatever he gets to be a part of.
[6:51] Jon talks about measuring the risks of skeleton against the potential rewards. Whatever the perceived risks were, he pushed them to the side for the opportunity to represent my country, which carried much greater weight. He downplayed the risk in pursuit of that reward.
[7:27] In hindsight, we might lie to ourselves on occasion about risky endeavors because of that proverbial dangling carrot. Jon would have played any sport that would have him. Skeleton had a shorter bench than the national team in hockey, or even speedskating, or downhill skiing.
[7:55] When Jon first saw skeleton, he was compelled. Having tried it one time, he was hooked. He loved the experience of being on the sled. He didn’t think too much about what would happen to him but it seemed safer than hockey with all its variables, which he grew up playing.
[8:33] In skeleton racing, you go down a frozen chute. There are no right angles and everything is pretty smooth. It just has a great deal of speed. Once Jon got his brain wrapped around that, he was comfortable in that arena.
[8:55] Jon learned that the sport places incredible pressure on the brain. That was glossed over in the pursuit of representing Canada. Some of the athletes got concussions and had to work through them. Jon’s wife was profoundly affected by participation in skeleton racing.
[9:18] Jon says they are where they are today because of that row to hoe and the dark days that followed after she left the sport and Jon retired four years later.
[9:40] Could risk professionals push some risks to the side with a similar outcome or is there a different approach to apply in their roles? Jon suggests risk professionals not turn a blind eye to the outcomes. As an individual chasing a dream, there has to be some of that.
[10:05] Jon says if he focuses solely on the risk, it might detract from his capacity to react and take advantage of a situation and opportunity. If you’re dwelling on what could go wrong, you’re missing things right in front of you that might swing the pendulum in the other direction.
[10:32] As a risk professional, you work to mitigate that negative outcome. For what’s at stake as a risk professional, Jon would not advise turning a blind eye to outcomes. For the public, dwelling on what can go wrong will lead to some of those outcomes. What we focus on grows.
[10:57] If you perpetually focus on the negative and what could go wrong, you will attract it. Focus instead on what you want to have happen. Justin and Jon discuss the law of attraction where thoughts become things. Justin watched it on streaming instead of reading the book.
[12:40] Jon keeps track of his hits and misses, but he doesn’t do as much journaling as he thinks he should. When he does journal, he is proud that he wrote of his successes to be reminded of them later. He finds journaling to be a great tool to be leveraged.
[13:32] Jon says nobody should expect not to experience disappointments. As a parent, Jon has had to realize that his reactions are natural, even if he would have preferred to react a different way.
[13:58] The conversations that are had afterward are humanizing, when he admits not having had the patience the situation warranted. Jon talks of building conversation around expectations, realities, and disappointments, moving forward with purpose.
[14:22] One of Jon’s most disappointing experiences was falling short of making the 2014 Olympic team. As the defending Olympic champion, he failed to qualify for the 2014 Games although he was stronger, faster, and more prepared. He had tried to create a better sled.
[15:43] In skeleton racing, your sled needs to be intertwined with every fiber of your being. You have to know how it will react to the smallest impetus. If you haven’t had the time to become one with your sled, you are at a disadvantage. Jon didn’t have the time to perfect his sled.
[16:18] Jon fell just a hair short. It was wildly disappointing. The feeling in the pit of his stomach was palpable. Today, Jon is so glad it happened to him. What he took away from it was that he realized he had pushed people away who could have helped him in his project.
[17:37] Jon had spent a lot of time, money, and effort on this project and he thought people just wanted to be part of it. He pushed against collaboration. He made himself a man on an island in a solo pursuit. He couldn’t reach the necessary expedited rate of development alone.
[18:12] If you want to go quickly, go alone. If you want to go far, you’ve got to go together. Jon applies that lesson to everything he does today as an entrepreneur and in business. He knows he can’t do it singly. The lesson has stood him well since he moved on from the disappointment.
[18:43] As you move away from a failure, if you focus on the lessons you learned through that pursuit, that’s always going to be a win. You’ll either get the victory or the lesson. In either case, it’s a W!
[19:10] Plug Time! RIMS Webinars! On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.
[19:25] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.
[19:35] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[19:47] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[20:07] These awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[20:44] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[20:52] Nominations are also open for the Donald M. Stuart Award which recognizes excellence in risk management in Canada. Links are in this episode’s show notes.
[21:04] Back to the Interview!
[22:02] As the tip of the iceberg, the visible part of Amazing Race Canada, Jon stands on the shoulders of a juggernaut of a team. When you saw Jon at the Olympics, going down the mountain on the crazy carpet with rails on it, you didn’t see the team behind the athlete.
[22:27] Jon’s team was made up of coaches, trainers, physiotherapists, and team leaders. All of these people feed into a moment.
[22:40] When that moment becomes visible to the masses, the capacity to see the team for the individual isn’t present but everybody who has done something that they can be proud of knows full well what goes into a result.
[23:22] Jon’s public speaking skills developed in tandem with his pursuit of athletics in high school. Jon and a buddy were student council co-presidents. They spoke in front of their peers at student assemblies. There is no more angst-inducing group to speak to than teen peers.
[24:26] Jon became an auctioneer. He shares a sample of his auctioneer chant. He was often asked to MC weddings and events. He learned to be himself on a grand stage. When a beer was thrust in front of him, he was himself. It led him to develop his career, rather than auctioning.
[27:31] Jon has a great deal of anonymity in a bar although some speak of offering him a beer. His favorite beer is wet and free. When offered, he will chug it.
[29:01] Due to misunderstanding an article on training, Jon found himself overtraining in squats, lifting twice what was suggested. It caused him to break down, physically, emotionally, and mentally, spending hours at the gym to get 100 reps done.
[30:17] On day 10, Jon fell short, being unable to do 100 squats with 200 additional pounds on the bar than he had had on day 1. He looked at the workout again and found he had done almost 100% more work than was required. There was no amount of energy he didn’t expend to do it.
[31:11] It dawned on him that he never would have made it that far had he known the truth. He wouldn’t have put forth that amount of work if he hadn't believed it was possible. That belief that others had done it was compelling and propelled him far past his self-imposed limitations.
[31:39] Almost completing the doubled workout made Jon realize that things are only out of our reach if we put them there; if we use self-limiting verbiage like “I can’t,” or “We’re going to fail.” Confidence is the key, whether you think you can or you think you can’t, you’re right.
[31:59] That experience in the gym made Jon realize that if he was going to be good at skeleton racing, he was going to have to continue to develop his legs, his glutes, his quads, and his core, and also his confidence; his capacity to believe that he could be a 2010 national team skeletor.
[32:22] Jon had to believe he had the same opportunity and chance as every other athlete out there to win a medal; to win the gold medal.
[32:31] All he could do was execute and be the best version of himself on the day that mattered and not worry about anybody else. If he did that, he would put himself in the best possible position. Jon was 30, turning 31. His training had made him strong. He peaked at the Games.
[33:12] Jon’s last push on his last run at the Games was his best. He needed that fast start time to compete with the two fastest pushers in the world.
[34:12] Justin and Jon discuss not drinking alcohol on days you train. Jon says how we manage something inherently unhealthy is an individual thing. Your capacity to recover after having alcohol is reduced. Jon calls drinking a balancing act. You have to weigh things.
[36:42] Jon talks about getting deep sleep and REM. He wears an Oura Ring to track his sleep. His metrics are different when he’s had alcohol. Jon cherishes his sleep.
[37:50] Jon says when you stack habits, your capacity to change short-term interests into long-term commitments is so much more bolstered.
[38:33] Jon Montgomery’s secret sauce is curiosity. He has a great deal of gratitude for having a curious mind. It’s hard to teach or coach curiosity. Curiosity can be nurtured when you recognize it in your children and others. Jon’s curiosity leads him to chase best-informed guesses.
[39:37] Jon never holds anything so dear to his heart that he would die on that front. He is open and willing to have his mind changed about stuff. He’s plain about what he knows right now.
[39:49] Jon, it has been such a pleasure to have this one-on-one time with you for RIMScast. This past year, 2024 RIMS Canada had their best lineup of keynotes with you, Kevin Vallely, Jay Kiew, and Jody Wilson-Raybould. You all were fantastic and there was a lot to take away.
[40:14] It resonated with me so I wanted to keep you at RIMS a little longer to get some more of those nuggets of wisdom.
[40:39] Jon invites you to get your submission tapes in for Amazing Race Canada. Casting is still open. Jon will be the host for as long as they will have him! If they can him, he’ll follow them on the road and sneak into shots! They do the show for men’s health awareness. Donate online.
[41:19] Special thanks again to Olympic gold medalist Jon Montgomery for joining us here on RIMScast. If you missed his keynote at the RIMS Canada Conference 2024, be sure to look for him on the road as he delivers several more at other events.
[41:33] Be sure to follow his adventures as the host of Amazing Race Canada, which is gearing up for its 11th season, brought to you by CTV. Learn more about him at JonMontgomery.CA.
[41:47] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[42:22] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[43:07] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[43:25] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[43:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[43:56] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[44:03] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
RIMS-CRMP Stories — Featuring Valerie Fox!
Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
RIMS Webinars:
“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.
“Managing Data for ERM” | Dec. 12, 2024 & March 12, 2025
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
“Fundamentals of Insurance” | Feb. 19‒20, 2025
See the full calendar of RIMS Virtual Workshops”
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Exploring Risk in Extreme Environments with Kevin Vallely”, RIMS Canada Conference 2024 Keynote
“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”
“Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024”
“RIMS 2024 Rising Star Chelsea Andrusiak” (SKRIMS Vice President)
“Supply and Bike Chains with Emily Buckley”
Sponsored RIMScast Episodes:
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!)
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Strategic & Enterprise Risk Center
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Jon Montgomery, 2010 Winter Olympics Men’s Skeleton Gold Medal Winner and Host of Amazing Race Canada
Social Shareables (Edited For Social Media Use):
The best part of a gig is the opportunity to connect one-on-one with people in their space, and getting to put a medal around folks’ necks. Not everybody is going to remember what you say but everybody will remember how you made them feel and a moment you share. — Jon Montgomery
I like to assess risk, on what metrics I use, and I love to compete. I love to stack myself against the best, in whatever it is I get to be a part of. — Jon Montgomery
When I saw skeleton for the first time, I was compelled, from a visual standpoint. Having tried it one time, I was hooked. — Jon Montgomery
When the moment of competition becomes visible to the masses, the capacity to see the individual’s team isn’t present but everybody who has done something that they can be proud of knows full well what goes into a result. — Jon Montgomery
That belief that others had done this doubled workout was compelling and propelled me far past my self-imposed limitations. It made me realize that things are only out of our reach if we put them there. — Jon Montgomery
I am a curious dude. It’s led me to chase best-informed guesses for what we know today. I am open and willing to have my mind changed about stuff. Here’s what I know right now. — Jon Montgomery
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The RIMS ERM Conference 2024 in Boston featured a stellar lineup of risk thought leaders who shared their experiences applying ERM practices to align risk management with strategy and showcase the value of more risk-aware corporate cultures. At the Conference, Justin spoke with two leading ERM practitioners in different primary areas to provide a range of perspectives. In this episode of RIMScast, Justin interviews Christopher Stitt about his session, which he based on the RIMS ERM Framework and the RIMS Risk Maturity Model. Justin interviews Catrina Gilbert about her position at the DFW Airport and her career in risk management and ERM, as well as current airport initiatives.
Listen in for a sample of the offerings of the RIMS ERM Conference 2024 with its record-breaking full-capacity attendance.
Key Takeaways:
[:01] About RIMS.
[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.
[:25] About this episode. Recorded live in Boston at the RIMS ERM Conference 2024, we have interviews with two fantastic guests!
[:49] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[1:07] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.
[1:15] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.
[1:35] Those are just two of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[1:51] First Interview! Our first guest was a featured speaker on Day 2 of the RIMS ERM Conference 2024. His name is Christopher Stitt and he is the Founder and CEO of CrisisLead, LLC.
[2:01] Chris’s session was titled “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” We’ll speak about that session and give a high-level overview for those who could not attend.
[2:18] Chris has a fascinating background that led him to risk management and ERM. His career journey is an inspiration. We recorded live on-site at the Boston Hilton Plaza. Christopher Stitt, welcome to RIMScast!
[2:51] This is Chris’s first ERM Conference. He’s enjoying it and likes getting a broader perspective of how the overall ERM community operates. It’s been a fantastic opportunity to network with some amazing professionals and learn from them!
[3:20] Chris talks about the session he is giving, “The Art and Science of High-performing Enterprise Risk Management: Bridging Silos for Sustainable Success.” It comes down to people. What sometimes gets missed in the ERM process is the human factor.
[3:51] It’s about getting the buy-in necessary and the understanding of what risk is, not just from the senior level but across the board. A new concept, the Risk Intelligence Quotient, can help your organization understand how to look at, feel about, and interact with risk.
[4:26] The Risk Intelligence Quotient, along with the human-centric aspects of the risk program, can help you build a good risk culture and ultimately, a high-performing organization that can thrive during both business-as-usual and disruption.
[5:03] Chris used the RIMS ERM Framework and the RIMS Risk Maturity Model as the foundation of his session. As he studied the RIMS Risk Maturity Model, he saw it was about the journey, from starting a risk program in a new business to developing a mature program.
[5:37] As a business grows and a company matures, you need to be able to go through the process and say, “We need to start documenting how this works. We need to start ingraining this into our business process.”
[6:01] The RIMS Risk Maturity Model gives a great overview of how to ingrain risk management into your business process, especially in a business developing as a hierarchical organization.
[6:41] Chris was a U.S. Department of State Diplomatic Security Service Special Agent for over 25 years managing integrated security risks in embassies around the world. He looked at how international risks would influence U.S. operations in a given country.
[7:17] Chris was also Chief of Emergency Planning for the Department of State twice. That gave him a wide view of how risks develop and how to develop response plans to those risks.
[7:40] About 2014, The Department of State set up an ERM program. Chris was at the initial meeting. Senior officials were using terms he knew but with different meanings. That led Chris to investigate further into the meaning of enterprise risk and how to integrate it.
[8:24] What Chris loves is helping other people understand and build ERM programs. That’s why now, since retiring from the Department of State, Chris has moved into consulting. He sees it as a great opportunity to bridge the silos for a better understanding of what we’re trying to achieve.
[8:51] Chris is excited about presenting his session where he talks not only about the risks but also how you find the opportunities in those risks. It’s about building a powerful ERM program that gets buy-in from stakeholders and imbuing ERM into your organization’s culture.
[9:29] Chris, it’s been a pleasure. Thank you for joining us here on RIMScast.
[9:43] Plug Time! RIMS Webinars! On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[9:54] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.
[10:06] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.
[10:16] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[10:28] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[10:48] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[11:26] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[11:35] Final Interview! Catrina Gilbert is a previous ERM Conference speaker. Catrina is well known in ERM in Texas and the DFW RIMS Chapter. We will talk about how ERM influences aviation and some of the risk awareness campaigns she champions at the DFW Airport.
[11:56] Catrina Gilbert, welcome to RIMScast! Catrina is the Vice President of Risk Management at the DFW Airport and the Treasurer of the RIMS DFW Chapter. Justin and Catrina have known each other for a few years.
[12:30] Catrina is absolutely loving the RIMS ERM Conference 2024. Boston is beautiful this time of year. The speakers, the lineup, the vendors, and the food have been amazing! Every session has been standing-room-only! The Conference is at maximum capacity.
[12:54] It adds to the excitement. It is beautiful to see all these great minds from different industries, states, and countries converging on Boston! Catrina had “chowda” for the first time!
[13:37] Catrina states that there is never a dull moment in aviation. Airports are growing and rebounding from the pandemic, doing all sorts of construction projects. DFW has a $9B Capital Improvement Plan. From an insurance and claims perspective, that keeps Catrina very busy.
[14:02] The DFW Airport has a rolling owner-controlled insurance program, which keeps Catrina super busy. Catrina is also responsible for the airport’s ERM program. That’s why Catrina is at the RIMS ERM Conference 2024.
[14:16] Having the ERM program and being rooted in the organization at the ground level and the executive level, Catrina makes sure that everyone on the airport’s Risk Council understands that ERM can also stand for “Everyone’s a Risk Manager.”.
[14:37] Catrina is trying to empower the team to think strategically and holistically, and to think about how different programs and platforms have interdependencies. If we have an issue here, how is it going to impact, perhaps, the runway or the concessions?
[14:57] Catrina is looking at a resiliency framework; how do we bounce back? A lot of organizations are still struggling from the pandemic. Everyone is focused on a resiliency framework. When this happens again, are we ready? That’s the beauty of this conference.
[15:33] Catrina says every holiday is the best time of the year at an airport! There’s no such thing as the worst time of the year. The beauty of an airport is that it connects people around the globe. The holidays are a special time for everyone. Airports love playing a part in that journey.
[16:14] Catrina has been at DFW for almost eight years. She has been in risk management since 1999. She has done risk in several industries. Aviation is, by far, her favorite. There is never a dull moment; two days are never the same. DFW Airport is a city, with all the departments.
[17:22] Trisha Sqrow and Sandra Fontenot, past RIMScast guests, were DFW colleagues of Catrina’s. Trisha is doing great work at the Conference. Sandra Fontenot is doing great work at the RIMS DFW Chapter and helped Catrina with the annual chapter conference.
[17:37] Catrina says we grow when we move, but RIMS and risk management keep people together. Catrina thinks the work that they did together at DFW Airport is one of the reasons they’re still colleagues and friends. They still share ideas and speak at conferences together.
[18:31] Catrina has 12 people in her risk group at the DFW Airport. At her previous airport, Hartsfield-Jackson Atlanta, she was a department of one. She reported to the city. She hears “department of one” a lot at the Conference, maybe two or three. Everything’s bigger in Texas.
[19:03] Catrina looks for fresh ideas in a new risk hire. DFW had Innovation Week last week. Seeing the great ideas coming through in the aviation industry, including AI, Catrina wants people who have an open mind, are innovative, and are willing to try some new things.
[19:37] You can teach the rest of it. Catrina wants people with the soft skills, the personality, and the ability to jump in there, push up their sleeves, and try it out.
[19:57] Justin recently noticed in the restrooms at DFW Airport posters on Human Trafficking Awareness. He is a big proponent of human trafficking awareness. He has led those initiatives at RIMS. He was glad to see that DFW is one of the many airports boosting awareness.
[20:18] DFW is one of many airports in this fight against human trafficking. They have training, posters, and placards to educate you to say something if you see something and how to report what you see. It’s better to be safe than sorry. DFW provides you with a way to report.
[21:06] The Human Trafficking Awareness campaign is a team effort. It went through the Community Engagement Team, the Customer Experience Team, and the Department of Public Safety. Everyone worked hand-in-hand to be on the same beat in fighting human trafficking.
[21:32] DFW is proud to be a part of the global Sunflower Lanyard Program, designed to make hidden disabilities a little bit more visible. A passenger who has a hidden disability will receive a Sunflower Lanyard by mail before their departure date.
[21:54] When the passenger with the hidden disability is in the terminals, DFW employees have been trained to recognize the Lanyard and give them a tailored experience by asking how they can assist the passenger to have a wonderful travel experience.
[22:14] It’s about providing for the diverse needs of a diverse population to ensure that everybody has the same experience in traveling.
[22:25] What a delight to finally have Christoper Stitt and Catrina Gilbert as our special guests here on RIMScast!
[22:33] Check out this episode’s show notes for links about the ERM Award of Distinction Winners and Honorees and more about the Conference. Of course, we also have a special edition of Risk Management magazine dedicated to ERM. That’s available in the show notes.
[22:52] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[23:27] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[24:13] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[24:30] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[24:47] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[25:01] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:09] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 Roundup — Global Award of Distinction Honors
RIMS Strategic & Enterprise Risk Center
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
RIMS-CRMP Stories — Featuring Valerie Fox!
Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
RIMS Webinars:
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024
“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.
“Applying and Integrating ERM” | Dec 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Risk Quantification Through Value-Based Frameworks”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance”
“Big Shifts with John Hagel, RIMS ERM Conference Keynote”
“Live From RIMS ERM Conference 2023”
Sponsored RIMScast Episodes:
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!)
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine ERM Special Edition
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests: Christopher Stitt, Founder and CEO at CrisisLead, LLC
Catrina Gilbert, Vice President of Risk Management at Dallas Fort Worth International Airport
RIMS DFW Chapter Treasurer
Social Shareables (Edited For Social Media Use):
The Risk Intelligence Quotient (how you look at risk), along with the human-centric aspects of the risk program, can help you build a good risk culture and ultimately, a high-performing organization that can thrive during both business-as-usual and disruption. — Christopher Stitt
What I really love is helping other people understand and build ERM programs. That’s why now, since I retired from the Department of State, I have moved into consulting. It’s a great opportunity to bridge the silos. — Christopher Stitt
It’s about building those cultures that can build very powerful ERM programs that get buy-in from the stakeholders and imbuing ERM into the culture of your organization. — Christopher Stitt
In a post-pandemic era, everyone is focused on a resiliency framework. When this happens again, are we ready? Are we prepared? Have we done the work? That’s the beauty of this RIMS ERM Conference 2024. — Catrina Gilbert
You can teach the rest of risk management. I want people with the soft skills, the personality, and the ability to jump in there, push up their sleeves, and try it out. — Catrina Gilbert
We have training, posters, and placards to educate you to say something if you see something and to have a way in which to report human trafficking. — Catrina Gilbert
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Andrew Bent on risk management involvement in developing requirements for contracts, the most important thing a risk professional can do before they start drafting insurance requirements, and the types of coverages and limits to include in a contract. Andrew shares his approach to reviewing contracts received from other organizations, and his pet peeves about reviewing contracts that have requests for endorsements or policy coverages that are hard to obtain or no longer exist. He shares some general tips for negotiations.
Listen in for advice on win-win strategies in contract negotiations.
Key Takeaways:
[:01] About RIMS.
[:14] Member registration for RISKWORLD 2025 is now open! General registration opens on December 4th. Visit RIMS.org/RISKWORLD.
[:26] About this episode. From RIMS headquarters in New York, we will delve into the importance of contract review in risk management with our guest today, Andrew Bent.
[:47] The next RIMS-CRMP Exam Prep Virtual Workshop will be held on December 17th and 18th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[1:06] Links to these courses can be found on the Certification page of RIMS.org and through this episode’s show notes.
[1:13] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker.
[1:28] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.
[1:45] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[1:57] Interview! Our guest today has 20 years of experience as a risk management professional and consultant and is known for the development, implementation, and optimization of ERM frameworks. He is Andrew Bent, the Senior Engagement Lead from Marsh Advisory.
[2:17] Andrew is also one of the founding members of the RIMS CRMP Commission. He’s here to talk about the importance of contract review in risk management and to provide tips and strategies for effective review.
[2:28] We will also discuss how contract review can even influence business relationships. Andrew Bent, welcome to RIMScast!
[2:57] Andrew started in New Zealand as a chemical engineer. He compares chemical processes with risk frameworks. He then worked in risk management with the New Zealand Customs Service.
[4:11] Australia and New Zealand’s governments made drastic cuts to public service about how resources were deployed. They did this with good risk management theory, the 4360 standard.
[4:48] The Customs Service applied the 4360 standard to the risks of people, crafts, and goods coming across the border. They did risk assessments on many things. It was a good way for Andrew to understand how risk works and how to either mitigate risks or live with them.
[5:22] There are only so many shipping containers that can get opened every day and so many people who can be evaluated every day if you don’t want to shut down your country’s entire commerce trade and flow.
[5:41] Andrew stayed there for a few years. Then he moved to Canada in 2009, a financially difficult time. He loved Canada and found the people to be similar to New Zealanders. He worked in a large municipal police agency in Western Canada.
[6:55] They were forward-thinking and strategic in how they thought about risk. He was able to help set up an enterprise risk management team and help accelerate the integration of strategy and risk.
[7:17] For a time, Andrew was the only chemical engineer in the world who had moved to Alberta and didn’t work for an oil and gas company. So he went to work for an oil and gas company for a while.
[7:27] Andrew found RISKWORLD hugely beneficial to his work. Andrew had a challenging job working beside health and safety folk. He developed a broad range of understanding of health and safety rules and regulations and helpful insights into operations and business.
[7:54] Andrew then moved back into the regulatory space with one of the provincial energy regulators. Then he met his now wife, an American. They had a long-distance commuting relationship until he moved down to the U.S. and subsequently to Washington, D.C.
[8:23] Along the way, Andrew had a couple of additional jobs, including cyberspace and risk management teams and risk management functions in the gig economy.
[8:51] Fundamentally, Andrew has found that risk management breaks down into understanding what you are trying to do, what your inputs are, what your risks are, and managing them as much or as little as your risk appetite needs.
[9:33] Andrew says contract review usually has the deepest understanding of what is and what is not insured under current programs of insurance. That helps them inform contract owners about what are and are not acceptable levels of risk they can assume in most contracts.
[9:54] Contract review helps to draw out the discussions around the organization’s risk-reward balances that they want to make sure are built into contracts. They can get overlooked in the rush to get a deal done. Contract review wants to bring that balance back to the conversation.
[10:27] Contract review also provides advice on some of the types of risk controls outside of insurance risk transfer that a contract owner should be thinking about, such as cyber, IT controls, data protection, health and safety, and a host of other issues.
[10:49] Contract owners should be thinking about and potentially building into their contracts as part of the negotiation with the counterparty. This is a two-way negotiation. We always want to be thinking about what each party is trying to achieve out of this contract.
[11:16] As risk management professionals, part of our role is to be the grownup in the room while everyone else is rushing to get the deal done. We often have to take a step back and ask if this is the right deal to be done.
[11:32] If it is, what do we need to protect and what value do we bring to the organization if the deal is done?
[11:52] Andrew believes the most important thing a risk professional can do before drafting insurance requirements is to talk to the person who wants the contract. Andrew rarely sees it happen but it is the single most important thing to happen before writing any requirements.
[12:15] Everyone involved needs to understand the purpose of the contract. Why are we doing this? What is being proposed here? What’s the work that needs to be done? What are the services that are going to be delivered?
[12:31] What are the organizational objectives to be achieved by entering this contract? Andrew shares an example from his career of how this is discussed, with a small vendor providing a critical service but who had trouble with the standard contract. Flexibility was needed.
[14:46] If you understand the work or services to be provided in a contract, you’re two-thirds of the way to understanding what risks need to be covered by insurance or another way. If someone’s digging a ditch at your building, they probably don’t need to provide cyber coverage.
[15:40] In cases where you have people moving between sites, you might need to include auto coverage. Workers’ compensation coverage is always something you need to think about. You don’t want to end up being on the hook if a contractor is injured working for you.
[16:19] Some things may not just need to be in our insurance provisions within a contract but also into the liability or other sections of the contract. You need to see the entire contract, not just the insurance provisions within the contract.
[16:48] Plug Time! RIMS Webinars! On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[17:07] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[17:15] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.
[17:27] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.
[17:36] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[17:48] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[18:08] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[18:46] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[18:55] Back to My Interview with Andrew Bent!
[19:10] When Andrew reviews a contract his organization has received from another organization, he keeps in mind that everyone tries to negotiate a contract in a way that is most beneficial for them.
[19:21] In an ideal world, everyone approaches contract negotiation as a win-win, but most of the time, people come in with their ideal position. Understand the other party. A large company will have multiple layers and a legal department to negotiate through and changes will take time.
[20:35] If you’re dealing with a smaller organization, maybe a one-person shop, be aware that they may not have a lot of risk management knowledge. Don’t take advantage of that. As a risk management professional, you have an ethical obligation to do the right thing.
[21:08] You need to make sure to protect your organization. You also want to make sure that the counterparty you’re contracting with is also left in a position where if something does go wrong, they’re not destroyed.
[21:26] Andrew doesn’t want to be the proud owner of someone’s home because that’s the only asset they have. Be sensible about the obligations and insurance requirements you place on parties, particularly on those without a lot of assets. Be thoughtful in managing those things.
[21:58] You have to be able to think about what the other party is looking to protect and to achieve out of this contract. That doesn’t mean you give up your objectives, limits, and red lines.
[22:17] Step out of your viewpoint briefly and put yourself in their shoes. It gives you a perspective on what might be a reasonable compromise between the two positions and helps you get to an agreed position faster and more efficiently.
[22:45] Andrew’s Number One pet peeve is people who refuse to negotiate. Everyone starts with their ideal position but if you’re not prepared to move, then you’re not prepared to do business. Every contract needs to be a two-party agreement or you’re not being commensurate.
[23:16] Another pet peeve is requesting things that aren’t going to help you manage your risk. If Andrew is looking at a contract from a counterparty and they’re asking for things that bear no resemblance to the scope of work, that tells him they’re phoning it in with a standard contract.
[23:42] If Andrew gets both of those things together, he asks if this is the level of input in their contract, what will they be like to work with? You can learn a lot about the people you are potentially going to work with by how they negotiate and work through that process.
[24:07] If they’re prepared to come to the table and have a reasonable discussion, not always an easy discussion, that says a lot about how they’re going to work once they’ve got ink on paper and you’re into the business you want to get into.
[24:34] Andrew has had requests for a form that doesn’t exist anymore. This is driven by very old standard contract language that hasn’t been updated since 1984. He uses it as an opportunity to educate. Some people refuse to be educated. The computer says they need that form.
[25:20] That shows what they would be like to work with. You need to understand what you are trying to achieve and how important this particular contract is. Sometimes you just have to walk away when the value of doing what the counterparty is asking for isn’t worth it to you.
[26:05] Andrew gives examples of both a reasonable requirement and an unreasonable requirement from a landlord if you want to do construction within a newly leased building. It’s about how, where, and what those requests are and how reasonable they are in the contract.
[27:12] Remember that you are working with another party toward a mutual benefit. A legally binding contract is between two parties that come to some agreement with a transfer of services and payment between them. There has to be something of value to both parties.
[27:39] You’re there for a reason. Even if you can go in hot and heavy, unwilling to bend, that doesn’t mean you should even if there is a power imbalance between the two parties.
[28:24] There is another party, another person or group, involved here. Treat them with the courtesy, respect, and professional dignity you would like to receive as well. Work with them. Try to understand their position.
[28:51] It’s OK to walk away. There are some deals that you’re just not going to get done. There are times when the best course of action is just to say, Look, we gave it the old college try, and for whatever reason the risk appetite and the risk tolerance for both parties didn’t line up.
[29:28] If you do it respectfully and professionally, you maintain that relationship for the future, and maybe next time it will work out; it just didn’t this time. Be professional, be thoughtful, be mindful of your position, and also be mindful of the other party.
[30:02] Special thanks again to Andrew Bent for joining us here on RIMScast! Andrew will be making an appearance in our brand-new video series for the RIMS-CRMP. We’ll eventually update this episode’s show notes with that link.
[30:16] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[30:51] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[31:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[31:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[32:10] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[32:24] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[32:31] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS-CRMP Stories — Featuring Valerie Fox!
Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
RIMS Webinars:
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024
“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.
“Applying and Integrating ERM” | Dec 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Risk Quantification Through Value-Based Frameworks”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance”
Sponsored RIMScast Episodes:
“Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL (New!)
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Andrew Bent, Senior Vice President, Senior Engagement Lead, Marsh Advisory — Strategic Risk Consulting Founding Member of the RIMS-CRMP Commission
Social Shareables (Edited For Social Media Use):
There are only so many shipping containers that can be opened every day and so many people who can be evaluated every day if you don’t want to shut down your country’s entire commerce trade. — Andrew Bent
If you understand the services to be provided in a contract, you’re two-thirds of the way to understanding what risks need to be covered. If someone’s digging a ditch at your building, they probably don’t need to provide cyber coverage. — Andrew Bent
You need to make sure to protect your organization. You also want to make sure that the counterparty you’re contracting with is also left in a position where if something does go wrong, they’re not destroyed. — Andrew Bent
Step out of your viewpoint and put yourself in their shoes. It gives you a perspective on what might be a reasonable compromise between the two positions and helps you get to an agreed position faster and more efficiently. — Andrew Bent
Everyone starts with their ideal position but if you’re not prepared to move, then you’re not prepared to do business. Every contract needs to be a two-party agreement or you’re not being commensurate. — Andrew Bent
There are some deals that you’re just not going to get done. There are times when the best course of action is just to say, Look, we gave it the old college try, and for whatever reason the risk appetite and the risk tolerance for both parties didn’t line up. — Andrew Bent
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Kevin Stein, the CEO of Delos Insurance Solutions. Kevin tells of his aerospace engineering background and how modeling led him to the insurance space. He speaks of his passion for insurance, and of co-founding Delos Insurance Solutions to fill the commercial coverage gap around California Wildfires. Kevin speaks of his optimism for the future of Wildfire control with property fire-hardening principles and new detection and deterrent technology.
Listen in for advice on hardening commercial properties against wildfire risk, and how to secure coverage against this risk.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, our guest today is Kevin Stein, the CEO of Delos Insurance and we will discuss wildfire risk.
[:39] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[:58] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:05] RIMS Virtual Workshops! “Risk Appetite Management” is back by popular demand. Registration closes November 19th for the session on November 20th and 21st. That session will be led by Ken Baker.
[1:20] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host “Applying and Integrating ERM”. On December 17th and 18th, she will host “Captives as an Alternate Risk Financing Technique”.
[1:37] Those are just three of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[1:49] This is the last call to register for the RIMS ERM Conference 2024 which will be held on November 18‒19, 2024 in Boston, Massachusetts. The agenda is live, we’ve got a great keynote, and we’ve got so many fantastic educational sessions and networking opportunities for you!
[2:07] So visit the Events page of RIMS.org and register today! A link is also in this episode’s show notes.
[2:14] Interview! Climate change and wildfire risks are on our minds here at RIMScast! My take is that there is no longer a wildfire season here in the U.S., it’s just wildfire year. Let’s see if our guest agrees with me, and what risk managers can do to combat and mitigate this problem.
[2:39] My guest is Kevin Stein. He is the CEO of Delos Insurance Solutions and he is an aerospace engineer by training. We're going to get a fascinating perspective from him on wildfire risks and what risk professionals can do to limit their exposure.
[2:56] We’re also going to talk about the trends driving wildfire reduction techniques. Let’s get to it! Kevin Stein, welcome to RIMScast!
[3:21] Kevin and a Co-founder started Delos Insurance Solutions in 2017. It is a specialty MGA. They sell policies across California in areas that other insurers have vacated because of perceived wildfire exposure in those regions.
[3:40] Delos Insurance Solutions is in partnership with an environment think tank made up of 100 professors, post-doc scientists, and the top wildfire researchers in the world.
[99] They have co-developed the civil government models for agencies including CalFire, the Public Utilities Commission, and the U.S. Forestry Service, for 25 years.
[4:04] With the think tank, Delos Insurance Solutions has developed more sophisticated wildfire underwriting internal tools and models that give a sense of a per-risk view of wildfire exposure as well as a portfolio-level view of wildfire exposure.
[4:19] With that, Delos Insurance Solutions has developed a number of programs. They sell home insurance, landlord’s insurance, and vacant home insurance across California.
[4:33] Kevin tells about his experience as an aerospace engineer. He did his Master’s in Aerospace Engineering at Stanford. He started on the modeling side and found his way into insurance.
[4:56] Kevin finds insurance fascinating. He says that everybody in the industry understands how interesting insurance is and everybody outside the insurance industry does not. Having gone from outside the industry to inside it, Kevin says the people in the industry are correct.
[5:13] Kevin says there are many different, interesting aspects of insurance and his career has been a wild ride.
[5:40] Kevin says the reality of wildfire season is that wildfires can happen at any time. There need to be specific conditions for these fires to become large, destructive wildfires. Conditions need to be hot, dry, and windy and there needs to be fuel.
[6:01] The seasons have been changing. In California, the wildfire seasons in 2017 and 2018 were very destructive. Historically, Northern California has a rainy season from mid-October through late March or early April. In 2017 they had sun through the end of December and rain until June.
[6:43] During the Fall, Northern California has a lake effect of winds coming over the mountains out to the ocean, and it’s usually stormy. In 2017 and 2018, they had 100-degree temperatures, the vegetation had been dry for six months, and the extreme winds led to fire superstorms.
[7:11] In any wildfire area, once sustained rains start, you’re in a more comfortable position. You need vegetation that’s been dried out for a while to have large fire superstorms but even in the Spring or early Summer, you can have individual or smaller fires that threaten your properties.
[7:37] The antidote to smaller, individual fires is to implement property-hardening techniques on commercial properties that effectively protect structures against smaller, slower-moving fires.
[8:25] Fires are spreading. The Salem, Massachusetts fires, the Eastern Canada fires, the Hawaiian fires, the fires in Oklahoma, and in San Diego show that fires can happen in a lot of geographies now that have not experienced fires before.
[8:59] This has a big effect on the insurance market. Insurers and reinsurers are looking at the spread and prevalence of wildfires and getting more concerned about what that means for their average exposure and maximum exposure.
[9:18] The price of re-insurance is going up significantly and the availability of re-insurance and capacity is going down significantly.
[9:28] The key for folks who own properties and large buildings and who rely on risk transfer as an effective means for managing their risk, is to be more creative and find more specialty groups.
[9:49] The insurance industry is morphing. The previous structure included wildfire exposure with hurricane exposure and tornado exposure. Now many of them will exclude wildfire.
[10:16] Risk managers will have to find specialty groups that are underwriting wildfire exposure more effectively and capturing re-insurance capacity more effectively to provide policies for people with this exposure.
[10:40] A key to understanding your fire exposure is to understand what type of fires you are potentially exposed to. There are wind-driven fire locations, moisture-driven fire locations, and vegetation-driven fire locations. [10:58] To harden your property to vegetation fires, make the area around your building either a parking lot or drought-resistant, fire-resistant landscaping. Don’t use bark or woodchips. You can have small scattered plants surrounded by concrete to avoid the risk of vegetation fire.
[11:50] With wind-driven fires, your biggest risk is embers. Embers can catch a building on fire by igniting vegetation at the base of the structure, so remove all vegetation against the structure or under eaves, especially with single-story structures.
[12:20] Embers can also get inside structures. Have ember-mesh screens on air intakes, such as those used by the HVAC system, and any openings in the foundation and your eaves.
[13:03] Build structures out of fire-resistant materials. Shingles and siding need to be fire-resistant or fire-safe. Use double-pane windows. Single-pane windows crack in fires and embers can get in. Use ember-mesh screens.
[13:59] For landscaping, make sure it is drought-resistant and fire-resistant.
[13:52] Plug Time! RIMS Webinars! On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”.
[14:03] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[14:17] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[14:26] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.
[14:37] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”.
[14:47] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[14:59] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[15:19] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[15:57] You can find more information about the awards through the About Us page of RIMS.org or the link in this interview’s show notes.
[16:06] Back to My Interview About Wildfire Risks with Kevin Stein!
[16:36] Kevin has a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it’s been very effective.
[17:01] Kevin is optimistic about the new technology. Improved outdoor sprinklers are triggered if a fire is oncoming and douse everything in water or fire-retardant material. Sensors are put in different locations to recognize fire quickly.
[17:39] How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don’t become giant superstorms. Giant superstorms cause significant loss and burn down large buildings. Small wildfires can’t do that.
[18:07] The sensors are put on a variety of buildings to recognize smoke automatically with computer vision AI built in. Some longer-term technology is very interesting. In the future, there will be drone armies to replace the helicopters to pour fire retardant or water on top of wildfires.
[19:10] Commercial clients can deal with re-insurers like Lloyd’s of London to get coverage. Property-hardening characteristics and technologies come into play with a detailed assessment of the defensibility of the structure.
[20:38] Wildfire Re-insurers are moving from being generalists to being specialists. Generalist actuaries study years of loss history to predict losses for the next year. Specialist perils require area expertise because the risks cannot be handled simply through large amounts of data.
[21:13] Cyber is a great example of this. Cyber insurance was first bundled with general liability. The carriers soon realized they had no expertise to predict cyber risk so they excluded it. Specialty groups with expertise popped up to fill the gap in the market.
[21:36] This has happened with flood insurance, hurricane insurance in Florida, and earthquake insurance. Wildfire is the next one. It’s changing very rapidly. It’s very complicated, so you need people with area expertise to be able to underwrite it profitably.
[21:58] There is a trend where primary carriers are pulling back. They’re making the sound decision for a risk manager who can’t understand a peril. This opens up space for specialists to jump in, like Delos Insurance Solutions. Kevin says more groups will show up to serve the sector.
[22:54] Kevin reveals some of his aerospace engineer experience. He put in a proposal to NASA for a heliocentric spacecraft to look for life on Alpha Centauri. That wasn’t chosen, but there was an interesting satellite project he worked on.
[23:35] Kevin helped create two NBN satellites to provide internet to all of Australia, combined with a detailed fiber network. Kevin managed everything mechanical on the build of those two satellites.
[24:25] Special thanks again to Kevin Stein of Delos Insurance Solutions for joining us today on RIMScast. RIMS has a Wildfire Resources Page on RIMS.org. A link is in this interview’s show notes. Be sure to go there for more insight and information on how you can combat wildfire risk.
[24:44] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[25:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[26:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[26:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[26:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[26:46] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[26:53] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
RIMS ERM Conference 2024 — November 18‒19, 2024 | Boston, MA
NEW FOR MEMBERS! RIMS Mobile App
RIMS-CRMP Stories — Featuring Valerie Fox!
Nominations open for RIMS 2025 Awards! (Through Jan. 6, 2025)
Nominations for the Donald M. Stuart Award
RIMS Wildfire Resource Center
RIMS Webinars:
“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader’ | Sponsored by Resolver | Nov. 25, 2024
“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TUV SUD GRC | Dec. 5, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Risk Appetite Management Nov. 20‒21
RIMS-CRMP Exam Prep (Virtual)Dec. 17‒18, 2024 | 9:00 am‒4:00 pm EST — Register by Dec. 10.
“Applying and Integrating ERM” | Dec. 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin”
“Mitigating the Risks of Catastrophes with Mrunal Pandit of Tata Consumer Products”
“Evolving Fire Risks with Ralph Bless”
“California Wildfires: Risks, Preparedness, Business Continuity, and the Impact on Insurance Markets” (2020)
Sponsored RIMScast Episodes:
“Risk Management in a Changing World: A Deep Dive into AXA’s 2024 Future Risks Report” | Sponsored by AXA XL (New!)
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Kevin Stein, CEO of Delos Insurance Solutions
Social Shareables (Edited For Social Media Use):
There are so many different, super-interesting aspects of insurance. — Kevin Stein
I have a really optimistic view of the future of wildfire risk. A lot of that has to do with firefighting strategies and resources. The California government has put massive amounts of money into forest management and it’s been very effective. — Kevin Stein
Sensors can be put in different locations to recognize fire quickly. How fast firefighters get to a wildfire is hugely important in terms of how big the fire will be. Fires that are reached and controlled quickly don’t become giant superstorms. — Kevin Stein
There is a trend where primary carriers are pulling back. They’re making the sound decision for a risk manager who can’t understand a peril. This opens up space for specialists like Delos Insurance Solutions to jump in. Other groups will follow. — Kevin Stein
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Valerie Fox, the 2024 Donald M. Stuart Award Winner. Valerie and Justin discuss her receiving the Donald M. Stuart Award and what this recognition means to her. Valerie tells how her journey in risk management has evolved over her 42-year career. Valerie has held prominent roles across a diverse range of industries. She shares some highlights and challenges of her career. Valerie remarks on the education opportunities, taking on leadership roles, and networking, that ORIMS and RIMS provided for her that helped her develop and advance in her risk career. She shares details of a long-term international project that stretched her and that she is proud of. Valerie offers her expectations for the future of risk management and how today’s students can prepare themselves to be tomorrow’s risk leaders. Valerie hopes to continue her student outreach and offer them the knowledge to guide their paths.
Listen in for advice on resilience and lifelong learning to keep up with the evolving risk management industry.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, I am delighted to be joined by Valerie Fox, the 2024 Donald M. Stuart Award Winner and a RIMS-CRMP holder!
[:41] The next RIMS-CRMP Exam Prep will be held with PARIMA virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[:57] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:04] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique.
[1:26] Those are just two of the workshops RIMS offers; we have lots more! Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops. We’ve got more important plugs coming during the break. Now, let’s get on with the show!
[1:44] Interview! The RIMS Ontario Chapter (ORIMS) presented the Donald M. Stuart Award to our guest, Valerie Fox, at the RIMS Canada Conference 2024 in Vancouver.
[1:57] Valerie is a CRM holder, a RIMS-CRMP holder, and the former Director of Risk Management and Health and Safety for NPL Canada. She has since retired.
[2:14] The Donald M. Stuart Award is widely recognized as Canada’s highest honor within the risk management field and since 1979, has celebrated Canadians who have made outstanding contributions to the profession.
[2:28] Throughout her 42-year career, Valerie has held prominent leadership roles in risk management for a range of multinational corporations, including Walmart and Wendy’s Restaurants of Canada.
[2:44] We’ll talk a bit about her career, how she sees the risk profession evolving, and why she’s so inspired by the next generation of risk management professionals. Donald M. Stuart Award Winner, Valerie Fox, welcome to RIMScast!
[3:33] Valerie notes that winning the Donald M. Stuart Award was a very special moment for her. She has a tremendous respect for the history of the Donald M. Stuart Award and the professional values it represents.
[4:04] When Valerie was VP of the Ontario RIMS Chapter Board in 2017, she was responsible for the oversight of this award. She enjoyed it so much that she continued to be the presenter of the award for the last seven years. This year, she stepped down from the ORIMS Board.
[4:25] When Valerie stepped down from the ORIMS board, her colleagues nominated her for the award. She couldn’t be more humbled or appreciative of their recognition and support. To be recognized alongside the people she presented the award to over the years is very special.
[5:02] ORIMS accepts nominations from all over the country. It’s an award for all of Canada and is overseen by the Ontario Chapter. The nomination process has two stages.
[5:21] If a nomination clears the first stage, a total nomination package is submitted with further documentation. The package goes to a panel of evaluators across the country, including risk managers, people on boards, and insurance companies and brokers.
[5:44] They evaluate the nominations. The person with the top collective score wins the award. They’re looking at the nominees’ history with their companies, volunteerism, and the tenets the award represents. It’s the Canadian version of RIMS Risk Manager of the Year.
[6:36] Valerie’s first role as a risk manager was Manager of Contracts and Insurance. She bought insurance, handled claims, and implemented some risk control of targeted risks.
[6:56] The job description of a risk manager has evolved immensely and varies greatly from entity to entity, depending on the company’s maturity, operations, experiences, losses, and more.
[7:16] You could still be hired today as Manager of Contracts and Insurance but you could also be aspiring to be a Chief Risk Officer of a major, multi-national corporation with the responsibility to help them be more resilient and grow.
[7:41] Valerie saw the evolution in risk management start very slowly. It has continually ramped up and now is speeding forward.
[7:50] Over her career, Valerie had to be willing to delve into new challenges and be prepared to learn and develop new skills and new mitigation strategies and develop broad-based business knowledge. Without that knowledge, it’s difficult to assess potential impacts.
[8:33] Different industries have different areas of risk focus. Valerie started in the airline industry. A major focus was having a major accident response plan ready. There were challenges of jurisdictional insurance requirements and risk exposures around the world.
[9:11] Valerie spent five years in the public sector as a risk manager for a municipality. The focus of public entities is protecting people in public spaces, maintaining critical services, and managing reputation. It includes presenting the right answers.
[9:51] Valerie worked in the retail industry in domestic and international markets. On her first day at Walmart Canada, she realized how unprepared she was to deal with health and safety and worker’s compensation management responsibilities. Those had been under HR in Canada.
[10:13] Working for American companies, she had to get up to speed quickly on those areas of risk. Valerie trained herself on the job. She met with anyone she knew in the industry who was involved in health and safety. She met with people from the boards.
[10:42] Valerie spent a lot of time in the stores with the associates to see what their concerns were. She spent time with operations leaders, seeing the processes first-hand to understand the risks and put together programs that fit the culture and the environment of the companies.
[11:26] Valerie says retailers today need to do a deep-dive business impact analysis, map out dependencies and processes, and have alternative options to avoid business interruption. As a risk manager, you have to understand that to help businesses come up with the right solutions.
[11:55] Valerie reviews a case of having to train people quickly after a buyout.
[12:52] Valerie talks about working with a new inexperienced team that she had to take under her wing and teach risk management quickly. In large corporations, you also build company-wide teams and external teams that help you.
[13:17] Valerie taught CRM courses at the University of Toronto. Later, she had the pleasure of hiring one of her most enthusiastic students for a risk management position. He now works for another company she is close to and he is doing super well.
[13:48] Plug Time! RIMS Webinars! On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”.
[13:58] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[14:13] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[14:22] On December 5th, we have “Predictive Strategies to Detect Electrical and Machinery Failures”, presented by Global Risk Consultants, a TÜV SÜD company.
[14:33] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”
[14:42] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[15:01] RIMS is now accepting nominations for all awards other than Risk Manager of the Year 2025. The submission deadline is Monday, January 6th, 2025. To receive a RIMS award, all winners must be active members and in good standing.
[15:18] The awards are the Diversity, Equity, and Inclusion Chapter Leadership Award, the Harry and Dorothy Goodell Award, the Volunteer of the Year “Heart of RIMS” Award, the Richard W. Bland Memorial Award, the Chapter of the Year Award, the Rising Risk Professional Award, the Risk Management Hall of Fame, and the Cristy Award.
[15:56] You can find more information about the awards through the About Us page of RIMS.org or the link in this episode’s show notes. I also have a link in the show notes to the nominations page for the Donald M. Stuart Award. Check it out!
[16:13] Back to My Interview with 2024 Donald M. Stuart Award Winner, Valerie Fox!
[16:33] Valerie was ORIMS President in 2018 and 2019. She also had a couple of terms as Vice President, two terms as Secretary, and more. She is an active ORIMS member and a Director at Large. She intends to continue volunteering, especially with student outreach.
[17:28] Justin remembers the wonderful people he worked with when he co-hosted the ORIMS luncheon last year.
[17:57] Valerie describes how being involved in RIMS and ORIMS, whether volunteering or participating in regular events, gives you so much to learn both in formal training and networking that greatly helps your career.
[18:29] Volunteering on the board gives you leadership development opportunities. Those who step up to do this work are go-getters and prominent professionals who know their jobs. Their ages are from quite young to quite senior. It’s a diverse group of leaders.
[18:58] You learn a lot about non-profit work and compliance. On the board, Valerie learned a tremendous amount that she has applied elsewhere in her career. You can improve your comfort with public speaking.
[20:00] Justin suggests trying stand-up comedy or an improv class three times to develop a foundation of confidence to speak publicly.
[20:24] Valerie was on the RIMS Risk Leaders Series. See the link in the show notes. She gave an expansive view of her career and the challenges she overcame using risk management.
[19:16] The career accomplishment Valerie is most proud of is with Walmart International. Valerie had to get the risk management process promptly into place and hire a team when Walmart came into Canada in 1994. It was very successful.
[21:47] Therefore, Valerie was asked to take a three-year expatriate assignment to work with Walmart’s international division as an internal consultant in seven countries where Walmart had recently opened operations.
[22:02] She visited each country to work with their leadership teams on insurance brokerage, services, claims, health and safety, food safety, construction, benefits, and whatever they needed. It was tough. It was two-and-a-half years of being far out of her comfort zone.
[22:34] At the end of that assignment, she felt like she had made a difference and she had grown as a risk manager and as a person. It was an invaluable experience she is very proud of.
[23:01] It was a new way of doing things for Walmart, too. Valerie was a test case. There were some glitches through which Walmart learned and improved its support system for expatriates working around the world. It was an evolution both for Walmart and Valerie.
[23:32] Valerie has assisted with RIMS-CRMP workshops in Canada.
[24:00] Valerie believes the risk leaders of tomorrow in Canada should take the CRM program and work toward their CRMP certification. There is also a variety of technical training that can help them throughout their careers.
[24:18] RIMS has helped Valerie to stay current through seminars and articles. It’s extremely important that people have a solid business base. Get out from behind the desk and understand the business and how business is done.
[24:47] Going forward, the emerging trend for employers is going to be to look at some of these qualifications as a minimum requirement. Gaining that base knowledge is important.
[25:00] Valerie says risk leaders need to focus on the soft skills of team management, social intelligence, communication, and identifying and supporting mental health. Risk management is a people business. Know how to communicate with people and read their reactions.
[25:34] Working from home during the pandemic has depleted some opportunities to gain that experience. Future risk leaders need to ensure they have those skills today.
[25:59] Valerie is encouraged by the college and university students she has been meeting over the last couple of years of outreach. The students are bright, curious, motivated, and hungry to get out there and make their mark.
[26:24] They’re comfortable with technology and passionate about the world events that are shaping risks these days. They are the future. She hopes that she can continue to share some tidbits or tribal knowledge that they might find helpful.
[26:44] Valerie has concerns about the talent gap as lots of people retire. We need to fill that gap fast. The students she has been seeing indicate to her that the future is bright.
[27:01] Justin had the pleasure of attending the McGannon Foundation’s closing ceremony for their students. The students are extremely impressive. He feels that we will be seeing them up on stage receiving awards in the not-too-distant future.
[27:20] Val, it has been such a pleasure to see you again. I want to congratulate you again on winning the Donald M. Stuart Award in 2024. I look forward to seeing you at more RIMS events. Thank you so much for all you do for ORIMS and RIMS!
[27:42] Special thanks again to Valerie Fox for joining us here on RIMScast! It’s always a pleasure to speak with her. There is a link to her RIMS Risk Leaders Series interview in this episode’s show notes. There is a link to her CRMP Story also in this episode’s show notes.
[28:02] For more coverage of the RIMS Canada Conference 2024 Awards, check out the October 15th episode of RIMScast, when we were live from Vancouver with Maryam Salmasi. She was the Fred H. Bossons Award Winner for 2024. A link is in this episode’s show notes.
[28:20] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[28:53] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[29:36] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[29:53] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[30:09] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[30:23] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[30:30] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Hear Valerie on the RIMS Risk Leaders Series
RIMS Press Release: RIMS Ontario Chapter Honours Valerie Fox with the 2024 Donald M. Stuart Award
RIMS-CRMP Stories — Featuring Valerie Fox!
Nominations open for RIMS 2025 Awards! (Through January 6, 2025)
Nominations for the Donald M. Stuart Award
RIMS Webinars:
“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Nov. 21, 2024
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024
“Predictive Strategies to Detect Electrical and Machinery Failures” | Sponsored by TÜV SÜD GRC | Dec. 5, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14‒15 | 9:00 am‒4:00 pm SGT — Register by Nov. 7.
“Applying and Integrating ERM” | Dec 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024”
“300th Episode Spectacular with RIMS CEO Gary LaBranche”
“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”
“DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”
“Julie Bean, 2024 Heart of RIMS Award Winner”
Sponsored RIMScast Episodes:
“How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog (New!)
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Valerie Fox, CRM, RIMS-CRMP, former Director of Risk Management & Health & Safety for NPL Canada
Social Shareables (Edited For Social Media Use):
Evolution in risk management started very slowly. It has continually ramped up and now it’s speeding forward. Over my career, that meant I had to be willing to delve into new challenges and be prepared to learn and develop new skills. — Valerie Fox
On the board, I’ve learned a tremendous amount that I’ve been able to apply elsewhere in my career. — Valerie Fox
It’s extremely important that people have a solid business base. Get out there from behind the desk and really understand the business and how business is done. — Valerie Fox
Students are comfortable with technology and passionate about the world events that are shaping risks these days. They are the future. I hope that I can continue to share some tidbits or tribal knowledge that they might find helpful. — Valerie Fox
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Trisha Sqrow, of Marsh Advisory, and our Council Vice-Chair 2024, Suzanne Christensen, of Franklin Templeton Investments, and making his debut on RIMScast is Karthick Dalawai, of Penn Mutual Life Insurance Company. Karthick, Suzanne, and Trisha discuss value-based frameworks in terms of benefits, their experience with them, and value metrics. They share the concept of a value-based Enterprise Risk Management (ERM) framework to align risk management activities with the creation of shareholder value. They mention risk quantification methodologies to assess financial and non-financial risks. They explain the use of scenario analysis to tailor risk management practices to your organization's risk appetite and objectives and give ideas on how to get buy-in from the boardroom. Listen in for ways to implement a value-based ERM framework in your organization.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, we will be joined by three members of the RIMS Strategic and Enterprise Risk Management Council to discuss risk quantification through a value-based framework.
[:43] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston. Opening keynote speaker John Hagel recently appeared here on RIMScast. Register at RIMS.org/ERM2024.
[:58] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms. If you are a RIMS-CRMP holder, you can earn recertification points by attending the RIMS ERM Conference 2024!
[1:16] For those of you interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:30] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[1:45] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:53] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique.
[2:14] Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[2:23] Interview! Returning to the show are Trisha Sqrow, of Marsh Advisory, and our Council Vice-Chair 2024, Suzanne Christensen, of Franklin Templeton Investments, and making his debut on RIMScast is Karthick Dalawai, of Penn Mutual Life Insurance Company.
[3:00] These brilliant minds, Trisha, Suzanne, and Karthick, will present the session “Risk Quantification Through Value-Based Frameworks” to kick off Day 2 of the RIMS ERM Conference 2024 on November 19th.
[3:15] Today we’ll get tips on how to launch a value-based framework, what the benefits and limitations may be, and how to convince your board to buy in. Karthick Dalawai, Trisha Sqrow, and Suzanne Christensen welcome to RIMScast!
[4:54] Karthick explains that Enterprise Risk Management in its current form and where it goes from here to enable leaders to make informed decisions tie back to metrics and the quantification of results.
[5:22] Doing risk management thematically is good and influential, but anything you don’t quantify you can’t improve. Risk quantification is essential for a good enterprise risk management program.
[5:49] Trisha’s risk management path has evolved toward a value-based framework. She suggests an organization could start by measuring its overarching risk appetite, understanding its risks, and putting its ERM framework in place.
[6:22] The parameters could be how much financial, regulatory, or strategic risk you want to take. Hone in on what the risk translates to by quantifying the value.
[7:03] The metrics may not always be dollar amounts. There may be safety value metrics, or cyber security impacts. There is a way to tie those back to financials in many cases, but you can look at different values.
[7:51] Karthick says it’s easier to quantify financial risk than intangibles like cyber risk or talent risk. Having a common denominator makes it possible to explain risk so IT, HR, and all departments understand the enterprise risk, not just the risk in their slivers of the organization.
[8:58] Defining risk under a value-based framework takes three keys: uncertainty, deviation from the company strategy, and taking the right opportunities to increase value. If you planned to grow 10% and you grew 15%, analyze that opportunity. What was the cost of that benefit?
[10:20] Suzanne adds that scenario analysis helps. Why did your growth vary from your planned growth? What do you have to have in place to manage it? With a 15% growth, you’ll need more resources and a plan for the logistics. You may need to make a lot of other arrangements.
[11:06] You need to think about those things in contingency mode. Scenario analysis does that; it helps you work through those plans.
[11:30] Karthick describes the possible limitations of a value-based framework. The common denominator is a financial metric. Executives need to understand what factors contribute to that value. Tying the risk appetite to the value occurs high in the organization. It’s all-encompassing.
[12:07] You have to break the framework into layers by what it means for the different business units and how they measure business. Rightly implemented, a value-based framework is of great value; otherwise, people might become disconnected from it.
[12:37] Suzanne agrees that people might not buy in if the framework is not well-implemented. Suzanne and Karthick discuss avoiding bias and starting with wrong assumptions.
[13:02] Karthick believes that gets into the risk culture of the organization. Is it conservative or more aggressive? When you have a quantifiable and measurable risk appetite, some people may tend not to breach it at all. Many times, risk decisions need not be risk-optimized.
[13:48] Having a measurable risk metric guides how much risk people can take to add value to the organization, not just to manage the downside. Tie it back to the business metrics through which leaders measure their performance. Having a good manager is a win-win.
[14:16] Suzanne adds that weighing the cumulative impact of multiple decisions while figuring out a strategy for the organization helps you think about the risk appetite of the firm and if there is room to take more risk.
[14:53] Trisha considers the risk culture of the organization in helping people understand value-based frameworks. There are a lot of conversations to be had with various departments. A financial office does not have the same risks as a manufacturing facility or an airport.
[15:28] Work with the people looking at safety metrics and help translate them into dollar amounts, considering insurance and claims. What value does the framework add?
[15:45] Help people understand the value-based framework and have conversations around it. How much risk can you take?
[16:19] Plug Time! RIMS Webinars! On October 31st, TÜV SÜD GRC discusses “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering”.
[16:34] On November 4th, I will be hosting a special RIMS Webinar presentation, “Lessons from Veterans on Strategic Risk Leadership”. That session will feature insights and perspectives from risk managers who previously served in the United States Armed Services.
[16:53] On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”.
[17:00] On November 21st, HUB International returns with the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[17:15] On November 25th, Resolver returns to discuss “The Future of Risk & Compliance: 5 Key Insights for the Modern Leader”.
[17:23] On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”
[17:32] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[17:44] Back to My Interview with Suzanne Christensen, Trisha Sqrow, and Karthick Dalawai.
[18:22] Karthick says to ask the executives at your organization if they use the deliverables from ERM in their day-to-day decision-making and how they tie into the metrics. If you get a positive answer, you’re in a good spot. If not, a value-based framework is a good solution.
[19:00] Every executive business leader manages P&L and understands dollarized values. Value-based frameworks are good tools if they are implemented in the right way.
[19:21] Trisha says to consider your impact scoring. That’s the beginning of your risk appetite. Work toward getting a common denominator.
[19:40] Suzanne comments that to make better, more confident decisions in the organization, and get the executives engaged in the conversation, you want to understand what their tough decisions and challenges are.
[20:03] In what would the executives like more transparency and understanding to make their tough strategic or day-to-day decisions? Connect with them where their challenges are as a starting point. That immediately proves value to the organization.
[20:41] Trisha and Suzanne have publications discussed in episodes linked in the show notes. Suzanne authored a report on emerging risks and board reporting, “Navigating the Complexities of Emerging Risks”. Trisha co-authored “Developing and Refining Risk Appetite and Tolerance”.
[21:21] Suzanne and Karthick will be two of the panelists in the closing general session of the RIMS ERM Conference 2024 on November 19th. That’s going to be a forward-looking discussion that will be a lot of fun. [21:57] During that closing session, we’re going to give away a registration to RISKWORLD 2025 in Chicago! Everyone should stick around for this session!
[22:16] Thank you all so much for joining us today here on RIMScast!
[22:25] Special thanks to Trisha Sqrow, Karthick Dalawai, and Suzanne Christensen of the RIMS Strategic and Enterprise Risk Management Council.
[22:36] On November 19th, they will kick off Day 2 of the RIMS ERM Conference 2024 in Boston, with a session about Risk Quantification through a Value-based Framework. That will not be the only session they will present, so if you like what you heard, register now at RIMS.org/ERM2024.
[22:59] Links to the guests’ prior RIMScast interviews and their respective reports are in this episode’s show notes.
[23:12] More RIMS Plugs! The RIMS ERM Conference 2024 will be held in Boston, Massachusetts on November 18th and 19th. Register today at RIMS.org/ERM2024!
[23:27] The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[23:58 ] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[24:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[24:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:12] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[25:26] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:33] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18–19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Executive Report: “Developing and Refining Risk Appetite and Tolerance”
RIMS Professional Report: “Navigating the Complexities of Emerging Risks”
RIMS-CRMP Stories — New interview featuring Dan Elliott!
Submit Your Nomination for 2025 Risk Manager of the Year — Part I is due on Oct. 31!
RIMS Webinars:
“Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024
“Lessons from Veterans on Strategic Risk Leadership” | Presented by RIMS | Nov. 4, 2024
“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by HUB International | Nov. 21, 2024
“The Future of Risk & Compliance: 5 Key Insights for the Modern Leader” | Sponsored by Resolver | Nov. 25, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA (Virtual) | November 14–15, 2024 | 9:00 am–4:00 pm SGT — Register by Nov. 7
“Applying and Integrating ERM” | Dec 4‒5
“Captives as an Alternate Risk Financing Technique” | Dec. 17–18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Big Shifts with John Hagel, ERM Conference Keynote”
“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“On Risk Appetite and Tolerance” with Trisha Sqrow
“Emerging Risks and Board Reporting” with Suzanne Christensen
Sponsored RIMScast Episodes:
“Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant (New!)
“RMIS Innovation with Archer” | Sponsored by Archer
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests: Karthick Dalawai, Chief Risk Officer for Penn Mutual Life Insurance Company
Trisha Sqrow, Vice President, Consulting Solutions, Marsh Advisory for Marsh USA Inc.
Suzanne Christensen, SVP, Head of Enterprise Risk Management for Franklin Templeton Investments Social Shareables (Edited For Social Media Use):
Why Enterprise Risk Management exists in its current form and where it goes from here tie back to metrics and the quantification of results to enable leaders to make informed decisions. — Karthick Dalawai
Depending on your organization, you might be looking at different values and different types of metrics. Some might be strictly financial. An industry that has significant safety concerns might have a lot of safety value metrics, based on the type of risk. — Trisha Sqrow
Scenario analysis helps because you can run through those situations to say if that happens, then what happens? What do we have to have in place to be able to manage through that? With a 15% growth, you’ll need more resources and a plan for the logistics. — Suzanne Christensen
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Chris Willey of American Eagle FCU. Justin asks Chris how banking and financial risk management has evolved since Chris entered the profession, in the past 15 years after the housing crisis, and in the past two years after the SVB collapse. They talk about Chris’s 2023 RIMS ERM Global Award of Distinction, how leadership has reacted to the ERM program, and how the program has changed since last year. Chris explains American Eagle FCU’s ERM philosophy, including its nine risk categories. Chris shares her thoughts about what it takes to activate an effective ERM Program today, and how ERM can help improve the banking sector and the risk industry overall. October is Cybersecurity Awareness Month. Chris tells what that means to her.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. From RIMS headquarters in New York, our guest is Chris Willey, the VP of ERM at American Eagle Financial Credit Union. She is also a recipient of the 2023 RIMS ERM Global Award of Distinction.
[:43] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston. Opening keynote speaker John Hagel recently appeared here on RIMScast. Register at RIMS.org/ERM2024.
[:58] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification.
[1:10] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:34] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th. The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th.
[1:50] Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:57] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. On December 17th and 18th, she will host Captives as an Alternate Risk Financing Technique.
[2:20] Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[2:28] Interview! My guest today, Chris Willey, is the Vice President of Enterprise Risk Management at American Eagle Financial Credit Union. In 2023, her ERM program received a RIMS ERM Global Award of Distinction. We didn’t get to connect last year to discuss it.
[2:49] We’re here now, and we will learn all about Chris Willey’s ERM philosophies, how American Eagle FCU handles certain risks, and what their risk register looks like. We will also get some tips for staying cyber secure, as October is International Cybersecurity Awareness Month.
[3:06] Chris Willey, welcome to RIMScast! Congratulations again for your ERM program being one of the honorees of the 2023 RIMS ERM Global Award of Distinction!
[3:51] Chris started at the credit union 34 years ago in Internal Audits where she got to see and understand the entire organization. In 1998, the board of directors started a risk management department. Chris applied and got the job.
[4:25] At first, they worked on traditional risk management, including insurance and fraud. Over the years, they added responsibilities. ERM was the last piece they added to their risk management repertoire, 14 years ago.
[4:56] Around the time of the housing crisis, one of the credit union’s high-risk areas, the board asked Chris to create an ERM program. Credit union regulators were also instrumental in starting ERM. While not required, having an ERM program is necessary to understand your risks.
[6:26] Chris has one staff member, Theresa, the Assistant Vice President, who helps with all facets of risk management. Chris and Theresa do a lot. Chris says it would be nice to have another person helping them.
[7:28] After the Silicon Valley Bank collapsed in March 2023, the interest rate risk and liquidity risk got a lot of attention. American Eagle FCU was on top of it. Their interest rate risk was increasing and the ERM program had already begun taking measures to thwart risk.
[8:10] American Eagle had scaled back some of their lending and beefed up their liquidity because of what happened on the West Coast. That helped put them in a great spot.
[8:44] The regulators had come down hard on them and American Eagle did a lot of things to prove that they were going to be OK. The regulators are the insurers so wanted to make sure American Eagle had enough liquidity in case something happened like that at the credit union.
[9:04] It was a lot of work. The CFO and others in the organization put in additional monitoring tools. That’s what the ERM program does. It says, “Hey, we’ve got a potential issue or higher risk.” It’s a call to action to ask, "What are we going to do differently to mitigate the risk?"
[9:37] American Eagle’s interest rate risk is still trending a little bit higher but it’s under control and being monitored. The regulators gave them a great pass last year and are working on this year’s audit.
[10:12] When the American Eagle FCU ERM program was awarded the 2023 RIMS ERM Award of Distinction, regulators were thrilled. The board of directors was very happy to hear of it at a board meeting. The Risk Council Team was also thrilled and felt they were on the right track.
[11:11] The award came at a good time for the ERM program. Since then, American Eagle has had a few new executive leaders. The ERM program team is educating the risk council on what ERM is and the nine risk categories, definitions, KRIs, and what they should keep or change.
[12:43] American Eagle is getting to the point of putting new KRIs in place to see where they land with the risk ratings. They are asking if their risk tolerance or appetite should be increased. American Eagle FCU has been risk-averse. You can take calculated risks with an ERM program.
[13:41] If the risk gets to be above your expectations, you can try to reel it back to a more manageable level.
[14:04] American Eagle FCU is growing in its assets and also in its team members. The ERM program is adding a People Risk category to help create a culture that’s engaging. The board of directors is excited to see what that will look like.
[14:39] Plug Time! RIMS Webinars! On October 24th, Hub International returns for the fourth installment of their Ready for Tomorrow series, “From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures”.
[14:56] On October 31st, TÜV SÜD GRC discusses “Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering”. On November 4th, I will be hosting a special RIMS Webinar presentation, “Lessons from Veterans on Strategic Risk Leadership”.
[15:17] On November 14th, Marsh will present “Risk Perception and Management: Insights for a Changing Landscape”. On Thursday, December 12th, OneTrust returns to deliver “Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring”
[15:43] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[15:55] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m. ET. I will be moderating for my friends at ex judicata “If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory”.
[16:20] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM. The link is in this episode’s show notes. [16:41] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it’s all about. The link is in this episode’s notes.
[16:58] Back to My Interview with Chris Willey of American Eagle FCU! The nine risk categories of American Eagle’s ERM program are credit risk, interest rate risk, liquidity risk, transaction risk, compliance risk, concentration risk, strategic risk, reputation risk, and cyber risk.
[17:44] American Eagle FCU started with the seven NCUA risks, and as cybercrime became prevalent, they added a category for cyber risk. When NCUA sent a letter on concentration risk, American Eagle FCU added a category for concentration risk. The people risk is upcoming.
[18:32] Now all risks are counted equally, but they may start looking at weighted averages. That is still TBD.
[19:25] American Eagle FCU has from 335 to 350 team members. The credit union is state-charted in Connecticut. They have members in Massachusetts but no branches in that state. They have no plans to charter in other states.
[20:35] American Eagle FCU is trying to manage everything with a balanced approach, taking on more risk than before, and moving toward the center of the risk spectrum. The initiatives of their strategic plan involve a certain amount of risk and it will be OK.
[21:34] To start an ERM program from scratch in 2024 you need executive buy-in. The tone from the top is important. American Eagle FCU started at the management level and once it was running well, they brought the board of directors into it.
[22:01] Chris explains how strategic initiatives, projects, budgets, finances, and reputation were KRI measures that were reported to the board twice a year.
[22:52] Two of the three 2023 honorees of distinction, American Eagle FCU and Sterling Bank and Trust, are in the banking sector, which speaks to what ERM can do for banking.
[23:21] With interest rates as they are, it’s a good idea for a bank to have an ERM program to help navigate these times, whether interest rates are going up or down. Risk management is very basic to every financial institution, whether or not it is ERM.
[24:36] Justin remembers that there was no risk manager at Silicon Valley Bank. RIMS believes that every organization, regardless of its size, should have a dedicated risk professional. Chris thought at the time there were going to be a lot of risk management positions opening up.
[25:36] It is prudent to have a risk professional. They bring insight to your thinking that you may never have considered. The American Eagle FCU ERM program uses Key Risk Indicators. You want leading KRIs to pinpoint problems that are up and coming. Look forward, not back.
[26:29] ERM can help the risk profession greatly. In the cyber area, everyone has data they need to protect. If you have an ERM program looking at some of the risks in the cyber area, you might be able to create a better environment and protect against all the threats out there.
[27:08] Threats are not going to stop. They will continue to get worse. American Eagle ERM makes decisions based on its ERM program. They do business-level risk assessments to help business owners understand how to stay within their risk tolerance level.
[27:51] ERM is language and knowledge from which every organization can benefit.
[27:57] October is Cybersecurity Awareness Month. American Eagle FCU has participated in Cybersecurity Awareness Month for over a decade to educate team members on all kinds of cybersecurity issues and threats.
[28:38] This year, the theme is Willy Wonka, with cyber security videos and activities for interactive learning. They issue their security training for the year for all team members. They also educate members with tips on social media, their newsletter, and their website.
[29:45] American Eagle FCU is holding a fraud symposium for members. October at American Eagle FCU is a fun time. The CFO dresses as WIlly Wonka and the ERM team members are Oompa Loompas. They do short videos throughout the month about what’s coming up.
[31:41] Chris, it is wonderful to see you. I appreciate all your time and your wonderful insight. It speaks to the banking sector and the broader risk community. There’s a lot that our listeners can learn from this episode. Congratulations again on the 2023 RIMS ERM Award of Distinction!
[32:09] Special thanks again to Chris Willey of American Eagle FCU for joining us here on RIMScast! Check out the episode’s show notes for more resources about cybersecurity and the 10 risks we discussed during the interview.
[32:24] More RIMS Plugs! The RIMS ERM Conference 2024 will be held in Boston, Massachusetts on November 18th and 19th. Register today at RIMS.org/ERM2024!
[32:40] The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[33:13] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[33:58] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[34:15] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:32] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[34:46] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[34:54] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interview featuring Dan Elliott!
Submit Your Nomination for 2025 Risk Manager of the Year — Part I is due on Oct. 31!
International Cybersecurity Awareness Month
RIMS Webinars:
“If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory” | Presented by ex judicata | Oct. 22, 2024
“From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures” | Sponsored by Hub International | Oct. 24, 2024
“Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering” | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024
“Lessons from Veterans on Strategic Risk Leadership” | Presented by RIMS | Nov. 4, 2024
“Risk Perception and Management: Insights for a Changing Landscape” | Sponsored by Marsh | Nov. 14, 2024
“Staying Vigilant: 7 Practical Tips for Ongoing Third-Party Risk Monitoring” | Sponsored by OneTrust | Dec. 12, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14‒15, 2024 | 9:00 am‒4:00 pm SGT — Register by Nov. 7.
Applying and Integrating ERM | Dec 4‒5
Captives as an Alternate Risk Financing Technique | Dec. 17‒18
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes: “Big Shifts with John Hagel, ERM Conference Keynote”
“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
Sponsored RIMScast Episodes:
“RMIS Innovation with Archer” | Sponsored by Archer (New!)
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | Sponsored by AXA XL
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Chris Willey, VP of Enterprise Risk Management at American Eagle Financial Credit Union
The American Eagle FCU ERM top risk categories: Credit Risk Interest Rate Risk Liquidity Risk Transaction Risk Compliance Risk Concentration Risk Strategic Risk Reputation Risk Cyber Risk Coming soon: People Risk Social Shareables (Edited For Social Media Use):
Our CFO and others in our organization put in additional monitoring tools. That’s what the ERM Program does. It says, “Hey, we’ve got a potential issue or higher risk.” It’s a call to action to ask, "What are we going to do differently to mitigate the risk?" — Chris Willey
It’s hard to benchmark one ERM Program to the next. It’s different, based on your risk tolerances and the way you run your business. — Chris Willey
If we want to grow, give back to the community, and do all the initiatives we would like to with our strategic plan, we are going to have to take more risk, and it’s going to be OK. — Chris Willey
Threats are not going to stop. They are going to continue and get worse. We make decisions based on our ERM program. We do business-level risk assessments and get the business owners involved so they understand what their tolerance levels are. — Chris Willey
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Maryam Salmasi, the Fred H. Bossons Award Winner for 2024. They discuss Maryam’s passion for ERM, her professional training in Iran, and her tips on studying for the CRM exam. She tells how being multilingual helps her in risk management. She reveals what winning the Fred H. Bossons Award 2024 meant to her. Maryam concludes with her hopes and next steps for her risk management career in Canada.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. We are coming to you live from Vancouver at the RIMS Canada Conference 2024 and are featuring our very special guest, the Fred H. Bossons Award Winner for 2024, Maryam Salmasi.
[:43] The RIMS ERM Conference will be held on November 18th and 19th. Keynote John Hagel recently appeared here on RIMScast. The full agenda is live.
[:53] We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification. Register at RIMS.org/ERM2024.
[1:05] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:28] The next RIMS-CRMP Exam Prep will be held with Purima virtually on November 14th and 15th.
[1:36] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:51] RIMS Virtual Workshops! Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. Other dates for the Fall and Winter are available on the Virtual Workshops calendar, RIMS.org/virtualworkshops.
[2:16] Interview! This episode is recorded live on-site at the RIMS Canada Conference 2024 in Vancouver. It’s a beautiful city and everyone is having a fantastic time!
[2:29] The RIMS Canada Council and Planning Committee outdoes themselves every year with the networking opportunities and educational offerings! One of the highlights of the RIMS Canada Conference was the Fred H. Bossons Award.
[2:42] The Fred H. Bossons Award honors the risk management professional who earns the highest average mark on the three examinations required to attain the Canadian Risk Management designation (CRM). This year’s winner is ERM consultant Maryam Salmasi.
[2:56] Maryam has such a fantastic story and unique background. I wanted to capture her perspective and share it all with the RIMScast audience!
[3:03] We’re going to learn about what it was like for her to be an emerging risk professional in Iran, what her experience has been here in Vancouver, and what it took for her to study for, pass, and eventually make the grade!
[3:18] Maryam Salmasi, this year’s winner of the Fred H. Bossons Award, welcome to RIMScast!
[3:58] Maryam is an enterprise risk management consultant at Stage Meta in Canada. She is also working with the Burnaby Board of Trade in Vancouver, with incredible people.
[4:20] Maryam has been in ERM for about eight years. Risk management helps control uncertainty. Maryam is passionate about helping businesses to grow and make the best of themselves.
[4:39] Maryam chose to concentrate on risk management to help businesses understand their risks and address them, mitigate them, and have better paths for growth.
[5:06] Maryam started her career in Iran. She is a newcomer to Canada. In Iran, she worked as a risk manager for an insurance company, insurance agencies, and a brokerage.
[5:31] Maryam worked in the insurance industry for about 19 years, in underwriting, claims, and customer-facing roles for about three years. She worked in organizational development, ERM, organizational excellence, quality, and process management, as a manager and specialist.
[6:13] Maryam was also involved in designing new insurance products and executing actuarial calculations, package design, and insurance acquisitions.
[6:43] Maryam says that organizations share similarities in all the world. They each have structure, risk strategies, and financial, operational, and hazard risks. The environments are different but the concepts are the same.
[7:19] Maryam says that in Iran, more than 50% of insurance industry employees are women who work hard and thrive in different positions but not many of them are managers or directors.
[8:16] Maryam was part of a supportive risk management networking group that was mostly women.
[8:48] Plug Time! RIMS Webinars! On October 17th, Resolver will discuss The Future of Risk & Compliance: 5 Key Insights for the Modern Leader.
[9:00] On October 24th, Hub International returns for the fourth installment of their Ready for Tomorrow series, From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures.
[9:13] On October 31st, TÜV SÜD GRC discusses Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering. On November 4th, I will be hosting a special RIMS Webinar presentation, Lessons from Veterans on Strategic Risk Leadership.
[9:43] On November 14th, Marsh will present Risk Perception and Management: Insights for a Changing Landscape. More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[10:02] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m.ET. I will be moderating for my friends at ex judicata If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory.
[10:28] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM. [10:45] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it’s all about. The link is in this episode’s notes.
[11:05] Back to My Interview with the 2024 Fred H. Bossons Award Winner, Maryam Salmasi! Maryam studied for the CRM exam online at the Insurance Institute at her own pace while she was searching for a full-time job as she worked as a risk management consultant.
[12:21] Maryam’s study method is to take detailed notes and create summaries and summaries of summaries, to review and compare the points. She says there are similar concepts across CRM and risk management materials and her notes help her locate and review concepts.
[12:55] That review gave her a better understanding of the concepts than trying to memorize them. Her notes were very helpful for her.
[13:13] Maryam finished the risk management courses and the examinations in two semesters. In the first semester, she took two exams. In the second semester, she studied for and took the third exam.
[13:53] Maryam was not taking the examinations to win an award but to acquire the CRM certification. When she found out she had won the 2024 Fred H. Bossons Award, at first she was surprised. It’s great that someone recognized her passion as she did what she truly enjoyed.
[14:38] Maryam is grateful to be recognized for her passion for risk management and the insurance industry. She enjoyed being on stage and receiving the trophy for the award. It’s precious to her.
[15:01] Maryam speaks Persian, English, and some Italian. Knowing English helped Maryam in her risk management career. She also found a few risk books translated into Persian from English. She follows some Italian insurance companies’ social media accounts in Italian.
[15:44] Maryam feels that knowing other languages and cultures is like having two or three souls. It’s wonderful to know them, but for insurance and risk management, she says that English is the best language.
[16:24] Maryam has found great opportunities to network and meet incredible people with great backgrounds and knowledge of risk management, most of them in the insurance industry, at the RIMS Canada Conference 2024. Maryam is grateful to be there.
[16:52] Maryam’s tip for studying for the CRM examinations is to make notes and summaries. You have to pass both Institute courses and exams separately. That’s a total of six exams. Once you achieve passing grades in both courses and the exams, you will receive the designation.
[17:29] Maryam scheduled two exams on the same day, which kept her fresh and focused on the material, which she thought was good, although she was tired at the end of the day.
[17:58] Maryam’s next step is to learn more and to get the CRMP certification. She is still in search of her ideal long-term position. She hopes this certification will help her to gain more success! Justin believes the Fred H. Bossons Award will elevate Maryam’s professional profile.
[18:49] I want to thank you so much! It was such a pleasure to meet you and I feel fortunate to sit down with you the day after you won an award. Congratulations again and I wish you continued success!
[19:07] Special thanks again to 2024 Fred H. Bossons Award winner Maryam Salmasi for joining me here on RIMScast live, in person! We had a great time here at the RIMS Canada Conference 2024 in Vancouver.
[19:20] I look forward to seeing you all at the RIMS Canada Conference 2025 in Calgary, September 14th through the 17th.
[19:27] And special thanks and congratulations to all the members of the RIMS Canada Council, the RIMS Canada Conference Planning Committee, and the RIMS Events staff for producing one of the most memorable RIMS Canada Conferences I’ve attended. I hope you get some sleep!
[19:46] Register today for the RIMS ERM Conference 2024, to be held November 18th and 19th in Boston, Massachusetts! Visit RIMS.org/ERM2024 to register.
[20:04] More RIMS Plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[20:37] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[21:19] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[21:36] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[21:51] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[22:05] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[22:12] Thank you all for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18–19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada News Release: RIMS Ontario Chapter Honours Valerie Fox with the 2024 Donald M. Stuart Award
Follow RIMS Canada on LinkedIn
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring Dan Elliott!
The CRM designation provides risk professionals with a foundation of knowledge and skills needed to identify, assess, monitor, and limit risks. The award is recognized by RIMS and awarded by GRMI.
RIMS Webinars:
The Future of Risk & Compliance: 5 Key Insights for the Modern Leader | Sponsored by Resolver | Oct. 17, 2024
“If I Leave the Law – A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory” ** Presented by ex judicata | Oct. 22, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024
Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024
Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024
Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops
RIMS-CRMP Exam Prep with PARIMA (Virtual) November 14–15, 2024 | 9:00 am–4:00 pm SGT — Register by Nov. 7
Applying and Integrating ERM | Dec 4‒5
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Big Shifts with John Hagel, ERM Conference Keynote”
“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
Sponsored RIMScast Episodes:
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | (New!)
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: Maryam Salmasi, ERM Consultant at Stage Meta, Fred H. Bossons Award Winner 2024
Social Shareables (Edited For Social Media Use):
Risk management controls uncertainty. Because I am passionate about helping businesses to grow and to make the best of themselves, I chose to concentrate on risk management to help them understand their risk. — Maryam Salmasi
It’s very important to have Canadian certification to show that you know this concept. My only intention was to pass the exam. It’s great that someone recognized my passion for risk management because I did what I truly enjoyed. — Maryam Salmasi
When you know other languages or cultures it’s like you have this second or third soul. It’s pretty wonderful to know other languages or cultures but for insurance or risk management, English is the best language. — Maryam Salmasi
I found great opportunities to network and meet incredible people with great backgrounds and knowledge of risk management, most of them in the insurance industry, at the RIMS Canada Conference 2024. I am grateful to be here. — Maryam Salmasi
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews John Hagel, RIMS ERM Conference Keynote. John’s keynote on November 18 will be titled Embracing Change to Manage Risk. Justin and John explore how risk has evolved over John’s 40-year career and the last decade, and aligning risk management with technological innovation. John shares his thoughts on the RIMS Risk Maturity Model and a hint of what to expect in his November 18th keynote address at the RIMS ERM Conference 2024 in Boston. John concludes with his observation of positive trends in risk management.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. Our topic is ERM and our guest is John Hagel, who will be the opening keynote at the RIMS ERM Conference 2024 in Boston on November 18th and 19th.
[:46] RIMS ERM Conference! The full agenda is live. We will talk about everything from RMIS and AI to D&O, ESG, the SEC, and various other acronyms, in addition to future casting and risk quantification. RIMS.org/ERM2024.
[1:05] RIMS-CRMP holders can earn recertification points by attending the RIMS ERM Conference 2024! For those interested in studying for the exam, a pre-conference workshop will be held on-site on November 16th and 17th. Register now; a link is on this page!
[1:28] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certifications page of RIMS.org and through this episode’s show notes.
[1:44] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Worker’s Comp space.
[1:59] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. On December 4th and 5th, she will host Applying and Integrating ERM. Other dates for the Fall and Winter are available on the Virtual Workshops calendar of RIMS.org/virtualworkshops.
[2:20] Interview! I am so excited to present an interview with our guest today, John Hagel! He will deliver the opening keynote address at the RIMS ERM Conference 2024. It’s titled Embracing Change to Manage Risk.
[2:37] John is a visionary with more than 40 years of experience as a management consultant, entrepreneur, and thought leader in Silicon Valley. He will kick off our conference, exploring how technological innovation is transforming the global economy, society, and the risk landscape.
[2:55] John will also explore how these concepts will influence and intersect with three critical risk tenets: strategy alignment, culture and accountability, and risk capabilities. There’s so much to discuss. Let’s get to it!
[3:09] John Hagel, welcome to RIMScast! John joins a long line of impactful keynote speakers for the RIMS ERM Conference. He is excited about it!
[3:54] John was drawn to Silicon Valley decades ago because of the sense of optimism and the energy around addressing opportunities in the future and also because it’s the seedbed of some amazing digital technology.
[4:17] John founded a couple of tech startups. He was a senior executive with Atari in the video game business from 1982 to 1984, a partner at McKinsey & Company, helping found their Silicon Valley office, and led a research center at Deloitte, called the Center for the Edge.
[5:20] Atari provided an opportunity for young people to get into digital technology.
[6:09] John talks about the risks in technology over the years. Digital technology is improving exponentially over time. What’s competitive today becomes obsolete a couple of days from now or years from now.
[6:27] John has done a lot of work around what he calls the big shift, or the long-term forces that are redefining the global economy and society. On one side, the big shift creates mounting performance pressure, the competition intensifies and the pace of change accelerates.
[6:46] A small event in a faraway place quickly becomes a globally disruptive event. There’s a lot of risk from the mounting performance pressure. One of the consequences of all this is that it increases the risk of the status quo. Doing what you’ve done before becomes more risky.
[7:24] At the same time, the big shift is creating exponentially expanding opportunity, with far more value at far less resource, far more quickly. It decreases the risk of creating exponential value.
[8:14] John believes the most disruptive trend over the past years has been customers becoming more powerful with access to more information. They use that information to find someone much more effective at addressing their needs. They’re becoming less trusting.
[8:44] John sees trust eroding in large institutions around the world. That’s disruptive, as large institutions want and need trust but they’re losing it. This is business-to-business trust. It is being lost because of the spreading emotion of fear.
[10:35] In Silicon Valley, John had the opportunity to work with some of the most successful technology companies. He found that they have a different approach to strategy than most traditional organizations. John is a strong proponent of the value of this approach.
[10:56] This different approach is called Zoom Out-Zoom In. Zoom out 10 to 20 years; what’s the really big opportunity we could be pursuing? Zoom in; what can we do in the next six to 12 months to help us accelerate our movement toward that opportunity?
[11:25] Companies that pursue the Zoom In-Zoom-Out strategy focus on the risk of not acting. They move forward but don’t try to do massive 10-year projects. They do something in the next six months that can help them learn faster what’s required to achieve the opportunity at low risk.
[12:16] Plug Time! RIMS Webinars! On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future. On October 17th, Resolver will discuss The Future of Risk & Compliance: 5 Key Insights for the Modern Leader.
[12:36] On October 24th, Hub International returns for the fourth installment of their Ready for Tomorrow series, From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures.
[12:50] On October 31st, TÜV SÜD GRC discusses Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering. On November 4th, I will be hosting a special RIMS Webinar presentation, Lessons from Veterans on Strategic Risk Leadership.
[13:20] On November 14th, Marsh will present Risk Perception and Management: Insights for a Changing Landscape. More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. Registration is complimentary for RIMS members.
[13:38] There is another webinar you should know about. On October 22, 2024 at 1:00 p.m.ET. I will be moderating for my friends at ex judicata If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory.
[14:04] Other panelists include leaders from Lockton, Berkshire Hathaway Specialty Insurance, and our friend from the RIMS Public Policy Committee and the RIMS Detroit Chapter, Lynn Haley Pilarski, who works at GM. [14:24] This is a complimentary webinar and it is a chance for you to invite your friends who are in the legal profession, looking to transition to another role, to check out risk management and see what it’s all about. The link is on this page.
[14:43] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[13:57] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[15:08] On that note, applications are being accepted for internship grants. Since 1999, Spencer has awarded over $2.7 million in internship grants to over 540 recipients. To be eligible, risk managers must be based in the United States, Canada, or Bermuda.
[15:26] The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode’s show notes.
[15:40] Back to My Interview with RIMS ERM Conference 2024 Keynote Speaker, John Hagel! John loves Boston. He loves the combination of incredible history and all the universities there. It’s got a youthful culture; the combination of age and youth makes it interesting.
[16:38] For six years, John lived in Boston. For four of those years, he was in a graduate program for both an MBA and a JD from Harvard. He was recruited by Boston Consulting Group to be a consultant and spent two years there. He just didn’t like the cold winters and hot summers.
[17:30] Justin describes the emergence of the RIMS Risk Maturity Model. It serves as a template or guide for how effective ERM can be run. A link to it is on this page. John took the model. It was challenging for him as a solo practitioner; it was hard to apply five pillars to an individual.
[18:15] John found the five pillars and the different levels of maturity enlightening. The model shows the complexity of ERM. It’s not just one pillar and one stage. In terms of maturity, it’s a set of stages. John particularly likes the emphasis on continuous cycles of improvement.
[19:05] John also liked that at the highest level, the focus was future-oriented decision-making, encouraging and helping people to look ahead to future opportunities and risks. The model helps leaders to see that ERM is a continuously improving cycle.
[19:48] No matter how good an ERM program is at any time, there is more to come. John likes the focus on the future and the emphasis on continuous learning. We must learn constantly and never assume we’re experts with all the answers. There are more questions that need answers.
[20:15] The five pillars John mentioned are Strategy Alignment, Culture & Accountability, Risk Management Capabilities, Risk Governance, and Analytics.
[20:44] John’s opening keynote address will cover his research on how the world is changing and the implications for risk management, the big shift with mounting performance pressures as a key factor. He will discuss the new approach to strategy as old approaches are challenged.
[21:24] We need to step back and reflect on what strategy is going to help us manage risk more effectively. We’re in a time when fundamental transformation is essential. He will talk about the role of AI in ERM as a catalyst for change.
[22:08] John will focus on three pillars of the RIMS Risk Maturity Model: Strategy Alignment, Culture & Accountability, and Risk Management Capabilities and how to address them in the rapidly changing world. John will have no visuals. He encourages audience interaction.
[23:14] Justin emphasizes there will be some Q&A time at the end of the session, and that people should take notes during the address. Please come prepared with questions that can enhance the audience’s knowledge.
[24:09] John warns against underestimating the risk of continuing as you are and focusing just on the present. Look into the future to see how risks may be changing over time. In addition to internal risks, look for ways to reduce the risks to your stakeholders, customers, and suppliers.
[25:00] John sees a positive trend of understanding that as the world is changing, more opportunity is emerging. Explore the opportunity. Understanding how technological innovation transforms our opportunities and risks becomes critical.
[25:26] John, we look forward to seeing you on the morning of November 18th in Boston, kicking off our RIMS ERM Conference 2024. You’re going to explain how to embrace change through innovation and the psychology of change. Anyone in risk management will take away a lot!
[26:00] We thank you in advance for being a fantastic keynote!
[26:07] Special thanks to John Hagel for joining us! He will be the opening keynote speaker on November 18th at the RIMS ERM Conference 2024. A link to his website is on this page.
[26:23] Register now for the RIMS ERM Conference 2024, to be held November 18th and 19th in Boston, Massachusetts! Visit RIMS.org/ERM2024 to register.
[26:36] It’s RIMS Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[27:11] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[27:56] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[28:14] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[28:30] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[28:45] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[28:52] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Spencer Internship Grants — Deadline Oct. 15
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
JohnHagel.com
RIMS Webinars:
Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024
The Future of Risk & Compliance: 5 Key Insights for the Modern Leader | Sponsored by Resolver | Oct. 17, 2024
If I Leave the Law — A Webcast Series: Landing a Nonlegal Job in Insurance Industry: Risk Management, Brokerage, Claims, & Advisory | Presented by ex judicata | Oct. 22, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024 Mastering Property Renewals: Strategies for Success in 2025 with Risk Engineering | Sponsored by Global Risk Consultants, a TÜV SÜD Company | Oct. 31, 2024
Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024
Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Fundamentals of Insurance | Oct 9‒10, 2024
Applying and Integrating ERM | Dec 4‒5
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Applying ERM Theory with Elise Farnham”
“Maintaining an Award-Winning ERM Program with Michael Zuraw”
“Bigger Risks with the Texas State Office of Risk Management” | Sponsored By Hillwood
Sponsored RIMScast Episodes:
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | (New!)
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest: John Hagel, Silicon Valley Veteran, Entrepreneur, and Founder of Beyond Our Edge, LLC
John Hagel on LinkedIn
Social Shareables (Edited For Social Media Use):
Digital technology is exponentially improving over time. What’s competitive today becomes obsolete a couple of days from now or a couple of years from now. — John Hagel
There’s a lot of risk from the mounting performance pressure. One of the consequences of all this is that it increases the risk of the status quo. Doing what you’ve done before becomes more and more risky — John Hagel
I did find the RIMS Risk Maturity Model enlightening in terms of the five pillars that come into it and the different levels of maturity, helping people to see that this is complex. It’s not just one pillar and one stage. — John Hagel
Don’t underestimate the risk of continuing as you are and focusing on the present. Look to the future to see how risks may be changing. In addition to internal organizational risks, look for ways to reduce the risks to your stakeholders, customers, and suppliers. — John Hagel
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Britt Embry, VP of Communications, RIMS Greater Bluegrass Chapter; Nancy Brooks, Executive Director of NAMI Louisville; and Tony Quinones, Director of Risk Strategies and Compliance of Walt Disney World® Resort and Disney Cruise Line. Britt discusses the Greater Bluegrass RIMS Chapter’s Power of Partnership Conference, on October 8th and 9th. Nancy shares an overview of her keynote speech on mental health and risk management for the conference. Then Tony describes his career and how he used continual learning to expand his career from claims to risk strategies and compliance, with a side of mentorship. Get ready for some excellent tips on partnership, mental health, and risk, and developing your risk management career.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. We have three guests; one from the Greater Bluegrass Chapter of RIMS, one from the National Alliance on Mental Illness, and last, but not least, Tony Quinones, Director for Risk Strategies and Compliance at Walt Disney World® Resort and Disney Cruise Line.
[:48] RIMS Events! We are less than a week away from the start of one of my favorite events, the RIMS Canada Conference 2024, which will be from October 6th through the 9th in Vancouver. Register at RIMSCanadaConference.ca.
[1:05] We want you to join us in Boston, Massachusetts on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out and register. A link is on this page! RIMS.org/ERM2024.
[1:21] All RIMS Regional Conference Information can be found through the Events page of RIMS.org.
[1:26] RIMS Virtual Offerings! The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found on the Certification Page of RIMS.org and through this episode’s show notes.
[1:44] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Worker’s Comp space.
[1:59] Elise Farnham of Illumine Consulting recently joined us here on RIMScast. This is the last call for her session on October 3rd and 4th, Fundamentals of Risk Management. Other dates for Fall and Winter are available on the Virtual Workshops calendar of RIMS.org/virtualworkshops.
[2:19] RIMS Webinars! Also, be sure to check out the full schedule of RIMS webinars at RIMS.org/webinars. Remember, registration is free for all RIMS members, one of the many value-adds for a RIMS membership.
[2:36] Interviews! We will kick off this episode of RIMScast with two guests. Britt Embry is the VP of Communications for the RIMS Greater Bluegrass Chapter. They have a two-day event on October 8th and 9th in Louisville, Kentucky, The Power of Partnership.
[2:57] Registration is supposed to close today, October 1st, but as you’ll hear in the interview, you may still be able to register past today, if you play your cards right!
[3:08] We will also be joined by one of the speakers presenting on October 9th, Nancy Brooks, the Executive Director of NAMI Louisville. We’ll get a brief preview of her session on mental health in risk management, and how mental health awareness is evolving in the risk space.
[3:29] Britt Embry and Nancy Brooks, welcome to RIMScast!
[3:38] Britt, let me congratulate you for winning the Chapter of the Year award at RISKWORLD 2024! Britt says the RIMS Greater Louisville Chapter went full steam; it’s a new chapter, the 80th RIMS chapter! They got much excitement from the risk management and insurance community!
[4:21] It paid off! Britt is very appreciative of all the sponsors, vendors, and participants in the Power of Partnership Conference. Britt says it was a lot of hard work but the chapter is very excited to receive the Chapter of the Year Award.
[4:37] The RIMS Greater Louisville Chapter is growing like weeds! They are close to 100 members with the chapter and RIMS nationally. They’re pushing through to make a difference!
[5:04] The chapter is about two-and-a-half years old. They’re excited to support risk management and insurance throughout the state of Kentucky and some of Indiana, as well.
[5:30] This episode comes out on October 1st. That’s one week before the opening of the Power of Partnership. Today is the last day for registration. If you want an exception after today, please email the chapter at GreaterBluegrassofRIMS@gmail.com. The link is on this page.
[6:22] Nancy Brooks is here because she will be one of the marquee speakers at the Power of Partnership event. Nancy says as we assess the risk, including the safety and well-being of an individual, it results in us understanding how mental health impacts everything we do.
[6:56] Nancy will highlight that in her presentation and focus on mental health in risk management and how the potential to reduce insurance rates and provide more benefits for employees impacts their mental well-being as well.
[7:38] One of NAMI’s messages is “You are not alone.” NAMI recognizes that the mental health journey is complicated. It’s not the same as someone who comes down with a diagnosis that’s more “acceptable.” With mental illness, there’s a tendency to hide, so they need a trusted ally.
[8:10] NAMI supports families and individuals who are affected by mental illness.
[8:30] In her keynote, Nancy will include a discussion on general mental well-being and share tools for self-care that everyone can use. She will note some signs and symptoms to help individuals identify in their workplace that someone’s struggling with a mental health condition.
[8:56] These signs and symptoms can also show up in our loved ones and inner circle. It helps to know those signs and symptoms and reduce the stigma, reducing barriers to communication.
[9:18] Nancy will focus on how mental health relates to risk management, employees, and injured workers.
[9:39] Britt says registration is open to all risk professionals. You pay a little extra if you are not a chapter member. They would love to have you as a member and get your insight into the organization, as well.
[10:04] Greater Bluegrass is connecting all the various types of risk management and insurance that they see in the state of Kentucky, from distilleries to healthcare, to restaurants, and everything in between. To have everyone’s insight and knowledge is amazing!
[10:35] NAMI Louisville is very experienced in doing workplace training through its Stigma-Free Workplace Partnerships. Any business that comes to the event can ask to have NAMI Louisville send someone to their workplace for different types of training, including suicide prevention.
[11:04] The Power of Partnership will be on October 8th and 9th in Louisville, Kentucky. Britt and Nancy will be there. There are links in this episode’s show notes for anyone who wants to and should attend. Britt and Nancy, I want to thank you both. It sounds like it will be fabulous!
[11:24] Marquee Interview! I am joined by Tony Quinones, the Director for Risk Strategies and Compliance at Walt Disney World® Resort and Disney Cruise Line. Tony, welcome to RIMScast!
[12:01] At Walt Disney World® Resort and Disney Cruise Line, it’s always booking season and vacation season. Now it’s the beginning of the holiday season.
[12:17] Out of college and for most of his career, Tony worked in claims. He started in liability with State Farm Insurance. He hadn’t studied insurance in college but he was attracted by a job posting. He meant to work for a time, then go back to school to be a history teacher.
[12:50] Twenty-two years later, here he is, talking to Justin about his career and his current role in risk management. Tony says he’s had a good time and the profession has been good to him.
[13:20] His claims background knowledge helps him handle challenges in his risk management role. He worked in claims until three years ago when he formally transitioned to risk strategies and compliance. He always took opportunities to expand his knowledge of risk management.
[14:17] Disney Cruise Line feels like a floating resort. Tony has a set of responsibilities around compliance training and data analytics. The analytics teams support safety, operations, and claims partners.
[14:54] The environmental, safety, and operations teams address the risks inherent to the Maritime laws, and regulations in the U.S. and internationally. Tony’s analytics teams work with them in every aspect to support them with the best information possible to do their roles.
[15:43] A cruise ship is a floating city. Tony doesn’t oversee the waste management but he says the machinery is amazing. They are conscientious to do the best they can for the environment.
[16:08] Tony has a staff of approximately 70 cast members under his supervision. Any that have responsibilities strictly on the ships are crew members. The Risk Management Division has about 150 members in partnership with the areas of safety, environmental, and operations.
[17:14] It’s a well-oiled machine of information and partnership back and forth, with some of the strongest protocols and audits to help make sure it’s one of the safest environments for crew, cast, and guests.
[17:33] The Walt Disney World® Resort and Disney Cruise Line ERM program is overseen at the corporate level. Tony’s team supports the ERM initiatives with their day-to-day operations.
[18:01] Tony thinks it’s important to work in unison with the corporate side. There is risk management alignment across the company.
[18:37] About dealing with catastrophes, Tony says having a contingency plan is great but make sure that it’s flexible for the situation at hand. Have robust communication systems. Know which partners you need to reach out to for certain situations and communications.
[19:02] You need to have the right roles in the room and at the table so that decisions can be made and communication can be spread out effectively and efficiently. There aren’t catastrophes happening all the time but have continuous training and be aware of the what-ifs.
[19:26] You might not be ready for a specific incident but the memory of going through the action plan and reacting will apply to most incidents and having those three things puts you into a situation where you are ready for the unexpected and to respond effectively and efficiently.
[20:01] How do storms affect Disney Cruise Line? Everyone goes through practices and knows what they are doing. They walk through the contingency plans and action plans to solidify them in muscle memory.
[20:57] Tony recounts the rebound after the pandemic. Having key partnerships with the operations partners across the company was key. As Walt Disney World® Resort and Disney Cruise Lines re-opened slowly and surely, they saw their guests come back to resume normalcy.
[21:59] Tony says risk management was impacted by the pandemic but they still had work to do. At that time, he was still on the claims side. While the resort and cruise line were closed, they built for what they knew would come back. Claims built up slowly with attendance.
[22:38] Once the hiccup of the pandemic was over, Tony says they were in a good place to be there for their guests and cast members, for worker’s comp.
[23:10] Tony recalls how the resorts reopened, a park or a resort at a time. Some services weren’t available right at the time of the park opening. Some new experiences were added, like mobile check-in and self-check-in. They explored technology during the interruption.
[24:35] Tony takes opportunities to walk the parks and the ships to see the conditions of the properties in case something comes up in a report. He wants to make sure that what he is offering his partners is what they need.
[25:44] Whenever Disney gets in the news, Tony checks to see what is the context. He is confident in what Disney does and why they do it.
[26:14] Quick Break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[26:31] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[25:42] On that note, applications are being accepted for internship grants. The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode’s show notes.
[27:02] We Conclude My Interview with Tony Quinones of Disney!
[27:15] Through October 15th, we are in National Hispanic Heritage Month. At Disney, there are cast-run burgs. Tony belongs to the Latin American Burg. He also does anything he can within the RISKWORLD diversity platforms and to be part of the Hispanic heritage within the industry.
[28:23] Latin American professionals need to take advantage of the opportunities in risk management in general, and insurance. There are not a lot of Hispanic or Latino Americans in the industry but there are a lot of opportunities, maybe more than when he started.
[28:47] There’s still a way to go. There are so many specialties within risk management. It’s not just a risk manager. There’s insurance and so many different areas of risk. Tony wants Latinos to find a niche where their talents can grow. Maybe risk management is meant for you.
[29:29] Many colleges are offering a risk management program. If you’re a young Latino going into college, Tony invites you to consider risk management as an avenue for your education.
[29:49] Tony is bilingual and that has served him in his career. He needed it almost daily when he was handling claims. Tony suggests that whatever other language you speak, double down on it and use it to your advantage.
[30:30] Tony is on the RISKWORLD ACPC, the Annual Conference Planning Committee. They are planning RISKWORLD 2025 in Chicago. He recalls the great program and breakout sessions of RISKWORLD 2024 in San Diego. Put RISKWORLD on your bucket list! It’s a great opportunity!
[32:06] Tony relates the RISKWORLD DE&I Studio to the evolution of the risk profession overall. It speaks to the younger generation in risk management, just entering the workforce. The DE&I Studio was exciting and attracted many people who wanted to know more about DE&I.
[33:03] The DE&I Studio is a place where different communities are immediately acknowledged and included. Tony hopes it continues to grow as they continue to put the RISKWORLD conferences together.
[33:36] Any chance Tony gets, not just with the Latin American community, but in general, with the younger workforce coming into risk management, to mentor, he does it. He is involved with mentorship at Disney, called Mano a Mano, which is focused on mentoring the Latin community.
[34:02] Tony is also part of Rise Professional, a mentorship program helping those just coming into the risk management profession. Anytime he can share his knowledge and experience to contribute the most, such as being on a platform like RIMScast, he will do it.
[34:34] Tony thinks the most important thing for anyone who has been in the industry is to give mentorship. That’s the way to give back, one-on-one with professionals entering the industry. It’s the most value for your time.
[35:16] Tony’s advice to people entering or considering entering the risk profession is that it can provide a consistent and stable platform, similar to other traditional professions. If you’re a professional looking to transition, this is a great industry.
[35:46] If you’re in college trying to figure out your future, take a couple of risk management courses. Look at the programs colleges have for it. Tony’s great 20-plus-year career started in one little avenue of risk management. He’s learned something new every year.
[36:13] It’s an industry that can take you to so many different places and you’ll never be bored.
[36:39] Tony is a big Disney fan. He has been on a couple of Disney cruises on vacation, and he loves it. Once in a while, he just wants to go to a beach somewhere and take a little different vacation so he doesn’t have to worry about work. The brand is still there on a Disney Cruise.
[37:19] Tony, it has been a real pleasure to meet you. Thank you for being a member of our RIMS RISKWORLD ACPC. We hope to connect at RISKWORLD 2025 in Chicago Illinois, celebrating RIMS’s 75th Anniversary! We appreciate your leadership there. Thanks for joining us!
[37:45] Special thanks to Tony Quinones for all of his time and insight! Special thanks to Nancy Brooks of NAMI Louisville and Britt Embry of the Greater Bluegrass Chapter of RIMS!
[37:59] This is the last call for registration for the Power of Partnership Event on October 8th and 9th in Lousiville, Kentucky, hosted by the Greater Louisville Chapter of RIMS!
[38:09] Email GreaterBluegrassofRIMS@gmail.com to register and be sure to tell them that you heard about the opportunity here, on RIMScast! More links about the event are in this episode’s show notes.
[38:24] It’s RIMS Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[38:57] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[39:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[39:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[40:13] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[40:27] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[40:34] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Greater Bluegrass Chapter Annual Meeting & Conference — Oct 8‒9 | Last call for Registration | Also email here: GreaterBluegrassofRIMS@gmail.com
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS Canada Conference 2024 — Oct. 6‒9 | Last call for Registration!
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Spencer Internship Grants — Deadline Oct. 15
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
NAMI Louisville
National Hispanic American Heritage Month
RIMS Webinars:
Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024
Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024
Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024
Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Fundamentals of Risk Management | Oct 3‒4, 2024
Fundamentals of Insurance | Oct 9‒10, 2024
Applying and Integrating ERM | Dec 4‒5
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
Applying ERM Theory with Elise Farnham
Maintaining an Award-Winning ERM Program with Michael Zuraw
LAAIA Atlanta Chapter President Jose Aponte
Sponsored RIMScast Episodes:
“Navigating Commercial Property Risks with Captives” | Sponsored by Zurich (New!)
“Breaking Down Silos: AXA XL’s New Approach to Casualty Insurance” | (New!)
“Weathering Today’s Property C
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This episode of RIMScast is proudly sponsored by Hillwood. Hillwood is a leading multinational real estate development company and part of the Perot family of companies. For more information, visit Hillwood.com.
In the spirit of #InternationalPodcastDay on Sept. 30, RIMScast was produced live and onsite at the DFW RIMS Fall Conference in Irving, Texas on Sept. 19. You can hear the electricity on the floor of the Irving Convention Center as RIMS members, risk professionals and vendors from the greater Dallas Fort Worth area convened to learn, share knowledge, and network.
Former and current DFW RIMS Presidents join RIMScast today to discuss the state of risk in DFW, Safety, and ERM trends they are noticing, and why this event marks the closing chapter in one book and prepares for an all-new one in 2025.
Key Takeaways:
[:01] About Hillwood, the proud sponsor of this episode of RIMScast.
[:15] About this episode, coming to you live from Irving Texas at the DFW RIMS 2024 Fall Conference and Spa Event. This is the Texas risk roundup; we’re juggling risks and lassoing opportunities.
[:46] This episode is sponsored by Hillwood, a Perot company. Learn more at Hillwood.com.
[:52] It’s an exciting event. It’s also the end of an era for the DFW RIMS Chapter and we’ll talk about that.
[1:07] Events! Visit GreaterBluegrass.RIMS.org to learn more about the Greater Bluegrass Chapter of RIMS and their upcoming annual conference and meeting event, on October 8th and 9th. They’ve got some great speakers lined up. Check out their website and LinkedIn.
[1:35] Last call for the RIMS Western Regional Conference, September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[1:47] The RIMS Canada Conference 2024 is coming up, October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[1:57] The 2024 RIMS ERM Conference will be held in Boston, Massachusetts on November 18th and 19th. Visit RIMS.org/ERM2024.
[2:10] Interviews! My first guest is the Ex Officio of the DFW RIMS Chapter, LaToya Lee. She is Vice President of Crew Safety at Raising Cane's Chicken Fingers. LaToya Lee, welcome to RIMScast!
[2:33] The DFW RIMS 2024 Fall Conference and Spa Event at the Irving Convention Center is Texas-themed with a carnival. It is electrifying! Justin and LaToya met at the Risk Manager Exclusive Forum Lunch at the conference. It was a lunch for risk managers to speak freely.
[3:43] At the luncheon, LaToya raised an excellent point about an emerging risk from social media. Raising Cane’s has so many employees who are young people on Instagram, TikTok, and Snapchat. Raising Cane’s has great policies and procedures to prevent employees from posting.
[5:01] Most employees don’t bring their phones to the restaurant, but if they do, they must store them in their lockers. Raising Cane’s has about 840 locations in the U.S. About 800 are corporate-owned with a few franchise partners. LaToya is the Vice President of Crew Safety.
[5:57] As a fast-casual. Quick-service restaurant, with four menu items, Raising Cane’s is a people business. The Raising Cane’s culture is a fun, cool culture, with disco balls and smiling faces. The crew is in shorts. It’s a family-oriented business. They cater to all.
[7:29] The growth of Raising Cane’s is astronomical. When LaToya started, there were 248 restaurants. LaToya will soon be celebrating her 9th anniversary with Raising Cane’s and there are 800-plus restaurants now.
[8:04] As DFW RIMS Ex Officio, LaToya says the conference turnout is simply amazing. The attendees, vendors, and speakers are phenomenal. The topics of ERM, Work Comp, Property Damage, and Nuclear Verdicts, are everything you want in a one-day conference.
[8:37] What excites LaToya for the next year’s conference is the growth. Having all of the Texas Chapters coming together for one conference in San Antonio is going to be amazing!
[8:55] LaToya, it has been such a pleasure to meet you! I look forward to seeing you in San Antonio and at RISKWORLD 2025! Thank you so much!
[9:10] We are joined by former DFW RIMS Chapter President and a RIMS Global Board Director, Penni Chambers. Hello, Penni!
[9:46] Penni grew up in Texas and has lassoing skills! She moderated a session with the State Office of Risk Management. It was one of the favorite sessions she has moderated. It was lassoing the panelists, keeping them on track, and not going over time, with audience questions!
[10:40] Justin notes that it is International Podcast Day, and this is a special live episode. There’s electricity here at the Conference!
[11:09] Penni thinks the growth of risk management in Texas is in part because of the economic growth in Texas, with big Fortune 500 companies coming into the region. North Texas has grown. The Dallas membership for the DFW RIMS Chapter grows with the companies coming in.
[11:35] Their risk managers want to get to know other risk managers. There is a camaraderie among peers. The marketing effort of the chapter spans decades. The fall conference gives everyone a chance to reconnect and meet new people at events leading up to the conference.
[12:36] It’s exciting to Penni as a seasoned professional to see these young faces and new faces at the Conference. It’s incredible! It’s also bittersweet to Penni that this is the last DFW RIMS Fall Conference, after decades of conferences.
[13:22] Next year, DFW RIMS will team up with the Huston, San Antonio, and Central Texas RIMS Chapters to host the first-ever Texas Regional RIMS Conference, August 4th through 6th, in San Antonio near the Alamo, on the river walk. San Antonio is a beautiful place to kick it off!
[14:21] Penni is excited because she will get to meet members from other chapters. She says the collaboration that’s going to come from this is going to be phenomenal!
[14:53] Penni says they are planning this conference in collaboration with Global RIMS. It’s super exciting. It’s the first time Global RIMS has done something like it for a regional conference. It’s going to be a “drop-dead stunner” of a conference!
[15:17] It has been such a pleasure to sit with you in person to do one of these interviews for International Podcast Day! You did a wonderful job moderating this morning. I want to thank you and thank Hillwood for being our sponsor for this episode! I’ll see you at RISKWORLD 2025!
[15:44] I wanted to close out this RIMScast episode with some symmetry. We had two former DFW RIMS Presidents on the show today. We will close it out with the current DFW RIMS President, Emily Casso Ford, who has been fantastic to work with.
[16:05] Emily has led sessions and in many ways has been the face of the conference. I wanted to hear from her directly, not just about DFW RIMS but also to discuss her experiences in the ERM space. She leads ERM at Globe Life.
[16:23] We’re also going to talk about her experience with the RIMS-CRMP and how it is impacting her overall organization. Let’s get to it!
[16:37] I’m joined by the President of the DFW RIMS Chapter, Emily Casso Ford! Welcome to RIMScast! We have had such a great time for these last 36 hours or so! We’re talking at the very end of the final DFW RIMS Annual Conference. How does it feel, now that you’re done?
[17:06] Emily says she feels fantastic! She gives a shout-out to the Conference Chair, Chapter Vice President Marissa Holland, who did an outstanding job! This conference is our best yet!
[18:12] Emily gives an overview of her work at Globe Life for the last two-and-a-half years. She started as an island of one leading an ERM function, explaining to C-Suite and board why risk management matters. The board believed in it and demanded that the ERM function expand.
[18:41] Emily started hiring. She had great buy-in from the top. She spearheaded a program in a company that just needed to get around a table and talk about what the risks are and what they look like. Emily refers to ERM as getting comfortable talking about the elephant in the room.
[19:18] Emily started a Risk Liaison Program to work with areas of the organization that weren’t represented on the ERM Committee. She asked the members of the ERM Committee to identify the leaders on their teams who understand the emerging risks on the horizon.
[19:52] These people, the Risk Liaisons, would come together to have good conversations about what those emerging risks look like. They are up to 43 Risk Liaisons, from all across the enterprise of over 3,000 full-time employees. Globe Life is a $6 billion company.
[20:30] All the functions of the company are represented among the Risk Liaisons. Emily’s goal was to pass the mic and give people a voice who hadn’t had a voice or a seat at the table to share the insight and perspectives they have. They are closer to the work that’s being done.
[21:02] They sometimes see the risks coming faster than the folks in upper leadership do. Emily wants to champion that and give them a voice.
[21:21] Emily says the ERM team wants to make sure they share the risks with the board in the right way, giving them the information they need and desire. That changes from quarter to quarter. They are constantly on a trajectory or increased maturity.
[22:16] Some of you listening may recognize Emily Casso Ford as one of our more recent RIMS-CRMP Story interviewees. Emily has an update. Her entire ERM team at Globe Life has now earned the certification of RIMS-CRMP. She’s very proud of each member of the team.
[23:00] Emily’s boss, the SVP of Risk at Globe Life, provided the impetus for the team members to obtain the RIMS-CRMP. The Globe Life Chief Risk Officer fully supported the ERM team members each getting the RIMS-CRMP certification. It showcases their expertise in the industry.
[23:39] The Make-a-Wish Foundation received at least $5,500 in donations at the DFW RIMS Conference this year. A match is expected from a generous benefactor.
[24:04] This has been a great way to close out a wonderful tradition and start a new one. I want to thank you for inviting me! It’s a real privilege to be here! I want to thank Hillwood, a Perot Company, for sponsoring this episode.
[24:26] Emily, you’re doing a great job as President of the DFW RIMS Branch! We look forward to more great work from you!
[24:36] Special thanks to all of my RIMScast guests here who attended the DFW RIMS Annual Fall Conference and Spa Event. A very special thank you to Marissa Holland, DFW RIMS Vice President. As Emily said, she was the unsung hero of this year’s event. She’s fantastic!
[24:55] Visit DFWRIMS.org for more information and to learn more about the Texas RIMS Regional 2025 Conference, which will be held in San Antonio from August 4th through the 6th.
[25:06] We are very grateful for our sponsor, Hillwood, a Perot Company. Visit Hillwood.com for more information. A link is on this page.
[25:18] It’s RIMS Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[25:50] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[26:31] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[26:48] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[27:04] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[27:17] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[27:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
About our sponsor, Hillwood: Hillwood.com
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RIMS Greater Bluegrass Chapter Annual Meeting & Conference — Oct 8‒9 | Last call for Registration
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Spencer Internship Grants — Deadline Oct. 15
The Strategic and Enterprise Risk Center
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
RIMS Webinars:
The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024
Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024
Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024
Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024
Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Applying and Integrating ERM | Sept 25‒26 and Dec 4‒5
Fundamentals of Risk Management | Oct 3‒4, 2024
Fundamentals of Insurance | Oct 9‒10, 2024
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes: “Bigger Risks with the Texas State Office of Risk Management” | Sponsored By Hillwood
Sponsored RIMScast Episodes:
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RISK PAC | RIMS Advocacy
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests: LaToya Lee, Vice President of Crew Safety at Raising Cane’s Chicken Fingers and DFW RIMS Ex Officio
Penni Chambers, Vice President of Risk Management at Hillwood. Penni is also a former DFW RIMS President. She is currently a RIMS Board Director.
Emily Casso Ford, Esq., RIMS-CRMP, VP of Enterprise Risk at Globe Life. Emily is also the DFW RIMS President.
Postables (Edited For Social Media Use):
Kids like to be on their cell phones. They like TikTok, Instagram, and Snapchat. At Raising Cane’s, we have good policies and procedures to help guide our young crew to be the best fry cook cashiers they can be, put their cell phones up, and stay off social media. — LaToya Lee
It’s exciting to me as a seasoned professional to see these young faces and new faces at the DFW RIMS Conference. This is incredible! — Penni Chambers
The people who are in that first line are closer to the work that’s being done and they sometimes see the risks coming faster than the folks in upper leadership do. We want to champion that. We want to give them a voice. — Emily Casso Ford, Esq.
As our function grows, we are constantly on a trajectory of increased maturity. — Emily Casso Ford, Esq.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Michael Zuraw about his career in risk management, including how the CHIPS Act impacts him and what it takes to lead ERM at a semiconductor manufacturer.
Justin asks about Michael’s RIMS ERM Award win, how new leadership at Onsemi has reacted to the program, how involved new leadership is in ERM, and how the program has changed since the win. Michael tells about his ERM 2024 sessions and how he likes his work with the SERMC.
Listen for ERM tips for improvement for your organization.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. Our guest is Michael Zuraw of On Semiconductor. He’s a past recipient of the ERM Award of Distinction. We will discuss what it takes to maintain an award-winning ERM program.
[:41] Events! This is the last call for the RIMS Chicago Chapter’s Chicagoland Risk Forum, which will be held on September 19th, 2024 at the Old Post office. There is no charge for risk management professionals or risk department staff! Register at ChicagolandRiskForum.org.
[1:05] We are just a few weeks away from the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[1:19] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[1:33] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out! A link to register is on this page.
[1:49] All RIMS regional conference information can be found on the Events page at RIMS.org.
[1:55] RIMS-CRMP-FED! The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found through the certification page of RIMS.org and this episode’s show notes.
[2:12] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Workers’ Comp space.
[2:30] In our prior episode, we had Elise Farnham of Illumine Consulting join us. She will be leading two upcoming courses for us. On September 25th and 26th, we’ve got Applying and Integrating ERM and on October 3rd and 4th, we have Fundamentals of Risk Management.
[2:47] Other dates for the Fall and Winter are available on the Virtual Workshops Calendar of RIMS.org/virtualworkshops.
[2:56] Interview! Our guest today, Michael Zuraw, is a member of our Strategic and Enterprise Risk Management Council and is the Senior Director for Global Enterprise Risk Management at On Semiconductor.
[3:16] I met Michael at the RIMS ERM Conference 2019 in New Orleans, where he accepted an ERM Global Award of Distinction honor for the program he leads at Onsemi. I wanted to catch up with him now and see how the program is evolving under new company leadership.
[3:38] Michael will be presenting or co-presenting three sessions at the RIMS ERM Conference 2024 in Boston, so we’ll talk all about that and we’ll get his philosophies on what it takes to keep an award-winning ERM program going strong in 2024. Michael Zuraw, welcome to RIMScast!
[4:21] Michael shares his memories of the RIMS ERM Conference 2019 at the Roosevelt Hotel in New Orleans. That was his first RIMS ERM event. He notes how collaborative ERM professionals are, whatever their industry or employer.
[5:30] Justin and Michael collaborated on an interview for the ERM Q&A series. A link is in this interview’s show notes. Since then, they have met at RISKWORLD and ERM Conferences. Michael feels honored to serve on the RIMS Strategic and Enterprise Risk Management Council.
[6:15] Michael is the co-author of two upcoming RIMS Executive Reports and White Papers. The first is part of a series of scenario-planning guides, about the Pre-Mortem Exercise to unlock some risk identification and help to manage biases and risks that might cause you to fail.
[7:00] The second paper is on risk interdependencies or interconnectedness. Risks don’t stay in silos. We have risk registers by which we manage and organize risks, but generally, we underestimate risk because we don’t account for the cascading effect of risk events.
[7:45] Justin will update the show notes for this episode to reflect when these two papers come out. After September, listeners can check out the show notes and download these papers.
[8:15] Michael has been in ERM at Onsemi for 10 years. His bachelor’s and master’s degrees are in electrical engineering. He worked in telecom before semiconductors. He worked on the business management side.
[8:45] When Onsemi formalized its ERM program, it named a Chief Risk Officer. Michael had a conversation with him. If risk is going to be treated as part of a strategy, Michael was interested. If it was a governance or reporting function, it wasn’t for Michael.
[9:08] The Chief Risk Officer had a similar philosophy. He delegated putting the program together to Michael and supported him with what he needed. Michael had a lot of freedom. He’s been doing it ever since.
[9:54] Michael discusses how the CHIPS Act impacts Onsemi. They have a government affairs group to focus on that. Michael is always looking at what parts of their manufacturing and infrastructure need to expand.
[10:25] The CHIPS Act provides an incentive for doing more pieces in the U.S. There are similar programs in other countries where Onsemi has a footprint. Onsemi is in 10 countries with 20-plus manufacturing sites and more, including sales and support functions.
[10:50] Michael says they’re always reviewing their footprint, where they need to expand, and how. Expanding the manufacturing of semiconductors takes tens of millions of dollars and years to build. When there is government support, every semiconductor company takes note.
[11:46] Onsemi is a tech-heavy, engineering-heavy global company with 30,000 employees. You have to get very analytical with the engineering group.
[12:33] Engineers are trained to solve problems full-speed ahead, using key assumptions they have in their heads. Michael is asking the organization to step back and hear what those assumptions are first. An assumption may be based 90% in fact but 10% in uncertainty.
[13:19] Michael asks the organization to discuss the 10% probability that the opposite is true. That’s where the risk lies. Can they make that 10% likelihood into 2%? That’s risk mitigation.
[13:34] In tech-heavy industries, we acknowledge and respect engineering training to solve problems, drive solutions, and work within their vocabulary. How do we put a risk framework into that model so the company’s risk profile can be improved? It takes time.
[14:02] Is Michael a patient person? It depends! More often than not.
[14:53] When Michael won the ERM Global Award of Distinction for the ERM program at Onsemi, the Chief Risk Officer called the Chairman of the Board and the Risk Committee to let them know of the Award. It was vindication that the company was going in the right direction.
[15:34] The Risk department felt they were seeing the positive impact of the ERM Program. They saw the industry felt the emerging risk topic they submitted with their application was innovative and positive.
[15:55] That program within the ERM Program was well-regarded within the company and led people to think about the future and get into an open discussion. People wanted to participate.
[16:30] About four years ago, Onsemi’s long-time COO retired and new leadership came in. Michael tells how the ERM Program changed with the new leadership. They were much more focused on accountability and ownership. They wanted to remove self-reporting.
[18:47] It’s RIMS Plug Time! RIMS Webinars! On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches.
[19:07] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future.
[19:24] On October 24th, HUB International returns for the fourth installment of their Ready for Tomorrow series, From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures.
[19:37] On November 4th, Justin will be hosting a special RIMS Webinar Presentation, Lessons from Veterans on Strategic Risk Leadership. That session will feature insights and perspectives from risk managers who had previously served in the U.S. Armed Services.
[19:56] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. As always, registration is complimentary for RIMS members.
[20:08] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[20:23] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[20:33] On that note, applications are being accepted for internship grants. Since 1999, Spenser has awarded over $2.7 million in internship grants to over 540 recipients. To be eligible, risk managers must be based in the United States, Canada, or Bermuda.
[20:51] The application deadline is October 15th, 2024. Awardees are typically notified at the beginning of December. A link to the Internship Grants page is in this episode’s show notes.
[21:05] Let’s Return to My Interview with Michael Zuraw!
[21:23] The program shifted with new management to an open 45-minute interview. Michael doesn’t ask individuals about any specific risk but starts them talking about their concerns relative to company strategy and execution.
[21:42] It’s much more challenging to analyze the input from the interview but it identifies items the company might otherwise miss.
[21:52] The issues are ranked and tiered. Then it comes down to assigning ownership and accountability. Leaders pick out issues each year and assign cross-functional teams with action plans to address them. Bonus goals are tied to the plans.
[22:16] Depending on what the company, the board, and the risk committees want to focus on, the teams must be comfortable with making adjustments. The program and ERM managers can be successful as the shifts happen. Be open-minded to new approaches and ideas. Be flexible.
[23:10] Onsemi just finished its fourth cycle of interviews and action teams, as the ERM program is in its 10th year. In its first five years, it had reached maturity. Then under new management, it took time to adapt to the interviews and analyze the data.
[23:48] Michael says, now in our fourth cycle of interviews, our maturity level is back up. We have good interactions with the board and several committees within the board. We have an executive risk committee that we function very well with. We’re much more efficient in doing it.
[24:11] Onsemi has integrated some AI processing of interviews. Michael has himself and a staff of two. As they get more efficient, they conduct better interviews because they’re not worried about taking notes and getting the notes right.
[24:35] As the ERM program matures, the ERM managers get better at their jobs and their interviewees get better at identifying risks.
[24:52] At the ERM Conference on November 18th Michael will lead two sessions. He will lead the “Dancing with Uncertainty” morning session. Michael says this is a discussion on decision process, decision-making, decision quality, and risk.
[25:26] It’s not uncommon for executives to believe that the higher the title, the better the decision-making skill. Michael disagrees. There is an approach of discipline in decision-making that allows you to understand uncertainty and how it leads to risk.
[26:00] Michael often says that if everyone in your company, from janitor to CEO and everyone in between, were 20% more disciplined in how they make decisions, your company would be doing quite a bit better. So, what discipline can be applied to decision-making to reduce risk?
[26:29] In the afternoon, a member of Michael’s staff, Alicia Tuckett, will present “The Illusion of Insight: Why Risk Interviews Fail to Deliver,” on how to do open-ended interviews, analyze the conversational input, and turn it into risk statements, risk categories, and data to analyze.
[29:23] Michael hopes to solicit the crowd for ideas to evolve the ERM program even more.
[29:33] Michael will host another session that day with his SERMC colleague Denise Sobczak, “Pre-Mortem or Post-Mortem. If You Were a Patient, Which Would You Choose?” on scenario planning to weed out risks by thinking of everything that might go wrong before it does.
[31:11] Michael calls having a Pre-Mortem a great tool. It’s efficient and not expensive to run. It doesn’t take much time. It’s one of the biggest bang-for-the-buck scenario approaches for risk management.
[31:22] At the ERM Conference 2023, Denise co-presented on the scenario planning sessions. You are in for quality discussions at the RIMS ERM Conference 2024, for all sessions. Michael’s insight will be invaluable.
[32:02] Justin tells Michael it has been such a pleasure to have him here on RIMScast! Justin will update this episode’s show notes with the links to Michael’s two papers coming in the Fall. He looks forward to seeing Michael on November 18th and 19th.
[32:19] Justin thanks Michael for being such a valuable contributor to the SERMC at RIMS. Michael says he learns something new every time he gets together with the council.
[32:42] Special thanks again to Michael Zuraw for joining us here on RIMScast. Michael has two RIMS reports that will be published on the Risk Knowledge page of RIMS.org in the next couple of weeks. Check back then on this episode’s show notes for the updated links.
[33:03] Michael will be presenting or co-presenting three sessions at the RIMS ERM Conference 2024 on November 18th, starting in the morning with “Dancing with Uncertainty,” and then in the afternoon with “The Illusion of Insight: Why Risk Interviews Fail to Deliver.”
[33:24] Michael will help close out the day with “Pre-Mortem or Post-Mortem. If You Were a Patient, Which Would You Choose?”
[33:31] There is also a link in this interview’s show notes to Michael’s ERM Q&A based on his 2019 win of the ERM Award of Distinction.
[33:44] There are lots of resources here today, especially for all you ERM fans out there! Check them out!
[33:50] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[34:23] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[35:08] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[35:26] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[35:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management.
[35:56] Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:03] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20
Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024
RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RISK PAC | RIMS Advocacy
Spencer Internship Grants — Deadline Oct. 15
The Strategic and Enterprise Risk Center
Truly Long-Term Strategic Risk Management in Focus — RIMS Q&A with Michael Zuraw (2019)
RIMS Webinars:
Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024
The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024
Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024
Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024
From AI to the SEC: The Future of D&O Litigation and Regulatory Exposures | Sponsored by Hub International | Oct. 24, 2024
Lessons from Veterans on Strategic Risk Leadership | Presented by RIMS | Nov. 4, 2024
Risk Perception and Management: Insights for a Changing Landscape | Sponsored by Marsh | Nov. 14, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Applying and Integrating ERM | Sept 25‒26 and Dec 4‒5
Fundamentals of Risk Management | Oct 3‒4, 2024
Fundamentals of Insurance | Oct 9-10, 2024
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Applying ERM Theory with Elise Farnham”
“On Risk Appetite and Tolerance” with the RIMS SERMC
“Climate Disclosures with Jana Utter”
“Scenario Planning with the RIMS SERMC”
“Recipes for Success with Wendy’s CRO Bob Bowman”
“All Roads Lead to ERM”
“ERM’s Value Proposition with Chris Mandel”
Sponsored RIMScast Episodes:
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Michael Zuraw, Senior Director of Global Enterprise Risk Management (ERM) at onsemi / ON Semiconductor
Tweetables (Edited For Social Media Use):
Uncertainty underlies every decision. An assumption may be 90% dead-on. There’s a 10% probability that exactly the opposite is true and we should discuss that. That’s where the risk lies. Can we make that 10% likelihood into 2%? That’s what risk mitigation is. — Michael Zuraw
Now in our fourth cycle of interviews, our maturity level is back up. We have good interactions with the board and several committees within the board, as well. We have an executive risk committee that we function very well with. We’re much more efficient. — Michael Zuraw
As we mature in the program, we get better at our jobs and our interviewees get better at identifying risks. — Michael Zuraw
If everyone in your company, from janitor to CEO and everyone in between, were 20% more disciplined in how they make decisions, your company would be doing quite a bit better. — Michael Zuraw
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Elise Farnham about how ERM has changed, how new policies like the SEC climate disclosures influence the ERM landscape, and Elise’s risk philosophy. They discuss whether organizational leaders are placing more value on ERM programs, and the biggest challenge for a risk practitioner to turn theory into practice. When did you first understand how the fundamentals of risk management can be used to form decisions beneficial to an organization? What are some commonalities among the risk professionals you've come across in the RIMS virtual workshops (or RIMS events)?
Listen for insight on risk management basics and more wisdom for your organization.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode.
[:30] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.
[:49] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.
[:58] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[1:11] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[1:25] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The full agenda is live. It runs the gamut of ERM. Check it out! A link to register is on this page.
[1:40] All RIMS regional conference information can be found on the Events page at RIMS.org.
[1:46] The next RIMS-CRMP-FED Exam Course will be hosted along with George Mason University from December 3rd through the 5th. Links to these courses can be found through the certification page of RIMS.org and this episode’s show notes.
[2:04] RIMS Virtual Workshops! On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. He’s very popular in the Workers’ Comp space. Other dates for the Fall and Winter are available on the Virtual Workshops Calendar of RIMS.org/virtualworkshops.
[2:27] Interview! We will be chatting with Elise Farnham of Illumine Consulting. Elise is very well known among the RIMS membership as she has been one of our instructors for the past 30 years!
[2:43] Elise will be leading two upcoming courses for us here at RIMS. On September 25th and 26th, we’ve got Applying and Integrating ERM and on October 3rd and 4th, we have Fundamentals of Risk Management.
[2:57] Elise will let us in on what it takes to apply and integrate ERM into an organization’s framework and operations and we will talk about her ERM philosophies. Elise Farnham, welcome to RIMScast!
[3:24] This year, Elise celebrated her 51st year in the risk and insurance industry. It’s been an amazingly great career. She started in claims in the mid-seventies. She got involved with RIMS when she started working with large corporate clients in the late seventies and early eighties.
[3:52] Elise took an interest in what RIMS was working to accomplish, reducing claims, all while she was working for a claims management firm. Elise has been working with RIMS since 1995.
[4:51] The RIMS ERM Conference 2024 will be on November 18th and 19th in Boston, Massachusetts.
[5:06] Elise became aware of the concept of ERM in the late nineties. She thought it would be a difficult job. ERM professionals have grown, frameworks have been developed, and we’ve seen some companies that lacked ERM fail spectacularly.
[5:44] It has become evident that every company has to take the resources and strengths that they have, look at their entire risk picture, and turn what could be a bad situation into something positive for their organization.
[6:17] Elise talks a lot in her classes about how to convert a problem into an opportunity that might help an organization. ERM has changed a lot in the last five years. Justin and Elise comment on how the pandemic may have helped companies realize the importance of ERM.
[6:42] All of a sudden, companies were faced with a type of loss that came out of the blue. COVID-19 was the “black swan” that we will remember and write about for years to come.
[7:00] How companies dealt with it, the resources they had to use, and changes to their work processes were all things that ERM considers.
[7:14] Elise Farnham will be leading Applying and Integrating ERM on September 25th and 26th.
[7:27] How does the SEC climate disclosure announcement change or influence the ERM landscape? It will impact how companies report their exposure. It will probably require some new technology to bring forward all of the information they will have to submit.
[7:53] Elise thinks that will be a challenge for companies because there is a rule they will have to follow. Collecting data from every bit of an organization will be a significant challenge. It may help organizations use a good ERM program. It requires penetrating the silos to follow the law.
[8:33] ERM will help companies to see the cumulative effect of risk. What if two bad things happen at one time? Getting more companies to have an ERM program will have a positive effect. It will be a lot of work to get there.
[9:02] Elise has always been an optimist. She always tries to look at how this can benefit us. Perhaps that’s why she has embraced ERM. It’s not about how we can get hurt but how we can use a bad situation to make things better for the organization. She knows how difficult it can be.
[9:55] Elise tells risk managers, “You don’t want to be the one to go in and say, ‘We just lost all of this.’ You don’t want that to happen. That’s a horrible situation to be in.”
[10:12] It’s much better to say, ‘I just saved you this much money because we have a policy in place, our people all know what to do, and this has never happened to us as it did to that other company.’” That’s where Elise wants her risk managers to be.
[10:46] Elise believes that today, organizational leaders put more value on ERM programs. The catch is understanding the amount of work that has to go into one. It takes resources and people to explore the organization, down to the risk owner, who may be on the factory floor.
[11:17] The risk owner may not have risk management experience. Almost everybody has the philosophy that “it couldn’t happen to us.” Understanding that something bad could happen and preparing for it in advance will be a challenge for them.
[11:42] The C-Suite understands the value of ERM. It’s a matter of applying the resources and following through. In her classes, Elise goes through the steps to take along the way. The feedback she gets is often, “Whew! That will take us a lot of time and effort!” They got the point!
[12:08] It’s RIMS Plug Time! RIMS Webinars! On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[12:26] Also on September 12th is a complimentary webinar presented by the RIMS-CRMP and UCLA Extension, The Many Routes to Becoming an Enterprise Risk Management Practitioner.
[12:36] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches.
[12:54] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. On October 10th, Zurich returns to present Long-Term Property Strategies for a Resilient Future.
[13:11] More webinars will be announced soon and added to the RIMS.org/webinars page. Go there to register. As always, registration is complimentary for RIMS members.
[13:23] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[13:37] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[13:47] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Purchase your tickets in advance because there is no guaranteed seating!
[14:03] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.
[14:09] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.
[14:26] That was a great episode, so after you finish this one, please go back and listen to Episode 293.
[14:32] Let’s Return to Our Interview with Elise Farnham!
[15:14] Elise loves this business, and helping risk managers do a better job. It’s very fulfilling.
[15:51] The philosophical aspect of risk management is very logical. The real-world work part of it is almost drudgery, pulling information from everywhere within an organization, making people understand that they could have a problem if we don’t take care of it.
[16:16] Thinking of combining several problems at once is hard for some people to imagine. Bringing people into the real world of risk is one of the biggest problems; getting them to understand that, yes, this could happen to them.
[16:40] Elise’s family members have called her for advice after some unforeseen event, saying “I didn’t know this could happen!” Yet, the stats are out there. The stories are out there. It’s just, “It could never happen to me!” Risk managers are still fighting that battle quite heavily.
[17:13] Elise will also lead the virtual workshop, Fundamentals of Risk Management on October 3rd and 4th, 2024.
[17:42] Elise first became involved with large corporate accounts in 1987. She worked with risk managers and saw how they had to identify risk, analyze that risk, come up with a solution for it, and then implement the solution. Those are the basics of risk management.
[18:03] The focus was always on hazard risk, not on opportunities that might be developed.
[18:10] Elise took the Associate in Risk Management (ARM) program, which helped her to define that knowledge and to understand better what her clients were going through.
[18:21] Then RIMS developed a program about risk management, providing fundamentals. Elise thinks the fundamentals are more important than ever, now, as there are a lot of new people in the industry, fresh out of college. They know the theory but haven’t seen it applied.
[18:43] In her workshops, Elise always tries to apply this to the real world so that the day they go back to the office they have something they can apply immediately to their organization.
[19:11] What risk managers learn in Elise’s workshops will change what they do in their organization. That’s a big challenge.
[19:50] What Elise has noticed from teaching risk managers is their energy. They are ready to go. They are thirsty for this knowledge. They know they have concerns. They know there are some things they could do better.
[20:08] They just need the resources in their brains to make that happen. Elise talks to them about that. You can only make decisions based on what you know. If you don’t know something, you can’t include that resource in your decision process.
[20:27] Elise says it’s great to see the wheels start to turn while she’s teaching. All of a sudden, the aha moment hits. They have a strong desire to go back and do good things. It’s a compliment when they tell her they have a list of things to do when they get back to the office.
[20:55] They want to have an impact within their organization. They are there to learn something new that will help their organizations. Elise loves teaching with folks who are like that. They are like sponges. It’s fun to facilitate discussions with them about how to manage risk.
[21:58] Justin says it has been such a delight to catch up with Elise Farnham. The next two courses Elise teaches are Applying and Integrating ERM on September 25th and 26th, and Fundamentals of Risk Management on October 3rd and 4th. The links are in the show notes.
[22:17] Justin looks forward to more workshops hosted by Elise Farnham and thanks her for being such a wonderful instructor.
[22:31] Special thanks again to Elise Farnham of Illumine Consulting for joining us here today. Alise will lead Applying and Integrating ERM on September 25th and 26th and December 4th and 5th and Fundamentals of Risk Management on October 3rd and 4th.
[22:54] Links are in the episode show notes, as is a link to the full virtual workshop schedule.
[23:00] RIMS members enjoy reduced rates on registration, which is yet another value-add of a RIMS membership.
[23:09] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[23:43] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[24:26] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[24:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[24:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:20] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 will be in Chicago! May 4‒7 | Last Call For Submissions Sept. 9!
DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20
Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024
RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024 — Last Call For Tickets
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RISK PAC | RIMS Advocacy
RIMS Webinars:
HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
The Many Routes to Becoming an Enterprise Risk Management Practitioner | Presented by the RIMS-CRMP and UCLA Extension | Sept. 12, 2024
Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024
The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024
Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024
Long-Term Property Strategies for a Resilient Future | Sponsored by Zurich | Oct. 10, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Applying and Integrating ERM | Sept 25‒26 and Dec 4‒5
Fundamentals of Risk Management | Oct 3‒4, 2024
Fundamentals of Insurance | Oct 9‒10, 2024
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“On Risk Appetite and Tolerance”
“Climate Disclosures with Jana Utter”
“Scenario Planning with the RIMS SERMC”
“Recipes for Success with Wendy’s CRO Bob Bowman”
“All Roads Lead to ERM”
“ERM’s Value Proposition with Chris Mandel”
Sponsored RIMScast Episodes:
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Elise Farnham, Illumine Consulting
Tweetables (Edited For Social Media Use):
COVID-19 was the “black swan” we will remember for years to come. How companies dealt with it, the resources they brought to bear, and the changes to their work processes were all things that ERM considers. — Elise Farnham
I’ve always been an optimist. I always try to look at how this can benefit us. Perhaps that’s why I have embraced ERM so much. — Elise Farnham
I just love this business and I love what we do. I particularly love to help risk managers do a better job. It’s very fulfilling for me. — Elise Farnham
The stats are out there. The stories are out there. It’s just, “It could never happen to me!” I think risk managers are still fighting that battle quite heavily. — Elise Farnham
The most important thing that I have noticed from teaching risk managers is their energy. They are ready. They are thirsty. They know they have some concerns. They know there are some things they could do better. They just need the resources. — Elise Farnham
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS General Counsel and VP of External Affairs Mark Prysock about the RIMS Advocacy, the RIMS Legislative Summit being postponed to Q1 2025 to work with a fresh Congress and Administration. Mark covers a few of the important legislative issues potentially affecting RIMS and RIMS members, including the Tomorrow’s Workforce Act, the negative impact of increasing the tax burden on 501(c)(6) non-profit organizations like RIMS, and the national security issues at stake if nothing is done to make third party litigation funding transparent.
Listen for information and inspiration to get more involved in RIMS Advocacy.
Key Takeaways:
[:01] About RIMS.
[:15] About this episode. Justin introduces return guest Mark Prysock, RIMS General Counsel and VP of External Affairs.
[:42] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.
[1:00] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.
[1:09] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[1:21] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[1:35] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is on this page.
[1:50] All RIMS regional conference information can be found on the Events page at RIMS.org.
[1:57] If you want to present a session at RISKWORLD 2025 in Chicago, you are in luck! The deadline to submit your session has been extended to Monday, September 9th, 2024. A link is in this episode’s notes.
[2:12] We will be bringing out Mark Prysock in just a moment but before we get started, let’s talk RIMS Webinars! All RIMS Webinars registration pages are available through RIMS.org/webinars. [2:26] On September 5th, Merrill Herzog makes their RIMS Webinars debut with the Role of Insurance in Building Resilience Against an Active Assailant Attack.
[2:35] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to explore The Future of RMIS: Beyond Traditional Approaches. Webinars for October are also available.
[2:52] Justin jumped ahead a little bit, though. On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[3:07] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast and introduces the upcoming global webinar on staying agile that Linda will host.
[3:38] The webinar will be at 1:00 p.m. Eastern Time on September 12th. Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years.
[3:52] The market needed correction after many years of unprofitability driven by weather events in the property line where rates seemed to be unsustainable. Casualty also had its issues, particularly with Directors and Officers Liability.
[4:10] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive in growing their books of business. This competition is not being seen in all lines, segments, or geographies.
[4:27] Some catastrophe-prone zones such as BC and Alberta have not seen the same level of competition across the board. As the market transitions from a hard market to a competitive environment, there is some unusual and inconsistent behavior.
[4:44] Carriers in Canada are being more flexible with their appetite. London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive.
[5:02] As we transition out of what was considered to be a hard market, we see a lot of inconsistency in this market.
[5:11] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for an increase in population, it reflects that of a market in a recession.
[5:25] We, as brokers, are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunities.
[5:37] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent.
[5:50] How is this going to change the availability of capacity and pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events.
[6:12] Being informed by what is happening in the market; the trends, the opportunities, what’s available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business.
[6:34] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session.
[6:49] Steve Pottle is the risk manager on the panel. He’s been omnipresent in RIMS Canada for years. He’s a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he’s one of the best and Linda agrees.
[7:20] Linda will moderate. She’ll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged.
[7:44] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB’s Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[8:02] Interview! Justin introduces Mark Prysock, RIMS General Counsel and VP of External Affairs. Mark will provide a RIMS Advocacy update and talk about the legislative issues on RIMS’s radar and the status of the next RIMS legislative summit. Mark, welcome to RIMScast!
[8:36] Mark Prysock is the hardest-working lawyer that Justin knows. Justin wants him to be on RIMScast weekly. Mark says he will try to be on at least once a quarter.
[9:13] The Legislative Summit has been postponed to Q1 2025 as the time Congress has left in 2024 is focused on passing continuing resolutions to keep the government open. It's not an ideal time for RIMS to come to D.C. with their legislative priorities.
[10:07] Q1 2025 will be great for RIMS to go to D.C. to talk about RIMS’s priorities. The new Congress will be seated with new Committee Chairs and Ranking Members. There will be a new administration, so a lot of new Executive Branch jobs will have been filled.
[10:46] In Q4 2024, RIMS Advocacy will announce to RIMS members the date for the Legislative Summit of Q1 2025. It will be live, in person, on Capitol Hill, similar to the 2023 event. [11:03] RIMS Advocacy hopes to set up educational sessions on Wednesday in the U.S. Chamber of Commerce building, with a reception Wednesday evening with a fund-raising event for RISKPAC. On Thursday, everyone will descend on Capitol Hill and lobby RIMS’s issues.
[11:46] RISKPAC has been going to a lot of fund-raising events for key members of Congress who sit on committees with jurisdiction over legislative issues that matter to RIMS. They focus on the Chairs, Ranking Members, and other committee members.
[12:15] RISKPAC has had some good one-on-one time with members of Congress and their key staff members to talk about RIMS’s issues.
[12:31] Greg McKenna is the Chair of the RISKPAC Trustees Committee. He supports everything RIMS is doing on the legislative front and knows that RISKPAC plays a vital role in helping RIMS accomplish those legislative objectives. Greg has been a RIMScast guest.
[13:20] Mark discusses some association-specific issues. RIMS is working in a coalition with ASAE on the Tomorrow’s Workforce Act. That legislation would liberalize 529 College Savings Plans to allow individuals to use them for post-secondary training and credentialing.
[14:21] The funds could be used for licenses and professional certifications like the RIMS-CRMP, for example. This is a successful bi-partisan, bi-cameral issue that has made good progress through the House. RISKPAC hopes something will get done by the end of 2024.
[14:53] If the Tomorrow’s Workforce Act doesn’t pass this year, RISKPAC will pursue it aggressively in the next session of Congress.
[15:05] The next issue is that Democrats and Republicans in the House and the Senate seem to believe that 501(c)(6) organizations like RIMS should be paying more taxes than they currently pay. The idea is to start taxing non-profits on their net income.
[16:16] A lot of associations like RIMS would be significantly negatively impacted if that happened. It would have an impact on a lot of organizations’ abilities to offer programs to their members and in other ways.
[16:41] RIMS will participate actively with another ASAE coalition to educate members of Congress about why non-profits should remain untaxed. That is going to be an aggressive effort that is kicking off now and into 2025.
[17:08] Both houses of Congress have working groups figuring out the approach to this issue. When the new Congress is seated, we may see some legislative proposals. The association community thinks it is extremely important to ramp up an educational campaign now.
[17:36] RIMS has members who are part of not-for-profits or associations and they should be paying close attention to our developments and progress here. It’s another reason RIMS members should join the Legislative Summit in 2025, to learn more about this sort of issue.
[18:09] One more quick break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[18:26] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[18:37] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.
[18:53] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.
[19:10] That was a great episode, so after you finish this one, please go back and listen to Episode 293.
[19:16] Let’s Conclude Our Interview! RIMS CEO Gary LaBranche was the RIMScast guest on Episode 300. An item that was discussed on Gary’s risk radar is third-party litigation funding (TPLF). Mark Prysock dives deeper into TPLF and what it means to RIMS members.
[20:21] TPLF is when third parties, such as hedge funds, private equity groups, or sovereign funds, invest in litigation with the idea that the litigation has a positive result, such as a settlement or payout, and the investor will get a nice return.
[20:47] The problem with TPLF is that right now, it is not in any way transparent. Judges and opposing parties often have no idea who is funding litigation. RIMS’s focus has been on foreign entities’ involvement in litigation.
[21:24] There is real concern about having foreign funds invest in litigation because it presents both national security concerns and economic concerns. If a foreign fund invests in litigation against a defense contractor, there is a risk of economic damage to the defense contractor.
[21:54] In some cases, foreign funds would see documents that are part of the discovery and litigation process, which could include highly confidential information. This is a matter of growing concern. Key individuals in Congress recognize that something has to be done here.
[22:22] What we’ve seen so far have been a couple of legislative proposals that focus on disclosure. Any third parties that would stand to benefit financially from any sort of contingency relationship in litigation would have to be disclosed to the judge and all parties to the case.
[22:47] If there is a litigation funding agreement, that agreement would need to be shared with the court. Mark does not think we will have much success in stopping TPLF domestically.
[23:10] RIMS’s focus will be on the aspect of foreign manipulation of our courts and the extent to which foreign funds might be behind significant and very expensive litigation here in the U.S.
[23:45] Mark believes RIMS Advocacy will try to find ways to work with its friends in the insurance industry on this issue. Mark cites Chubb Limited’s Chairman and CEO Evan Greenberg’s keynote address at RISKWORLD 2024.
[24:03] Evan Greenberg mentioned TPLF as a significant problem from the industry’s perspective but not one the industry can take the lead in addressing. It’s an opportunity for RIMS to step forward and put together a coalition to work on this issue with the insurance community.
[24:37] Key members of the House and Senate are focused on this issue. That offers RIMS Advocacy a good place to start, working with them, their committee staff, and other members of Congress who would be willing to get behind and support some changes.
[25:04] Foreign funds from sanctioned nations that we don’t want infiltrating the U.S. judicial system may be participating in TPLF.
[25:44] Justin hopes we make great progress in the next six months and that the Legislative Summit will have gone on as scheduled. Justin will keep members and listeners apprised of the date. Mark will come back to RIMScast in six months.
[26:15] Justin thanks Mark for joining us here on RIMScast.
[26:22] Special thanks again to my friend, Mark Prysock, RIMS General Counsel and VP of External Affairs. For more information about RIMS's public policy efforts, visit RIMS.org/advocacy and we will keep you updated on the RIMS Legislative Summit 2025.
[26:44] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[27:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[28:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[28:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[28:32] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[28:53] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Advocacy
RISKWORLD 2025 will be in Chicago! May 4‒7 | Last Call For Submissions Sept. 9!
DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20
Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024
RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RISK PAC
RIMS Webinars:
Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024
HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024
The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024
Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Fundamentals of Insurance | Oct 9‒10, 2024
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“300th Episode Spectacular with RIMS CEO Gary LaBranche”
“Legal and Risk Trends with Katherine Henry”
“RIMS Public Policy and Advocacy 2023”
“Public Policy Goals with CIAB President Joel Wood” (2023)
“Keeping Up With RISK PAC” (2022)
Sponsored RIMScast Episodes:
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering’s Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Mark Prysock, General Counsel at RIMS, Inc.
Linda Regner Dykeman of Hub International, Chief Marketing Officer for Canada
Tweetables (Edited For Social Media Use):
Q1 2025 would be great for RIMS to go to D.C. to talk about legislative priorities. The new Congress will be seated with new committee chairs and ranking members. There will be a new administration, so a lot of new Executive Branch jobs will have been filled. — Mark Prysock
RIMS is working in a coalition with ASAE on the Tomorrow’s Workforce Act. That legislation would liberalize 529 College Savings Plans to allow individuals to use them for post-secondary training and credentialing. — Mark Prysock
Democrats and Republicans in the House and the Senate seem to believe that 501(c)(6) organizations like RIMS should be paying more taxes than they currently pay. They are suggesting taxing non-profits on their net income. — Mark Prysock
There is real concern about having foreign funds invest in litigation because it presents both national security and economic concerns. If a foreign fund invests in litigation against a defense contractor, there is a risk of economic damage to the contractor. — Mark Prysock
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews National Safety Council CEO Lorraine Martin about National Preparedness Month, a new OSHA proposed statement on workplace safety in extreme heat, National Recovery Month, drug overdose deaths at work, and some related topics. Lorraine also invites you to the NSC Safety Congress & Expo from September 13th through the 19th.
Listen for information and insight from NSC CEO, Lorraine Martin.
Key Takeaways:
[:01] About RIMS.
[:14] About this episode. Justin introduces return guest National Safety Council President and CEO Lorraine Martin. She will tell us what’s going on with safety and preparedness in the U.S. and the world.
[:44] Virtual Workshops! Applying and Integrating ERM is back and it will be hosted by Elise Farnham on September 25th and 26th and also on December 4th and 5th.
[:58] On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. Other dates for the Fall and the Winter are available on the virtual workshops calendar at RIMS.org/virtualworkshops.
[1:16] RIMS-CRMP Prep Courses! On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.
[1:31] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:46] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.
[2:04] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.
[2:13] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[2:26] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[2:39] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is on this page.
[2:55] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode’s show notes.
[3:09] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode’s show notes. All RIMS regional conference information can be found on the Events page at RIMS.org.
[3:26] Interview! I am delighted to be rejoined by National Safety Council President and CEO Lorraine Martin. Her timing is perfect for National Preparedness Month in September. We’ve got so much to discuss in the way of natural catastrophes and other risks.
[3:46] We will also talk about National Recovery Month, and how prescription opioids can impact employees and employers and why it is such an important business risk. That dovetails into last week’s episode with the NCCI.
[4:02] We’ll talk about the NSC’s Safety Congress and Expo on September 13th through the 19th in Florida and we’ll also talk a bit about Lorraine’s background in the U.S. Air Force, her decades at Lockheed Martin, and how those shaped her risk perspective.
[4:24] Lorraine Martin, welcome back to RIMScast!
[4:45] Lorraine started her career in the U.S. Air Force. Justin thanks her for her service. After the Air Force, Lorraine spent nearly 30 years at Lockheed Martin.
[5:29] The Air Force and all the armed services ask their people to do high-risk things to protect our nation and support our allies around the world. As a member of the armed services, you understand how important safety is to those you protect, and the risks that go with that.
[5:55] Lorraine started in the Air Force in the early ’80s. Being a five-foot female in the Air Force she had combat boots and survival suits that didn’t always fit. She saw the need to keep everyone safe. That means being open and expansive to make sure to cover everybody.
[6:44] At Lockheed Martin, Lorraine ran some of the aircraft manufacturing programs. There was potential for serious injury and fatality (SIF), with energy, heights, and all kinds of things that need to be done safely.
[7:08] The products being built had to go do important things around the world, so they had to meet safety standards for operation and bring everybody home. Lorraine needed to understand safety in manufacturing and in the mission.
[7:30] Justin and Lorraine met after Lorraine joined the NSC as President and CEO in 2019. Less than a year later, COVID-19 hit the U.S. Lorraine has been at the NSC for five years. Time sometimes flew by and In some cases, it felt like the world stood still for everybody.
[8:13] On RIMScast in 2020, Justin and Lorraine talked about technology and the importance of reaching people, through podcasts, Zoom, or Teams. Lorraine is responsible for providing training so people can be safe. She had to learn how to do that when she couldn’t be with them.
[8:40] The NSC had to become good at virtual training and helping customers and stakeholders understand what remote and virtual learning looks like. The world has come so far in understanding what people can do virtually. It’s not everything! Human interaction is still critical.
[9:01] Lorraine says we learned so much, whether for drivers' fleet training or for folks doing CPR. The NSC was able to reach more people, which is great when you’re talking about safety. In many cases, the NSC reached them in a more cost-effective manner for all involved.
[9:27] The NSC focused on what was happening to humans as they were being buffeted during this time, from 2020. On RIMScast, Lorraine and Justin had talked about mental health. The NSC pioneered some research that looked at how psychological safety impacts physical safety.
[9:55] Lorraine believes that since 2020, we’ve come so far in understanding that physical safety can be impacted by many different aspects of your life like distraction, fatigue, or substance abuse, that can cause you not to be on your game.
[10:22] The NSC honed in on the issue of a person not being on their game as being impaired, and they shouldn’t do something that would put themselves or somebody else at risk.
[10:38] The NSC leaned into trainings around being able to identify impairment and giving people the skills to take action so they can take somebody out of harm’s way. It’s easy to say and hard to do but so critical.
[10:55] The NSC and RIMS both used the pandemic as an opportunity to dial up virtual offerings and dial back some live events. Many of the right live events have come back. There is some training that is important to be in person.
[11:18] In-person collaboration and interaction support mental health. Isolation as a result of the pandemic was a burden for many folks.
[11:47] The NSC received positive feedback on their SAFER initiative, ensuring people were safe in returning to work. A task force of stakeholders from government, non-profits, public health medical professionals, and Fortune 500 companies advised NSC and NSC advised workplaces.
[12:30] The SAFER guidelines included ventilation, vaccination, and all of the things a business would need. It was a one-stop shop for policy statements, legal statements, and other best practices for workplaces to use to safely accommodate workers at work.
[13:10] The SAFER initiative is still going on. It’s funded now by the CDC. NSC is now looking at long-term COVID, mental health and well-being, the overall long-term effects of a pandemic, and how workplaces prepare for whatever’s coming in the future.
[14:06] Lorraine just listened to a piece on NPR about COVID-19. We’re still learning. We’ve found a way so that most folks do not perish from it, but we don’t know everything about it and probably won’t for some time.
[14:28] In Long COVID there’s some inflammation or reaction that’s still happening long after the initial symptoms. Understanding it and what we can do either to prevent or treat it is still in front of us.
[14:46] Organizations that let NSC white-label guideline documents for distribution were mostly NSC member organizations. NSC has roughly 14,000 member organizations and companies. They get policies and information from NSC and they also give back so others could learn.
[16:01] All of the armed services are members of the National Safety Council. Some of them use NSC training for various things. Lorraine’s past employer, Lockheed Martin, has been a member for a long time.
[16:13] NSC has groups called networks, made up of the larger companies, that look at big trends coming, to help the government prepare and give back to small and mid-sized companies. Lockheed Martin is in many of the networks as are other Fortune 100 companies.
[16:44] It’s RIMS plug time! Webinars! On September 5th, Merrill Herzog debuts on RIMS Webinars with the Role of Insurance in Building Resilience Against an Active Assailant Attack.
[16:57] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[17:12] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. On September 26th, Archer returns to discuss The Future of RMIS: Beyond Traditional Approaches.
[17:28] On October 3rd, Diligent will host Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage. More RIMS Webinars will be announced soon and added to RIMS.org/Webinars. Register here. Registration is always complimentary for RIMS members.
[17:50] The RIMS ERM Conference 2024 will be held November 18th and 19th in Boston, Massachusetts. The agenda is live.
[18:01] The submission process is open for the RIMS ERM Global Award of Distinction. A link to the application is in this episode’s show notes. The deadline for submissions is August 30th.
[18:12] So review your organization’s ERM program. If you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[18:26] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[18:41] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[18:52] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.
[19:08] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.
[19:25] That was a great episode, so after you finish this one, please go back and listen to Episode 293.
[19:31] Let’s Conclude Our Interview! September is National Preparedness Month. NOAA has said that atmospheric and oceanic conditions continue to support an above-normal 2024 Atlantic hurricane season with a 90% probability of this result.
[20:57] Organizations must do a lot to prepare for extreme weather. Extreme weather is getting more common. It affects communities but also impacts people at work. Businesses must be prepared for their businesses to continue but also to protect their people from extreme weather.
[21:42] Businesses can act to protect their people from wildfires, tornadoes, storms, and heat. Heat is the deadliest weather event. Our world is getting hotter, the data shows. Many people work outside in extreme, dangerous heat.
[22:18] OSHA recently issued a proposed ruling, informed by input from the NSC and its members, to keep indoor and outdoor workers safe from heat injury and illness. Employers need to incorporate these weather events into their safety programs.
[22:59] You need a written heat injury and illness policy and prevention program. Document your emergency action plans. Practice them. Hold heat awareness training. Heat exhaustion and heat stress prevention is about being preventative. Know the signs, hydrate, and take shaded breaks.
[23:30] Education is hugely important to prevent heat illness. NSC has resources for employers to build their safety programs. Go to NSC.org and reach out. If you haven’t put in some of these extreme weather precautions to protect your employees, Lorraine urges you to do so.
[24:13] September is also National Alcohol and Drug Addiction Recovery Month. Overdoses are the leading cause of unintentional death in the U.S. Every day we lose 200 people to an unintentional death from an overdose, compared to 100 roadway deaths.
[25:16] Deaths on the job from overdoses have increased by over 600% since 2011. Overdoses make up nearly 10% of all deaths at work in the U.S. In some U.S. states the number is higher. In California, the rate of overdose deaths at work over the last 12 months was closer to 20%.
[26:09] Construction and agriculture are hard hit by overdose deaths. Sometimes it’s the type of work being done. Last year the FDA made naloxone, an opioid reversal medication, available over the counter.
[26:39] The NSC advocates that naloxone be stocked in every workplace and all employees be trained in this life-saving reversal practice, just like with CPR or AEDs. You want to be able to administer this life-saving drug on the spot to bring someone back to life if you can.
[27:03] For those workplaces where they’ve had a fatality due to an unintended overdose, it’s devastating for the workforce, the community, and families.
[27:11] We have this incredibly impactful drug and in most cases, the person has survived, and you can’t hurt someone with it, whether or not they’re overdosing or whether or not you’ve misdiagnosed them, you can’t hurt them.
[27:28] The NSC provides training on its website on how to do naloxone. It's virtual, and it is in a workplace language. NSC also has drug policies, legal briefs, and good samaritan laws, state by state. If somebody says they need some guide, NSC tries to find it to put it on the website.
[28:26] Sixty-six percent of people with a substance use disorder of any kind have a job. The workplace is a great place to be intervening for them and having their back.
[28:45] A study from the Massachusetts Dept. of Public Health found that Massachusetts working-age residents were 35% more likely to die of an opioid-related overdose if they’d previously been injured at work.
[29:06] If you get hurt at work and then get prescribed an opioid, you can sometimes be on that path to a substance use issue just because you’re trying to make sure that you can stay healthy and be at work. This is an important issue for our workplaces and employers to be part of.
[29:27] Employees in recovery are very good employees who miss fewer days of work than the average employee and they save employers money, once they are back at work. Lorraine encourages employers to ensure employee safety, help in recovery, and get them back to work.
[30:11] Labor Day is coming up. NSC offers a message for the Labor Day weekend on how many people may lose their lives if people don’t drive well this Labor Day weekend: 457 across the nation. Every single death on a roadway is preventable. When you drive, do so safely.
[31:50] Justin says to look for the link to the NSC 2024 Labor Day message in this episode’s show notes.
[31:58] The NSC Safety Congress & Expo will be held in Orlando, September 13th through the 19th. Lorraine will talk to the stakeholders and be on the stage. It’s the big NSC show of the year. There is also a fundraiser around it, the NSC board meeting, and professional development.
[32:29] The main show is on the Monday, Tuesday, and Wednesday, the 16th through the 18th. Speakers include Doug Parker, the head of OSHA, technical sessions, and a huge Expo floor.
[32:43] There will be a cool speaker who is a blind adventurer who climbs mountains, and who will share resilience and safety-related messages. Go the the NSC Safety Congress link in this episode’s notes. Lorraine looks forward to seeing everyone this year, there in Orlando.
[33:12] Everyone is definitely united at the NSC Safety Congress & Expo!
[33:14] Lorraine, it has been such a pleasure to see you again and to speak with you to get your perspective and insight. Thank you for rejoining us! Hopefully, the next time we have you on RIMScast, it won’t be four years between visits.
[33:37] Special thanks again to NSC CEO, Lorraine Martin for reasoning us here on RIMScast. We love the NSC here at RIMS; they do great work. The NSC Safety Congress & Expo will be held from September 13th through 19th in Orlando, Florida. A link is in this episode’s show notes.
[34:01] Also in our show notes, you will find the prior interview with Lorraine Martin. She is a wealth of information and perspective.
[34:09] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[34:44] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[35:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[35:48] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[36:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
DFW RIMS 2024 Fall Conference and Spa Event | Sept 19-20
Chicagoland Risk Forum 2024 – Presented by RIMS Chicago Chapter – Sept. 19, 2024
RIMS Western Regional – Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 – Oct. 6‒9 | Registration is open!
Spencer Educational Foundation – Funding Their Future Gala 2024 | Sept. 12, 2024
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS ERM Award of Distinction – Nominations Open Through Aug. 30, 2024!
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
NSC CEO and President Lorraine Martin (NSC Bio)
NSC Safety Congress & Expo – Sept 13‒19
OSHA Heat Injury and Illness Prevention in Outdoor and Indoor Work Settings Rulemaking
National Recovery Month
NSC 2024 Labor Day Message
RIMS Webinars:
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024
HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024
The Future of RMIS: Beyond Traditional Approaches | Sponsored by Archer | Sept. 26, 2024
Mastering ERM: Leveraging Internal and External Risk Factors for Strategic Advantage | Sponsored by Diligent | Oct. 3, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Optimizing Risk Management with AI | Aug. 29, 2024
Fundamentals of Insurance | Oct 9‒10, 2024
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
Opioid Awareness and Workers Comp Risks with Raji Chadarevian of the NCCI
Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood
DE&I Initiatives with Spencer 2024 Honoree Lilian Vanvieldt-Gray of Alliant Insurance Services
Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin [March 2020]
Sponsored RIMScast Episodes:
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Lorraine Martin, CEO, National Safety Council
Tweetables (Edited For Social Media Use):
We just said, “We’re going to be the place, if you need anything to navigate the return to work, we’re going to have it for you.” And if we didn’t have it, companies would give us theirs and enable us in many cases to white-label it and provide it to the world. — Lorraine Martin
We have a lot of resources for employers to build their heat safety programs. — Lorraine Martin
Right now, overdoses are the leading cause of unintentional death in the U.S. Deaths on the job from overdoses have increased by over 600% since 2011. Overdoses make up nearly 10% of all deaths at work. — Lorraine Martin
For those workplaces where they’ve had a fatality due to an unintended overdose, it’s devastating for the workforce, the community, and families. — Lorraine Martin
Driving is the most dangerous thing we do every day and it’s even more dangerous during these longer weekends. Buckle up, follow the speed limit, don’t get distracted, and drive sober. — Lorraine Martin
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Raji H. Chadarevian, Executive Director, Actuarial Research , the National Council of Compensation Insurance, or NCCI, about opioid use and related risks for injured workers. Raji and Justin talk about the statistics. The good news is that through the joint efforts of insurers, the NCCI, prescribing physicians, pharmacies, and employers, the utilization of opioids for pain management in injured workers, while appropriate in some cases, has decreased sharply in the last eight years, and continuing efforts to find alternative pain management systems should keep that trend going.
Listen in for more information about recovery awareness, and what your company can do to help injured workers avoid opioid addiction.
Key Takeaways:
[:01] About RIMS.
[:14] RISKWORLD 2025 will take place in Chicago, Illinois from May 4th through May 7th. The call for submissions is now open through August 27th. A link to the submission form is in this episode’s show notes.
[:30] Virtual Workshops! Applying and Integrating ERM is back and it will be hosted by Elise Farnham on September 25th and 25th and also on December 4th and 5th.
[:56] On August 29th, Pat Saporito returns to discuss Optimizing Risk Management with Artificial Intelligence.
[1:05] On October 9th and 10th, Chris Hansen returns to deliver Fundamentals of Insurance. Other dates for the Fall and the Winter are available on the virtual workshops calendar at RIMS.org/virtualworkshops.
[1:24] RIMS-CRMP Prep Courses! On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.
[1:38] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:53] Events! We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.
[2:11] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.
[2:21] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[2:33] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[2:48] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is in this episode’s show notes.
[3:04] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode’s show notes.
[3:16] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode’s show notes. All RIMS regional conference information can be found on the Events page at RIMS.org.
[3:32] The Interview! With National Recovery Month in September, and National Opioid Awareness Day, September 21st, I wanted to shine a light on opioid addiction and Workers’ Compensation claims with new data about opioid abuse and how it impacts the workplace.
[4:05] This is a critical risk and I wanted to speak with someone who can tell the story about the data, so I reached out to Raji Chadarevian, the Executive Director for Actuarial Research at the National Council of Compensation Insurance, or NCCI.
[4:24] He has the insight and perspective on the new data that’s being released, so let’s hear all about it! Raji Chadarevian, welcome to RIMScast!
[5:03] Raji states that the NCCI celebrated its 100th anniversary in 2023. The mission of NCCI is to help foster a healthy workers’ compensation system. It’s an advisory agency for 38 states and the District of Columbia, serving as a comprehensive source for all things workers’ comp.
[5:47] Raji explains that as an advisory organization, the NCCI provides ratings and statistical advisory insights to the industry, as a whole. It also collects a variety of data.
[6:05] Raji is the Executive Director of Research at NCCI. He tells the story behind the numbers. The brainiacs do the research and help him tell the story.
[6:47] NCCI collects data representing $30 million in workers’ comp premium for just under four million policies a year, six million employer risk reports with detailed information about premiums, claims, and 10 million transactions with detailed information on lost-time claims.
[7:17] NCCI collects data on 52 million payments to medical providers for claims every year. The Medical Data Call, where NCCI collects this information, started in 2010. It contains meaningful information to understand the experience of the injured worker throughout the recovery process.
[8:01] Mapping the medical data, NCCI gets to understand the medical services provided, where they are provided, by what provider, and for what purpose. The data provides details of drugs prescribed and where they are dispensed, to understand the use of opioids in workers’ comp.
[8:41] Managing pain is a big part of the recovery for workers’ comp injuries. Over the years, NCCI has published opioid use for some 40 states where it collects medical data. This data details precise utilization trends, the types of narcotics used, and the frequency of use.
[9:18] The data shows carriers that cover workers’ comp for employers are able to compare their experience in any one jurisdiction to statewide trends and act on that intelligence to manage their pharmacy experience.
[9:45] In the last eight years, there has been a huge change in opioid prescribing in workers’ comp. We’ve seen a significant decrease. The NCCI data shows that in the last eight years, opioid use in the year after an injury has decreased from 42% of lost time claims to 16%.
[11:14] Raji notes this is a very important trend. Being addicted to pain medications makes it hard to manage your daily work when that addiction is taking hold. Opioid use is not opioid addiction. Opioid utilization can lead to opioid addiction.
[11:50] There are alternatives to treating pain that have come through with the greater awareness of opioid addiction.
[12:04] It’s RIMS plug time! Webinars! On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management. On September 5th, Merrill Herzog debuts on RIMS Webinars with the Role of Insurance in Building Resilience Against an Active Assailant Attack.
[12:26] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[12:41] On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage. More RIMS Webinars will be announced soon and added to RIMS.org/Webinars. Register there. Registration is always complimentary for RIMS members.
[13:00] The RIMS ERM Conference 2024 will be held November 18th and 19th in Boston, Massachusetts. The agenda is live.
[13:12] The submission process is open for the RIMS ERM Global Award of Distinction. A link to the application is in this episode’s show notes. The deadline for submissions is August 30th.
[13:22] So review your organization’s ERM program. If you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[13:37] Back to the Interview! The use of alternative pain medications has driven opioid utilization coming down from 42% of indemnity claims to about 16% of indemnity claims. If you look at all claims, opioid utilization is about one in 16, as opposed to one in four, 10 years ago.
[14:12] The huge decrease shows a dramatic change in the way the systems are treating the injured workers, in terms of medications provided. When NCCI first tried to address the opioid epidemic in workers’ comp, it held interviews with physicians, carriers, and regulators.
[14:50] Workers’ comp is a highly regulated system. The regulators had some say in how to manage opioids and other pain prescriptions. There was a meeting of the minds of all stakeholders: those defending the workers, prescribing physicians, carriers, and employers.
[15:30] Opioid addiction was an epidemic that impacted the workers’ comp system heavily. The conversations with stakeholders led to important insights on what the system can do to manage this experience.
[15:57] Each carrier told NCCI they were already developing a specific program to manage the prescribing patterns for injured workers. Regulators were very interested in which opioids were being prescribed. Fentanyl used to be in the top 10 but not anymore.
[17:35] The decrease in use was a result of increased awareness across the board, from patients, physicians, claims managers, and employers. Everyone was on board about the seriousness of the opioid situation.
[18:11] We have time for one more break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[18:28] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[18:39] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.
[18:55] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.
[19:12] That was a great episode, so after you finish this one, please go back and listen to Episode 293.
[19:18] Let’s conclude our interview with Raji Chadarevian of the NCCI. Justin notes that the decline in opioid utilization has been observed across all study states and the 10 most common medical conditions.
[19:53] The share of claims with high opioid usage in the first year following an injury has decreased by approximately 85%, reaching an all-time low of two percent, for injuries occurring in 2022. Opioid utilization has started to level off.
[20:17] Utilization at the early stages of the injured worker’s recovery increases the likelihood of continued use. Managing the early stage of opioid utilization is important.
[20:57] Physicians have told NCCI that one of the strategies they use is to draw up a contract between the prescribing physician and the injured worker that describes when the opioid utilization is going to decrease and then stop. That is effective in managing expectations.
[21:28] The more opioids you have, the more you want. Having that contract allows the prescribing physician to manage the opioid use over time. That is critical because once a person gets to a certain stage of using opioids, it’s very hard to get the person off opioids.
[21:57] Some injured workers return to work while using prescribed opioids and some do not. One side effect of opioid addiction is polypharmacy, an increase of medications being taken, and it becomes very difficult to manage from a medical perspective.
[22:49] The data has shown that if you’re able to manage opioid utilization from the beginning, the injured worker’s recovery can be managed in a predicted way.
[23:31] Risk managers need to pay great attention to the injured worker where there is opioid use, making sure that injured workers who do get on an opioid have the necessary support from a nurse case manager, along with the physician, looking out for the patient’s care.
[24:19] Opioid utilization results in an improved condition over time, so it’s tricky to manage. Measuring pain is also very difficult. Raji advises risk managers to make sure they have the right physicians and people assisting with those cases where there is an opioid prescribed.
[24:52] Pay more attention to those folks. If opioid utilization is not well-managed, the consequences can be dramatic. Besides polypharmacy, often the patient is not able to sleep, able to function or go back to work, which becomes a bigger issue.
[25:48] Raji suggests there are multiple ways to make sure your employees are well-educated from a health perspective. Part of wellness is to be educated and understand the impact of opioids, and such. There are programs to supply your employees with that information.
[26:26] HR organizations, workers’ comp management, loss control management, and insurers have the tools to help your workers and aid in awareness.
[27:00] It’s also important to know that health organizations have training for physicians about opioid addiction and alternative prescriptions for pain management. This coming year, NCCI is looking at alternative pain management techniques like behavioral therapy, and physical therapy.
[27:58] There is also virtual reality treatment that has an impact. The NCCI study will look at what is currently being used to manage pain and what alternative treatments are effective, including cannabis, depending on the state and jurisdiction.
[29:07] The use of virtual reality for treating pain is in training the brain to understand the pain messages coming through that may be associated with trauma. The pain from an injury may be associated with the psychological impact of the trauma. Virtual reality may treat that impact.
[30:19] Raji says that there are some interesting studies taking place now on treating pain with virtual reality, including one at the University of Central Florida.
[30:47] Raji contributed to a series for NCCI on the future of workplace safety technology. Raji found that technology to help with posture and carrying things is important in a warehouse. In workers’ comp, there are a lot of lower back injuries that could be avoided with proper posture.
[33:33] Justin hopes to see some unveiling of ergonomic wearable tech at RISKWORLD 2025 in Chicago.
[33:46] The NCCI has an upcoming podcast later in 2024, the NCCI State of the Line Podcast. Raji looks forward to being a regular guest on the show, “if the podcasters are like you, Justin, making the conversation as good as this.”
[35:00] Justin thanks Raji for coming on RIMScast to help raise awareness of National Recovery Month and National Opioid Awareness Day and for helping injured workers get the pain management they need and return to work safely.
[35:24] Special thanks again to Raji Chadarevian of the National Council on Compensation Insurance. Lots of NCCI links are in this episode’s show notes. Later this year, listen for Raji on the upcoming NCCI State of the Line Podcast.
[35:44] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[36:17] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[37:01] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[37:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[37:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[37:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20
Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024
RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS ERM Award of Distinction — Nominations Open Through Aug. 30, 2024!
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Risk Management Monitor: “Prescription Opioid Risks to the Workplace Explored at RISKWORLD 2018”
NCCI.com article links:
“Opioid Prescribing Across Industry Groups”
“On Opioids — The Doctors’ Perspective”
“On Opioids — Claims Professionals’ Perspective”
“On Opioids — Regulators’ Perspective”
RIMS Webinars:
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024
HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Managing Data for ERM | Aug. 22, 2024
Optimizing Risk Management with AI | Aug. 29, 2024
Fundamentals of Insurance | Oct 9‒10, 2024
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Mental Health Awareness Month 2023”
“Mental Health in the Workplace with Darcy Gruttadaro”
Sponsored RIMScast Episodes:
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Partnering Against Cyberrisk” | Sponsored by AXA XL
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Raji H. Chadarevian Executive Director, Actuarial Research , of the National Council on Compensation Insurance (NCCI)
Tweetables (Edited For Social Media Use):
I’m all about telling the story behind the numbers. The research is meaningless if you can’t tell that story. My job is to let the brainiacs of NCCI do the research and help me tell the real story behind it all. — Raji Chadarevian
It’s a huge decrease in opioid use and it just means that the way the systems are treating the injured workers has changed dramatically, in terms of what medications are provided. — Raji Chadarevian
One of the strategies that physicians use to manage opioid use is to draw up a contract between the prescribing physician and the injured worker that describes when the opioid utilization is going to decrease and then stop. — Raji Chadarevian
Of the future of wearable workplace safety technology, what I would see as important is technology that helps with the posture in a warehouse and how you carry things; the ergonomic aspect. A lot of what we see in workers’ comp is back injuries. — Raji Chadarevian
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Daniel Eliot of NIST about NIST, its new publications on cybersecurity, including two Quick Start Guides, the Cybersecurity Framework 2.0, and more, Daniel’s history with cybersecurity for small businesses and his career-long passion for helping small businesses protect themselves against cybercrime.
Listen in for the latest information on NIST and cybersecurity guidelines for your organization.
Key Takeaways:
[:01] About RIMS.
[:14] RISKWORLD 2025 will take place in Chicago, Illinois from May 4th through May 7th. The call for submissions is now open through August 27th. A link to the submission form is in this episode’s show notes.
[:30] About this episode. We will be joined by Daniel Eliot from the National Institute of Standards and Technology, or NIST.
[:52] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th starts the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:14] Let’s talk about prep courses for the RIMS-CRMP. On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.
[1:29] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:44] We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. Learn more about that event in Episode 299, which features an interview with the Texas State Office of Risk Management.
[2:02] Also on September 19th is the RIMS Chicago Chapter’s Chicagoland Risk Forum 2024. Register at ChicagolandRiskForum.org.
[2:12] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[2:25] Registration is also open for the RIMS Western Regional, which will be held from September 29th through October 1st at the Sun River Resort in Oregon. Register at RIMSWesternRegional.com.
[2:38] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there! A link is in this episode’s show notes.
[2:53] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination form is in this episode’s show notes.
[3:07] If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. A link is in this episode’s show notes. All RIMS regional conference information can be found on the Events page at RIMS.org.
[3:24] On with the show! In October, we will celebrate National Cybersecurity Awareness Month. You should observe it all year round, of course. My guest today has a lot of great insight into risk frameworks. He is Daniel Eliot, the Lead for Small Business Engagement in the Applied Cybersecurity Division of The National Institute of Standards and Technology (NIST).
[3:48] NIST is part of the U.S. Department of Commerce. Today, we will discuss some of the publicly available risk management frameworks and how they’ve evolved through the years and the new frameworks that address AI, as well.
[4:05] You may remember Daniel from his appearance on an episode in April 2020, when he was with the National Cybersecurity Alliance. He is back to provide some new tips for the global risk management community.
[4:18] Daniel Eliot, welcome back to RIMScast!
[4:42] Justin and Daniel comment on some things that have changed since April 2020. Daniel was at the National Cybersecurity Alliance (NCA).
[5:50] Now Daniel is the Lead for Small Business Engagement in the Applied Cybersecurity Division of The NIST. He shares his journey from NCA to NIST via the National Cybersecurity Center of Excellence, a NIST facility operated by Mitre.
[6:52] Daniel is happy to be back supporting the small business community.
[7:04] Daniel had worked in a small tech startup for almost seven years. He helped them scale the business and manage the development of their product. Next, Daniel joined the University of Delaware’s Small Business Development Center, helping tech businesses start and scale.
[8:16] Daniel applied for an SBA grant to help small businesses with cybersecurity. This was in 2014. The Cybersecurity Framework was published in 2014. Daniel applied the Cybersecurity Framework to small businesses. That started Daniel’s career in small business cybersecurity.
[9:32] There’s a new NIST Risk Management Framework (RMF) Small Enterprise Quick Start Guide. Daniel’s role at NIST is to coordinate across NIST, government, and the private sector, to create opportunities for the small business community to engage with NIST expertise.
[10:19] The RMF Small Enterprise Quick Start Guide is a product of that coordination across NIST, government, and the private sector community. In February, NIST produced the Cybersecurity Framework 2.0 Small Business Quick Start Guide.
[10:44] NIST decided to do a Quick Start Guide for a risk management framework for small to medium enterprises. The Risk Management Framework is a process. It’s a holistic and repeatable seven-step process for managing security and privacy risks.
[11:23] The NIST RMF Quick Start Guide provides an overview of the seven steps of the process, the foundational tasks for each step, tips for getting started with each step, a sample planning table, key terminology and definitions, questions to consider, and related resources.
[11:53] It’s RIMS plug time! Webinars! All RIMS Webinar registration pages are available at RIMS/org/Webinars. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.
[12:12] On September 5th, Merrill Herzog makes their RIMS Webinars debut with the Role of Insurance in Building Resilience Against an Active Assailant Attack. On September 19th, Origami Risk returns to deliver Leveraging Integrated Risk Management For Strategic Advantage.
[12:28] Justin jumped ahead a bit. On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[12:44] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast!
[13:13] The webinar will be at 1:00 p.m. Eastern Time on September 12th. Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years.
[13:29] The market needed correction after many years of unprofitability driven by weather events in the property line where rates seemed to be unsustainable. Casualty also had its issues, particularly with Directors and Officers Liability.
[13:47] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive in growing their books of business. This competition is not being seen in all lines, segments, or geographies.
[14:04] Some catastrophe-prone zones such as BC and Alberta have not seen the same level of competition across the board. As the market transitions from a hard market to a competitive environment, there is some unusual and inconsistent behavior.
[14:21] Carriers in Canada are being more flexible with their appetite. London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive.
[14:39] As we transition out of what was considered to be a hard market, we see a lot of inconsistency in this market.
[14:48] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for an increase in population, it reflects that of a market in a recession.
[15:02] We, as brokers are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunities.
[15:13] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent.
[15:27] How is this going to change the availability of capacity and pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events.
[15:49] Being informed by what is happening in the market; the trends, the opportunities, what’s available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business.
[16:11] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session.
[16:26] Steve Pottle is the risk manager on the panel. He’s been omnipresent in RIMS Canada for years. He’s a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he’s one of the best and Linda agrees.
[16:57] Linda will moderate. She’ll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged.
[17:21] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB’s Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[17:37] Let’s return to today’s interview with Daniel Eliot from NIST.
[17:53] Daniel states that the Risk Management Framework is a repeatable seven-step process for managing security and privacy risks. It starts with preparation, categorizing, and understanding the information that your organization processes, stores, and transmits.
[18:20] Then you select controls, and implement those controls to protect the security and privacy of the systems. Then you assess, authorize, and monitor the controls. Are the selected controls producing the desired results? Are there changes to the organization that require new controls?
[18:45] You follow the seven steps of the framework in order and repeat them in a cycle. Keep going through it. Every organization regularly changes. Technologies change. People change. That’s why the framework has to be repeatable and flexible.
[19:05] NIST published this Risk Management Framework Smal Enterprise Quick Start Guide as a tool to raise awareness within the Small and Medium Enterprise (SME) Community about what the Risk Management Framework is and how to get started with it.
[19:26] This Quick Start Guide is not intended to guide you on your journey from start to finish for a comprehensive risk management implementation. It is a starting point.
[19:41] The Guide has an overview of the steps of the Risk Management Framework, some foundational tasks for each of the RMF steps, some tips for getting started, some sample planning tables, and graphics to help people understand concepts that might be new to them.
[20:02] NIST spent a lot of time defining key terminology, extracting terms out of the Risk Management Framework, and highlighting them in this Quick Start Guide. There are phrases and terms in the Risk Management Framework that some people new to it might not understand.
[20:24] For example, “authorization boundary.” The Guide highlights and illustrates what these terms mean in the Risk Management Framework and adds questions for organizations to consider and use internally for discussion. The answers may be different for every organization.
[21:12] This Guide is a derivative tool from the existing publication that went out for public comment. The Quick Start Guide did not go out for public comment but NIST has circulated Quick Start Guides to some small businesses they know to make sure it’s hitting the right note.
[21:56] Daniel monitors commentary and looks at how the Guide is received out in the world once it’s published. In every Quick Start Guide, there is an opportunity for people to contact NIST if they have questions or if there is an error. NIST is always open to feedback.
[23:03] In small businesses, Daniel finds the owner or operator is the Chief Risk Officer, the Janitor, the CISO, and the Chief Marketing Officer. Anyone can use the Risk Management Framework. It’s a process.
[23:25] Federal agencies, contractors to the federal government, and other sources that use or operate a federal information system typically use the suite of NIST Risk Management Standards and Guidelines to develop and implement a risk-based approach.
[23:48] A lot of the audience for this Small Enterprise Quick Start Guide might be small universities, small municipalities, or small federal agencies implementing this Risk Management Framework.
[24:27] We have time for one more break! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by a collaboration with risk management and insurance educators across the U.S. and Canada.
[24:45] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[24:55] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.
[25:11] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.
[25:28] That was a great episode, so after you finish this one, please go back and listen to Episode 293.
[25:34] Let’s conclude our interview with Daniel Eliot of NIST.
[26:10] Daniel introduces the U.S. AI Safety Institute, housed within NIST. It’s tasked with advancing the science, practice, and adoption of AI safety across the spectrum of risks, including those to national security, public safety, and individual rights.
[26:39] The efforts of the U.S. AI Safety Institute initially focused on the priorities assigned to NIST under President Biden’s Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence.
[26:51] On July 26th, 2024, they released resources for a variety of aspects of AI technology. Two are new to the public. The first is an initial public draft of a guidance document intended to help software developers mitigate the risks of generative AI and dual-use foundation models.
[27:19] The other is a testing platform intended to help AI system users and developers measure how certain types of attacks can degrade the performance of an AI system. These are two opportunities for the public to provide comments on these publications and tools.
[27:49] There is a link to the call for comments in this episode’s show notes.
[28:03] At NIST, foundational publications go out for public comment. NIST wants to hear from U.S. citizens and people all over the world to get their perspectives on NIST’s approach to what they’re addressing. This is a community effort. Comment periods are important.
[28:37] From Daniel’s perspective of small business, he seeks the comments of small businesses on these publications. Authors need to hear from organizations, large and small.
[28:53] These two new publications are open for public comment.
[28:59] three releases are final publications. One is The AI Risk Management Framework Generative AI Profile, which helps organizations identify unique risks posed by generative AI. It includes actions for generative AI risk management.
[29:34] A second publication is the Secure Software Development Practices for Generative AI and Dual Use Foundation Models. It addresses concerns about Generative AI systems being compromised with malicious training data that would adversely affect system performance.
[30:16] The third publication is A Plan for Global Engagement on AI Standards. It’s intended to drive worldwide development and implementation of AI-related consensus standards. Standards require global input from businesses, governments, non-profits, and academia.
[30:57] These three final publications have been informed by public comment periods. They’re ready to hit the ground running and people can put them into action.
[31:15] Daniel is part of the Applied Cybersecurity Division of NIST. The U.S. AI Safety Institute is a different part of NIST.
[31:44] Every once in a while, public comments receive spammy messages.
[32:23] Daniel says all cybersecurity and privacy risk management comes back to governance and having policies and procedures in place, knowing your contractual and legal responsibilities. Organizations need policies that guide behavior for the appropriate use of AI in their business.
[32:59] Individuals in companies have pasted confidential company information into publicly available AI systems. That creates a vulnerability. Have a policy around the use of these tools.
[33:31] Criminals have used AI to upgrade phishing scams, reduce grammatical errors, and craft more convincing appeals.
[35:00] NIST is raising awareness of different ways of identifying phishing attacks besides looking for grammatical errors, such as looking at the links and the calls to action and other factors that show it is a phishing scam. AI is contributing to their increasing sophistication.
[35:43] Daniel shares his tip for new risk professionals. Familiarize yourselves with the suite of resources that NIST has available for cybersecurity and privacy risk management. They have a broad variety of risk management frameworks and resources, like the Quick Start Guide.
[36:42] There are online courses, extensive FAQs with answers, and archived talks from SMEs. Take advantage of these resources. Also, let NIST know what other resources might be helpful to you. The core of NIST guidance for any framework is good governance.
[37:21] Understand your mission and requirements. Create and maintain policies for good behavior. Understand your supply chain dependencies and vulnerabilities. Good governance sets your organization up for success when implementing and monitoring risk-mitigating controls.
[37:56] NIST offers consistent, clear, concise, and actionable resources to small businesses. Since 2018, they have maintained a website, NIST Small Business Cybersecurity Corner, with over 70 resources on the site, all tailored to small businesses. The Quick Start Guides are there.
[38:32] The resources include short videos, tip sheets, case studies, and guidance organized by both topic and industry. All the resources are free and produced by federal agencies, such as NIST, FBI, CISA, as well as nonprofit organizations. It’s a one-stop shop for this information.
[39:04] The resources are regularly updated and expanded to keep the content fresh and relevant. The resource library has the Cybersecurity Basics Section, with eight basic steps businesses can inexpensively implement to reduce cybersecurity risks.
[39:28] The Cybersecurity Framework Page highlights the CSF and small business resources related to the CSF. There is topical guidance on Multi-Factor Authentication, Ransomware, Phishing, Government Contracting Requirements, and Choosing a Vendor or Service Provider.
[39:53] All the resources are available at NIST.gov/ITL/SmallBusinessCyber. The link is in this episode’s show notes. The resources are there for you to use in your organization.
[40:30] Justin says, “It has been such a pleasure to reconnect with you here on RIMScast! I always love it when you post on LinkedIn! I think you’re great! You’re keeping me informed. Happy National Cybersecurity Awareness Month to you!”
[40:55] With developments in tech and AI, cybersecurity has taken a back seat, but Justin says it will come back pretty hard. Justin feels it will be sooner than four-and-a-half years for Daniel to return to RIMScast.
[41:23] Whatever new technology comes out, cybercriminals are looking at it to see how they can exploit it. There will always be a cybersecurity component to it.
[42:05] Daniel Eliot, thank you so much for rejoining us here on RIMScast!
[42:10] Special thanks again to Daniel Eliot of NIST for rejoining us here on RIMScast. Lots of links are in this episode’s show notes to aid small enterprise owners and risk professionals.
[42:25] These resources are publicly available and complimentary, so by all means, use them and leverage them to ensure your organization’s cyber resilience. I’ve got lots of links in this episode’s show notes for more cybersecurity coverage from RIMS, as well.
[42:44] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[43:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[44:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[44:20] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[44:36] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[44:58] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20
Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024
RIMS Western Regional — Sept 29‒Oct 1, Oregon | Registration is open!
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
Spencer Educational Foundation — Funding Their Future Gala 2024 | Sept. 12, 2024
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS ERM Award of Distinction — Nominations Open Through Aug. 30, 2024!
RISKWORLD 2025 will be in Chicago! May 4‒7
Education Content Submissions for RISKWORLD 2025
NIST Risk Management Framework Small Enterprise Quick Start GuideCybersecurity Framework 2.0 Small Business Quick Start Guide
NIST Small Business Cybersecurity Corner
U.S. Artificial Intelligence Safety Institute
New Guidance and Tools to mitigate AI Risks
Managing Misuse Risk for Dual-Use Foundation Models
Testing How AI System Models Respond to Attacks
Users can send feedback to: dioptra@nist.gov
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Webinars:
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
Role of Insurance in Building Resilience Against an Active Assailant Attack | Sponsored by Merrill Herzog | Sept. 5, 2024 HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 Leveraging Integrated Risk Management For Strategic Advantage | Sponsored by Origami Risk | Sept. 19, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Daniel Eliot’s 2020 RIMScast Debut: Cybersecurity Tips for Small Businesses”
“300th Episode Spectacular with RIMS CEO Gary LaBranche”
“Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle”
“Emerging Cyber Trends with Davis Hake”
“Cybersecurity Awareness Month with Pamela Hans of Anderson Kill”
Sponsored RIMScast Episodes:
“Weathering Today’s Property Claims Management Challenges” | Sponsored by AXA XL (New!)
“Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company (New!)
“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Daniel Eliot, Lead for Small Business Engagement
Small Business Cybersecurity CornerApplied Cybersecurity DivisionNational Institute of Standards and Technology
U.S. Department of Commerce
Linda Regner Dykeman, HUB International, Chief Marketing Officer for Canada
Tweetables (Edited For Social Media Use):
I’m happy to be back at NIST, supporting the small business community. — Daniel Eliot
The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line. — Linda Regner Dykeman
Follow the seven steps of the framework in order and repeat them in a cycle. Keep going through it. Every organization regularly changes. Technologies change. People change. That’s why it has to be repeatable and flexible. — Daniel Eliot
There are phrases and terms associated with the Risk Management Framework that some people who are new to this might not understand. — Daniel Eliot
When talking about small businesses, the owner or operator is the Chief Risk Officer, the Janitor, the CISO, and the Chief Marketing Officer. — Daniel Eliot
An AI system is only as good as the information that’s put into it. — Daniel Eliot
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS CEO, Gary Labranche about what’s coming up for RIMS, and also Linda Regner Dykeman, the Chief Marketing Officer for Canada at HUB International, about a Webinar she is moderating on September 12th, Pivot and Swerve: Staying Agile During Shifting Market Dynamics. Listen in for details about the webinar.
Justin and Gary discuss the popularity and success of RIMScast, now in its 300th episode, the diversity it represents from the global risk community, and some of the events coming up in RIMS, including the 75th Anniversary Celebration, centered on RISKWORLD 2025 in Chicago. Gary shares his wisdom on trends in risk, what RIMS is promoting in legislation, and how RIMS is growing in influence. Gary introduces the joint production of the Associations’ Guide to Risk and Crisis Management toolkit which he coauthored and how it came to be. There is much more to learn from this spectacular 300th episode, so listen in.
Key Takeaways:
[:01] About RIMS.
[:15] About this special episode, Number 300, of RIMScast, coming to you from RIMS Headquarters in New York, featuring RIMS CEO Gary Labranche and a special guest from HUB.
[:36] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th starts the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:00] Let’s talk about prep courses for the RIMS-CRMP. On September 10th and 11th, the RIMS-CRMP Exam Prep will be held with NAIT. There is another RIMS-CRMP Exam Prep on September 12th and 13th.
[1:14] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:29] We’ve got the DFW RIMS 2024 Fall Conference and Spa Event happening on September 19th in Irving, Texas. We learned all about it in Episode 299. Be sure to check it out!
[1:47] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[1:59] We want you to join us in Boston on November 18th and 19th for the RIMS ERM Conference 2024. The agenda is live. The keynote will be announced soon. We want to see you there!
[2:14] The nominations are now open for the RIMS ERM Award of Distinction 2024. Nominations are due August 30th. A link to the nomination is in this episode’s show notes. If you or someone you know manages an ERM program that delivers the goods, we want to hear about it. All RIMS regional conference information can be found on the Events page at RIMS.org.
[2:49] I’m so excited to share this special 300th episode of RIMScast with you all. There’s no better guest for me to bring out than RIMS CEO Gary Labranche! He’s a busy man. It’s very difficult to book an interview with Gary. It’s been about seven months and we finally got him!
[3:11] We’re going to talk about the trends impacting the risk profession, from active shooter preparedness and flood insurance to third-party litigation funding. We’re also going to talk about all the different ways in which RIMS is expanding and partnering with other organizations. We are delighted to share this special 300th episode with you all!
[3:39] RIMS CEO Gary Labranche, welcome back to RIMScast!
[4:00] Gary says it’s great to be back and congratulates Justin on 300 episodes of RIMScast. Gary talks about the effort that goes into each episode of the podcast. Justin notes there have been almost 175,000 unique downloads of the 300 episodes.
[5:21] Justin thanks Gary for the kind words. Justin says the podcast is the most rewarding thing he has ever done. It changed the trajectory of his career, it has provided wonderful opportunities and it’s a great way for Justin to keep in touch with RIMS members and other risk professionals who have an interest in the podcast. He’s always loved it.
[5:47] The advice Justin got when launching the podcast was to stick to a frequency. With a very minor exception over the past six years, Justin has stuck to a weekly episode. That, and the support of the RIMScast audience, RIMS leadership, and the many sponsors over the years, have contributed to the success of the podcast. Last week was the first sponsored episode.
[6:25] The sponsor, Hillwood, will sponsor another episode in September when Justin is on-site at the DFW RIMS 2024 Fall Conference and Spa Event.
[6:38] Gary attributes the success of RIMScast to perseverance, good quality, and great, diverse content with lots of different voices. That’s what people appreciate the most. Gary loves it because it shows the scope, breadth, depth, and variations of the global community, with guests from all over the world.
[7:07] Having guests from many nations and areas of practice is one of Justin’s favorite aspects of the show.
[7:42] Gary shares an overview of RIMS since January 2024 when he was last on the show. I February Gary went to Australia to visit with the chapter board there. From there he flew to New Zealand and attended the New Zealand and Pacific Island Chapter’s Embrace the Unknown event. Gary recommends visiting both nations.
[8:59] Next, Gary went to Singapore and hosted the first RIMS-CRMP Networking Reception in Singapore. It was a good crowd and the first time most of them had met each other. Gary visited two universities that support the RIMS-CRMP by providing the RIMS-CRMP Prep course, which is one reason why RIMS-CRMP is growing so well in Singapore.
[10:03] RIMS-CRMP in general is growing like wildfire. The number one country with RIMS-CRMP holders is the United States, and the second is Canada, but close on the heels of Canada is Singapore. There are more RIMS-CRMP applicants from outside of the United States than in the United States.
[10:38] Gary enjoyed his international trip. It was an opportunity to develop a better sense of how to serve those communities, internationalize RIMS content, and make the RIMS-CRMP a global standard. It’s the only risk management credential accredited to an international standard by ANSI, the credentialing body.
[11:43] RIMS just went through the audit to renew that credential. Making it a global standard will require RIMS to continue to develop, evolve, and improve, asking questions, and involving and engaging people from all over the world.
[12:16] It’s RIMS plug time! Webinars! All RIMS Webinar registration pages are available at RIMS/org/Webinars. Servpro makes its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.
[12:46] On September 12th, HUB International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[13:01] Justin is delighted to be joined by the moderator for that session, the Chief Marketing Officer for Canada at HUB International, Linda Regner Dykeman. Justin welcomes Linda to RIMScast!
[13:37] Linda says they will be discussing current market trends and challenges. The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line where rates seem to be unsustainable. Casualty also had its issues, particularly with Directors and Officers liability.
[14:05] As a result of the profitability the industry was able to achieve over the last few years, most carriers have become more competitive, to grow their books of business. This competition is not being seen in all lines, segments, or geographies. Some zones have not seen the same level of competition across the board.
[14:29] As markets transition from a hard market to a competitive environment, there is some unusual and inconsistent behavior. Carriers in Canada are being more flexible with their appetite.
[14:41] London is looking to grow significantly over the next couple of years with goals of hitting $100 billion by 2025. Add to that NGAs who are seeing their market share change as local carriers become more competitive.
[14:56] As we transition out of what was considered a hard market, we see a lot of inconsistency in this market.
[15:05] Add to this the supply chain issues, which are not what they once were, the economy is flat with spending, once normalized for increase in population, it reflects that of a market in recession.
[15:19] We, as brokers are finding competitive solutions to protect our clients. We have to pivot and swerve to discover the right opportunity.
[15:30] We had a significant rain event in Toronto, followed by one of the worst wildfires Jasper has ever seen, seemingly a once-in-a-hundred-year event; weather catastrophes are more severe and more frequent.
[15:44] How is this going to change the availability of capacity of pricing? Time will tell, as insurers try to figure out if their pricing models included the right loadings for these events.
[16:07] Being informed by what is happening in the market; the trends, the opportunities, what’s available, and partnering with the right broker, will help a risk manager make an informed decision, appropriate for their business.
[16:28] The panelists have decades of experience and expertise across North America. They work with clients, markets, and other experts and bring a much broader perspective and experience to this session.
[16:43] Steve Pottle is the risk manager on the panel. He’s been omnipresent in RIMS Canada for years. He’s a former RIMS VP and is currently the Director for Risk and Safety Services at Thompson Rivers University. Justin says he’s one of the best and Linda agrees.
[17:22] Linda will moderate. She’ll ask the panelists questions HUB International has received from its clients, based on what they are seeing happening in the environment around them. She would also like the audience to pose some questions. Audience participation is encouraged.
[17:38] Justin thanks Linda Regner Dykeman of HUB International, and will see her again on September 12th, 2024 for the third installment of HUB’s Ready for Tomorrow series, Pivot and Swerve: Staying Agile During Shifting Market Dynamics.
[17:54] Let’s return to today’s interview with RIMS CEO, Gary Labranche.
[18:48] Gary explains the importance of regional conferences. Not everyone can attend RISKWORLD. RIMS serves a large community. People are at different places in their careers with different budgets.
[19:09] One of RIMS’s goals is to be as accessible as possible in terms of content and the opportunity to engage. They depend on the chapters and groups of chapters to work together and create educational and engagement opportunities.
[19:27] The Florida RIMS Educational Conference is a great example of that. It has been going for decades. It’s a wonderful, unique RIMS experience put on by the chapters of Florida. The same with the Western Regional Conference, which Gary is looking forward to.
[19:47] The Canada Conference has been going on for decades. Chapters like Chicago, DFW, Atlanta, and others do terrific jobs that provide a really accessible opportunity. People can drive from their homes. It’s a lower-priced product. It’s very grassroots.
[20:18] RIMS announced at RISKWORLD that they will be launching a Texas Regional Conference in August 2025. It’s a joint venture between RIMS and the four chapters of Texas. Gary is excited about it!
[20:44] RIMS continues to look for ways to create more opportunities for engagement, more accessibility of content, and continue to build the brand.
[21:03] Justin speaks of the joint effort of ASAE, ASIS International, and RIMS to produce the Associations’ Guide to Risk and Crisis Management toolkit. This was somewhat inspired by the active shooter incident when RIMS RISKWORLD was in Atlanta in 2023.
[21:52] Gary describes the event. On the last afternoon of RISKWORLD, there was a mass shooting in midtown Atlanta. Five people were shot; one person was killed. The gunman was at large. Because of the shooting, RIMS canceled the closing session and the evening party.
[23:25] RIMS implemented its crisis response plan and learned a lot from doing so. Afterward, RIMS did a complete After Action Analysis. They started thinking through the implications of mass shootings on the entire convention industry.
[23:56] Hundreds of thousands of people attend association-sponsored events every year. Gary has run hundreds of conventions, including the convention for the convention industry. Large gatherings are opportunities for violence. We need to take that responsibility more seriously.
[24:32] Associations like RIMS have the great privilege of being able to convene people together with the reciprocal responsibility to care for, protect, and secure the convened. RIMS joined with two other organizations to create a risk and crisis management toolkit for conferences.
[25:03] Gary explains how RIMs worked with ASIS, a group focused on corporate security, and ASAE, the American Society of Association Executives to produce the toolkit. AON sponsored the project with ASAE Business Services.
[25:26] Gary Labranche was honored to contribute and coauthor the toolkit, with Josh Salter and Stuart Rothlein. He describes the content of the toolkit. ASAE just released it and it is the first risk management toolkit in the association space.
[26:38] Associations employ a million people and impact hundreds of millions of people through programs and conferences. Gary is happy that RIMS was able to collaborate in this guide, which is available free. It’s dedicated to the entire community and those who attend conferences.
[27:13] The guide with be shared with RIMS chapters and groups that put on regional conferences. We collectively have a responsibility to those who trust us to convene them and to keep them safe at conventions.
[27:32] The link to the toolkit is in this episode’s show notes. Justin encourages you to check it out, after you listen to this full interview with RIMS CEO Gary Labranche!
[28:37] Gary explains third-party litigation funding. It is a growing source of concern to all in the risk management community. The concern is that funding could be coming from unidentified sources, including parties hostile to the national security interests of the United States.
[30:12] It could be laundered money. We don’t know the source of the funds. There have been efforts in some states to get more transparency on the sources of funding and what the intention is behind the funding.
[30:48] Justin believes there are plenty of plaintiff’s law firms that are fighting against third-party litigation funding to maintain the integrity of their practice areas. RIMS’s Public Policy Committee is looking at this funding.
[31:21] Gary notes that we are at the end of this session of Congress. No legislation on third-party litigation funding has moved forward. There is an opportunity to build toward legislation, in the next session of Congress.
[31:41] There has been some successful legislation passed in some states. The public policy community feels there might be more opportunity to pursue this kind of legislation at the state level. Third-party litigation funding is becoming RIMS’s number one public policy issue.
[32:16] RIMS is also still focusing and working on flood insurance reauthorization. Gary guesses it will be reauthorized at the 11th-and-a-half hour in a big appropriations omnibus package.
[33:24] Third-party litigation funding is here to stay. Gary suggests there is opportunity for RIMS to build a coalition and create funding through the RISK PAC to get allies on both sides of the aisle in both bodies of Congress, for a level playing field and judicial system transparency.
[34:19] It’s RIMS Plug Time! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals. That is achieved, in part, by collaborating with risk management and insurance educators across the U.S. and Canada.
[34:36] Whether you want to apply for a grant, participate in the Risk Manager on Campus program, or just learn more about Spencer, visit SpencerEd.org.
[34:47] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be our honoree.
[35:04] Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services and she will be honored for her valuable contributions to supporting the future of risk management and insurance.
[35:20] That was a great episode, so after you finish this one, please go back and listen to Episode 293.
[35:27] Let’s conclude our interview with RIMS CEO, Gary Labranche.
[35:54] Gary says 2025 is the 75th anniversary of RIMS. It’s a great opportunity to celebrate the past and focus on the future. RIMS is launching a 75th anniversary effort, the highlight of which will be RISKWORLD 2025, in Chicago at McCormack Place.
[36:42] We’re going into RISKWORLD 2025 with enormous momentum from RISKWORLD 2024. Attendance was up 21% from RISKWORLD 2023. The international headcount grew 35%. The number of countries represented grew by 14%. We’re sailing into 2025 with the wind in our sails.
[37:25] RISKWORLD takes a lot of effort and many years of preparation. Gary says we’re very excited about RISKWORLD 2025. Justin notes that the 75th Anniversary celebration is all year long and RISKWORLD 2025 is one event in the celebration. There will be content along the way.
[38:11] RISKWORLD has nine to 11 thousand people attending. It takes a lot of space at a convention center and lots of rooms in hotels around the city. The target time is early May. There is competition for hotels at that time of year.
[38:58] As a result, RIMS selects the city more than eight to 10 years in advance. Right now, RIMS is working on RISKWORLD 2034. They have to anticipate the growth of the convention over the decade. Six years in advance, they have a soft contract.
[39:51] There aren’t that many cities that can host RISKWORLD. It’s a math problem of square feet and the number of hotel rooms that can be committed. What’s the flight lift into that city? What international flight lift do they have? How many connections?
[41:12] Gary shares that there is so much wisdom in the RIMS community. We’re in the era of polycrisis. The world is more risk-aware than ever before. We all have a sense of risk being all around us. Never before has risk management been as visible and as valued by organizations.
[41:54] Gary states that this is a discipline that makes the world safer, more secure, and more sustainable. Gary talks to students and young professionals about how exciting that is. If you want to make a difference in the world, a way to do that is to be involved in this community.
[43:01] Risk management is a job that sees everything, knows everything, and connects to everything in the organization. A risk manager is at the center of the matrix of knowledge. You’re in a position to influence and direct the outcomes in many different aspects.
[43:38] Risk management is a cool space that will continue to grow in appeal. RIMS’s job is to continue to make risk management more attractive and visible to students and early career professionals. Most people come to risk management through insurance and other places.
[44:18] RIMS wants to attract and retain the talent we need to ensure the work of risk management well into the future. There will be increasing competition for talent. RIMS needs to be competitive to win the war for talent.
[44:48] In the 75th-anniversary efforts, RIMS will ramp up the Foundation for Risk Management, which will help win the competition for talent, increase the inclusivity of the community, advance knowledge and research, and sustain and accelerate the knowledge of the profession.
[45:19] This will help ensure the sustainability of the community and the future of risk management.
[45:40] Special thanks again to RIMS CEO, Gary Labranche for joining us here on RIMScast! When you see Gary at a RIMS event, by all means, go introduce yourself. He is one of the most personable people that you can meet. He would love to hear from you.
[45:58] As we mentioned, Gary contributed to the Associations’ Guide to Risk and Crisis Management toolkit, which is available at the link in this episode’s show notes.
[46:10] It’s RIMS plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[46:44] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate and help you reach them! Contact pd@rims.org for more information.
[47:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[47:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[48:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[48:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
HUB Ready for Tomorrow Series: Pivot and Swerve – Staying Agile During Shifting Market Dynamics | Sept. 12, 2024
DFW RIMS 2024 Fall Conference and Spa Event | Sept. 19‒20
Chicagoland Risk Forum 2024 – Presented by RIMS Chicago Chapter – Sept. 19, 2024
RIMS Canada Conference 2024 – Oct. 6‒9 | Registration is open!
Spencer Educational Foundation – Funding Their Future Gala 2024 | Sept. 12, 2024
RIMS ERM Conference 2024 will be in Boston, MA Nov. 18‒19 | Register Now
RIMS ERM Award of Distinction – Nominations Open Through Aug. 30, 2024!
RISKWORLD 2025 will be in Chicago! May 4‒7
Associations’ Guide to Risk and Crisis Management toolkit | Co-Authored by RIMS, ASAE, ASIS International, and Aon
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Webinars:
Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
HUB Ready for Tomorrow Series: Pivot and Swerve – Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 – Aug 15
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood”
“Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote”
“Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle”
“DE&I Initiatives with Spencer 2024 Honoree Lilian Vanvieldt-Gray of Alliant Insurance Services”
Sponsored RIMScast Episodes:
“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Gary Labranche, RIMS CEO
Linda Regner Dykeman, HUB International Chief Marketing Officer for Canada
Tweetables (Edited For Social Media Use):
RIMScast has perseverance, good quality, and great, diverse content with lots of different voices, which I love because it shows the scope and variation of the global community. You have guests from around the world. It’s pretty cool, I have to say. — RIMS CEO Gary Labranche
The industry has been able to produce some very strong profits over the last few years, after many years of unprofitability driven by weather events in the property line. — Linda Regner Dykeman
RIMS-CRMP is growing like wildfire. The number one country with RIMS-CRMP holders is the United States, and the second is Canada, but Singapore is close on the heels of Canada. There are more RIMS-CRMP applicants from outside the U.S. than in the U.S. — RIMS CEO Gary Labranche
If you want to make a difference in the world, a way to do that is to be involved in this community. — RIMS CEO Gary Labranche
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This episode of RIMScast is proudly sponsored by Hillwood. Hillwood is a leading multinational real estate development company and part of the Perot family of companies. For more information, visit Hillwood.com.
Justin Smulison interviews four guests today, SORM Executive Director, Stephen Volbrecht, SORM Division Chief of Strategic Programs, James Cox, SORM Chairman of the Board of Directors, Gerald Ladner, Sr., and DFW RIMS Chapter Board Member Penni Chambers. The discussion covers the various roles of Stephen, James, and Gerald in SORMS, the purpose and development of SORMS over the years, and how SORMS manages risks for all the state of TEXAS. They also speak of the upcoming RIMS DFW 2024 Fall Conference on September 19th at the Irving Convention Center in Irving Texas and what they will present there.
Listen in for ERM wisdom and a preview of the RIMS DFW 2024 Fall Conference.
Key Takeaways:
[:01] About our sponsor, Hillwood.
[:13] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. Our guests are from the Texas State Office of Risk Management.
[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:01] Let’s talk about prep courses for the RIMS-CRMP. The next virtual offering will be on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.
[1:13] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:28] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register. All RIMS regional conference information can be found on the Events page at RIMS.org.
[1:47] We would like to extend a big “Thank You” to today’s sponsor, Hillwood. Hillwood is a leading multinational real estate development company and part of the Perot family of companies. Hillwood’s diverse portfolio includes industrial, logistics, corporate offices, retail, aviation, and multi-family housing developments.
[2:05] Notably, Hillwood’s Alliance Texas project has generated over 66,000 jobs and a $120 billion economic impact. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to its partners.
[2:23] Hillwood specializes in e-commerce industrial development, serving some of the world’s largest retailer brands. Its residential communities division is dedicated to creating truly unique, master-plan communities. In 2023, Hillwood sold 2,141 homes in its communities and delivered nearly 1,500 lots to builders with more than 3,800 lots in the pipeline for 2025.
[2:45] Hillwood is also leading the development team for Goldman Sachs’s new facility in uptown Dallas. As a privately owned company, Hillwood prioritizes long-term sustainability: social, economic, and environmental. For more information, visit Hillwood.com.
[3:05] Today we will be joined by leaders of the Texas State Office of Risk Management. They will participate in a panel discussion on September 19th at the DFW RIMS Annual Conference and Event.
[3:18] They’re a fabulous chapter and that event will be held at the Irving Convention Center in Irving, Texas. A link is in this episodes’ show notes. Visit DWWRIMS.org for sponsorship opportunities and registration information.
[3:31] Our guests today will discuss what it takes for the Texas State Office of Risk Management to function, how they prepared and reacted to Hurricane Beryl in July, and we’ll talk ERM and how some of their military experiences have enabled them throughout their risk careers and at the Texas State Office of Risk Management (SORM).
[3:55] SORM Executive Director, Stephen Volbrecht, Division Chief of Strategic Programs, James Cox, and Chairman of the Board of Directors, Gerald Ladner, Sr., welcome to RIMScast!
[4:54] Stephen Volbrecht is the State Risk Manager for Texas and Executive Director of SORM. The office administers the Enterprise Risk Management Program, the Insurance Management Program, the self-insured Workers’ Compensation Program, and the Continuity of Government Operations Program. Those are the four key missions of the Texas SORM.
[5:58] Gerald Ladner, Sr. has been in the industry for 42 years and successfully navigated four hard markets. He has played roles with global and domestic U.S. insurance companies and is still engaged with the industry even though he’s semi-retired.
[6:29] Gerald has also served as a broker. He has insured prominent clients like the Coca-Cola Company, the City of Atlanta, Fulton County, and The Southern Companies. He quoted on the Boston Artery Tunnel Project, which capped the global reinsurance industry supply. Gerald’s last assignment was as a Regional President at State Auto Insurance Company.
[6:52] Gerald is involved today in independent board work, as well as serving his Alma Mater, and has served as Insurance Commissioner Appointee for the Texas Property and Casualty Guarantee Insurance Association, as well as the Texas Medical Liability Joint Underwriting Association. Gerald’s turn as Chairman of the Board at SORM expires in 2027.
[8:01] James Cox is the Division Chief of Strategic Programs at SORM. His job is to take the vision that Gerald has and the strategic view that Stephen has and make them applicable to the Texas state agencies. He does the daily work that supports their vision and mission. He has an insurance adjuster license, an agent license, a notary, and a risk manager license.
[9:40] Stephen Volbrecht has been with SORM for more than 20 years in various roles. He joined in 2001, just before 9/11. The office was created in 1996 and went into operation in 1997. It was created to get workers’ compensation costs under control for Texas state employees.
[10:37] At that time, The Office of the Attorney General, Workers’ Compensation Division, paid Workers’ Compensation claims while the Department of Insurance, Division of Health and Safety, had the Texas Workers’ Compensation Commission. The two agencies didn’t communicate directly.
[11:38] Texas combined the Attorney General’s Workers’ Compensation Division and the Department of Insurance’s Workers’ Compensation Commission and created the State Office of Risk Management.
[11:49] Within two years, they had dropped Workers’ Compensation costs by over $30 million, and not by denying claims or cutting corners. They paid claims more timely, stopped disputing claims, and prevented injuries from happening through risk management.
[12:30] They continually put pressure on costs, even as medical inflation rises. Texas pays about $40 million a year for accidents and injuries. Because of success with Workers’ Compensation, SORM now has three additional missions, the Enterprise Risk Management Program, the Insurance Management Program, and the Continuity of Government Operations Program.
[13:42] SORM worked with the Federal government to design the Texas Continuity of Government Operations Program, helped the State Legislature adopt it, and then was tasked with implementing it. Gerald Ladner and James Cox use their industry knowledge to develop procedures and frameworks for the Insurance Management Program.
[14:58] SORM is a fundamentally different agency than the office Stephen joined in 2001 because the scope of its mission set has expanded greatly over the 20-plus years.
[15:32] SORM is a fairly large office compared to what other states might have. It’s an office of specific subject matter experts over each of the domains it covers. It has a broad scope, including Enterprise Risk Management.
[16:02] Gerald says SORM has a small board of five members responsible for strategic guidance, governance, innovation, leadership, risk management, stakeholder engagement, performance monitoring, and mentorship to the executive team. The board can decide quickly and anticipate the areas of risk they need to look at and how the organization will address them.
[16:45] Justin takes a brief break and thanks Hillwood for sponsoring this episode. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to partners. Visit Hillwood.com for more information and to seize those opportunities.
[17:08] Justin also dives deeper into the RIMS DFW 2024 Fall Conference and Spa Event that will be held on September 19th and 20th in Irving Texas. Here to tell us a little bit more about it is an omnipresent force among DFW RIMS members; Penni Chambers, welcome back to RIMScast!
[17:34] This episode is airing almost four years after Penni made her RIMScast debut. A lot has changed in four years!
[18:20] Penni is Vice President of Risk Management at Hillwood. She is in charge of a team of two that maintains, procures, and does all things insurance for all of Hillwood and its enterprise companies, including land and cattle, oil and gas, and aviation.
[18:52] Penni’s role at RIMS has changed. She is serving the constituents of the RIMS chapters and members by being a proud board director. Penni is a lifelong member of DFW RIMS and a former president, serving a term in 2019.
[19:30] Penni will moderate the kick-off session of the RIMS DFW 2024 Fall Conference on September 19th at the Irving Convention Center in Irving Texas. She will be moderating a panel with today’s guests, from the Texas State Office of Risk Management, Stephen Volbracht, Gerald Ladner, and James Cox. There will be so much talent and knowledge on that panel!
[20:09] Penni is so excited to moderate this panel. They will go through the who, what, when, where, and why for this panel. They will talk about governance and the legislative process, and how they manage and procure their liabilities and assets. Texas is huge. These gentlemen have a great responsibility. Penni is excited to get to interview them!
[21:04] Besides this panel, attendees can also expect workshops, a risk managers’ luncheon, and other speakers and presenters. On Friday, the 20th, they have a Spa Day. The Spa Day is one of the things that sets the DFW annual conference apart. Chill out a bit at the DFW RIMS Annual Conference. They go big on this deal!
[22:04] Registration is open to members and non-members. Join the DFW RIMS for two days of fantastic events! Enticed? Go to DFWRIMS.org for more information and to register.
[22:42] Penni says they are so excited to have everyone who is joining them for this event. This is going to be one of the best DFW RIMS Annual Conferences they have ever had!
[22:52] Justin thanks Penni and looks forward to seeing her at the 2024 Fall Conference and Spa Event hosted by the DFW RIMS Chapter on September 19th and 20th! Visit DFWRIMS.org for more information. A link is in this episode’s show notes.
[23:10] Let’s return to Justin’s interview with the Texas State Office of Risk Management.
[23:22] Gerald compares the challenges of his current position to those of the senior leadership roles he has held at insurance companies. It’s an opportunity to educate and inform the public in terms of what they do to deal with the issues that emerge in a new area of risk. Gerald says that fortunately, he has been able to survive all the challenges of a very tough business.
[24:02] The leadership at SORM focuses on retention, making sure that the team’s service to the state is valued and that they have unique growth opportunities. SORM is essentially an insurance company with brokered services.
[24:38] They have to make sure the products that are offered are current and forward-leaning, with the metrics in place for timely delivery of services for injured employees. Gerald speaks of how quickly SORM responded to the pandemic.
[25:10] Stephen Volbrecht adds that it’s important to understand that SORM is, at the foundation, a service organization. They exist to offer support to state agencies for their risk management concerns and objectives. SORM operates as a consultant, assessor, and advisor. SORM is not a regulatory agency, enforcement agency, or auditor. It’s 100% about service.
[27:13] Beryl was a Category 1 hurricane. James Cox says he joined SORM when Harvey was hitting the coast. That’s where the preparedness started for Beryl. Before Beryl hit land, SORM was implementing the things they did post-Harvey.
[28:05] Stephen speaks of resilience. You can’t prevent an Act of God. He cites the 9/11 Commission. Their primary finding was that the most important failure was one of imagination. Leadership failed to appreciate the gravity of the threat. SORM has the approach never to underestimate what can happen. Uncertainty is at the basis of all risk.
[29:41] Anticipate the worst-case scenario, prepare for that, and go from there. SORM ensures that every state entity under its jurisdiction has an updated and validated Continuity of Operations Plan. You can’t prevent a disaster but you can mitigate it. There are lessons learned not just from Harvey but from the freeze events that hit Texas for three years running.
[30:34] There are mitigation efforts that get put into place after we learn our lessons. Use after-action reports. What failed? Don’t do that again. What succeeded? Do more of that! Texas put in dams to prevent inundation of water. They put in automated systems for dampers on air conditioning for the freeze events.
[31:07] They went steps further in responding to situations based on risk management reviews and assessments to have product and service contracts and materials pre-staged for when these events happen so that you can bring up your services within hours, not weeks. That has a direct cost impact and an impact on the individuals that are being affected.
[31:38] SORM has saved hundreds of millions of dollars in downtime and both direct and indirect expenses compared to where they found themselves as recently as Harvey. You can value the ROI in cost avoidance by comparing years without risk management controls and the years after risk management controls have been implemented.
[32:56] James comments about Hurricane Beryl and after-action reports. An internet provider in the area went down, causing restaurants to only take cash. Agencies need the ability to switch from one carrier to another depending on if the carriers are operating.
[34:04] Gerald says the board looks forward to the strategic plan that the executive director shares with them and they have the opportunity to acid-test it to make sure they are covering all the areas so they don’t have a failure of the imagination. The board maintains the culture and listens to the employees. They invite employees to attend board meetings. They get a full house.
[34:56] It shows the employees an alignment between the board and the leadership team. The board gives the executive performance review and the employees will hear areas of outstanding work and areas to focus on in the future. The board seeks to maintain that alignment.
[35:32] It’s RIMS plug time! Webinars! Servpro makes its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.
[35:57] On September 12th, Hub International returns to deliver the third part of their Ready for Tomorrow series, Pivot and Swerve Staying Agile During Shifting Market Dynamics. More webinars will be announced soon and added to the RIMS.org/Webinars page. Go there to register. Webinar registration is complimentary for RIMS members!
[36:20] We would like to express our thanks to Hillwood for sponsoring this episode of RIMScast. Hillwood is a leading multi-national real estate development company and part of the Perot family of companies. Their diverse portfolio includes industrial, logistics, corporate office, retail, aviation, and multi-family housing developments.
[36:43] Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to partners. Seize those opportunities by visiting Hillwood.com.
[36:59] Let’s return to my interview with Gerald Ladner, Sr., Stephen Volbrecht, and James Cox of the Texas State Office of Risk Management.
[37:28] James is a veteran of the U.S.A.F. Stephen is a Captain in the Judge Advocate General Corps. Justin thanks them for their service and asks how those experiences lend themselves to effective risk management.
[38:02] James says no matter the specialization in the military, the military does very well operating in high- or higher-risk environments. They drill mission and safety in equal parts. The military mindset is understanding the chain of command, codes, and standards, and what you are basing your risk on. If you don’t know the accepted way to do a thing, it is a risk nightmare.
[38:49] James has found that using his military background, he knows where to look for how to treat a type of risk. That background transitions easily to risk management.
[39:18] Gerald’s father did three tours in Vietnam. His daughter went to West Point and was in Iraq. He understands the military mindset. It reflects the strengths we now find in the SORM organization with clear chains of command but also an environment where associates can come forward and bring their issues and opportunities.
[40:18] Stephen and James are on the Technical Advisory Group (TAG) for ISO 31000. Stephen says the ISO 31000 framework and other ERM frameworks are essential for SORM. Risk management is about decision-making. The ISO model is that risk is always negative. What you are trying to do is avoid the bad things.
[42:43] Stephen says the effect of uncertainty on objectives can be positive, negative, or neutral, whether it’s an opportunity, an obstacle, or an obligation. That’s where ISO 31000 comes in. For some time, Texas was the only state to adopt ISO 31000 as the state ERM standard. They did it through the utilization of guidelines written in collaboration with contributors.
[43:29] They’re called the Texas Enterprise Risk Management Guidelines. They don’t tell people what to do but they give people a framework for how to answer questions of risk and make decisions. The meta-framework of the guidelines is called Governance, Risk, and Compliance (GRC), developed by OCEG, the Open Compliance and Ethics Group.
[44:23] The meta-framework of GRC is that enterprise risk is about critical disciplines. That’s the true enterprise risk model. It deals with governance and oversight, Gerald’s role; and strategy and performance, James’s role. Risks and decisions, compliance and ethics, security and continuity, audit and assurance; each of these domains has to be integrated into an ERM model.
[45:00] SORM uses ISO 31000 as it is sufficient to their needs, but they still pull from other standards, such as COSO or SERM.
[45:58] James says it’s not necessarily the brand of framework you choose that is important. It’s the vocabulary that you need to understand. SORM picked ISO 31000 and all the state agencies they work with took a course in it so they all had the same vocabulary. As long as everyone understands the standard, they can apply it.
[46:44] The Texas Enterprise Risk Management Guidelines are known as the TERM-G or TERM Guidelines.
[47:24] Gerald has a degree in psychology. It was a soft skill that was sought when he entered the workforce. There’s a lot of stress on employees and it’s important for the leadership team to have the right skill set to work with stressed employees and meet some of their needs. Gerald recalls Enron and the need to make hard choices about ethical behavior.
[51:03] Gerald has had an extensive relationship with RIMS. He reminisces about attending RISKWORLD many times when he was with Zurich and cutting deals on the floor. We’re in a world where change is increasing and the ability to get fresh, insightful information allows organizations like SORM to think through the next round of strategies to manage the risks.
[52:23] Gerald knows the value in RIMS and looks forward to participating in this upcoming panel at DFW.
[52:33] Gerald, Stephen, and James will be at the RIMS DFW Conference in September. Gerald will discuss the macro forces at work that have the potential to impact loss cost for SORM, and the state of the reinsurance market which is linked to SORM’s ability to get property capacity.
[53:06] Gerald says they want to talk about the interplay between risk managers and the boards they report to. Boards are taking a harder look at risk managers. Boards don’t like surprises. It takes quality communication with the board. There also has to be strong orientation of new board members so they can act as proactive business partners as they face the challenges.
[53:56] Also, the an ongoing discussion about broadening risk appetite and tolerance. The importance of parametric insurance, understanding how the market is behaving. Capacity is being contracted in Florida and the Gulf states and there have to be additional ways of dealing with risk. SORM provides good advice-based education on the proper coverages needed.
[55:09] James will talk about how, when he was a new risk manager years ago and risks were new to him, through RIMS, he was connected with a host of individuals who had seen the same risks every day and were veterans of it. RIMS is a support system for a new risk manager.
[55:22] He will speak of the tools RIMS provides, like the benchmark surveys, white papers, and articles, like the Hurricane Preparedness 2024 article, that came out 15 days before Beryl was approaching across the Gulf. SORMS is similar to an insurance carrier in Texas, except they want to look at your risk model, policies, and procedures. If there’s a gap, then get insurance.
[56:31] SORMS is not in it for profit but for protection and what’s best for the state of Texas.
[56:43] Stephen will talk about the relationships with RIMS over the years the relationships established and the outstanding resources that are available. He finds the compensation report a bit of a downer, though, personally, working for the State Government!
[57:32] RIMS and associations like RIMS are essential for upholding high ethical standards and integrity in the profession and are also important for self-governance. When professionals agree on high standards of operation, that keeps the government out of your business. Stephen also talks about other aspects of SORM that people may not know about.
[59:41] There are big risks on the horizon that could be talked about, like climate change, cybersecurity, artificial intelligence, political risk, civil unrest, inflationary pressures, global market volatility and alternative risk financing, and the pandemic moving into endemic with massive economic and societal impacts.
[1:01:20] Justin thanks Gerald Ladner, Sr., Stephen Volbrecht, and James Cox for being on RIMScast. Anyone who wants to hear more from SORM will travel out to Dallas on September 19th for the DFW RIMS Annual Meeting! Justin will be there and looks forward to seeing them in person, hearing what they have to say, and shaking their hands for a big group shot!
[1:01:57] Special thanks again to all of our guests from the Texas State Office of Risk Management, Gerald Ladner, Sr., Stephen Volbrecht, James Cox, and of course, former DFW RIMS President, Penni Chambers, who was also on the RIMS Board of Directors. The DFW RIMS Fall Conference and Spa Event will be held on September 19th and on the 20th is Spa Day.
[1:02:24] Visit DFWRIMS.org to register.
[1:02:27] Extra special thanks to our sponsor Hillwood. Hillwood is a leading multi-national real estate development company and part of the Perot family of companies. Hillwood’s diverse portfolio includes industrial, logistics, corporate, office, retail, aviation, and multi-family housing developments.
[1:02:43] Notably, Hillwood’s Alliance Texas project has generated over 66,000 jobs and a $120 billion economic impact. Hillwood operates in 65 markets across North America and Europe, constantly seeking opportunities to create vibrant communities and deliver value to its partners. Visit Hillwood.com for more information.
[1:03:07] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[1:03:42] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[1:04:26] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[1:04:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[1:04:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[1:05:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
DFW RIMS 2024 Fall Conference and Spa Event | Sept 19‒20
About our sponsor, Hillwood: Hillwood.com
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Funding Their Future Gala 2024
RIMS Webinars:
Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Sponsored RIMScast Episodes:
“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Stephen Volbrecht, Executive Director for the State Office of Risk Management (SORM)
James Cox, Division Chief of Strategic Programs (SORM)
Gerald Ladner, Sr., Chairman of the Board of Directors (SORM)
Penni Chambers, former DFW RIMS president and RIMS Board Chairperson
Tweetables (Edited For Social Media Use):
The cheapest injury that you ever have is the one that doesn’t happen. — Stephen Volbrecht
Our approach is never to underestimate what can happen. Uncertainty is at the basis of all risk; not understanding what the consequences may be. So what you do is you anticipate the worst-case scenario, you prepare for that, and then you go from there. — Stephen Volbrecht
No matter the specialization in the military, the military does very well operating in high- or higher-risk environments. They drill mission and safety in equal parts. — James Cox
We’re in a world where change is increasing and the ability to get fresh, insightful information allows organizations like SORM to think through the next round of strategies so that we can manage the risks. — Gerald Ladner, Sr.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Kevin Vallely, an explorer, architect, mentor, and author, about his early life, his career, his risk philosophy, and a hint of his upcoming keynote speech at the RIMS Canada Conference 2024, from October 6th through 9th in Vancouver, B.C.
Listen in for the steps to building the skill of resilience.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. Today we will discuss strategic risk management with architect and world-renowned adventurer, Kevin Vallely, who will also be one of the RIMS Canada 2024 keynotes.
[:43] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:07] Let’s talk about prep courses for the RIMS-CRMP. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.
[1:22] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:38] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes.
[1:53] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[2:06] Exhibitor’s space is still available at the RIMS Canada Conference 2024. This is your chance to get in front of risk professionals from around the world. To learn more about how to become an exhibitor at the RIMS Canada Conference 2024, click the link in the show notes. All RIMS regional conferences information can be found through the Events page at RIMS.org.
[2:29] The first of two guests today, Aaron Lukoni, is the Manager of Risk Services for Emergency Management in British Columbia, and the National Conference Chair for the RIMS Canada Council. Aaron is making this cameo appearance on RIMScast to tell you what’s coming up for the RIMS Canada Conference 2024. This may be the best RIMS Canada Conference ever!
[3:01] Aaron Lukoni, welcome to RIMScast!
[3:32] Aaron Lukoni is a Manager of Risk Services for Emergency Management, British Columbia. She handles wildfires, floods, and national events. She is a professional problem-solver for the Province of British Columbia.
[3:52] By night, Aaron is the National Conference Chair for the RIMS Canada Council. Eight years ago, she started on a subcommittee. She has a passion for volunteering. Aaron will be hosting the RIMS Canada Conference in Vancouver B.C. from October 6th through 9th, 2024.
[4:51] This RIMS Canada Conference will be great. It’s in stunning Vancouver! It will be a dynamic program filled with insightful presentations and interactive thought leadership sessions. There will be a huge exhibitor hall and amazing networking opportunities! There will be extra Plenary sessions with coverage of risk management critical topics.
[5:46] There will be expert speakers and a diverse lineup of educational sessions to allow attendees to dive deeper into their areas of interest. There will be something for everybody at the RIMS Canada Conference 2024!
[6:22] The keynotes are Kevin Vallely, Jody Wilson-Raybould, Jon Montgomery, and Jay Kiew, our guest on RIMScast Episode 296 (Check it out!). The speakers will highlight emerging trends from technological advancements and regulatory changes to evolving best practices and leadership considerations, all to motivate and inspire you and set the tone for the conference.
[9:37] Thank you, Aaron! We look forward to seeing you at the RIMS Canada Conference 2024 in Vancouver, from October 6th through the 9th.
[9:45] Our next guest is an explorer, architect, and author. He is Kevin Vallely, who is renowned for his adventurous spirit and compelling storytelling. He holds a Guinness World Record for the fastest unsupported trek to the South Pole and has led numerous expeditions around the globe.
[10:06] He’s the author of Rowing the Northwest Passage, about an unprecedented journey through one of the world’s most challenging environments. In 2025, he will trek to the Arctic in a way that no one has ever done. We’re going to hear about it and his risk philosophies for strategic risk management, with a preview of his RIMS Canada Conference 2024 keynote.
[10:40] Kevin Vallely, welcome to RIMScast!
[10:50] Kevin is in Vancouver today, and it is hot there this July! It’s 35 Celsius or around 100 degrees Fahrenheit. He enjoys the heat.
[11:53] Kevin has been undertaking major expeditions for almost three decades. It started when he was a child, one freezing February night in Montreal. He was nine years old and his brother was five. They were separated from their parents in a department store, and a security guard put them out on the street instead of finding their parents. Kevin’s brother cried to go home.
[13:31] At that point, Kevin, being the big brother, started the journey home with his little brother. Finding landmarks, he got to a familiar street and followed it for several hours, stepping into apartment buildings on the way to warm up, and made it home to their relieved parents and police searching for them.
[14:22] That had been the riskiest and most uncertain moment in Kevin’s life and he effectively overcame it. It was an empowering moment. It wasn’t long after that, Kevin had this dream to ski to the South Pole, which he did, thirty-five years later.
[14:47] Having been thrown into an unsettled and risky situation he didn’t want to be in, and overcoming it, Kevin realized he was good at pushing through and coming out the other end, having successfully taken care of his brother and himself. It was an aha moment and the beginning of his adventuring career.
[15:22] There is no adventuring degree. You just put yourself out there. The degree is that you survive and succeed. People who don’t succeed in that world either deal with very bad consequences or their expeditions fail. Having broken the Guinness World Record to the South Pole is indicative that Kevin is doing something right. He has many expeditions under his belt.
[15:50] A successful adventurer understands how to deal with risk, effectively manage it, and move forward. Kevin is a member of The Explorer’s Club, based in New York. It’s an elite club.
[16:39] An adventurer always has to adjust. On September 10, 2001, Kevin and a teammate were summitting 10,000-foot-plus volcanoes in Java and Indonesia, two Muslim countries with very friendly people. Then September 11th happened and in a short time, Kevin and his teammate were not wanted. [17:39] They were warned by the Canadian Embassy to get out of the country but they kept going. They began to see this change. Then someone tried to drive them off the road, cursing at the “Americans.” Police officers told them to be very careful and recommended they leave. So they made an adjustment and left.
[18:09] Kevin has been back to Indonesia a number of times since, and he says it’s the most wonderful country with the most wonderful people. But there was that moment in history when they were in the wrong place at the wrong time and they knew to get out. Their appearance as Westerners was held against them with hostility. It was vital to adjust and leave.
[19:25] Resilience is a fundamental facet of every occupation. Studies indicate that resilience is as important as whatever it is in your job that you are doing, in terms of career success. Resilience is a skill you can build, develop, and train. Push yourself and build that strength with small things so when something big happens, you can deal with it.
[20:11] The three Ps of resilience are a strong sense of Purpose, Partnership with a team, and Perspective on the situation. Be conscious of these three things all the time to build your resilience.
[21:32] It’s RIMS plug time! Webinars! Servpro will make its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management.
[21:57] On September 12th, Hub International returns to deliver the third part of their Ready for Tomorrow series. It’s titled Pivot and Swerve Staying Agile During Shifting Market Dynamics. More webinars will be announced soon and added to the Webinars page. Register at RIMS.org/Webinars. Webinar registration is complimentary for RIMS members!
[22:23] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda is live and soon we will have a call for nominations for the ERM Award of Distinction. I’ll have that link up soon in an upcoming episode.
[22:43] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[22:57] The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals; that is achieved in part by a collaboration with risk management and insurance educators across the United States and Canada. The call for General Grant applications is open now through July 30th.
[23:18] General Grant Awardees are typically notified at the end of October. The link to the application criteria is in this episode’s show notes.
[23:28] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at the Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray will be our Honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services.
[23:54] Lilian will be honored for her valuable contributions to supporting the future of risk management and insurance. That was a great episode, so after you finish this one, go back and listen to Episode 293!
[24:08] Let’s conclude our interview with RIMS Canada Conference 2024 Keynote Kevin Vallely!
[24:50] Kevin explains that team alignment and managing risk effectively together is all around communication. If you’re not communicating, you don’t know if you’re aligned.
[25:09] Before you head into a difficult situation, come up with some key principles to display when you’re out there: your decision-making model, your guiding principles for this journey, your goals, and your definition of success, with all team members being on the same page with these principles throughout the journey.
[25:38] Kevin explains how the key principles work in practice on the journey.
[27:01] The decision-making process is to be determined and agreed upon by the members of the expedition before the journey begins. When things are happening quickly, you don’t debate how to make a decision. You make the right decision when you need to.
[27:57] Kevin compares architecture to adventuring. It’s an uncertain landscape in many ways. Liability, creativity, and innovation relate to the wild as well as to architecture. The wild wisdom he learns on adventures helps his architecture and what he learns in architecture helps his expeditions.
[29:56] Kevin went into architecture as a wonderful opportunity to express himself. He is doing contemporary modern homes. He has worked in every aspect of the business but has worked for himself for 13 years. His architecture is a passion project and he likes to do things that are a little bit different, with the risks that involves.
[30:34] Kevin discusses some of the homes he has designed for clients. His clients become his friends as they work together for years from start to finish. The Bridge House is one he loves. His job is to create the client’s dream space with his vocabulary.
[32:01] Kevin’s upcoming expedition for March 2025 is called The Coldest Journey in the World. They first tried it in 2022. It lasted two weeks, due to conditions that were colder than anticipated. It was too cold for the machines. After two weeks they recognized they were putting themselves in danger so they paused to rethink it and came back.
[33:30] Their process now is innovative thinking, rethinking, and dynamically changing, based on the risk profile. The plan now is to go by ski and dog team. Dogs survive wonderfully in that environment. They love it, in coid worse than snowmobiles can take. They have a team of four traveling with two sets of dog teams. It’s an Inuit and non-Inuit team coming together.
[34:08] It will be a seamless, cross-cultural collaboration. They will be learning from one another in this environment. There will be a camera team, independent of them, for a period of time, as the camera team endures. Kevin is trying to push the boundaries of what is possible in that environment. No one has been there in that time of year.
[35:00] Kevin is not looking for world records. This is a much more meaningful process for him. They are going to the Northern terrestrial edge of the planet, as far North as you can go before stepping onto the sea ice heading for the North Pole. They are going there and back on a 1,200-mile (2,000-Km) journey through the coldest, most hostile environment on the planet.
[35:31] They will see things few people get to see, including lots of polar bears, wolves, and musk oxen. It will be fascinating to see how those creatures survive in that environment. They estimate the trip will take 45 to 60 days. Last year, on Baffin Island, they did a quick, two-week test journey. At one point it was minus 47 degrees Celsius with 110 Kph winds.
[36:11] The temperature felt like minus 87 Celcius or about minus 125 Fahrenheit. Kevin bit into a Fig Newton, and his front tooth snapped off at the gum. He’s getting an implant put in. It’s cold and things get really brittle. It’s a different world. The team understands the environment and has been in it. Someone who’s never been in the environment could die quickly in it.
[36:53] Kevin’s team is able to push that boundary with their experience. For them, the risk is manageable and they know what to do when things don’t turn out right. They adjust to that.
[37:15] When you’re out there, the first couple of weeks are nasty but then your body starts to adapt to using food to generate heat. When they skied to the South Pole, they ate 8,500 calories a day, taking a special lipase to digest the extra fat. Normally, the human body maxes out at metabolizing 5,500 calories. Kevin still lost weight. Extreme cold is the ultimat diet.
[38:27] At the RIMS Canada Conference 2024 in Vancouver, Kevin will talk about a planned rowing journey, attempting to traverse the Canadian High Arctic in a small boat solely under human power, with all the risks associated with that and how to manage them, including things happening that you couldn’t anticipate, and how you deal with that,
[38:51] There's a lot of learning around risk management and also courage in that environment. There’s risk in life. It’s about having the right mindset, being courageous, and moving forward through whatever you are thrown. Kevin will use multimedia visuals with videos to illustrate his address. There will be opportunities for audience involvement.
[39:54] That sounds like it’s going to be great. We look forward to seeing you there. I really appreciate you making the time for us here today. We will see you at the RIMS Canada Conference 2024 in Vancouver. Kevin Vallely, thank you so much! This has been a lot of fun!
[40:08] Special thanks again to Kevin Vallely, for joining us here on RIMScast! He will be one of the conference keynotes, at the RIMS Canada Conference 2024 in Vancouver from October 6th through the 9th. Visit RIMSCanadaConference.ca to register.
[40:25] By all means, check out KevinVallely.com. He’s got some great stuff on his site. Learn more about that expedition scheduled for 2025.
[40:34] Check out RIMScast Episode 296 with Jay Kiew for more insight from RIMS Canada Conference 2024 keynotes.
[40:42] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[41:16] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[42:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[42:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[42:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[42:54] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RIMS Canada Exhibitor Opportunities
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!
Spencer Educational Foundation — Funding Their Future Gala 2024
Kevinvallely.com
RIMS Webinars:
Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
HUB Ready for Tomorrow Series: Pivot and Swerve — Staying Agile During Shifting Market Dynamics | Sept. 12, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Jay Kiew, RIMS Canada Conference Keynote 2024”
“DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”
Sponsored RIMScast Episodes:
“Partnering Against Cyberrisk” | Sponsored by AXA XL (New!)
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Kevin Vallely, Lead Facilitator/Keynote Speaker/Expedition Manager of Peak Teams Global
Tweetables (Edited For Social Media Use):
There is no adventuring degree. You just put yourself out there. The degree is that you survive and succeed. — Kevin Vallely
As an adventurer, you understand how to deal with risk; there’s always a risk, but how you can effectively manage it and move forward. — Kevin Vallely
Adaptability is vital; this ability to adjust. You’re always adjusting. I’ve done many expeditions over the years where things have gone sideways you didn’t expect. You have to adjust. — Kevin Vallely
I’m not looking for world records. This is way bigger than that. It’s a much more meaningful process and I could go into it in detail; I won’t here. — Kevin Vallely
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Aaron Lukoni about the RIMS Canada Conference 2024, from October 6th through 9th in Vancouver, B.C., and IDEA thought leader Michael Bach about Inclusion, Diversity, Equity, and Accessibility. Michael opens up on his perspective on anti-racism and inclusion, and how to slow down the swinging pendulum so good practices can take hold. He shares how organizations can start with a diversity committee, but eventually, it has to be a paid role to create change in the organization.
Listen in for thoughts on following the data instead of opinionated pushback.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. Our topic is diversity, equity, and inclusion, and our guest is IDEA thought leader, Michael Bach.
[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 23rd and 24th, our good friend, Elise Farnham returns to teach Claims Management. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management.
[1:01] Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:10] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.
[1:31] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:47] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.
[2:07] The DFW RIMS Annual Conference will be held on September 19th. Registration is open. Visit DFWRIMS.org.
[2:17] Registration opened for the RIMS Canada Conference 2024 which will be held from October 6th through the 9th in Vancouver. Visit RIMSCanadaConference.ca to register.
[2:29] The first of two guests today, Aaron Lukoni, is the Manager of Risk Services for Emergency Management in British Columbia, and the National Conference Chair for the RIMS Canada Council. Aaron is making this cameo appearance on RIMScast to tell you what’s coming up for the RIMS Canada Conference 2024. This may be the best RIMS Canada Conference ever!
[3:01] Aaron Lukoni, welcome to RIMScast!
[3:32] Aaron Lukoni is a Manager of Risk Services for Emergency Management, British Columbia. She handles wildfires, floods, and national events. She is a professional problem-solver for the Province of British Columbia.
[3:52] By night, Aaron is the National Conference Chair for the RIMS Canada Council. Eight years ago, she started on a subcommittee. She has a passion for volunteering. Aaron will be hosting the RIMS Canada Conference in Vancouver B.C. from October 6th through 9th, 2024.
[4:51] This RIMS Canada Conference will be great. It’s in stunning Vancouver! It will be a dynamic program filled with insightful presentations and interactive thought leadership sessions. There will be a huge exhibitor hall and amazing networking opportunities! There will be extra Plenary sessions with coverage of risk management critical topics.
[5:46] There will be expert speakers and a diverse lineup of educational sessions to allow attendees to dive deeper into their areas of interest. There will be something for everybody at the RIMS Canada Conference 2024!
[6:22] The keynotes are Kevin Vallely, Jody Wilson-Raybould, Jon Montgomery, and Jay Kiew, our guest on RIMScast Episode 296 (Check it out!). The speakers will highlight emerging trends from technological advancements and regulatory changes to evolving best practices and leadership considerations, all to motivate and inspire you.
[9:04] Thank you, Aaron! We look forward to having you back on RIMScast. I’ve got a full interview with Aaron on the RIMS Canada Conference 2024 Registration Page. Check it out there!
[9:17] It’s RIMS plug time! Webinars! Servpro will make its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management. More webinars will be announced soon. Register at RIMS.org/Webinars.
[9:51] Webinar registration is complimentary for RIMS members!
[9:55] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon in an upcoming episode.
[10:14] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[10:31] My next guest, Michael Bach, is a leader in Inclusion, Diversity, Equity, and Accessibility, or IDEA. He has advised thousands of clients, served as the National Leader of DE&I for KPMG Canada, and was Deputy Chief Diversity Officer for KPMG International. He was named one of the 10 Most Influential DE&I Leaders Revamping the Future by CIO Views Magazine.
[10:56] Michael was also honored as a Canadian Diversity Champion and Catalyst Canada Honors Human Resources and Diversity Leader. His best-selling books, Birds of All Feathers and Alphabet Soup, have received widespread acclaim. I am so excited to speak with him about all things IDEA and DE&I!
[11:19] Michael Bach, welcome to RIMScast!
[11:58] About Michael’s name and Bach jokes. There is no known family relationship between Michael Bach and Johann Sebastian Bach.
[12:50] Michael doesn’t look at the work of Inclusion, Diversity, Equity, and Accessibility as a social justice agenda but as a means to solve problems. How can Inclusion, Diversity, Equity, and Accessibility be applied to solve the challenges an industry faces?
[13:12] Michael likes that the first letters of Inclusion, Diversity, Equity, and Accessibility make the word IDEA.
[13:56] Michael was brought up to recognize his privilege as a “cisgender white man” walking through the world with a level of access that wasn’t experienced by a lot of people and that he had the responsibility to leverage that privilege to the benefit of others. He learned what that meant when he got into the corporate world and a variety of roles, and then his role at KPMG.
[15:05] Michael realized that the organization was having challenges with talent retention and engagement and that the way to improve those things was through a focus on IDEA (Inclusion, Diversity, Equity, and Accessibility). Michael was head of Diversity for eight years. It was a new role at KPMG. He then became the Deputy Chief Diversity Officer for KPMG globally.
[16:11] After two years, Michael moved on to create The Canadian Centre for Diversity and Inclusion and led that organization for 10 years.
[16:50] Some employers understand that this is not a social justice agenda or about doing the “right thing”; it’s good people management. It’s a smart way to run your business.
[17:16] Some organizations have done nothing about DE&I. Other organizations have dipped their toe in the water and backed away because of pushback from customers. You will always make some people unhappy. If your value statements mean anything to you, then a focus on IDEA should connect to those values and matter to you as an organization.
[19:04] Michael talks about the approach TD Bank took with the LGBTQ market. They wanted to own the “pink dollar.” They spent a fortune sponsoring Pride festivals across the country. While some customers pulled away, TD Bank won a large percentage of the LGBTQ community. TD Bank is near the top financially in the country.
[21:19] Michael does not think this is a worrisome time. He sees a natural progression of change. He brings up the Civil Rights Act of 1964 in the United States. Canada has the Employment Equity Act of 1984. This isn’t a new conversation and these aren’t new problems that will go away quickly.
[21:49] Some organizations are backing away and Michael thinks they will regret it because they will have higher voluntary turnover rates, lower engagement scores, lower productivity rates, and higher rates of safety incidents. The data proves that if you’re not focused on the diversity of your people and good people management, they’re going to leave. Your costs will go up.
[22:39] The organizations that back away from IDEA are going to be at Michael’s doorstep in five to 10 years asking for his help. The organizations that haven’t taken their foot off the pedal will be crushing their competition. This work requires you to constantly have your foot on the gas pedal, or you will roll backward.
[24:05] How do organizations today compare to how they were in 2019? Michael talks about 2020 with George Floyd and thousands of bodies of Indigenous children found in unmarked graves at the sites of residential schools across Canada. Those were pivotal moments when, for the first time, people wanted to talk about anti-racism. Those moments drive change.
[24:56] Four years later, people are saying we don’t need anti-racism. Governments are banning DE&I offices. Within a week after George Floyd was killed, Michael’s phone at CCDI, where he was working, was lighting up with employers asking for help with anti-black racism. CCDI put out extensive training programs and policies. But the pendulum swings back.
[26:18] Michael’s goal is to keep the pendulum from swinging that far. We want it to swing slowly. That allows for the change to take hold. Right now, the pendulum has swung too far. Michael advises every employer to turn to the numbers before taking a step back from IDEA. Look at what the data tells you.
[27:10] A recent study posted on CNN found that 76% of Americans believe in LGBTQ+ equality. Look at that number when you decide if you should be supporting a Pride festival. Use data to prove points. Do not use opinion. We have more data now that answers the questions.
[28:54] Time for more RIMS Plugs! The Spencer Educational Foundation’s goal is to help build a talent pipeline of risk management and insurance professionals; that is achieved in part by a collaboration with risk management and insurance educators across the United States and Canada. The call for General Grant applications is open now through July 30th. General Grant Awardees are typically notified at the end of October.
[29:22] The link to the application criteria is in this episode’s show notes.
[29:28] On September 12th, 2024, we look forward to seeing you at the Spencer Funding Their Future Gala at the Cipriani 42nd Street in New York City. Our recent guest from Episode 293, Lilian Vanvieldt-Gray will be our Honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services.
[29:53] Lilian will be honored for her valuable contributions to supporting the future of risk management and insurance. That was a great episode, so after you finish this one, go back and listen to Episode 293!
[30:07] Let’s conclude our interview with Michael Bach!
[30:44] Diversity Committees are a great place for organizations to start in the IDEA world. You’re taking a group of people from across the organization and giving them the reins of change. Institutional knowledge is important for this effort because you know how things happen in your organization. You don’t have to be an expert in IDEA.
[31:41] Committees need to be formalized and span the entire organization. Committees are working bodies, they are not governing bodies. You need people on the committee who can do the work. You want to consider every aspect of diversity on the committee and have somebody from every department and every area branch.
[33:08] Make sure that you formalize the committee in such a way that they don’t get out of control. Give them rules to follow so they know where they can draw the lines. What are the roles on the committee? How do people get on the committee? How are people recognized for their participation on the committee? What is their authority level? To whom do they report?
[33:48] Some committees don’t have that kind of structure and they go off the rails and do things that the organization desperately tries to undo. This could be a sponsored event that doesn’t align with the strategy of the organization or education programs that HR doesn’t know about. You have to put lines around the committee so they know what is out of their scope.
[34:40] Connect the committee with all departments of the organization, such as HR, so the committee is working with them and not against them.
[35:09] Eventually, an organization outgrows a volunteer-run committee. Make sure there is turnover on the committee to avoid burnout. At some point, you will have to hire someone like Michael to do the work. Work is done for pay.
[36:35] Michael’s thoughts on Pride Month, 2024. There are so many speaking events in June, that every July 1st, Michael says he just has to “wash the gay off,” because it is at such a high level. He is seeing something he’s been hoping to see for some time: organizations that are recognizing they need to talk about the inclusion of the LGBTQ+ community outside of June.
[37:51] It’s important to have designated months as visible symbols of inclusion to recognize communities, but people belong to their community all year, not just during one month. We need to be inclusive year-round. There is an extensive calendar of things that we could be celebrating so it doesn't become a thing where we change our logo for a month. Be broadly inclusive.
[39:24] Special thanks again to the IDEA man, Michael Bach, for joining us here on RIMScast! For more information, visit MichaelBach.com, Thank you again to Aaron Lukoni for joining us here on RIMScast!
[39:36] Be sure to register for the RIMS Canada Conference 2024 at RIMSCanadaConference.ca. Interviews with more RIMS Canada Conference 2024 speakers are on the way.
[39:47] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[40:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[41:01] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[41:18] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[41:34] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[41:54] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!
Spencer Educational Foundation — Funding Their Future Gala 2024
Spencer Educational Foundation General Grants
MichaelBach.com
RIMS Webinars:
Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Claims Management — July 23‒24
Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Jay Kiew, RIMS Canada Conference Keynote 2024”
“DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”
“Equality and the Risk Profession with Elisa Stampf”
“Including Disability In DEI Efforts with Alycia Anderson”
“RIMS 2024 Rising Star Chelsea Andrusiak”
“Mental Health Awareness Month 2023”
Sponsored RIMScast Episodes:
Partnering Against Cyberrisk | Sponsored by AXA XL (New!) [Link will be sent on 7/15]
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Aaron Lukoni, Risk Management Consultant, Ministry of Finance, British Columbia
Michael Bach, IDEA Thought Leader
Tweetables (Edited For Social Media Use):
I handle a lot of wildfires, floods, national events, and things like that. I am a professional problem-solver for the Province of British Columbia. By night, I am the National Conference Chair for the RIMS Canada Council. — Aaron Lukoni
Thought leadership is the backbone of the conference and with more keynotes, we have more opportunities to spotlight pioneering research, innovative strategies, and success stories. — Aaron Lukoni
I don’t look at Inclusion, Diversity, Equity, and Accessibility as a social justice agenda but as a means to solve problems. I look at the challenges in an industry and ask how Inclusion, Diversity, Equity, and Accessibility can play a role in addressing them. — Michael Bach
If your value statements mean anything to you, then a focus on IDEA should connect to those values and should matter to you as an organization. — Michael Bach
This is something I don’t share with people a lot, but I am gay almost every day of the year. I take the high holidays off, for obvious reasons. I’m going to be gay in October. I’m going to be gay in January. — Michael Bach
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Jay Kiew, one of the keynotes for the RIMS Canada Conference 2024; the first of several Canada Conference keynotes who will appear on RIMScast. Justin and Jay discuss what is a change navigation strategist, how a risk or insurance professional could benefit from the perspective of a change navigation strategist, and what a licensed Insights psychometric practitioner does.
Listen in for a contemporary bonus definition of innovation.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:21] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I will be joined by change navigation strategist, Jay Kiew, who will be one of the keynotes for the RIMS Canada Conference 2024.
[:44] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 23rd and 24th, our good friend, Elise Farnham returns to teach Claims Management. August 15th kicks off the three-part series, Leveraging Data and Analytics for Continuous Risk Management.
[1:08] Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:16] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.
[1:38] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:53] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.
[2:14] Registration opened for the RIMS Canada Conference 2024, which will be held on October 6th through 9th in Vancouver. Visit RIMSCanadaConference.ca to register!
[2:27] Our guest today is Change Navigation Strategist, Jay Kiew. He is one of the keynotes appearing at the RIMS Canada Conference on October 7th. Read his bio on the RIMS Canada Conference registration page or visit JayKiew.com.
[2:46] Jay has over 13 years of experience with Deloitte, TELUS, and ADP, leading mission-critical strategic transformations with over two billion dollars worth of impact. We will discuss those experiences and the roles risk professionals played, hear from this Vancouver native on his risk philosophies, and get a sense of the energy he will bring to the RIMS Canada Conference 2024.
[3:20] Jay Kiew, welcome to RIMScast!
[3:58] Jay Kiew has a podcast, Mavericks and Machetes, about navigating and hacking through the thick of change. Mavericks blaze trails in their organization. Organizations also can be mavericks. The podcast digs into exploring how people impact and drive behavioral change. Justin offers a joke about the title.
[5:27] Jay saw a Toastmasters booth at his college welcome day. He joined before he knew what it was, a weekly event where he could test the art and science of public speaking. That translates well to his full-time job today. Toastmasters got him going, in terms of his fear of speaking in public. It was scary but he decided to lean into it.
[7:13] At that time, Toastmasters didn’t accept members under age 18. Jay had just turned 18 when he joined. He participated in leadership offices. While he developed his skills as a speaker he contributed to the chapter. At 19, he became the world’s youngest Distinguished Toastmaster. When that became an article on Wikipedia, other young people copied him.
[8:53] Justin tells of his experience doing standup comedy for about 18 months, helping him remove his prior fear of public speaking.
[11:41] Jay grew up with parents who were hosts and DJs in Singapore. That entertainment background helps Jay in his career. His father had passed before Jay started college but his mother was very supportive of Jay joining Toastmasters.
[14:29] Jay graduated college with a political science degree and a minor in business. He joined the payroll company ADP and helped companies move internationally, combining HR, legal, and tax matters in one role. He was facilitating the process but he knew he wasn’t at the table making any of the decisions. He wanted to be involved.
[15:45] Asking himself how a company decides to move internationally, he found out about management consulting. He went back to school for an MBA. He joined Deloitte in their organizational transformation practice for a few years. Then he shifted to a digital healthcare company where he worked in strategy and transformation.
[16:38] Jay describes a change navigation strategist as a blend of strategy and change management. It starts with creating a vision of where the organization could go, planning how to bring people on the journey, and changing people’s behaviors to go with the vision. It includes buy-in, alignment, and moving with purpose and mission.
[17:11] The job title is vague enough that a lot of Jay’s family and friends have no idea what he does but specific enough that he can ask a CEO or CXO about what problem they are trying to solve and then focus on that problem using an applied behavioral science lens. This brings Jay into touch with healthcare, insurance, and financial services.
[18:08] It’s RIMS plug time! Webinars! Servpro will make its RIMS Webinars debut on August 8th with Hurricane Preparedness in 2024: Innovations and Strategies to Protect Your Organization. On August 27th, Riskonnect returns to discuss How To Successfully Deploy AI in Risk Management. More webinars will be announced soon. Register at RIMS.org/Webinars.
[18:41] Webinar registration is complimentary for RIMS members!
[18:46] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.
[19:04] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[19:18] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. The call for general grant applications is open now through July 30th.
[19:40] General grant awardees are typically notified at the end of October. The link for the application criteria is in this episode’s show notes.
[19:50] On September 12th, 2024 we look forward to seeing you at the Spencer Funding Their Future Gala at the Cipriani 42nd Street in New York City.
[20:00] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.
[20:23] That was a great episode, so after you finish this one, go back and listen to Episode 293!
[20:29] Let’s return to my interview with RIMS Canada Conference 2024 Keynote Jay Kiew.
[20:59] Jay believes risk professionals are not averse to change. They are the ones driving the most change across their organizations as their markets shift. They are the most concerned with how organizations and team members adapt. If their roles change, they will feel resistance.
[21:34] Jay sees the intersection between risk and change management to be in how risk professionals think through behavioral nudges, gamification, dashboards, and leaderboards.
[21:59] When Jay keynotes on October 7th, it will be his first time at the RIMS Canada Conference.
[22:18] Justin notes that RIMS Canada is big on innovation. Jay defines innovation as a spectrum. It can change how a product or service is delivered. The financial services industry changing to digital and adding new products is an example. That’s organizational innovation.
[22:43] Individual innovation is adaptive by applying new technologies that help individuals to be more productive, such as by automating some of their work.
[23:23] Jay comments on Generative AI and its effect on financial services/insurance, healthcare, architecture/engineering/construction, and filmmaking/videography. Those four industries are being the most disrupted. Jay shares some instances of AI innovation.
[25:46] Jay speaks of slop AI, where it’s obvious no human wrote it. He asks, how do we differentiate instead of being derivative?
[26:55] Matrix talk!
[27:55] What is a licensed Insights Psychometric Practitioner? Jay can read people.
[28:19] Jay’s tips for learning to read people, even remotely: People are not just in one mode. In this podcast, there are moments of Justin joking and Justin being thoughtful. Observe and ask where his head is, and what concerns him the most. Is he analytical at this moment or having fun? Where do you meet his energy levels? To match him, fall into the same energy level.
[31:37] It’s important to see people where they are and then shift with them into a different state. Empathy is the starting point. Use intentional observation.
[34:06] Jay’s words about RIMS Canada attendance: “Hey! Sign up if you haven’t registered yet. I think it’s going to be so much fun! It’s hosted in my hometown! How much better could it be? Right downtown, waterfront Vancouver. One of the best places in the world! Not only do we promise a good time, but you’ll also have peaceful walks with nature.”
[34:32] Go to JayKiew.com for more about him and his fantastic work and his podcast, Mavericks and Machetes. Justin thanks Jay and looks forward to seeing him at the RIMS Canada Conference 2024.
[35:10] Special thanks again to Jay Kiew for joining us here on RIMScast! This officially kicks off my pre-conference coverage of the RIMS Canada Conference 2024. The conference kicks off on Sunday night, October 6th, 2024 and Jay will be one of the first keynotes, delivering his address on October 7th. Check out Mavericks and Machetes at JayKiew.com.
[33:33] Be sure to register for the RIMS Canada Conference 2024 at RIMSCanadaConference.ca. Interviews with more RIMS Canada Conference 2024 speakers are on the way.
[35:43] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[36:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[37:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[37:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[37:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[37:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!
Spencer Educational Foundation — Funding Their Future Gala 2024
JayKiew.com
RIMS Webinars:
Hurricane Preparedness in 2024: Innovations and Strategies | Sponsored by ServPro | Aug. 8, 2024
How to Successfully Deploy AI in Risk Management | Sponsored by Riskonnect | Aug. 27, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
Claims Management — July 23‒24
Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“On Risk Appetite and Tolerance”
“Live Again from RISKWORLD 2024!”
“RIMS 2024 Rising Star Chelsea Andrusiak”
“Water and Women in Risk with Sarah Mikolich”
“Risk and Leadership with Lt. Gen. (ret) Roméo Dallaire”
“The Future of AI and Work with Sinead Bovell”
“Crisis-Ready with RIMS Canada Plenary Melissa Agnes”
“Mental Health Awareness Month 2023”
Sponsored RIMScast Episodes:
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Jay Kiew, Change Navigation Strategist
Tweetables (Edited For Social Media Use):
As the students are clamoring to join their clubs, the one that stuck out was Toastmasters. What is that? Little did I know, I stumbled upon this weekly recurrence where I could test the art and science of speaking in public, which translates well to my work of today. — Jay Kiew
Change navigation is a combination of strategy and change management. It starts with casting a vision of where the organization could go, planning how to bring people on the journey, and changing people’s behaviors to match the vision.— Jay Kiew
It’s important to see people where they are and then shift with them into a different state. Empathy is the starting point. Use intentional observation. — Jay Kiew
Ask where is this person’s head right now. Are they more thoughtful, are they quick? Are they trying to get to the point quicker or are they totally talking about something else? Where is their mind? — Jay Kiew
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS Director Of Publications Morgan O’Rourke and RIMS Risk Management Magazine Senior Editor Hilary Tuttle about RIMS Risk Management Magazine, including its recent Azbee awards for design, changes to its format, and the second quarterly issue. Hilary and Morgan share insight into supply chain, pirates, geopolitical conflict, heat domes, a forecasted active hurricane season, elections in many nations, AI gender bias, and what they expect to see for the rest of 2024.
Listen for guidance on preparing your risk management strategy for the second half of 2024.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I will be joined by two of my favorite guests, Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine.
[:38] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 9th and 10th, our good friend Chris Hansen will lead the two-day session Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.
[:57] On July 23rd and 24th, we have Claims Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:10] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session on July 18th and 19th with Parima. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and on August 7th and 8th, a RIMS-CRMP Exam Prep along with Utah Valley University.
[1:31] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certification Page of RIMS.org and in this episode’s show notes.
[1:46] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.
[2:07] Registration opened for the RIMS Canada Conference 2024, which will be held on October 6th through 9th in Vancouver. Visit RIMSCanadaConference.ca to register!
[2:23] Every July, we like to kick off the Summer with a Mid-Year Risk Report from our friends in the RIMS Publications Department, RIMS Publications Director and Editor-in-Chief of Risk Management Magazine, Morgan O’Rourke, and the magazine’s Senior Editor, Hilary Tuttle.
[2:45] I thought it would be fun to hear what’s shaking the landscape in risk management. Morgan and Hilary are the best in risk management reporting. We’ll talk about risk management trends, some of their favorite topics to cover, and even some of the accolades that the magazine and website have won.
[3:08] Hilary Tuttle and Morgan O’Rourke, welcome back to RIMScast!
[3:26] RIMS Risk Management Magazine has won three design awards this year from the American Society of Business Publication Editors, known as the Azbee Awards. Congratulations to our friend, Art Director, Andrew Bass.
[4:20] RIMS Risk Management Magazine is digital-first, publishing new articles weekly, sometimes a couple a week. It has quarterly digital-only issues and newsletters. The issues look like the former print edition but use technology in new ways to publish content. They are seeking contributions of articles from risk professionals. Contact them if you have a risk article to write!
[6:27] The Q2 issue of RIMS Risk Management Magazine addresses the impact of AI on insurance underwriting. It covers geopolitical issues for the rest of the year. AI and geopolitics are dominant issues now. It also contains guidance on things like document retention policies for litigation and the uses of parametric insurance to address earthquake risk.
[8:05] The issue presents news on the growing copyright infringement claims from the use of social media content and information on third-party risk management issues.
[8:21] Russ Banham wrote an article in this issue about supply chains. Hilary also recently wrote content about shipping. There is a record low of ship losses but a notable increase in threats to shipping. Geopolitics, including the conflict between Israel and Gaza, and conflict in the Red Sea are driving the threats. The majority of cargo ships are being rerouted around Africa.
[9:51] This rerouting affects supply chains greatly. It also affects the environment. By the end of 2023, after about two months of conflict, emissions were up 14%. Ships add 10 days of sailing time to go around Africa. The emergency infrastructure is strained for the route around Africa when ships that are built to stay in coastal waters are rerouted.
[10:34] Somali pirates are back. International regulations on patrolling for piracy expired. Patrolling has been redirected to the Red Sea for the conflict there. Ships navigating the Horn of Africa cross through Somali waters. These factors provide opportunities to the pirates. Since December there have been several boardings.
[12:38] “Ghost ships,” a fleet of unregistered ships, are shipping oil from Russia to countries that are still doing business with Russia. These are older boats that are poorly maintained that can’t be insured and are likely to leak, break, or catch on fire in port. The costs are borne by local governments and property owners wherever the ship docks.
[15:01] Hilary brings up the Captain Phillips movie, where the Somali pirates kept mentioning insurance payouts.
[15:26] It’s RIMS plug time! Webinars! Servpro will make their RIMS Webinars debut on August 8th with more details to be announced shortly. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[15:50] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.
[16:09] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[16:24] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada.
[16:40] The Spencer Educational Foundation’s Risk Manager on Campus Program brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.
[17:06] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified at the end of September. Apply by June 30th, 2024. On September 12th, 2024 we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City.
[17:31] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.
[17:55] That was a great episode, so after you finish this one, go back and listen to Episode 293!
[18:01] Let’s return to my interview with Morgan O’Rourke and Hilary Tuttle of the Azbee Award-winning RIMS Risk Management Magazine.
[18:30] July is the start of severe weather seasons across the globe. The forecasts are terrible. The East Coast is facing a heat dome. It becomes an issue for businesses of protecting their workers. In a recent survey, 65% of small business owners said they plan heat safety measures to protect employees; 35% of small business owners have no plan for such measures.
[19:24] There are some severe consequences if you have employees working outside without any consideration for their safety. OSHA has raised extreme heat safety as an enforcement priority. If you are in the 35% not planning or employee safety in the heat, reconsider your plan.
[19:53] The Workers Compensation Research Institute recently did a study that found that the probability of work-related accidents increases by five to six percent over 90 degrees. The effect is strongest in the South. This relates to heat stroke but also to extreme heat’s effects on cognitive function, reflexes, and reaction time. There is an increase in incidents like falling.
[20:39] There is also a correlation between excessive heat and more significant injuries like traumatic injuries, dislocations, lacerations, and more. Some claims are a lot bigger.
[21:27] Morgan notes some recommendations employers can follow for providing and enforcing planned breaks, water, and shade. They should have a thought-out process and strategy. If an employer sees obvious effects, they must get employees immediately out of harm’s way into a colder place. If someone is confused or vomiting, get them medical attention immediately.
[22:38] It’s helpful to educate the workforce to know what symptoms to look out for in themselves and others, especially heat stroke symptoms that may not be obvious. This is a great mitigation option.
[22:59] Employers can use technology to monitor people’s temperature and the temperature of the environment where they work. This includes wearables.
[23:31] Mitigation protocols apply both to extreme cold and extreme heat. Both can cause great harm. A sports drink is not all that is needed.
[23:48] There is a new hurricane season outlook and infographic with the 2024 forecast on the Risk Management Magazine website. Hilary reviewed 10 detailed meteorological research studies and all of them predicted an above-average active season.
[24:21] Some called it a hyperactive or supercharged storm season. People are expecting quite a lot of storms and worse storms, with a higher risk of making landfall this year. There are a lot of cautions out there. We’ve had 14 straight months of record-high ocean surface temperatures, and storms that form above warmer, deeper water tend to be worse.
[25:00] Not only are the ocean surface temperatures above average, they are above average in a way mimicking the temperatures of the worst earlier hurricane seasons. Ocean temperatures are already as high as normal September ocean temperatures. About 95% of hurricanes happen in September and October in a normal year.
[25:52] The second factor is we are shifting from El Niño to La Niña conditions. In La Niña conditions, the wind shear that would typically break up storms doesn’t occur so storms are more severe. Justin notes even the water at the beach is warmer this year, from taking his family to the beach. Be prepared for hurricanes.
[28:26] Hilary discusses gender-based bias in AI large language models. The models mimic human traits. Large language models are trained on human writings so they have the biases that humans have. It can pick resumes that match the employees you already have, which may be predominantly white men. At Amazon, AI systematically disadvantaged women applicants.
[30:06] Scientists haven’t figured out all of the reasons large language models make the choices they make. Even the use of pronouns in questionnaires changes how the answers are valued. Male-pronoun questionnaires valued achievement while female-pronoun questionnaires valued security. AI disadvantages the use of non-binary pronouns or statements on gender identity.
[31:08] June is Pride Month. Is technology the next frontier of where we need to be conscious of inherent bias and how we actively fight that in the workplace? Look at technology with a grain of salt. If scientists can’t tell why bias is in AI, don’t assume you know why it’s in there. Watch for it.
[32:24] The year 2024 will have the most people voting in elections around the world ever. New leadership will come up with new standards. Change or uncertainty will lead to volatility. A rise in populist nationalism is happening in many countries, involving different trade dynamics. You should already have started to prepare for changes if you have international operations.
[35:23] Morgan hopes that all the things we are preparing for this year don’t happen. Risk managers hope none of the measures they put in place have to be enacted. The status quo is success but be prepared. Morgan says that from 2020 until now has just been tiring!
[36:45] Hilary hopes for more interesting data breaches; she’s tired of exposed S3 buckets, failures of basic MFA implementation, and people making dumb mistakes. She gets very excited about hefty SEC fines over cyber failures. She supports businesses learning one way or another. She says there has been a 12-fold increase in cyber disclosures in the first quarter of SEC filing.
[38:08] Seeing progress there and seeing large fines translate into better risk management is exciting. Businesses are following the regulations.
[39:12] Justin congratulates Morgan and Hilary on the Azbee wins. Any listener who wants to read more can go to RMMagazine.com. The special digital edition is for members only. It’s another value of RIMS.org/membership.
[39:50] Special thanks, again, to Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine, for extending the dialog beyond the pages of RIMS Risk Management Magazine, which is now available at RMMagazine.com. Be sure to check out the Q2 issue. Members have the benefit of that fantastic page-flipping edition.
[40:13] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[40:46] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[41:28] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[41:45] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[42:01] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[42:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
“Addressing Supply Chain Challenges Amid Rising Geopolitical Tensions”
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS Canada Conference 2024 — Oct. 6‒9 | Registration is open!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!Contribute to RIMS Risk Management Magazine
Spencer Educational Foundation — Funding Their Future Gala 2024
RIMS Webinars: RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“On Risk Appetite and Tolerance”
“Live Again from RISKWORLD 2024!”
“Climate Disclosures with Jana Utter”
“Supply and Bike Chains with Emily Buckley”
“Kicking off the new year with RIMS CEO Gary LaBranche”
“2023 Risk Year In Review with Morgan O’Rourke and Hilary Tuttle”
“Navigating Shipping Risks in 2022 with Capt. Rahul Khanna”
“Cybersecurity Reporting Updates with Hilary Tuttle of Risk Management Magazine”
Sponsored RIMScast Episodes:
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Morgan O’Rourke, RIMS Director Of Publications
Hilary Tuttle, RIMS Risk Management Magazine Senior Editor
Tweetables (Edited For Social Media Use):
RIMS Risk Management Magazine is primarily digital-first, publishing new articles on a weekly basis, sometimes a couple a week. We are also doing quarterly digital-only issues. — Hilary Tuttle
A recent survey said that of small business owners, 65% said they are going to add heat safety measures to protect their employees; that means there are 35% that are not doing that and there are some pretty severe consequences of heat injuries through neglect. — Morgan O’Rourke
Scientists can’t entirely figure out all of the reasons that some of these large language models make the biased choices they make. — Hilary Tuttle
I would hope that all the things we are preparing for this year don’t happen; that hurricane season is not terrible, and the election season doesn’t create all sorts of instability. Risk managers hope none of the measures they put in place have to be enacted. — Morgan O’Rourke
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Mrunal Pandit of Tata Consumer Products about being the RIMS Risk Management Honor Roll Inductee 2024, having math in her DNA and how that relates to risk management and insurance, her role at Tata Consumer Products. They discuss how “once-in-a-lifetime” catastrophic flood events seem to be happening regularly, and how to proactively and prudently prepare for them. Mrunal tells how she developed Tata’s risk framework playbook for natural catastrophes and how risk management is supported by Tata’s philosophy of social responsibility.
Listen in to for experienced advice on proactively preparing your business to mitigate the risks of climate change.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. I am excited to be joined by RIMS Risk Management Honor Roll Inductee for 2024 Mrunal Pandit of Tata Consumer Products.
[:40] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On July 9th and 10th, our good friend Chris Hansen will lead the two-day session Managing Workers’ Compensation, Employer's Liability and Employment Practices in the U.S.
[58] On July 23rd and 24th, we have Claims Management. Other dates for the Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:11] Let’s talk about prep courses for the RIMS-CRMP. RIMS will co-host the next two-day RIMS-CRMP Exam Prep session with Parima on July 18th and 19th. RIMS will host its own RIMS-CRMP Exam Prep on July 30th and 31st and a RIMS-CRMP Exam Prep with Utah Valley University on August 7th and 8th.
[1:32] The next RIMS-CRMP-FED Exam Prep course will be hosted along with George Mason University on December 3rd through 5th, 2024. Links to these courses can be found on the Certifications Page of RIMS.org and in this episode’s show notes.
[1:47] Registration is open for the 48th Annual Florida RIMS Educational Conference. It will be held from July 30th through August 3rd, 2024 in Naples, Florida. The link is in this episode’s show notes. All RIMS Regional Conferences information can be found on the events page of RIMS.org.
[2:08] Did you know that the RIMS Risk Management magazine Q2 2024 issue is available online? A link to the digital issue is in this episode’s show notes. The new issue covers the impact of AI on insurance underwriting, geopolitical risks, ERM program tips, social media copyright claims, developments in parametric insurance, and more!
[2:38] You can also head over to RMmagazine.com.
[2:41] In next week’s episode, we will have our mid-year update with RIMS Publications Director Morgan O’Rourke and Risk Management magazine Senior Editor, Hilary Tuttle.
[2:56] My guest today is Mrunal Pandit. She is the Global Head of Insurance at Tata Consumer Products in India. She is the first person to hold that position at Tata. She has made some outstanding achievements in her role and that is why she was named the RIMS Risk Management Honor Roll Inductee for 2024. There is so much to discuss about her impact!
[3:29] Her profile in RIMS Risk Management magazine’s Awards Edition was a great read and we wanted to extend that, here on RIMScast. The link to the article is in this episode’s show notes.
[3:40] RIMS Risk Management Honor Roll Inductee for 2024, Mrunal Pandit, welcome to RIMScast!
[4:07] It was a very happy moment for Mrunal and her family when she was awarded as the Risk Management Honor Roll Inductee for 2024. It represents a significant milestone in her professional career as an insurance and risk management professional and recognition for the work she has done so far. What better validation could she ask for than from RIMS?
[5:25] Mrunal is a numbers person. She addresses the significant role of math in the risk profession, such as in decisions about retaining a risk or transferring it to insurance, based on a quoted premium. It’s all numbers to Mrunal and factoring in the data is intriguing and exciting. She says she “speaks in numbers.”
[6:31] The article, written by Russ Banham, is available in the Awards Edition of Risk Management magazine. A link is in this episode’s show notes.
[6:57] Mrunal calls risk management interesting and dynamic. The world’s risk landscape is constantly changing, with global supply chain risks, geopolitical scenarios, and emerging risks like cyber. Challenges keep changing year after year, which keeps Mrunal on her toes and leads her to many learning opportunities.
[7:28] Mrunal refers to Tata Consumer Products. When she started, it was a plantations company, then a beverage company, and now a fast-moving consumer goods (FMCG) company. This has added to the complexities of the risks, allowing Mrunal to implement the risk management framework prudently. She has found that to be gratifying.
[8:03] The organization grew; with that, the risk complexity grew and Mrunal’s knowledge as a risk manager grew.
[8:36] Mrunal drinks Tetley Tea and a lot of the Indian-made Tata Tea, two of Tata’s products. Tata Tea is a different blend from tea sold in the United States. The teas are blended for the geographic market. Mrunal recommends Justin try Masala chai or Mumbai chai teas.
[9:30] Are these once-in-a-lifetime weather events that now happen frequently in India attributable to climate change? Mrunal says climate change has evolved from one of the ten most important risks to the first or second most important risk in India. It plays a significant role in Mrunal’s risk management strategy today.
[10:21] Climate change creates risks to manufacturing, storage, business operations, the supply chain, and business. It is prudent to take the necessary proactive steps to ensure that the overall losses due to climate change are reduced or mitigated. Climate change is becoming an integral part of every business risk. Every risk manager should view it very prudently.
[11:38] Mrunal joined Tata Beverages, as it was called, in December 2017. They were proud of having few claims in most locations. A devastating flood in 2018 with many human casualties and much asset damage led Mrunal to build a disaster playbook for settling calamitous claims.
[13:05] Tata now has a framework and playbook for what needs to be done before any natural catastrophe, including earthquake, floods, and cloudbursts, and what steps need to be taken before the catastrophe happens. Technology gives some warning time before most natural catastrophes. Tata sends notifications to the affected teams about what they need to do.
[13:44] The playbook also covers what needs to be done at the time of the event, and post-catastrophe, if there are losses, the necessary steps for mitigating the risk and recovering prudently, step by step.
[14:12] Mrunal talks about monsoon seasons. Before the monsoon season, Tata sends a detailed note to the affected geographic areas about monsoon preparedness and the “dos and don’ts.” Every year there are cloudbursts, which happen any time of year. Those are also captured in the disaster playbook.
[15:32] Mrunal uses the RIMS Risk Maturity Model as an important tool in Tata’s risk management. It helped her to understand what risks Tata needed to self-insure and what risks it needed to transfer to insurance.
[16:58] Justin mentions an upcoming audio and possibly video series about the Five Pillars of the Risk Maturity Model.
[17:30] Risk mitigation and disaster management are huge, going forward. Mrunal believes there are no geographic areas that will be spared the effects of climate change. We may see nothing is happening today, but tomorrow we don’t know what will happen. With data analytics, AI is going to play a very significant role, telling us the data patterns, going forward.
[18:02] It is prudent for us, as risk managers, to understand that we are going to have our businesses and operations, maybe not tomorrow but three or five years down the line, affected by flooding or another natural catastrophe that would hamper the business.
[18:19] So it is prudent to inform our business that this is the trend, going forward. Necessary steps need to be taken from the business continuity perspective. It’s a process to prepare for catastrophe in your geographies where you have a lot of operations. Come up with a business continuity plan.
[19:06] It’s RIMS plug time! Webinars! Servpro will make their RIMS Webinar debut on August 8th with more details to be announced shortly. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[19:28] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.
[19:47] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[20:02] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.
[20:21] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.
[20:39] Another great Spencer program is the Risk Manager on Campus Program, which brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.
[21:01] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified at the end of September. Apply by June 30th, 2024. On September 12th, 2024 we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City.
[21:26] Our recent guest from Episode 293, Lilian Vanvieldt-Gray, will be the honoree. Lilian is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer at Alliant Insurance Services. She will be honored for her valuable contributions to supporting the future of risk management and insurance.
[21:50] That was a great episode, so after you listen to this episode, go back and listen to Episode 293!
[21:55] Back to my interview with RIMS RiIsk Management Honor Roll Inductee 2024, Mrunal Pandit!
[23:09] Tata has always given preference to its employees in taking care of them, concerning the death claims from catastrophic events, irrespective of the fact that they were insured or not, Tata ensured that the families were taken care of. The head of HR is quite involved in this assistance. Tata supports employees, even advising them on pension plans to sustain families.
[24:38] Mrunal talks about ensuring that death claims are handled with care and respect. These are the people who have given a lot to the company. Tata takes care of the families when they need it the most. They push the insurers to pay the claim to the next of kin within 10 to 12 working days after the documents are given.
[25:52] For a catastrophic event, Mrunal separates it into baskets: the claims for physical assets, covered by the property policy; human capital, covered by a policy and by trusts; students who were studying there were originally not covered, and the flood in 2018 happened before they were covered by insurance. Mrunal had told senior management there was a coverage gap.
[27:14] Senior management paid attention and was receptive to Mrunal’s points about a coverage gap. In risk management, the risk manager has to proactively understand the risks for the business and provide solutions ahead of the events. You also have to have empathy for the employees working for you. Tata values its employees as an integral part of the organization.
[28:28] The empathy and philosophy of the organization require spending money to take care of employees.
[28:57] Mrunal tells how she supported her proactive strategy and theory with numbers about the human capital and how death and disability trends in their industry and their organization could affect their business. This led to decisions by senior management about what to insure.
[29:58] Mrunal has been in the insurance and risk management profession for almost two decades. She has no plans to retire as she still finds this field quite interesting.
[30:34] Mrunal’s last words to early risk management professionals: “Some of the professionals in my organization have told me, ‘Mrunal, insurance is an evergreen field. People, even after they retire, continue to keep on working, so there must be something interesting in this field.’ I said, yes, absolutely!”
[30:53] “Risk management today is much more complex. For the young professionals who love to look at data and who love numbers, these are exciting times! For those who want to learn how to tackle complex multi-phasic challenges, this is a great time. For those who look at risk management as a career and not just another job, there is no better period than now.”
[31:28] “I alluded to cyberrisk, climate change, the changes in regulations worldwide, and conflicts between geographies. Each brings with it its own set of opportunities. For example, technology has made a significant impact on asset mapping, tracking, valuations, weather modeling and forecasting, and setting up early warning systems, which we also use.”
[32:01] “These are the hard skills but there’s also a softer side to it. In order to have a fulfilling career, we need to bear in mind that the work we do involves people and impacts people's lives as well. Focusing on the personal touch will help these early career professionals as they follow their respective journeys in the risk management field.”
[32:30] Justin tells Mrunal, It has been such a pleasure to meet you and I’m so happy for all your success. Congratulations again on this wonderful achievement. I hope we have a chance to meet in person. Maybe you’ll come to RISKWORLD 2025 in Chicago. Mrunal says Yes, and Chicago happens to be her husband’s favorite place. He studied at the University of Illinois.
[33:06] Special thanks, again, to RIMS Risk Management Honor Roll Inductee 2024, Mrunal Pandit. You can read her profile in the special Awards Edition of RIMS Risk Management magazine and learn more about her experience with the RIMS-CRMP through the RIMS-CRMP Stories feature available through RIMS.org. Links to both are in this episode’s show notes.
[33:30] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[34:05] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[33:50] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[35:08] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[35:25] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[35:47] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS-CRMP Stories — “Mrunal Pandit: RIMS 2024 Risk Management Honor Roll Inductee”Spencer Educational Foundation — Funding Their Future Gala 2024
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
Spencer Educational Foundation — Risk Manager on Campus Grant — Apply Through June 30
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18-19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
Florida RIMS Annual Conference — July 30‒Aug. 3, 2024!
RIMS Webinars:
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RIMS 2024 Goodell Award Winner Eamonn Cunningham”
“RIMS 2024 Rising Star Chelsea Andrusiak”
“RIMS 2024 Risk Manager of the Year, Steve Robles”
“Julie Bean, 2024 Heart of RIMS Award Winner”
Sponsored RIMScast Episodes:
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit and RIMS Treasurer Manny Padilla!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Mrunal Pandit of Tata Consumer Products
Tweetables (Edited For Social Media Use):
This award represents a significant milestone in my career as an insurance and risk management professional. It’s a recognition, I feel, by the global leaders and professionals in this field for the work I have done so far. — Mrunal Pandit
The organization grew; with that, the risk complexity grew and my knowledge as a risk manager grew. — Mrunal Pandit
It is prudent to take the necessary steps, proactively, to ensure that the overall losses due to climate change are reduced or mitigated. — Mrunal Pandit
The way the climate patterns are evolving worldwide, I would not say there is any geography that is spared; each and every location. Today we may see that there is nothing that’s happening, but tomorrow we don’t know what’s going to happen. — Mrunal Pandit
We need to bear in mind that the work we do involves people and impacts people’s lives as well. Focusing on the personal touch will help these early career professionals as they follow their respective journeys in the risk management field.. — Mrunal Pandit
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Lilian Vanvieldt-Gray of Alliant Insurance Services about her risk and insurance career journey, what DE&I initiatives mean in her growth, the sorts of programs she has launched, and how she proves their worth on social and financial levels. She tells how a professor tried to steer her to trade school so she wouldn’t fail in the big university and how the lack of inclusion at her first job limited her career opportunities until a boss who saw her potential nudged her firmly ahead. She is passionate about the power of DE&I to do moral good and grow business profits.
Listen in to learn what diversity, equity, and inclusion can mean for your company.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. My guest is Lilian Vanvieldt-Gray. She is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services! We will discuss what it takes to launch and measure the effectiveness of a DE&I Initiative.
[:47] Lillian will also be the honoree at this year’s Spencer Educational Foundation Funding Their Future Gala on September 12th in New York City.
[:58] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 26th and 27th, our friend Elise Farnham leads the two-day course, Captives as an Alternate Risk Financing Technique. On July 9th and 10th, we have Managing Workers’ Compensation.
[1:18] On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are available on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:31] Let’s talk about prep courses for the RIMS-CRMP. The next session for risk managers based in the U.S. and Canada will be held on August 7th and 8th, followed by a two-day session on September 12th and 13th, and lastly, on December 17th and 18th.
[1:53] The next RIMS-CRMP-FED Exam Prep Course will be held on December 3rd through 5th, 2024. Additional Prep Courses are offered through NSE Academy, India, Conrad Clark Nigeria, UCLA, and others. A link to these resources and more is also in this episode’s show notes.
[2:14] Did you know that the RIMS Risk Management magazine Q2 2024 issue is available online? A link to the digital issue is in this episode’s show notes. The new issue covers the impact of AI on insurance underwriting, geopolitical risks, ERM program tips, social media copyright claims, developments in parametric insurance, and more!
[2:44] You can also head over to RMmagazine.com.
[2:49] Lilian Vanvieldt-Gray is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services. She is also this year’s honoree for the Spencer Funding Their Future Gala, which will be held, on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City.
[3:15] We are going to hear about her risk and insurance career journey, how DE&I initiatives have played a part in her growth, the sorts of programs she has launched, how she measures them, and how she’s able to prove their worth on social and financial levels.
[3:36] Lilian Vanvieldt-Gray, welcome to RIMScast!
[4:02] Lilian says that being the 2024 Honoree for the Spencer Funding Their Future Gala feels amazing, phenomenal, and stupendous! She says she’s at a time in her life when she’s happy doing the things she wants to do and she’s making a difference. This honor helped her get there.
[4:50] Lilian’s risk and insurance career started in 1988. After she graduated from UCLA in 1987, she worked for a financial planner in Beverly Hills. In October of 1987, the stock market crashed. It was a disaster for the small firm where she worked and Lilian decided she wanted to have a different career.
[5:38] Lilian’s girlfriend worked at an insurance company. She told Lilian they were hiring interns. It would be a boost from her current $18K a year to $28K a year. Insurance had her at “Hello.”
[6:43] About 22 years ago, Alliant came to Lilian’s attention in a bad renewal market when they “stole” one of her clients. Listen in for details. Then Alliant offered Lilian a job and she accepted.
[8:23] Lilian tells how she moved into the EVP and Chief DE&I Officer roles she holds with Alliant. After George Floyd, Alliant made a very impactful decision. They wanted to make a difference. Recognizing what was going on, they wanted to ensure all of their employees had a space and a sense of belonging. They created the DI department.
[9:05] The conversation Alliant initially had with Lilian was about leading the Alliant Charitable Foundation. The foundation’s goal is to bring people in to expand the industry, make it more accessible to everyone, recognize the contributions of marginalized communities, and reward them for their contributions to the industry.
[9:32] Internally, the foundation wanted to recognize Alliant employees, to ensure they have a safe space to be their authentic selves, and have opportunities to advance within the organization. Lilian was asked to help the foundation raise money and get the message out.
[9:52] As that work progressed, Alliant asked Lilian to do more. So she moved some accounts around to be able to do more.
[10:41] Lilian says Alliant has always had a commitment to DE&I. They haven’t wavered from it. That commitment to DE&I comes from the top leadership. With commitment from the top, everything falls into place. If Lilian gets pushback from a department, when she goes to leadership about it, they’ll have a conversation with them about why DE&I is important.
[11:27] DE&I initiatives are morally right and also financially smart and good decisions for business. When done properly, from an authentic place, they can drive your bottom line.
[11:59] Lilian’s challenge is measuring her initiatives. Alliant’s 2024 push is to get everyone’s self-identification to be able to track how doing X results in Y.
[13:35] Alliant has a six-pillar strategy to change the culture within the organization through a series of trainings, bringing in speakers on well-being and mental health, financial literacy, a 401(k), investing, and FICO. It’s a culture where your employer supports your whole being, including professional development and mentoring for career advancement.
[14:53] Alliant is evaluating external mentoring and internal mentoring to find which is more effective, having the employees help them come to that conclusion. They also use peer coaching, giving people different entry points to grow professionally. They also work with training agencies and industry DE&I associations such as NAAIA.
[16:04] Lilian feels synergy with these associations. DE&I isn’t just for marginalized people but also for their allies. Everyone grows when something is diverse. One learns when different ideas come to the table. You don’t know what you don’t know until you bring diverse people in, have those conversations, and get those perspectives.
[17:00] Being able to show the value of that to everyone is how you move the needle and it’s also how you make a lot of money.
[17:09] It’s RIMS plug time! Webinars! Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green, featuring insight from former RIMS President, Chris Mandel. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[17:36] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.
[17:55] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[18:10] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.
[18:30] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.
[18:46] Another great Spencer program is the Risk Manager on Campus Program, which brings a practicing risk manager to a university to present and engage with students about the risk profession and the insurance industry for about one to three days. There is a grant program with an application deadline of June 30th. The link is in this episode’s show notes.
[19:10] Check out the sample application at that link. Risk Manager on Campus Grant Awardees are typically notified by the end of September. Be sure to apply by June 30th, 2024. On September 12th, we look forward to seeing you at the Spencer Funding Their Future Gala at The Cipriani 42nd Street in New York City. Our guest today, Lilian Vanvieldt-Gray, is the honoree.
[19:38] Back to the interview with Lilian Vanvieldt-Gray!
[20:18] Lilian is one of six on her DI team. One has the charitable foundation as her sole responsibility, including the Fellows program, one of Alliant’s hallmark programs from the foundation. There is an internal side of DI and several employee resource groups.
[21:18] Lilian calls the managers of these programs “best in class,” which has led to Alliant receiving recognition for these programs.
[21:59] Lilian says women are all over the insurance industry, in roles without opportunities for advancement. For a woman to get into leadership, she has to have someone looking out for her, and sponsoring her.
[23:12] When Lilian went into the insurance industry, she went into training. At the end of the training program, they assigned people to departments. All women and people of color went into claims and all men went into leadership and sales. Lilian had a boss who believed in her. He created a position for her in account support.
[23:50] Lilian didn’t take the job because she didn’t believe she could do it. Someone else took the job. The boss asked her what was going on. He said he had created that job for her. He created another account support position for her.
[24:29] Had he not created that opportunity for her, Lilian believes she would still probably be a claims supervisor.
[25:49] Lilian says in DE&I, helping women and other marginalized employees up through the ranks is called allyship. There are programs to teach about the value and benefits of allyship. Allies can move the needle faster than anyone else can.
[26:11] If you are considering joining a group, you can join as an ally without being a part of that community. Being an ally means you’re not part of that community. Join and bring your influence to help them do better in their career.
[27:54] A Fearless Fund case ruled that it is discriminatory to set aside funds for loans just to African-American women’s businesses. That could affect many types of programs, like internships and fellowships. DE&I is working to change the mindset of a lot of people. DI has become a “bad word.”
[29:48] Lilian stresses that DE&I helps a business financially. DE&I is right morally. Lilian wants to help people understand why being an ally is going to be an advantage to them.
[30:33] Some high-profile DE&I leadership positions have been eliminated recently. Lilian speaks to this for DE&I in the risk and insurance space. DE&I might be rebranded to Engagement or a People Office. DE&I is for all employees. If there are nine ERGs, everyone in the company will have been touched by or associated with someone from one of them.
[32:01] Lilian wants people to understand that DE&I impacts everyone and it’s not anything they need to fear.
[32:44] Lilian’s DI department has partnered with the Spencer Educational Foundation to help manage an Alliant Foundation insurance degree grant program for Southern University, an HBCU in Louisiana. Lilian tells how that came to be. It’s been a great partnership.
[34:32] Lilian will accept a special honor at the Spencer Educational Foundation 2024 Funding Their Future Gala on Thursday, September 12th, 2024 at the Cipriani 42nd Street, in New York City. Lilian invites all podcast listeners in the New York area to attend.
[35:25] The proceeds go toward scholarships for students coming into the insurance industry and programs like the grant at Southern University, bringing the insurance industry to communities that are not familiar with it and normally are marginalized out of it.
[35:46] If you look at the videos of last year’s scholarship two recipients, after you finish crying, you will want to send them a check.
[35:55] For sponsorship and tickets, you can contact FundingTheirFuture@SpencerEd.org. A link is in this episode’s show notes to the email address, as well as to the Gala’s page.
[36:43] Lilian’s advice for young risk professionals: “When you think about insurance; when you got up, the bed you were lying in is insured, the street you drove to work on was insured; the trees that were being cut, and the person cutting the trees that you saw are insured. The car you were in is insured. The building you walked in… Insurance is everywhere.”
[37:14] “It’s in your home, your apartment. Insurance drives the world. You can come in and it’s not just going from door to door selling. It can be analytics, marketing, or social media; it can be any number of things. Think about insurance and think about the future you can create for yourself. There’s lots of money in this industry. Don’t leave it on the table.”
[37:52] “I do this because I had a professor one year tell me when I was graduating from high school, and I was an honor student, ‘I think you should consider going to a trade school because I don’t want you to fail and I think going to this big school you’re going to struggle and fail. I’m doing what’s best for you,’ and he tried to talk me out of going to the UC system.”
[38:38] He couldn’t see the value of what she brought to the table. Lilian is now the broker for the community college system the professor wanted her to attend. You have to believe in yourself. Don’t let anyone else define who you are. Define yourself in the brightest of lights because you can’t achieve it if you can’t see it or dream it. Define your dreams for yourself.
[39:14] Special thanks, again, to Lilian Vanvieldt-Gray. A link to the Spencer Educational Foundation’s Funding Their Future Gala 2024 on September 12th is in this episode’s show notes. Buy tickets; reserve a table. We want to see you there.
[39:30] Final reminder: June 30th is the deadline to apply for the Spencer Educational Foundation’s Risk Manager on Campus Grant. A link is in this episode’s show notes.
[39:47] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[40:21] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[41:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[41:23] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[41:39] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[42:01] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Spencer Educational Foundation — Funding Their Future Gala 2024
FundingTheirFuture@SpencerEd.org
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
Spencer Educational Foundation — Risk Manager on Campus Grant — Apply Through June 30
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18-19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Webinars:
Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Spencer’s 2024 Outlook”
“LAAIA Atlanta Chapter President Jose Aponte”
“Giving Back with APIW President Liz Kramer”
“Global Perspectives with RIMS Mexico, Australasia Chapter Leaders”
“Solving Wicked Problems with Dr. Gav Schneider”
“Equality and the Risk Profession with Elisa Stampf”
“Pride Month with the Rainbow Risk Alliance”
Sponsored RIMScast Episodes:
“Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh (New!)
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RMMagazine.com
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interviews featuring RIMS Treasurer Manny Padilla!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Lilian Vanvieldt-Gray of Alliant Insurance Services
Tweetables (Edited For Social Media Use):
Insurance had me at “Hello.” — Lilian Vanvieldt-Gray
After George Floyd, Alliant made a very impactful decision. They wanted to make a difference. Recognizing what was going on, they wanted to ensure that all of their employees had a space and a sense of belonging. — Lilian Vanvieldt-Gray
Do we do things because they're morally right? 100%. Do we do them because it’s financially a smart decision and a good business decision? 100%. DE&I is not just about doing the feel-good thing. If you’re doing it properly, it can drive your bottom line. — Lilian Vanvieldt-Gray
When I came into the insurance industry, at the end of the training program, they had to assign us to different departments and all of the women and all of the people of color went into claims and all of the men went into leadership and sales. — Lilian Vanvieldt-Gray
What makes me sad is that now DI has become a bad word. — Lilian Vanvieldt-Gray
Define yourself in the brightest of lights because you can’t achieve it if you can’t see it. You can’t achieve it if you can’t dream it and don’t let anyone else define your dreams. Define them for yourself. — Lilian Vanvieldt-Gray
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Victoria Ogbuehi of Coca-Cola about her education, her aspirations, her 12 years in public security, and her move into risk management. She describes the personality traits that are most helpful in an ERM career, such as a learning mindset and a habit of hard work. She describes winning her awards, as well as the importance of the RIMS-CRMP to her career and even her confidence. She cautions young professionals that if they are lazy, they should not try to work in risk management.
Listen in to learn about a fascinating career move from security to risk management.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:16] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. My guest is Victoria Ogbuehi, RIMS-CRMP. She is the Senior Risk and Resilience Manager for Coca-Cola Hellenic Bottling Company in Nigeria and a four-time Outstanding Security Performance Award winner! Lots to discuss!
[:51] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 18th and 19th, we have Fundamentals of Risk Management. On July 9th and 10th, we have Managing Workers’ Compensation.
[1:07] On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:20] Let’s talk about prep courses for the RIMS-CRMP. Our guest today is a beneficiary of the RIMS-CRMP Exam Prep Course. The next session for risk managers based in the U.S. and Canada will be held on August 7th and 8th, followed by a two-day session on September 12th and 13th, and lastly, on December 17th and 18th.
[1:50] The next RIMS-CRMP-FED Exam Prep Course will be held on December 3rd through 5th, 2024. Additional Prep Courses are offered through NST Academy, India, Conrad Clark Nigeria, UCLA, and others. A link to these resources and more is also in this episode’s show notes.
[2:11] Victoria Ogbuehi is the Senior Risk and Resilience Manager for the Coca-Cola Hellenic Bottling Company, based in Nigeria. I know her from being a RIMS-CRMP holder. She has a fascinating career I wanted everyone to hear about, including 12 years at the Nigerian Security and Civil Defense Corps!
[2:40] Victoria was risk-adjacent and then made her way over to full-time risk management. I can’t wait for all of you to hear what her risk journey has been like.
[2:52] Victoria Ogbuehi, welcome to RIMScast!
[3:25] Victoria’s 12 years with the Nigerian Security and Civil Defense Corps, coming right out of school, were the most stressful years of her life. Entering the real world, she saw her school days seemed to be out of reality. The 12 years were hectic but they were a cherished time and a learning process that made her find her footing in her risk role today.
[4:14] Victoria started as a core inspector and grew in rank. She had never intended to be a security professional.
[4:48] Victoria studied economics in her undergraduate years. She had wanted to work in the Central Bank of Nigeria, the World Bank, or the Securities and Exchange Commission. She wanted to help grow economies.
[5:27] Victoria has never worked at a financial center or in the field of economics. In her third year as a public security professional, she felt stuck and she knew it was time to pursue a career in security. In Nigeria, some job applications are restricted to an age window and she wanted to make a change. She wanted security to be her calling for life.
[6:40] Victoria went back to school to study law enforcement and criminal justice. With that degree, she felt more confident and motivated. She went back again to study law. She understood that knowing the law would help her be a better law enforcer. She got certificates for security management and operations. It was her journey of building for 12 years until she left.
[8:08] Security is a male-dominated field, globally. For Victoria, it was not about men dominating the field but about the passion for what she did.
[9:08] There were so many challenges for Victoria in Security. One of the biggest challenges was inadequate training. She is very studious and doesn’t like to go a year without taking a course in something. For three years, she wasn’t exposed to any courses. Then she took them at her own expense without support. She had to beg her employer to acknowledge her studies.
[10:12] Another big challenge for Victoria was that there was no motivation. She felt stuck all the time. Simply put, there were few opportunities for growth.
[11:00] Victoria had heard about risk and insurance at school. As a student, she did not see herself as becoming a risk manager. However, when the opportunity to become a risk manager eventually came, she applied. The application process was tough. The position was strategic and she had to appear before the Managing Director and the Group Chief Risk Officer.
[12:21] Victoria had the advantage of her knowledge of economics and 12 years of security operations experience. She saw this opening more as an opportunity to learn something new than as a job. The people who hired Victoria saw potential in her. She didn’t have confidence in herself but relied on her economics education. That was Victoria’s journey to risk management.
[13:38] It’s RIMS plug time! Webinars! On June 13th, our friends from Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management.
[13:52] Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[14:08] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.
[14:28] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[14:42] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.
[15:02] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.
[15:18] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes. This year’s honoree will be Lilian Vanvieldt-Gray. She is the Executive Vice President and Chief Diversity, Equity, and Inclusion Officer for Alliant Insurance Services.
[15:41] Lilian Vanvieldt-Gray will appear on an upcoming RIMScast episode. Be sure to subscribe to RIMScast through your favorite podcasting app to make sure you catch that episode and the 291-plus other episodes that antedate it.
[15:58] Back to the interview with Victoria Ogbuehi! In addition to being an employee of Coca-Cola, Victoria is involved in ERM. Victoria says applying ERM at her group in Coca-Cola is not difficult but complex. The group has well-developed guidelines for enterprise risk management. Over 80% of what you do are deterrents. They have robust processes in place.
[17:24] Victoria engages every risk-accountable leader. She notes four serious security risks across the business: kidnapping, terrorism, crime, and internal fraud. Other functions, such as supply chain, finance, procurement, and so on, each have specific risks they are looking out for. Victoria’s duty is to coordinate the risk management efforts of the different functions.
[18:34] Victoria facilitates Risk Review Sessions and ensures that all the accountable risk owners understand the expectations, especially when reviewing the effectiveness of the measures they put in place. She helps evaluate risk response plans and contingency plans and helps the risk owners understand what is expected of them. It’s a gradual process.
[19:16] When there’s a change in leadership, Victoria onboards them on the expectations. Risk is not managed by one person or department but is a cross-functional collaborative effort. That is what ERM is all about. Victoria works to understand each group’s processes and operations so she can advise them in the best way.
[20:01] Victoria would not say that Coca-Cola HBC in Nigeria is targeted directly for risks or threats. Nigeria is a very diverse country and the most populous in Africa. Because of the diversity, the crimes committed differ across regions. Coca-Cola HBC is one of the biggest companies in the country and has operations across the country.
[21:15] Coca-Cola HBC ensures that they identify all of the crime hot spots and proactively advise their employees on the safe places to go and unsafe places to avoid, how they can avoid those places, and how to conduct themselves in the event they find themselves in those environments unexpectedly, or anything happens. Environments continue to evolve.
[22:09] The ERM group continually monitors the threat velocity and gives advice based on their findings. It is an ongoing activity. Nowhere in the world is completely safe. They do assessments, giving their employees priority and keeping everyone as safe as possible.
[24:07] Victoria has been the honoree of the Outstanding Security Performance Award four times. She considers how far she has come. She used to sleep eight hours a night; now, she sleeps six because she wants to keep getting results. She keeps telling herself to work hard. Her work has been appreciated and honored. That’s what the OSPAs mean to her.
[24:55] Victoria speaks of adding the impact of the RIMS-CRMP certification to her title. RIMS is powerful! The certification is one of the best things to happen in her career. She looked for the best single certification available and saw that the RIMS-CRMP was it, so she worked hard for it. She was concerned about passing the exam but the course curriculum was well put together.
[26:03] RIMS-CRMP magnified Victoria’s confidence level because she knows what she talks about is correct. Her confidence has been building up since earning it.
[27:14] Victoria’s advice to young professionals considering entering the risk management field: “Please don’t even venture if you are a lazy person! You can’t try it, OK? You have to be very hard-working, tolerant, and patient. These are some of the qualities that will help you accomplish your purposes as a risk manager. You’re going to be working cross-functionally.”
[27:47] “You cannot wake up one day and say this is what I want to do today and I want to do it alone. It is difficult to manage risk alone. It’s something you do cross-functionally. You need collaborative and persuasive skills and know-how to talk to people and have them listen to you; how to engage people naturally.”
[28:18] “For most functions, managing risks is not part of their key performance indicators, so they will usually not make it a priority. The way you engage, interact with and persuade them will determine how far they will go to respond to you. You are accountable for those risks. You need a lot of endurance, patience, and tolerance. You have to be hardworking and studious.”
[28:53] “Every day you have to be learning new things because the risk landscape continues to evolve. You cannot be a lazy person.”
[29:09] Special thanks, again, to Victoria Ogbuehi. You can learn more about Victoria and her fascinating career through the RIMS-CRMP Stories feature. A link is in this episode’s show notes.
[29:24] It’s Plug Time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[29:56] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[30:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[30:58] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:14] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[31:35] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops — Next Workshop with PARIMA July 18‒19, 2024!
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS-CRMP Stories — New interviews featuring today’s guest Victoria Ogbuehi and RIMS Treasurer Manny Padilla!
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Webinars:
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Live Again from RISKWORLD 2024!”
“Global Perspectives with RIMS Mexico, Australasia Chapter Leaders”
“Solving Wicked Problems with Dr. Gav Schneider”
“Safety and International Risk Leadership with Franck Baron”
“Active Shooter Preparedness and Insurance with Paul Marshall”
Sponsored RIMScast Episodes:
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!
Spencer Educational Foundation
Leveraging Insurance and Risk Management to Address Political Risk — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Victoria Ogbuehi of Coca-Cola Hellenic Bottling Company
Tweetables (Edited For Social Media Use):
It was very stressful. It was very hectic. But it happened to be one of the most cherished times of my life because it was a time when I had to go through the learning process that made me find my footing so easily in my role today. — Victoria Ogbuehi, Ph.D.
One of the biggest challenges for me was inadequate training. I’m a very studious person. I’m not the kind of person who just wants to go a year without intentionally undertaking a course of studying something. — Victoria Ogbuehi, Ph.D.
You find us everywhere you go in Nigeria. You can’t stop refreshing Nigeria. Everybody wants to drink our water. You can’t go a day without taking a bottle of Coke! — Victoria Ogbuehi, Ph.D.
For most functions, managing risks is not part of their key performance indicators, so they will usually not make it a priority. The way you engage, interact with and persuade them will determine how they will respond to you. — Victoria Ogbuehi, Ph.D.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Julie Bean, 2024 Ron Judd Heart of RIMS Award Winner about her career in risk management, including how she ended up at seven companies in her first two years, and about her extensive involvement in RIMS Chapter committee leadership, chairing three committees and co-chairing a fourth committee at the same time. Her advice to new risk managers: Get involved in your RIMS Chapter, join committees, and build your network. Networking builds your career.
Listen in for risk management insight and thoughts about being involved.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. We will be joined by the Ron Judd Heart of RIMS Award winner for 2024, Julie Bean!
[:37] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management.
[:59] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:16] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, “Accident Prevention — The Winning Formula For Construction and Insurance”. I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change.
[1:46] The link to this dedicated episode is in this episode’s show notes. It is complimentary for RIMS members and nonmembers. Go check it out! If you are interested in producing a similar special episode of RIMScast that features your organization and is tailored to meet the needs of your audience, reach out to us at Content@RIMS.org or Sales@RIMS.org.
[2:12] The Ron Judd Heart of RIMS Award recognizes the volunteer contributions of a RIMS member who serves as a role model while keeping the chapter and the society vibrant and resilient, truly exemplifying the heart of RIMS. Julie Bean is best known as an omnipresent force in the RIMS Chicago Chapter. She is this year’s recipient.
[2:38] We saw her take to the stage in San Diego during RISKWORLD 2024. We had a chance to connect afterward and I’m so glad to present this interview where she will share some of her insight and knowledge on her work as a risk professional and her illustrious career, and what it took to balance being a RIMS chapter and a risk professional.
[3:06] 2024 Ron Judd Heart of RIMS Award winner, Julie Bean, welcome to RIMScast!
[3:38] Julie says it was an amazing feeling to receive the Ron Judd Heart of RIMS Award at RISKWORLD 2024. She worked for a month on her acceptance speech, but then the presenters told her there would not be time for remarks. She was just happy to walk across the stage with an enormous headshot behind her! The San Diego Convention Center has a huge stage.
[4:49] Julie takes a moment to reflect on the award. When her chapter nominated her and she saw the letters of recommendation, she was touched. She had never felt she was going over and above; it’s in her DNA to be part of the chapter, one of the largest next to New York. The chapter’s energy is so exciting! Julie always felt it an honor to be a part of it.
[5:46] Julie says, “Thank you to my incredible chapter and all of the risk professionals whom I’ve had the honor of meeting over these 20-something years. It was an honor to be there.”
[6:15] Julie was a Marketing and English double major, with no risk or insurance classes. In the working world, she was expecting to go into marketing but worked in companies that either shut down or were bought by somebody else. In two years, she was at seven companies. Through all that, she learned about resilience in companies and within herself.
[6:58] After her sixth company, Julie went to her headhunter to reinvent herself and find something else. That has helped her a lot in the risk management world because resilience is what it takes to protect the company and make it stronger.
[7:30] Julie is at the Chamberlain Group; in July it will be 19 years. She joined at the level of the parent company, the Duchossois Group. It’s a family-owned company. The Duchossois Group bought and sold several companies. Julie ended up at the Chamberlain Group once the other companies were divested. She has always been doing risk management for Chamberlain.
[8:03] Chamberlain is the access solutions company with the garage door operators LiftMaster and Chamberlain and MyQ Technology. Julie has always been a department of one, so she has learned to surround herself with people who help her in her profession and help her company.
[8:35] To work as a department of one, Julie created her path forward in a family business. The Duchossois Group gave her flexibility and autonomy in her role. She understood there was no vertical mobility.
[10:17] Julie learned early that she needed to surround herself with a network of smart people. Her broker and professional networks are extensions of her department.
[11:04] Julie is risk-averse. She looks for the worst thing that could happen and asks if they want to take that risk. There are upsides to taking risks. Her RIMS committee work allowed her to lead and taught her to delegate. Once you delegate, your committee is much stronger.
[12:22] Julie tells about her RIMS journey. Dan Morris, a one-time RIMS chapter president, and Julie’s boss at ServiceMaster, encouraged Julie to attend RIMS chapter meetings and serve on committees. In the Chicago Chapter, there are many opportunities because many things are going on. At one time, she was chairing three committees and co-chairing a fourth.
[14:15] Julie is thankful that her boss at the time, Colleen O’Connor, found it valuable for Julie to spend time on committees because of the networking and the knowledge she gained from her involvement with RIMS.
[14:49] Julie speaks of the benefits to her career she derives from networking. People she knows at RIMS are the most brilliant minds in the risk community and they are so willing to share their thoughts. When she has a problem, she asks for help and the answers come quickly.
[17:09] For several years, Julie had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have different, unique challenges than a large public Fortune 500 company. Julie says those sessions were incredible. She could always reach out to any of those peers to get good advice.
[17:54] It’s RIMS plug time! Webinars! On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management.
[18:18] Our friends at TÜV SÜD GRC return on June 20th to present Sustainability Without the Sticker Shock: Save Green While Going Green. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[18:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.
[18:54] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[19:09] The Spencer Educational Foundation’s goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.
[19:29] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.
[19:45] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes.
[20:06] Back to the interview with the Ron Judd Heart of RIMS Award winner Julie Bean!
[20:29] Julie is in Oakbrook, Illinois, where the Chamberlain Group resides. It’s a suburb outside of Chicago. RIMS will be in Chicago for RISKWORLD 2025 in May 2025. In May, there’s a good chance of having good weather in Chicago! Julie will most definitely be there!
[22:20] Julie’s biggest challenge over the years has been to show the value proposition of the risk management role. If it’s done correctly, nobody notices you. You’re not a profit center. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening because you had good risk control?
[22:58] What is the value of putting the correct insurance in place so that you’re covered and protected when there are losses? Julie tries to encourage people in the organization to understand that risk is everybody’s responsibility. The risk manager does not own risks. A risk manager gets involved with the other departments to understand the risks in the organization.
[24:20] When Julie lost her first job for reasons beyond her control, she was shocked. She says you have to think about what you offer a company, not what companies are going to offer you. After the third and fourth job losses, she switched her mindset. In those experiences, she had learned what she didn’t want to do: crunch numbers in spreadsheets with no human interaction.
[25:16] The roles Julie enjoyed were solving problems and interacting with people; understanding the situation and figuring out how to fix it or make it better. No matter how good you feel about yourself when they hand you that box and send you out the door, it’s not a happy place to be.
[25:49] Have your network of peers and be involved with it. That’s how you’ll find your next job; that’s how Julie found Duchossois, 19 years ago. Her peers told her, “Take a chance, you might like the culture.”
[26:42] Julie explains the end of REBEX as ties were cut between the Milwaukee Wisconsin Chapter and the Chicago Chapter. Chicago RIMS Chapter joined forces with the Mid-Illinois RIMS Chapter to rebrand REBEX as Chicagoland Risk Forum and stay a regional conference.
[27:45] The move carried a lot of risk but it was needed to revitalize the conference. Julie made many conference calls with chapter leaders. It almost didn’t work but everyone on the committee was energized and determined to make it happen. When it did, Julie felt like she was walking into RISKWORLD. It was a definite success in the first year and it is a big moneymaker.
[29:45] Julie talks about managing expectations. She does this from day to day in her job. That gets people to trust you. You can’t always deliver good news but you can manage expectations and that gives credence to your role.
[30:37] Julie’s advice to the next generation of risk managers: “I would just say that what they get out of participation in RIMS will far outweigh any expectation they have, without question. The people are so willing to give of themselves. Get involved. Be the one in the room to raise your hand and say, ‘I think I want to be a part of that.’ Start small. Take manageable bites.”
[31:18] “As soon as they get in, I would guarantee that they will be hooked by the exuberance and the energy of the group.”
[31:32] Julie, it has been such a pleasure to meet you. I look forward to seeing you next year at RISKWORLD 2025, for our 75th anniversary. It’s a big deal; we’re already planning for it.
[31:46] A quick plug for the 2024 Chicagoland Risk Forum, hosted by the Chicago RIMS Chapter. It’s the Ninth Annual Chicagoland Risk Forum, on September 19th, 2024. It’s a big day; 8:00 a.m. to 7:00 pm. It’s at The Old Post Office, an incredible venue with a rooftop bar. It’s free for risk managers and staff! Please sign up and join us! A link to register is in this episode’s show notes.
[33:49] Julie, thank you so much for joining us here on RIMScast!
[33:52] Special thanks, once again, to Heart of RIMS Award winner Julie Bean, for joining us here today. There are so many great takeaways from her insight! Be sure to learn even more about her in the special Awards Edition of Risk Management magazine. The link is in this episode’s show notes.
[34:08] On September 19th, 2024, the RIMS Chicago Chapter Chicagoland Risk Forum 2024 will be held at The Old Post Office. Visit ChicagolandRiskForum.org for more information. Remember, it’s free if you are a risk manager!
[34:27] Let’s continue with the plugs! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[35:01] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[35:45] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[36:03] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[36:19] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:40] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS Risk Management Awards Edition 2024 (featuring Julie Bean)
Chicagoland Risk Forum 2024 — Presented by RIMS Chicago Chapter — Sept. 19, 2024
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RISKWORLD 2024 Show Daily — May 6, May 7, May 8
RIMS Webinars:
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
Sustainability Without the Sticker Shock: Save Green While Going Green | Sponsored by TÜV SÜD | June 20, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RIMS 2024 Goodell Award Winner Eamonn Cunningham”
“RIMS 2024 Rising Star Chelsea Andrusiak”
“RIMS 2024 Risk Manager of the Year, Steve Robles”
Sponsored RIMScast Episodes:
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!
Spencer Educational Foundation
Leveraging Insurance and Risk Management to Address Political Risk — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Julie Bean, ARM, CRM, Head of Risk Management at Chamberlain Group
Tweetables (Edited For Social Media Use):
If you’re the smartest person in the room, you need to find another room. — Julie Bean
For several years I had a session at RIMS for family-owned privately-held companies. It was a closed session because, those who work in that environment have very different, unique challenges than a large public Fortune 500 company. — Julie Bean
If risk management is done correctly, nobody notices you. You’re not a profit center. You don’t sell or manufacture anything. What the role does is to protect the assets of the company; to ensure that anything is handled. What is the value of the claim not happening? — Julie Bean
No matter how good you feel about yourself when they hand you that box and send you out the door, it’s not a happy place to be. — Julie Bean
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews three of his favorite people, Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt, who are the three authors of the new RIMS Executive Report, Developing and Refining Risk Appetite and Tolerance. They discuss how the executive report was conceived and written, and what the challenges were in writing it. The report contains insight and direction on the need for a clear and accessible risk appetite statement and risk tolerance in any organization using ERM. They speak of challenges risk professionals face in setting a risk appetite statement, and why risk appetite is essential for organizations today,
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] About this episode of RIMScast, coming to you from RIMS Headquarters in New York. We will be joined by past and present members of the RIMS Strategic and Enterprise Risk Management Council to discuss their new RIMS Executive Report, Developing and Refining Risk Appetite and Tolerance.
[:47] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management.
[1:09] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:27] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, “Accident Prevention — The Winning Formula For Construction and Insurance”. I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change.
[1:57] The link to this dedicated episode is in this episode’s show notes. It is complimentary for RIMS members and nonmembers. Go check it out! If you are interested in producing a similar special episode of RIMScast that features your organization and is tailored to meet the needs of your audience, reach out to us at Content@RIMS.org or Sales@RIMS.org.
[2:23] The RIMS Canada Conference 2024 will be held in Vancouver from October 6th through October 9th. The deadline for session submissions has been extended through May 30th! Visit RIMSCanadaConference.ca or the link in this episode’s show notes to learn more about how you can submit your educational session for consideration at RIMS Canada Conference 2024.
[2:54] As mentioned, RIMS has a new Executive Report called Developing and Refining Risk Appetite and Tolerance. It is available through the link in this episode’s show notes and through the Risk Knowledge page at RIMS.org. The report was jointly authored by three of my favorite people, Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt.
[3:19] All have been featured in the ERM Q&A Series. Trisha and Lorie have both been featured here on RIMScast, and Lianne is making her debut. We’re going to talk all about this wonderful new Executive Report that was just released. We’ll see where we can extend the dialog beyond the report.
[3:43] Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt, welcome to RIMScast!
[3:53] I am joined by three of my favorite RIMS members. Two of you are returning to RIMScast. One is making your RIMScast debut, Dr. Lianne Appelt. People might know Dr. Lianne Appelt from RIMS-CRMP Stories, earlier this year.
[4:36] Trisha Sqrow of Marsh is next. Trisha says it’s great to be part of the Strategic and Enterprise Risk Management Council. Trisha was with DFW Airport when they received Honorable Mention for the ERM Award of Distinction in 2021.
[5:38] Lorie Graham is “the leading Oracle of ORSA.” Lorie was the Vice-Chair and Chair of the RIMS Strategic and Enterprise Risk Management Council. As the former Chair, Lorie kept her word and helped see this paper through.
[6:23] Lianne says that putting together a risk appetite statement or devising risk tolerance levels or the other elements described in this paper are some of the hardest things we do as risk professionals. When this was discussed in the Council, Lianne saw potential value in having a guide with examples for risk practitioners to learn from and use to grow their programs.
[7:54] This paper was Trisha’s first project on the Strategic and Enterprise Risk Management Council (SERMC). Through working on this paper, Trisha got to know Lorie and Lianne. She used her knowledge and grew a lot in the knowledge gained from Lorie and Lianne. They divided and conquered, each doing an aspect of the project.
[8:43] Lorie says working on the paper was a shared responsibility. They each had a different perspective, coming from different industries, having different roles, and facing different challenges in their organizations. It was fun to learn from each other.
[9:30] Developing and Refining Risk Appetite and Tolerance is available through a link in the show notes. Lorie says that risk appetite is the direction your company wants to go and tolerance is the amount of variability around that target that you are willing to accept. Tolerance statements are like guard rails. Lorie explains more about risk appetite.
[11:15] Lianne talks about when and how to start developing risk appetite and tolerance. It is discussed in detail in the paper. It depends on the circumstances, your stakeholders, and your leadership team. It can take a lot of input, iterations, and time. Use the guidance of your risk culture and make sure you achieve your objectives as a risk practitioner.
[13:04] Lianne says a big part is understanding the culture and the organization. Risk appetite is usually one of the last things an organization addresses because it is hard. Your impact statements can inform your appetite and tolerance statements.
[14:53] Lorie says the words of the risk appetite statement need to reflect metrics that are important to your business, in the language of the business, and connect to your business goals so people see why it is important. People need to understand the statements. Keep them fresh as the business evolves and the environment changes.
[15:55] Whittling the statements down to one or two sentences can be hard, but it is important. It won’t be perfect the first time. See how people translate it into the business.
[16:27] It’s RIMS plug time! Webinars! On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. There are more to be announced for June and July!
[16:52] Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[16:59] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link up soon on an upcoming episode.
[17:17] Review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[17:32] The Spencer Educational Foundation has the goal of helping build a talent pipeline of risk management and insurance professionals. They achieve that goal in part through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.
[17:51] If this description applies to you, you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.
[18:07] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes.
[18:43] Dr. Lianne Appelt is featured now on the RIMS-CRMP Stories. A link is in the show notes. Lianne speaks of common challenges risk professionals face when developing risk appetite and tolerance statements. A lot of the challenges are interdependent. One challenge is where setting a risk appetite statement and developing tolerance ends up being a compliance activity.
[19:28] For many, it is a “check-the-box” exercise they don’t want to spend a ton of time, effort, or energy thinking about how it can add value to the business. They want to do the bare minimum and move on. That leads to another challenge, the “set-it-and-forget-it” situation. If it sits on a shelf or in a Dropbox folder and nobody looks at it, it doesn’t add any value to the program.
[20:41] Trisha says some of it is having an unclear value proposition and not relating it to the business or the culture of the organization. People ask, “We’re doing fine, there have never been issues, so why do we need this?” The value proposition of appetite and tolerance is that it empowers decision-making throughout the organization. It replaces bureaucracy in decisions.
[21:36] Statements of risk appetite and tolerance allow you to allocate resources properly to bump up tolerance when needed. They help the organization to be more agile. They tie ERM to your business’s strategic goals and initiatives.
[22:43] One of the biggest challenges Lorie faced was asking herself, if you set a tolerance and exceeded the tolerance, did you fail? If you exceeded the appetite, did you fail? It’s not failure, it’s an opportunity to see it coming, know that you’re reaching it, and have a strategy before you get there to change your trajectory, risk appetite statement, or goals.
[23:26] Get people on board with the understanding that not hitting the target isn’t a failure. As you’re developing the program, allow for what to do when you need to make an exception. How does that play into how you report? You want to make it so it’s not punitive. You want a culture of people being open about variances. It might be an opportunity to be OK with an exception.
[24:32] You don’t want to chase the data and adjust your tolerance all the time, but it’s OK to look at what your appetite is, as you go forward.
[24:47] Lianne says another common challenge is the organization’s leadership, board or legal team has decided that they absolutely will not put something on paper in terms of risk appetite. That is fairly common in industries like tech, where there is no mandate for ERM. The risk team has to come to the table and demonstrate that value proposition so the leadership understands.
[25:30] If the leadership is adamantly against it, what do you do? That is touched on in the executive report. You can achieve objectives without having a formal risk appetite statement.
[25:48] Lorie has not seen leadership resistance, as she is in the financial industry where risk appetite statements and tolerance are required. She addresses falling out of target for tolerance. If you’ve done it right, you see it coming and have a risk response plan. Lorie shares a financial example where an action plan is triggered and a crisis is prevented.
[27:13] Trisha and Lianne presented this at RISKWORLD 2024. It was well-attended with lots of audience participation. They had made a similar presentation at the ERM Conference in Denver. The topic has led to more questions and comments than Trisha has ever had at a speaking event. When they put up the QR code for the paper, lots of phones went up.
[28:09] Lianne thought it was fantastic. There were good questions. Lots of people resonated with the challenges Trisha and Lianne presented. Lianne hopes the paper will help guide them on their journeys. If anyone wants to download the paper it is available on the Risk Knowledge page of RIMS.org. Lianne has gotten emailed questions from the session and answered them.
[29:30] Lianne was an extra in Wonder Woman 2. Justin was an extra in Find Me Guilty with Vin Diesel, directed by Sidney Lumet.
[31:14] Lorie looks first and foremost for curiosity in a new hire for ERM. You need to be curious about the cause and effect of things. You also need good data analytic skills, and acumen for making critical decisions, using deduction, and coming to conclusions. With those skill sets, you can be tremendous at ERM risk management.
[31:56] Trisha looks for collaboration. A risk practitioner works with people from all over the organization. She looks for people able to gather and understand people’s points of view and meet them where they are, sometimes with persuasiveness. It is important to speak to people at all levels of the organization. ERM is at that strategic level so you’ll have to speak with leaders.
[32:59] On top of those great qualities, Lianne adds perseverance and flexibility. Especially in tech, there is constant change and evolution. If something doesn’t work the first time, you can’t give up. You have to be able to maneuver situations creatively and come up with solutions that speak to the culture of the business. That makes you more collaborative and successful in ERM.
[33:42] This has been such a fun interview. You wrote a terrific paper, Developing and Refining Risk Appetite and Tolerance. We appreciate all you do for RIMS! On behalf of the organization, thank you very much!
[34:11] Special thanks once again to Lorie Graham, Trisha Sqrow, and Dr. Lianne Appelt for joining us here today on RIMScast. They co-authored the new RIMS professional report, Developing and Refining Risk Appetite and Tolerance. It is available through a link on this episode’s show notes. We’re very grateful to them for all their contributions.
[34:33] We hope to see them in some capacity at the RIMS ERM Conference 2024 in Boston, Massachusetts, November 18th and 19th. More details about that conference are on the way.
[34:46] It’s plug time! The RIMS App is available to RIMS members exclusively. Go to the App Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[35:18] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[36:01] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[36:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[36:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Executive Report: Developing and Refining Risk Appetite and Tolerance
RISKWORLD 2025 will be in Chicago! May 4‒7
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS Strategic & Enterprise Risk Center
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada 2024 — Submit a session through May 30!
Guests’ prior interviews:
“ORSA Reporting: It Seems To Be A Hot Topic with Lorie Graham”
“Trisha Sqrow Talks ERM in the Air and on the Ground”
Dr. Lianne Appelt: RIMS-CRMP Interview
RIMS Webinars:
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Scenario Planning with the RIMS SERMC”
“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”
“Solving Wicked Problems with Dr. Gav Schneider”
“Live From RIMS ERM Conference 2023”
Sponsored RIMScast Episodes:
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Lorie Graham, Senior VP and Chief Risk Officer at American Agricultural Insurance Company
Trisha Sqrow, Vice President at Marsh
Lianne C. Appelt, Sc.D., RIMS-CRMP, Head of Enterprise Risk Management at Salesforce
Tweetables (Edited For Social Media Use):
Putting together a risk appetite statement or devising risk tolerance levels or any of the elements described in this paper are some of the hardest things we do as risk professionals. — Dr. Lianne Appelt
Risk appetite is the direction your company wants to go and tolerance is the amount of variability around that target you are willing to accept before you change your strategy. — Lorie Graham
For many, setting a risk appetite statement and developing tolerance is a “check-the-box” exercise they don’t want to spend a ton of time, effort, or energy thinking about how it can add value to the business. — Dr. Lianne Appelt
In a new ERM hire, I look for collaborative skills. A risk practitioner works with people from all over the organization. I look for people able to gather and understand people’s points of view and meet them where they are, sometimes with persuasiveness. — Trisha Sqrow
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews live at RISKWORLD 2024 Tina Cameron, author of the RIMS Executive Report, Leveraging Insurance & Risk Management to Address Political Risk, about her risk management career and the winners of the 2024 Spencer RIMS Risk Management Challenge, the IIRM Hyderabad Vigilant Challengers and their risk management professor, about what it took to win the challenge. They share their vigilant path to victory by learning real-life risk management skills. Listen in for risk management nuggets of wisdom.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] These interviews were recorded live at RISKWORLD 2024 in San Diego with the author of a RIMS report on political risk and the winners of the 2024 RIMS/Spencer Risk Management Challenge.
[:44] First, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, we have Fundamentals of Risk Management.
[1:05] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar at RIMS.org/VirtualWorkshops.
[1:22] Let me tell you about the new dedicated RIMScast episode that just went live, sponsored by Otoos, “Accident Prevention — The Winning Formula For Construction and Insurance”. I interviewed Dana Kfir, the Director of Customer Success at Otoos about how technology can improve safety on construction sites and how companies can use incentives to drive change.
[1:52] The link to this dedicated episode is in this episode’s show notes. It is complimentary for RIMS members and nonmembers. Go check it out!
[2:04] RISKWORLD 2024 was a smashing success, hosting approximately 10,000 attendees. On-site in San Diego, I recorded two more interviews I wanted to share with the global RIMScast audience. I found them so insightful and they captured some of the energy we were experiencing on the exhibit-room floor.
[2:31] The first interview was with a fascinating risk professional, Tina C. Cameron. She is the Senior Manager of Global Insurance for World Vision International. Tina also authored a recent RIMS Executive Report titled Leveraging Insurance & Risk Management to Address Political Risk. A link is in the show notes.
[2:57] Since Tina travels worldwide, she’s an authority on the subject. On Wednesday, May 8th, Tina and I found a Tiki Bar near RIMS HQ and we set up the mic to talk about the Executive Report, her work, and the many risks and challenges a risk professional or business leader must consider before setting up operations abroad.
[3:22] I am pleased to share this interview with the global risk management community. Tina Cameron, welcome to RIMScast!
[4:00] Tina Cameron is with World Vision International. She started her career with a degree in business finance. She also studied global economics. She got a position as a corporate cash manager. That led to a job of half cash manager, half risk manager. After that, she only took risk manager jobs. She lists the industries she worked in that gave her a broad base of experience.
[4:54] Tina got her ERM and qualified for the RIMS Fellow. She also worked in mergers and acquisitions, due diligence, and audit. Tina was very interested in international matters. Her father was a world traveler and adventurer. He slept on the ground in some places. Tina has always been interested in other cultures. She wanted to be in a larger international organization.
[6:03] Tina joined World Vision International, an organization in about 100 underdeveloped countries. These countries don’t have all the privileges of developed countries. World Vision works to establish relationships with the government and bring humanitarian aid. They deliver humanitarian aid to poor children in the poorest countries in Africa, South America, and Asia.
[6:52] World Vision International also does microloans. Tina says one of the most important things is helping girls get into school in countries where girls are not valued as highly as boys and have no access to schools. World Vision helps families get their girls into school. They pay for education and transportation so girls in those countries have an equal opportunity.
[7:43] Tina talks about Leveraging Insurance & Risk Management to Address Political Risk. The main point of the report is to prepare. You cannot go into a country with blindfolds on. You have to prepare your people and understand the country. You have to understand the government and the infrastructure. You need to develop relationships with a good network of support people.
[8:46] You have to work with security firms. World Vision International has in-house security because they are in the most dangerous places in the world. Their security team prepares World Vision people to go into a country with strenuous training. A person is not eligible to go into the country without passing security training.
[9:04] World Vision employs local nationals and also people from around the world to help. There are a variety of people flying in for operations. Employing local nationals creates goodwill. There are also lots of volunteering opportunities all over the world. The jobs World Vision creates are opportunities for locals to help their communities.
[9:48] World Vision International is a Christian organization but they do not proselytize or force Western values on people. They go in with respect for the culture and religion. They go in only to help the locals get to the best circumstances they can with food security, clean water, sanitation, and hygiene. World Vision gives them the skills to be self-sufficient and then leaves them.
[11:03] Tina says a lot of firms don’t pre-plan for political risk. Then, once in the country, they ask carriers for political risk insurance. In a lot of cases, coverage will be denied to firms that are not known to the carriers. Tina wrote in the executive report the things you can do to get underwriters comfortable with your risk profile.
[11:37] Carriers need to get to know you and your operations, and that you understand security. They need to know your travel. Do this ahead of time and also get your various other forms of insurance without country exclusions. The carriers know World Vision International, so they don’t get normal exclusions.
[12:18] We’ve been there since the fifties. You can’t just jump in and expect to get insurance. It will either be denied or it will be extremely expensive. If you’re planning on going into a new country, get with a specialist broker who understands political risk and can guide you through the process. That’s when you first begin to understand your risk. Start a year in advance.
[13:32] Tina’s paper was written for risk managers who roll up their sleeves and put their hands in the dirt. It’s necessary to do due diligence on the country. Ask yourself about the power grid, internet service, and what cell phones will work there. Can you dial out of the country? Who controls the water and power? What are the roads like, if any? What about waterways?
[14:48] Are there fire stations? Are they all-volunteer? Are your people trained to put out fires? Hire outside security for your commodity warehouses. What’s the flooding like? You’ll want to be on high ground. We can take a lot from what we’ve learned here in the U.S. from natural disasters and other places where you’ve had losses.
[16:27] Tina suggests learning the best way to secure roofing so you don’t have a roof claim with every hurricane season.
[16:45] You have to have a contingent supply chain plan. You may need to airdrop. Look for other suppliers. What are the cyber laws in that country? How do you handle local cash? The top person on the ground needs to have a credit card with a high limit. Emergencies can happen, including needing emergency evacuation. Extracting people requires payment in advance.
[18:03] Tina discusses her participation in RISKWORLD, RIMS education, and the International Council. She and Justin give a shoutout to Gayle Jacobs, an SVP at Marsh, who advises World Vision International on political risk. Gayle Jacobs had a session at RISKWORLD 2024.
[19:27] Tina, thank you so much for joining us!
[19:42] RIMS plug time! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with this Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program.
[20:15] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[20:35] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. The agenda will be announced soon, as will a call for submissions for the ERM Award of Distinction. I’ll have that link soon on an upcoming episode.
[20:54] So review your organization’s ERM program, and if you feel it was successful and you have the numbers and the data to back it up, compile that information and get ready to submit your ERM program for the ERM Award of Distinction.
[21:09] The Spencer Educational Foundation has the goal of helping build a talent pipeline of risk management and insurance professionals. They achieve that goal in part through a collaboration with risk management and insurance educators across the United States and Canada. This also applies to not-for-profit entities.
[21:29] If this description applies to you, then you should apply for a Spencer General Grant. The application deadline is July 30th, 2024. General Grant awardees are typically notified at the end of October.
[21:49] The Spencer 2024 Funding Their Future Gala will be held on Thursday, September 12th, 2024 at The Cipriani 42nd Street in New York City. Links are in this episode’s show notes.
[22:01] My next guests flew from India to compete in person at RISKWORLD 2024 for the 2024 Spencer RIMS Risk Management Challenge. They won! The winners were The Institute of Insurance and Risk Management Hyderabad. Their team name was the Vigilant Challengers.
[22:17] They won the challenge that began seven months ago with 38 universities dedicating their time and effort to address a risk management case study based on the city of Tukwila, Washington. During RISKWORLD, the field was narrowed to three university teams and those finalists presented one last time in front of the conference attendees and a panel of judges.
[22:39] The Vigilant Challengers won and they also won a $10,000 prize, courtesy of RIMS and Spencer. They were led by our good friend Professor Roop Kumar Nagumantri, the university representative. I wasn’t going to let them leave for a flight back to India without getting them on the show, live in person!
[23:01] Vigilant Challengers of IIRM Hyderabad, welcome to RIMScast!
[23:23] Justin met Professor Nagumantri in 2017 or 2018 at RIMS India. Professor Nagumantri has bolstered risk management in India. He is proud of his fantastic team, Vigilant Challengers. They have a lot of energy! It’s an extraordinary experience for them.
[23:57] Shivya Tuli, Elvis John, and Yagnasritha Mallavajhala introduce themselves and the area of risk management they study at IIRM Hyderabad. Risk management is not yet a popular course in India. Coming to IIRM has been advantageous to each of the Vigilant Challengers participants. Professor Nagumantri tells how he selected the team. There was a test.
[26:02] How the IIRM Hyderabad team approached the Tukwila, Washington risk case study. They started by reading the city budgets and risk materials to formulate a buying approach. It took almost three months to read the materials. It took them about six months to prepare their presentation.
[27:15] The Vigilant Challengers detail how they made their presentation. It was their first time on an international stage. The judges made them comfortable. At the finals, they were a bit nervous, seeing that the hall was full. Again the judges and audience made them comfortable. It was a wonderful experience.
[28:10] The team used slides and technology to help their presentation. They presented like they were selling. They wanted the City of Tukwila to be better, to mitigate risks, and to get over all the risks. Their presentation was a balance of technology and individual explanations. The audience feedback was amazing and gave them a lot of confidence.
[29:32] The Vigilant Challengers recommend future challenge participants to back up innovative solutions with real-world examples. The more research you do, the better your report will be. The hard work and late nights helped. The team considered the human element of working with a city. They provided a practical solution that will help the city.
[30:40] Thoroughly research the subject and the audience you are addressing to relate and connect with the particular case study. Research and hard work are very important.
[31:11] The team members stayed up late and worked on Zoom calls after staying at the college until 8:00 or 9:00 at night.
[31:32] Professor Nagumantri says Spencer’s Risk Challenge is quite extraordinary. The students began to understand how risk management is to be done. They will be good risk managers because they have seen the application of what they have read in class. They learned to do research and apply the findings to a problem. They will make good CROs.
[32:29] Special thanks once again to Tina Cameron and the winning team of the RIMS Spencer 2024 Risk Management Challenge, IIRM Hyderabad Vigilant Challengers.
[32:49] A link to Tina Cameron’s RIMS paper, Leveraging Insurance & Risk Management to Address Political Risk is in this episode’s show notes as is more information about the IIRM Hyderabad Vigilant Challengers and their victory.
[33:04] Also check out last week’s RIMScast episode for more coverage of RISKWORLD 2024 with some fantastic interviews, live and in person!
[33:13] It’s plug time! The RIMS App is available to RIMS members exclusively. Go to the Apps Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everyone loves the RIMS App!
[33:45] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[34:29] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[34:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[35:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[35:23] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 will be in Chicago! May 4‒7
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page — Apply Through July 30.
Spencer Educational Foundation 2024 Funding Their Future Gala
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS ERM Conference 2024 — Nov 18‒19 — Boston, MA — Call For Session Submissions by May 13.
RIMS Risk Management Awards Edition 2024
Spencer-RIMS Risk Management Challenge 2025 — IIRM Hyderabad Wins!
RIMS Executive Report: Leveraging Insurance & Risk Management to Address Political Risk
RISKWORLD 2024 Show Daily — May 6, May 7, May 8
RIMS Webinars:
Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC | May 23, 2024
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Live! From RISKWORLD 2024”
“RISKWORLD 2024 Keynote Peter Diamandis”
“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”
“RIMS 2024 Goodell Award Winner Eamonn Cunningham”
“RIMS 2024 Rising Star Chelsea Andrusiak”
Sponsored RIMScast Episodes:
“Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos (New!)
“Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Tina C. Cameron on LinkedIn
Senior Manager, Global Insurance at World Vision International
The winning IIRM Hyderabad team, The Vigilant Challengers!
Shivya Tuli, Yagnasritha Mallavajhala, Elvis John, and Institute of Insurance and Risk Management (IIRM) Hyderabad Representative: Kameswara Venkata Roop Kumar Nagumantri
Tweetables (Edited For Social Media Use):
You cannot go into a country with blindfolds on. You have to prepare your people and understand the country. You have to understand the government and the infrastructure. You need to develop relationships with a good network of support people. — Tina C. Cameron
We’ve been there since, I think the fifties. So, you can’t just jump in and expect to get insurance. It’s either going to be denied or it’s going to be extremely expensive. — Tina C. Cameron
The 2024 Spencer RIMS Risk Management Challenge was an opportunity where we could explore the city virtually and get to know more about it. — Shivya Tuli
Spencer’s Risk Challenge is quite extraordinary. The students began to understand how risk management is to be done. They will be good risk managers because they have seen the application of what they have read in class. — Professor Roop Kumar Nagumantri
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Oliver Wild, the President of AMRAE, Joan Woodward, Executive Vice President for Public Policy at Travelers, and Chuck Baxter, Executive VP at IPISC, all live at RISKWORLD 2024. First, Oliver discusses AMRAE’s 2024 RMIS Panorama. Next, Joan discusses Travelers’ 2024 CFO Study. To finish the episode, Chuck discusses World Intellectual Property Day and the importance of IP rights in your organization. There is much to learn from these RIMScast guests. Justin also reveals the location of RISKWORLD 2025.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:15] These interviews were recorded live at RISKWORLD 2024 in San Diego, from May 5th through May 8th.
[:39] Before we get to the interviews, let’s talk about RIMS Virtual Workshops. The full calendar of virtual workshops is at RIMS.org/VirtualWorkshops. On June 11th and 12th, we’ve got Applying and Integrating ERM. Also on June 11th and 12th, we have Fundamentals of Insurance. On June 18th and 19th, there is Fundamentals of Risk Management.
[1:05] On July 9th and 10th, we have Managing Workers’ Compensation. On July 23rd and 24th, we have Claims Management. Other dates for Fall and Winter are on the Virtual Workshops full calendar. A link is in this episode’s show notes. Listen for more about RIMS events later in the show.
[1:30] My first guest is the President of the Association for the Management of Risk and Insurance Enterprise or AMRAE. Their complimentary 2024 RMIS Panorama is now available for download. The last time we saw the folks from AMRAE on RIMScast was in 2019. François Beaume from AMRAE was in the RIMS office and we had a fun, impromptu interview.
[2:03] This year, I sat down with the AMRAE 2024 President, Oliver Wild. Oliver is the Chief Risk Officer for Veolia, a company providing water risk management, water reclamation, and water treatment. He was at RISKWORLD 2024, representing AMRAE. We talked about the Panorama, its improved functionality and accessibility, and the trends identified in the Panorama.
[2:46] Oliver Wild, welcome to RIMScast!
[3:05] Oliver is the President of AMRAE, the French equivalent of RIMS. They have over 1,600 risk manager members. They organized their conference in February 2024 in Deauville, France. There is a link to the event site in this episode’s show notes. The last time Justin spoke with someone from AMRAE was in 2019. Justin interviewed François Beaume in the RIMS office.
[3:59] The new Panorama is the 17th Edition. Oliver says AMRAE is reaching out to more risk managers with the help of IFRIMA, FERMA, and other risk associations. For this edition, AMRAE got responses from 250 risk managers in 36 countries. It gives an international view of the use of risk management information systems.
[4:30] The number of vendors has also increased. It’s a very dynamic market.
[4:49] AMRAE integrates risk managers’ views. There are risk manager testimonials and expert opinions on the market from insurers and brokers. It’s a neutral, objective study and very business-focused, reaching into different departments in the organizations.
[5:38] You can access the full report. It’s free. You can also get direct access to the data with a QR code that gives you dashboards so you can slice and dice the data and get the view you want to see, per country and vendor, and the risk managers’ responses.
[6:54] It’s a growing, dynamic market. More risk managers are implementing risk management information systems. The trend is a single risk management information tool to respond to the needs of many departments. On average in a company, 50 people use that tool to help them report to the board or their executives.
[7:47] A critical aspect and key benefit of these data-rich risk management information tools is information sharing, including real-time data. The number one reason risk managers implement this type of tool is for risk mapping. Other benefits are driving your action plans, following up on them, and sharing risk maps with your internal audit.
[8:43] A recent trend is to use these systems for risk management and prevention. To a lesser extent, Oliver sees internal control feeding into that.
[8:57] Oliver speaks of the popularity of SaaS. The quality of SaaS tools has improved, off the shelf. You can adapt and shape the tool to your needs. Risk managers are very happy with the tools that they have. They are easy to implement and it takes about four months. The average cost for these tools is €100K a year but differs by country. In the U.S., bigger systems cost more.
[10:53] The digitalization of the risk management function is critical and you’re seeing that in the insurance market as well leading to the big expansion of risk management information tools.
[11:10] Oliver shares his view on AI. The GenAI aspect is very new and is developing quickly. It’s already in current risk management tools. Oliver mentions “sanity checks” to improve data quality. Risk managers say AI helps them in fraud prevention by looking at financial patterns of fraud. In the insurance market, AI helps analyze policies and scan through prevention reports.
[12:11] AI can make the risk manager’s life easier and more efficient. You need human eyes to see the analysis and human ears to hear it, but AI gets you on your way. It’s a real-time analysis.
[12:52] AMRAE organizes an annual event in Normandy and Deauville. It gets about 4,000 people. It’s a great event with plenary sessions and around 30 workshops for risk managers. The Panorama is the 17th Edition, but AMRAE produces analysis of other topics year-round, based on the topics of the moment. AMRAE does prospective thinking on future risks.
[13:33] There’s also a training part with certified training and modules to help risk management face their challenges. Risk management is now at the board level and modules help risk managers get used to talking to C-suites and execs. There is training on the Corporate Sustainability Reporting Directive (CSRD), aimed at the environmental impact of the company.
[14:17] In the Risk Management System Panorama, people are using AMRAE training to do their reporting on CSRD. That’s one of the areas of focus of the report this year.
[14:28] AMRAE does a lot of smaller events in regions in France to reach out to a maximum of the risk management community. AMRAE has six centers across France, hosting events throughout the year. AMRAE is the association of reference for the risk management community in France. Their equivalent of RISKWORLD is called Les Rencontres (The Meetingplace).
[15:16] Les Rencontres covers the whole risk ecosystem for all stakeholders, with discussions, cocktails, and dinners. It’s fun and a key source of information. It has a big student population. Last year over 300 students attended. The students bring their CVs and talk to the carriers about a job for when they graduate. Les Rencontres is always the first week of February.
[16:02] Oliver Wild is also the Chief Risk Officer for Veolia. There are 17 people at the head office and a network of offices around the globe in 58 countries. That’s about 90 people in risk and insurance combined. They deal with risk mapping, identification, and prevention. They run captives and insurance programs. The risk managers interact with all the other departments.
[16:49] Oliver, it has been such a pleasure to talk with you. You’ll come back for another episode, virtually, unless you want to ship me out to France?
[17:05] RIMS plug time! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with this Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinars debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. Some RIMS board members will be there to lend insight, as well.
[17:37] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. All of these sponsors had a wonderful presence at RISKWORLD on the showroom floor and we sincerely appreciate our partnerships with them. Register at RIMS.org/Webinars. Webinars are complimentary for RIMS members!
[18:12] Our next guest is the President of Travelers Institute and Executive Vice President for Public Policy at Travelers, Joan Woodward. Joan led a session at RISKWORLD, From Forecast to Forefront: New Research on the CFO’s Strategic Mindset. At that same time, Travelers released its special report, 2024 CFO Study. A lot of the session info was based on this brand-new report.
[18:44] I caught up with Joan right afterward. We extended the dialog from her session and explored some of the details from the 2024 CFO Study. Joan Woodward, welcome to RIMScast!
[19:11] Travelers decided this year to survey over 600 CFOs and Heads of Finance at large companies with 500 or more employees across a mix of industries to get their views on topics from core responsibilities and corporate strategy to the macroeconomic concerns on the minds of CFOs. CFOs are key decision-makers in selecting the right solutions.
[20:10] CFOs rely on risk managers in the company. They wear multiple hats. Travelers wanted to know what keeps them up at night, how they deal with complex risks, and whom they turn to to help them manage that risk.
[20:40] A lot of major companies have their enterprise risk management teams report to the CFO. A lot of companies have a risk committee on their board of directors. Overseeing risk management is probably one of the most difficult things a CEO has to worry about. Risk management and the CFO go hand-in-hand to advise the board and their CEO.
[21:24] The Travelers study uncovered four key themes; one is the expanding role of CFOs with internal and external constituencies in risk management and overseeing that function to ensure the business is resilient against any type of risk.
[22:01] Risks change all the time, so this is an evolving landscape. Twenty years ago, we weren’t talking about cybersecurity insurance or cybersecurity risk. Risks are evolving; the CFOs’ jobs are evolving with that.
[22:15] Other concerns in the report are workforce post-pandemic challenges around finding and retaining talent, the cost of labor, macroeconomic conditions, supply chain, and geopolitical risk. Joah’s office is the airport; she works all over the country. She has traveled for the last 25 years of her career but thinks there’s value to the corporate culture in the office.
[23:20] Travelers has a three-day-a-week in-the-office policy; some are there four or five days. Some prefer to be home for two work days, or on the road with their jobs. Employers need to be flexible and make adjustments as needed. The labor shortage has shifted the leverage toward the employees, rather than the employers. [24:13] Employers need to adjust for the employee demographics coming on board. Their expectations about the workforce are different than the expectations of Baby Boomers of thirty years ago, Employers have realized this and become more flexible. Employee engagement is the name of the game. You don’t want people jumping ship for a raise at a competitor.
[24:46] In the report, 88% of the CFOs surveyed are very confident that their company has taken necessary strategic steps to remain resilient. A lot of them believe the 2024/2025 economic outlook is pretty strong. Inflation is subsiding. Interest rates have come down. CFOs are comfortable with their risk management strategies.
[25:28] Joan thinks the insurance industry, brokers, and agents have something to do with that confidence. There’s a lot of expertise in the agent and broker communities and it’s great that businesses have tapped into them. Agents, brokers, and carriers have seen it all with their claims data.
[23:53] The 2024 CFO Study, A Travelers Special Report is available through a link in this episode’s show notes. The TravelersInstitute.org has a plethora of information on their webinars and podcasts.
[26:12] Justin and Joan are both strong users of LinkedIn. Joan wasn’t an early adopter but joined about five years ago. She finds it to be a great tool for business growth and career development. She loves mentoring young people and putting out thought leadership. She’s all in on LinkedIn.
[26:42] Joan, it has been such a pleasure to meet you. I look forward to seeing you at RISKWORLD 2025.
[26:53] A RIMS reminder! The links to the RIMS RISKWORLD Show Daily are in this episode’s show notes. If you couldn’t attend RISKWORLD, or if you did attend and want to relive some of the highlights of RISKWORLD 2024, check out the links in the show notes! Coverage of the general sessions, keynotes, and more can be found on the digital pages of the Show Daily.
[27:25] My friends Joe and Chante from our marketing and design team always do a fabulous job with the layout, art, and distribution to all of you! A big shoutout to our good friend Joe Zwielich, also of RIMS, who was taking photos constantly while we were on site. He did a marvelous job.
[27:48] On April 26th, the world celebrated World Intellectual Property Day, which is led by the World Intellectual Property Organization. With so much digitization and viral videos in the world, IP is a big risk for a lot of organizations. To learn more about this risk I reached out to one of my favorite members of the RIMS Greater Bluegrass Chapter, Chuck Baxter.
[28:24] Chuck is the Executive Vice President of IPISC, Intellectual Property Insurance Services Corporation. They handle patent insurance. I thought it would be great fun to catch up with him. World IP Day has passed, but the risks have not. Let’s learn what’s ahead. Chuck Baxter, welcome to RIMScast!
[28:54] Chuck has been attending RISKWORLD for eight or nine years. It’s an important event for IPISC. IPISC specializes in insurance for intellectual property risks. IPISC has been insuring intellectual property risks exclusively for over 30 years. Intellectual Property is in everything. It’s everywhere. It’s in all kinds of business transactions.
[29:55] It could be a copyright for something you created, or a name for your product or service, or an innovation protected by a patent. You might not recognize your copyright, or you may be at risk of being accused of infringing on a copyright or patent unknown to you. All risk professionals need to know the risks.
[30:31] World Intellectual Property Day is important everywhere. Everyone has IP issues. Different countries protect it in different ways. The World Intellectual Property Organization promotes World IP Day to raise awareness that IP rights are important and should be protected.
[30:52] They are the incentives for creators that provide rewards for the risks people take when they are doing something new. Those rewards in the form of IP rights can create value for a company.
[31:10] If somebody comes after you for what you are doing, the freedom to operate within your market is crucial. Being accused of infringing on somebody else’s IP rights can be devastating to a small-to-midsized company that can’t sustain the multi-million dollar cost of fighting the case. Chuck sees a lot of suits, especially among competitors trying to shut down a new player.
[31:47] Forward-thinking businesses obtain IP insurance before bad things happen. Risk professionals need to know that everyone should be thinking about this and putting IP insurance in place before they need it, like any insurance. It is essential. When a small company thinks ahead and has this protection, they’re not simply squashed like a bug by a larger company.
[32:43] The smaller company may have the better position. Chuck shares a case study of a small company’s patent case that went to the Supreme Court. The company was under a legal cloud until they prevailed.
[33:33] January 1st is Public Domain Day in the U.S. for workers over a certain age. The Winnie the Pooh copyright expired so horror movies are coming out with Winnie the Pooh. IP rights last for a set number of years, not forever.
[34:45] It’s not the idea that can be copyrighted but the expression of the idea. IPISC says overprotecting intellectual property is as harmful as underprotecting it. Creativity is impossible without a rich public domain.
[35:26] Successful companies like the Disney Company built many of their franchises on public domain characters. Some Disney characters, like the original Mickey Mouse in Steamboat Wilie, are now in the public domain.
[37:15] Chuck addresses IP for music. Copyright affixes the moment you put something into a tangible medium and digital recordings count. The most popular owners of copyrights in music are exposed to copying but you don’t know who will be the most popular.
[38:38] Popular works are exposed to claims of infringement by other creators if they can prove the creator of the popular work had access to the original work. Two independent creators may create the same thing without infringing. If one heard the other first, they may have copied it and be liable. You can do it for the love of it, but if you get some success, you’ve got exposure.
[39:33] Chuck, it’s been a real pleasure to speak with you on RIMScast. Thank you for coming to RISKWORLD 2024.
[39:46] Special thanks again to my guests, Oliver Wild from AMRAE, Joan Woodward from Travelers, and Chuck Baxter from IPISC! Links to their LinkedIn profiles are in this episode’s show notes. The reports that we reference are linked in this episode’s show notes.
[40:06] I had a great time hanging out with them and many of you at RISKWORLD 2024. Shoutout to the RIMS events team for outdoing themselves yet again! We’ll see you in Chicago in 2025!
[40:22] It’s plug time! The RIMS App is available to RIMS members exclusively. Go to the Apps Store and download the RIMS App with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everybody loves the RIMS App!
[40:55] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[41:39] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[41:57] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[42:13] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[42:34] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2025 will be in Chicago! May 4‒7
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS ERM Conference 2024 — Nov 18‒19 — Boston, MA — Call For Session Submissions by May 13.
RIMS Risk Management Awards Edition 2024
Spencer-RIMS Risk Management Challenge 2025 — IIRM Hyderabad Wins!
RISKWORLD 2024 Show Daily — May 6, May 7, May 8
AMRAE — Download the 2024 RMIS Panorama
2024 CFO Study: A Travelers Special Report
IP ISC
RIMS Webinars:
Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC| May 23, 2024
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”
“RIMS 2024 Goodell Award Winner Eamonn Cunningham”
“RIMS 2024 Rising Star Chelsea Andrusiak”
“The Rise of RMIS with Francois Beaume of AMRAE”
Sponsored RIMScast Episodes:
Accident Prevention — The Winning Formula For Construction and Insurance | Sponsored by Otoos (New!)
Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties | Sponsored by AXA XL
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests:
Oliver Wild: President of the Association for the Management of Risk and Insurance of Enterprise (AMRAE), Group Chief Risk and Insurance Officer at Veolia
Joan Woodward is Executive Vice President of Public Policy for Travelers and President of The Travelers Institute Joan’s LinkedIn: Joan Woodward
Chuck Baxter, Esq., Executive Vice President and General Counsel, IP ISC
Chuck Baxter’s LinkedIn: Chuck Baxter
Tweetables (Edited For Social Media Use):
One of the critical aspects of these risk management information tools, and one of the key benefits, is all about information sharing. — Oliver Wild
The quality of SaaS tools has improved, right off the shelf. You can adapt and shape the tool to your needs. Risk managers are very happy with the tools that they have. They are easy to implement. — Oliver Wild
CFOs are key decision-makers in selecting the right solutions. CFOs rely on risk managers in the company. — Joan Woodward
A lot of companies have a risk committee on their board of directors. Overseeing risk management is probably one of the most difficult things a CEO has to worry about. — Joan Woodward
Intellectual Property is in everything. It’s everywhere. It’s in all kinds of business transactions, whether somebody has created something new and has a copyright in it, they have a name for their product or service, or they have innovation that they protect through patents. — Chuck Baxter
You can do music for the love of it, but you have to recognize that if you get some success, you’ve got exposure. — Chuck Baxter
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS Risk Manager of the Year 2024, Steve Robles, Los Angeles County. They discuss how his career progress how he negotiated a position to have a direct report to the County CEO and Board of Supervisors, as an Assistant CEO over Risk Management, and why he feels it was necessary to have a direct report with the strategic decision-maker. Steve tells of the importance of sharing knowledge with a network and how he built his coworkers to be his succession to be ready when he left. Finally, he leaves you with his advice for building your career upon your passion. Listen for wise risk management philosophy.
Key Takeaways:y
[:01] About RIMS and RIMScast.
[:14] RISKWORLD 2024 is the yv w now in San Diego, from May 5th through May 8th. Use the RIMS Events App to organize your sessions, meetings, and other fun and educational experiences at RISKWORLD.
[:30] About today’s episode of RIMScast. This is a fantastic episode! I will be joined by RIMS Risk Manager of the Year 2024, Steve Robles. There’s so much to discuss with him!
[:56] There’s a good chance that you are listening to this episode while you are with us in sunny San Diego, California during RISKWORLD 2024. Let’s start with May 6th. In the morning on the Main Stage at 8:00 a.m., we have an Opening Keynote from Peter Diamandis.
[1:14] At noon, PST, we’ve got the Main Stage Leadership Keynote, An Afternoon with Marlee Matlin, Academy Award-winning actress, director, and activist. The Spencer RIMS Risk Management Challenge Final Round will be held in Ballroom 6A at 1:15 p.m.
[1:34] On the morning of Tuesday, May 7th we’ve got the Spencer 5K Fun Run, sponsored by Sedgwick. That event will be held at 200 Marina Park Way. At 8:00 a.m., we have our Industry Breakfast Keynote from Evan Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group.
[1:54] On Wednesday, May 8th, at 3:00 p.m., on the Main Stage, our Conference Finale and Closing Keynote will be delivered by entrepreneur, author, TV personality, and Shark, Daymond John. Each day there will be sessions at the DE&I Studio, the Global Studio, the Innovation Hub, the Thought Leader Theater, and the Wellness Center, in addition to the breakout session rooms.
[2:21] Check out the full itinerary at RIMS.org/RISKWORLD, and the RIMS Events App. If you have any questions or want to pick up some wonderful RIMS swag, check us out at RIMS HQ.
[2:39] The RIMS Risk Manager of the Year program aims to raise the profile of the risk management profession and the outstanding programs the honorees have implemented within their organizations. The program was initiated in 1977 and the Risk Management Honor Roll was added in 1981.
[2:56] The 2024 RIMS Risk Manager of the Year is Steven Robles. Steve was recognized for his work as the Assistant CEO for the County of Los Angeles. He’s featured in the special Awards Edition of RIMS Risk Management magazine. On Wednesday, May 8th, at 2:10 p.m., Steve and I will be at the Global Studio to extend this dialog.
[3:21] Right now, we’re going to have a lot of fun! We’re going to talk about highlights of the past year and his career and what it means to be Assistant CEO for a major county in the United States of America. RIMS Risk Manager of the Year 2024, Steven Robles, welcome to RIMSCast!
[3:56] Steve is excited to be a guest on RIMScast! Steve says it’s extremely humbling to be RIMS 2024 Risk Manager of the Year. He has spent his entire career in risk management and to be honored like this is just an amazing feeling. It’s wonderful to know all the people who have helped him in his career; Steve shares his award with them. We cannot do our jobs by ourselves.
[4:56] The Awards edition of Risk Management magazine has a wonderful article by Justin that details Steve’s career, especially the last couple of years and his work at LA County. The article’s link is in this episode’s show notes.
[5:30] Steve was with San Bernardino County for almost 23 years; it was a lot of fun. He started his risk management career as a safety officer there. He worked with the Sheriff’s department to ensure they were safe when they raided drug labs. He worked with all kinds of wonderful professionals. That’s what got him hooked.
[6:41] The department Steve worked in at San Bernardino County was the Risk Management Department. From Safety, Steve progressed to Workers’ Comp, Liability, Insurance, Indemnification, Contracts, and Finance. As he built his skill set and supervisory experience, he realized he could run the department. After 10 years, his goal was to head the department.
[8:58] Justin points out a great takeaway for the audience: Build your skill set, build your network, and when the time is right, present yourself for promotion.
[9:33] Steve’s friends told him not to take the job at LA County. Steve likes to organize and he saw there was disorder to organize. In his home, he likes to do tile work. He saw the opportunity to do some good for a place that was a good fit for him. Steve loves LA County. It was a major seven-day-a-week commitment. He got his family to buy into it. Fortunately, his kids were grown.
[12:40] RIMS plug time! For RIMS Virtual Workshops, visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[13:03] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes.
[13:20] If you attend RISKWORLD, be sure to download the RIMS Events App. This is different from the RIMS App which is available only to members. The RIMS Events App will help you keep sessions organized, take notes, communicate with other attendees, and a whole lot of other great features because there’s so much happening. This is a great way to stay on schedule.
[13:58] Back to the interview! Steve describes the extremely extensive interview process for the position at LA County. The panel and questions were pretty standard about Steve’s experience and philosophy on building a risk management program. Once he made the first cut, he had to interview with each elected official on the Board of Supervisors and their Chief of Staff.
[14:52] There were five Supervisors. He spent about two hours with each of them, over a week. After they approved him, he sat with the CEO. He wanted to have a direct report to the CEO. They met for about two hours. By the time he started his first day, it felt like he had worked a week.
[16:06] Steve says the CEO was great. Steve learned from the CEO during the interview that he had worked with Steve’s mom in a previous job and she had trained him on a lot of things in personnel! Steve said getting to know the board members and the CEO on a human level helped him a lot. Steve told his mom and she said, “Oh I know him, tell him, Hi!”
[17:34] Justin recalls when he got an internship at a major television network because his grandmother knew the mother of the marketing director. Leverage every family connection you can! Steve’s wife also has a family connection with one of the Board Supervisors and he name-dropped her as well.
[18:13] Steve is easy to get along with. He tells how that helped him to bring people along to where he wanted to go on a program or initiative. He knew he needed other people on board. He started by building a story. Risk managers need to be good storytellers. Use humor to put people at ease and allow them to share their true thoughts. A better idea may come up in discussion.
[19:40] Steve calls this conversation controlled chaos.
[20:17] Steve made privacy and cyber a top concern. These concerns went hand-in-hand. One of the issues at Los Angeles County was that their technology was extremely disjointed. Seven computer systems housed seven different data sets to administer risk management and the county council program.
[20:49] None of the systems communicated with each other but all systems had the same type of personal data and connected through the internet. That made seven different exposures. Steven developed a comprehensive system to consolidate the seven systems. Steven paid attention to the cyber aspects and privacy aspects of managing how the data got out.
[21:34] This was in 2013. Offices involved were the CEO, Health System, Jail System, Social Services System, and other county systems, which had the same challenges. Their first milestone was when they had a breach! It helped to have something occur so Steven could build from the chaos. It was a wake-up call.
[22:48] The breach springboarded the county departments to collaborate in their efforts to control cyber. Steven tells why the breach didn’t threaten his job. He always says, “I don’t know what’s going to happen but I know we need to be prepared for something happening. And this is how we prepare for these types of things.”
[24:13] That means we need to have an emergency communication policy with collaboration on handling disasters. We need to prepare for what we don’t know yet. As emerging risks came up, Steve brought them up. He brought up cyber and privacy long before there was a data breach. There was an emphasis on how they would respond to it. Steve also brought up AI years ago.
[24:49] Steve doesn’t know yet how AI is going to be a risk to us, but it’s going to be a risk and we need to prepare for it.
[24:58] One more RIMS Plug break! Webinars! Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with a Winning Property Loss Control Formula. On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program.
[25:32] On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months! Register at RIMS.org/Webinars. Registration is complimentary for RIMS members!
[25:51] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.
[26:07] RIMS wants to hear from you. Submit your session today. We’ve extended the deadline! A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more.
[26:29] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.
[26:50] Back to the interview with RIMS Risk Manager of the Year 2024, Steve Robles! Cyber and privacy kind of define the challenges of Los Angeles County because it’s so big. The size of the organization is the challenge. There are 100K employees and a county budget of $46 billion. All that money is being spent somewhere. When money is being spent, a risk is associated with it.
[27:36] The risk could be where to invest the money without losing it, to the costs of deploying staff. When you see analytics pointing to some future risks, how do you get the channel open to communicate it to the right people and get their buy-in to deploy risk prevention tactics?
[28:38] Steve connected to his risk professional counterparts in other counties. He would call his counterparts in Orange County, San Diego, Riverside, San Bernadino, San Francisco, and other counties around. “Have you seen this trend?” or “I think we’ve got fraud here, what do you guys think and what have you done about it?” They would share information on many topics.
[29:17] If it was in LA County, either other counties saw it first or they were trying to find out how LA County dealt with it. Steve would tap into his network of public sector risk professionals that went back to San Bernadino and the subject matter experts the county employed. He has known them for decades. They learned at the same time with different views of the same experience.
[30:19] It broadens you to meet with other risk managers who came up through different paths and have different viewpoints that enrich you if you take in that information so you can make good executive decisions.
[31:05] Steve had the greatest of all worlds at LA County because he had a great direct reporting relationship with the CEO and Board of Supervisors. He sees that other public sector entities do not have the same relationship between the risk managers and the CEOs. They report to a lower-level manager or human resources.
[31:38] Risk management should be a strategic partnership for the direction of the organization and the person you report to should have a direct influence on how that strategy moves forward.
[32:21] Steve’s former coworkers were his succession. Every year in LA County, Steve brought his staff together to help put together the strategic initiative. It brought them together as a team and they enriched each others’ knowledge base. As time progressed, many of them became qualified in all aspects of risk management. Steve was planning his succession from Day 1.
[33:26] Now, LA County has an interim risk manager, Destiny Castro, who was Steve’s operations manager. What Steve told Destiny is “You can do this job. What you’ll be surprised by is how fast things come at you. They come at you fast and there’s not really a day off! You’re the decision-maker.”
On May 8th, at 2:10 p.m., please go over to the Global Studio and check out RIMScast Live for a special session with RIMS Risk Manager of the Year 2024, Steve Robles. Steve received the award for his fantastic work with LA County. We will discuss his career and we will give all of you a chance to ask him anything that’s on your mind.
[34:40] Steve has participated in a lot of the events of the RIMS LA Chapter. It’s not just public entities there; it’s rewarding to see so many perspectives represented by private entities. Steve feels relaxed there with his clan who share his experiences. There are good side discussions that go on with the vendors as well as the members.
[35:50] Steve has spoken at some universities that have either established or up-and-coming risk and safety programs they are trying to expand. The students are fantastic and have great questions. Steve explains that risk management is not insurance; it’s exciting. Anything bad you see in the news, you’re a part of it!
[37:28] Steve’s advice for the next generation of risk managers: “Have a clear career path. Find your passion; what you’re passionate about is where you should go. There are so many different directions you can go in risk management. My passion was organizing the mess; I wanted a position where I could put those pieces together. But there’s so much more you can do.”
[38:02] “If you like contracts or if you like dealing with the human aspect of it you can go into claims. You take your personality and understand yourself and then find something that fosters that in your risk management career.”
[38:41] Steve says to enjoy yourself. Look at challenges as a game, as a chess match. Something is happening on the right side of the board and you need to position yourself to corner that risk, person, or whatever. It calms you down so you can think clearly about the steps that are going to be needed to win that game.
[39:28] Steve, I want to congratulate you again on being named RIMS Risk Manager of the Year 2024. Do you have your speech prepared? (Steve is ready!) We’re going to see you onstage on the morning of May 6th and spread the love!
[39:58] Special thanks again to RIMS Risk Manager of the Year 2024 Steve Robles for joining us. Steve and I will lead a RIMScast Live session on Wednesday, May 8th at 2:10 p.m. in the Global Studio during RISKWORLD. Come and ask the Risk Manager of the Year your burning question! A link to the RIMS Risk Management Magazine Awards Edition is in this episode’s show notes.
[40:25] Registered attendees for RISKWORLD should use the RIMS Events App. That will get you where you need to go when you’re at RISKWORLD.
[40:32] RIMS Plug Time again! Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everybody loves the RIMS App!
[41:05] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[41:48] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[42:06] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[42:22] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[42:43] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024 — Visit the Global Studio May 8 at 2:10 pm PST for RIMScast Live! with Steven Robles and Justin Smulison
RISKWORLD Pre-Conference Workshops
RISKWORLD Speakers
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 13.
RIMS Risk Management Awards Edition 2024
Spencer-RIMS Risk Management Challenge — Live at RISKWORLD
RIMS Webinars:
Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC| May 23, 2024
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“Climate Disclosures with RISKWORLD 2024 Session Leader Jana Utter”
“RIMS 2024 Goodell Award Winner Eamonn Cunningham”
“RIMS 2024 Rising Star Chelsea Andrusiak”
Sponsored RIMScast Episodes:
“Platinum Protection: Underwriting and risk engineering's role in protecting commercial properties” | Sponsored by AXA XL (New!)
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Steve Robles: Assistant Chief Executive Officer at Los Angeles County
Tweetables (Edited For Social Media Use):
I have spent my entire career in risk management and to be honored like this is just an amazing feeling. It’s wonderful to know all the people who have helped me in my career; I really am sharing this with everybody. — Steve Robles
We cannot do our jobs by ourselves. — Steve Robles
Risk managers need to be good storytellers. — Steve Robles
Risk management should be a strategic partnership for the direction of the organization and the person you report to should have a direct influence on how that strategy moves forward. — Steve Robles
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews returning guest Jana Utter. Jana is the 2022 Risk Management Honor Roll inductee and a former RIMS SERMC Chair. Jana remains active on RIMS committees. On May 6 at 2:45 pm, she will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance in ROOM 25AB. The SEC is in the news with final and proposed Climate Disclosure Rules announced. Jan shares her knowledge, experience, and risk philosophy, a cluster of acronyms, and why ERM needs to connect more fully with ESG. Jana will be co-hosting a session on the ESG track with Bob Wirth at RISKWORLD 2024. Listen in to learn more about emerging ESG risk reporting and disclosure.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s episode of RIMScast. My friend Jana Utter returns to discuss ERM, ESG, and the new Climate Reporting Disclosures; the SEC, the CSRD, and more. We’ve got a lot of acronyms today!
[1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes.
[1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:10] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:24] Today’s guest is one of my favorites. She is Jana Utter, the Vice President of Enterprise Risk Management at Centene Corporation. In 2022, RIMS named her to the Risk Management Honor Roll. She is the former chair of the RIMS Strategic and Enterprise Risk Management Council. Jana is knowledgeable about ERM and ESG.
[2:50] Since there were new SEC Climate Disclosure Rules announced, I wanted Jana to come back on the show and fill us in on what we need to know. This dialogue will dovetail with her upcoming RISKWORLD session on May 6th at 2:45 p.m. in Room AB25, Sustainability Reporting, Making ERM Transparent. It is part of the ESG track. She’ll be co-presenting with Bob Hirth.
[3:25] Jana Utter, welcome back to RIMScast! Jana was the 2022 RIMS Risk Management Honor Roll Inductee. Jana and Justin go back quite a few years. This is her third time as a RIMScast guest. Jana was the chair of the RIMS Strategic and Enterprise Risk Management Council. She misses it a bit but has moved on to other RIMS volunteer activities.
[4:10] Jana is here to discuss the SEC Climate Disclosures in the news. The U.S. SEC proposed final rules for Sustainability Reporting Standards. Also, the EU Corporate Standard Reporting Directive (CSRD) is making headlines.
[5:02] Jana thinks it is important as risk professionals to think of sustainability in the same way that we think about enterprise risk management. They are both important. Jana speaks of the 2017 COSO ERM Update, Integrating Strategy with Performance.
[5:29] That COSO document says that ERM helps enhance performance by more closely linking strategy and business objectives to risk. ERM affects value strategy and is linked to the business. The COSO framework also discusses how ERM leads to better decision-making.
[5:48] The International Sustainability Standards Board (ISSB) says sustainability factors are becoming part of mainstream investment decision-making. Companies are called upon to provide high-quality global comparable information on sustainability reported risks and opportunities.
[6:28] As ERM professionals, we are trying to identify risks to help protect the value and future ongoing business concerns of the company. Sustainability reporting is trying to do the same thing, protect the long-term value of the company. To Jana, that seems to be a natural fit.
[7:00] Justin and Jana agree that the data should support the story-telling of the organization or the risk professional. Sustainability reporting is a big part of that data, just as financial statements are.
[7:17] Sustainability reporting disclosures publish additional information by a company to inform stakeholders, including investors, business partners, employees, and customers. Jana thinks about it the same way as about financial statement information, which caters to the same stakeholder audience.
[8:14] Jana notes it’s important to know which of the different reporting directives for sustainability reporting standards apply to your company in the jurisdictions or geographies in which your company operates. Global sustainability disclosures are not 100% consistent. In the U.S., some states have additional expectations for ESG reporting above the SEC rules.
[10:10] ESG is showing up in commercials. Jana finds that interesting as her friends and family still don’t know what the acronym ESG means. It’s appearing in the mainstream, with DEI.
[11:31] Jana says that a lot of people who are responsible for enterprise risk management, including her industry peers, are not also responsible for sustainability reporting and disclosures. How can risk professionals get connected to the sustainability reporting team?
[12:23] Jana recommends risk professionals use the RACI matrix: Who’s Responsible? Who’s Accountable? Who’s Consulted? And Who’s Informed? If you’re not in this matrix, ask to join it as a consultant. She lists ways to contribute by connecting to different areas of the company.
[13:56] It’s important to know where your company operates. U.S. companies with no operations outside the U.S. may be able to follow the IFRS SASB Sustainable Accounting Standards and the SEC Climate Disclosure rules and other SEC-related rules that cover sustainability, as well as any state rules.
[14:59] If you’re U.S.-based with any operations in Europe, you’re going to want to monitor CSRD and make sure you understand and follow that protocol. That should cover you for the majority of any sustainability risks in the U.S.
[15:42] Jana’s go-tos are the International Financial Reporting Standards (IFRS), International Sustainability Standards Board (ISSB), and Sustainability Accounting Standards Board (SASB). ISSB includes the Taskforce on Climate-Related Financial Disclosure (TCFD). TCFD and CDP (formerly Carbon Disclosure Project) are closely aligned.
[16:46] Jana repeats, pay attention to the IFRS and what they do. IFRS is geared to the investor community. Also watch the Global Reporting Initiative (GRI), which is focused on social and environmental impact reporting.
[17:46] SASB is the Sustainability Accounting Standards Board. Justin invites you to look for these acronym links in the show notes.
[18:06] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[18:19] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[18:35] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[18:55] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes.
[19:13] If you attend RISKWORLD, be sure to download the RIMS Events App. This is different from the RIMS App, available only to members. The RIMS Events App will help you keep sessions organized, take notes, communicate with other attendees, and a whole lot of other great features because there’s so much happening. This is a great way to stay on schedule.
[19:38] On May 8th, at 2:10 p.m., please go over to the Global Studio and check out RIMScast Live for a special session with RIMS Risk Manager of the Year 2024, Steve Robles. Steve received the award for his fantastic work with LA County. We will discuss his career and we will give all of you a chance to ask him anything that’s on your mind.
[20:03] Steve’s a great guest. We’ve already recorded next week’s episode together. In a clip from the episode, Steve says his risk group at LA County was responsible for about 100K county employees. He didn’t know all their names, but if he knew their name, that was probably a bad thing! Be sure to tune in to RIMScast next week for more podcasting gold!
[20:35] Steve was a lot of fun and our session at the Global Studio on May 8th at 2:10 p.m. is going to be a blast! Be there!
[20:43] Webinars: On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will return on May 23rd with Respond to Emerging Risks with a Winning Property Loss Control Formula.
[21:08] On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months!
[21:30] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[21:38] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.
[21:53] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more.
[24:15] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.
[22:46] Jana Utter has a session at RISKWORLD on May 6th at 2:45 p.m. with Bob Hirth, called Sustainability Reporting: Making ERM Transparent. It’s part of the ESG track. It will be in Room 25AB. Jana is excited about the session. There are a lot of great sessions that run concurrently, but everybody should head over to Room 25AB on May 6th at 2:45 to hear more from Jana!
[23:35] Risk professionals are supposed to have a line of communication to the C-suite and the enterprise to take these announcements seriously. Jana says a risk professional has to treat sustainability reporting and disclosures like any other risk. An emerging risk can sometimes bubble up to become a noticed risk.
[24:42] Jana tells of her experience in reporting what ERM saw as up-and-coming emerging risks, capturing ESG and sustainability-related risks, and reporting disclosure expectations bubbling up in emerging risks. It eventually gets the attention when the time is right.
[25:40] Keep any emerging risk in the reporting to the extent possible. When the time is right, it will become important, not only to the ERM professional but to others where you’ve been trying to raise the flag. Risk professionals, make a note!
[26:19] Jana says Scope 3 Emissions are pretty complex. It is comprised of 15 categories. Scope 1 is a company’s use of natural gas. Scope 2 is its use of electricity. They’re more straightforward.
[27:16] The focus of Scope 3 is supply chain emissions. Most enterprise risk management professionals may not know or have had any reason to focus on how many suppliers their company has. It can be thousands or tens of thousands. It’s challenging.
[27:54] The Greenhouse Gas Protocol and other authoritative sources have ways to categorize types of vendors and use categorizations as a way to calculate emissions. It’s still very complex and much more subjective.
[28:30] To get the quality of reporting you need for financial statements, with external auditor reviews and having the same level of controls and tightness on the calculations, Scope 3 becomes quite complex.
[28:56] Justin reads from the U.S. EPA guidance on Scope 3: “The result of activities from assets not owned or controlled by the reporting organization but that the organization indirectly affects in its value chain.” Scope 3 emissions include up-chain and down-chain. A risk professional has a lot of work to do dealing with Scope 3 emissions.
[29:37] Jana mentions that a challenge around Scope 3 is double counting. A manufacturer uses a third party to deliver goods to a retailer. Both the manufacturer and the retailer count the third party for emissions. Communication has to occur between the manufacturer and its retailers. So Scope 3 emissions reporting is not required now.
[31:04] Jana talks about possible consequences of the failure of an enterprise to comply with the rule. It will probably be similar to any other failure to report accurately. You’ll get a letter with a deadline to comply. There could be levels of penalties. It could be the same as not filing your financial statements on time. Jana suggests you check with your legal counsel.
[33:10] Another trend Jana sees is the rise of Artificial Intelligence. It’s on everybody’s mind. There are sessions at RISKWORLD on the upside and downside risks and benefits of AI. AI has the ability to bring together a lot of information for the ERM practitioner. It still needs human interaction to determine what those results might mean and play out for your company.
[34:32] Jana would not limit the research to what the AI brought back for a data set. AI can’t replace the human experience and reasoning ability.
[35:05] Another topic Jana sees, as we get to 2025, people are looking to the end of the decade from a risk perspective, taking a little longer-term view than normal for risk professionals, looking past current and emerging risk and thinking ahead. How are the risks of today going to progress to 2030? Justin invites Jana to come back in 2030 for a look back!
[36:32] Justin describes how he has eased into using AI for simple things.
[37:17] On May 6, at 2:45 p.m. in Room 25AB, Jana will co-host a RISKWORLD session, Sustainability Reporting: Making ERM Transparent: Environmental, Social and Governance. It may be one of the last times we see Bob Hirth speaking in a session with Jana. Bob has quasi-retired. They will reminisce a bit about what came true and what did not.
[38:57] Jana and Bob will take questions if there is time at the end and maybe during the session. Check out Sustainability Reporting: Making ERM Transparent. This is going to affect your organization!
[39:22] Jana, it has been such a pleasure to reconnect with you! We always find your insights very enlightening. We’ll have you back before 2030! Let’s set a date after we wrap and a date for 2030! Thank you, Jana!
[39:42] Special thanks again to Jana Utter for joining us here on RIMScast. She’s one of our favorites and she will be one of yours, too, when you see her live at RISKWORLD, on May 6th at 2:45 p.m. in Room 25AB for Sustainability Reporting: Making ERM Transparent! Registered attendees should use the RIMS Events App to get you where you need to go at RISKWORLD.
[40:08] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. It’s different from the RIMS Events App. Everybody loves the RIMS App!
[40:40] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[41:25] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[41:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[41:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[42:20] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
RISKWORLD Speakers
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3.
RIMS Risk Management Awards Edition 2024
Spencer-RIMS Risk Management Challenge — Live at RISKWORLD
SEC Climate Disclosures — March 2024 announcement
(On March 6, 2024, the SEC issued a final rule different from the proposed rule.)
RIMS Webinars:
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
Respond to Emerging Risks with this Winning Property Loss Control Formula | Sponsored by TÜV SÜD GRC| May 23, 2024
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“ERM, ESG, and More Acronyms with Jana Utter” (2022)
“Scenario Planning in 2024 with the RIMS SERMC”
“RISKWORLD 2024 Keynote Peter Diamandis”
“Harnessing Innovation’s Promise with ERM Conference 2023 Keynote Bob Roitblat”
“Live From RIMS ERM Conference 2023”
“All Roads Lead to ERM”
“ERM’s Value Proposition with Chris Mandel”
Sponsored RIMScast Episodes:
“Platinum Protection: Underwriting and risk engineering's role in protecting commercial properties” | Sponsored by AXA XL (New!)
“Elevating RMIS — The Archer Way” | Sponsored by Archer
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Jana Utter: Vice President, Enterprise Risk Management, Centene Corporation
Tweetables (Edited For Social Media Use):
It’s important as risk professionals to think of sustainability in the same way we think about enterprise risk management. We think about ERM as being important. Then sustainability is also important. — Jana Utter
There’s a lot out there and you can get overwhelmed by trying to meet the requirements or expectations of all of them. — Jana Utter
In reporting disclosure expectations bubbling up in emerging risks, it eventually gets the attention when the time is right. — Jana Utter
As we get to 2025, I’m seeing a lot of looking to the end of the decade, from a risk perspective, taking a little longer-term view than we normally do as risk professionals, coupling current and emerging and what may be new on the horizon, thinking ahead to 2030. — Jana Utter
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Eamonn Cunningham about his career in risk management for a large shopping mall developer based in Australia and about his work as Founder and President of the RIMS Australasia Chapter. Eamonn shares experiences, philosophy, and practical career advice. He describes the natural diversity of Australia and how it is an advantage in risk management. Eamonn is passionate about the importance of relationships. He stresses that networking builds relationships. Eamonn recalls how he would convert risk management skeptics in the construction industry. He reveals a secret of breaking the glass ceiling into the room where big decisions are made and he stresses how critical it is to speak the language and jargon of your audience, especially when presenting to executives. Eamonn will be presented the Goodell Lifetime Achievement Award at RISKWORLD 2024. Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s episode of RIMScast. My guest is RIMS 2024 Goodell Award Winner Eamonn Cunningham. You know him as the Founder and President of the RIMS Australasia Chapter. He had a wonderful career at Westfield and we’re going to talk all about it today.
[1:01] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes.
[1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:10] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:24] Named in honor of RIMS’s first president, the Harry and Dorothy Goodell Award pays tribute to an individual who has furthered the goals of the society and the risk management discipline through outstanding service and achievement. The RIMS 2024 Goodell Award recipient is Eamonn Cunningham.
[2:44] Many of you know him directly or by reputation. He launched the RIMS Australasia Chapter and had a wonderful career at Westfield, which develops malls and commercial properties worldwide. There’s a wonderful feature about him and his work in the Awards edition of RIMS Risk Management Magazine. A link is in this episode’s show notes.
[3:08] Justin and Eamonn have met but this is the first time they have connected in depth. Eamonn is a wonderful interviewee. He imparts a lot of wisdom in this interview for risk practitioners at all stages of their careers. After meeting him virtually or in person, you become a fan of Eamonn Cunningham. Listen for Happy Days references!
[3:37] RIMS 2024 Harry Goodell Award winner Eamonn Cunningham, welcome to RIMScast!
[4:11] Eamonn Cunningham will be receiving the Goodell Lifetime Achievement Award at RISKWORLD 2024. Eamonn says he is unbelievably honored to be receiving this very prestigious award! He has been told to limit a speech to two and a half minutes. He has his speech down to 2:29!
[5:11] There’s a great article featuring Eamonn Cunningham and his career in the Awards Edition of RIMS Risk Management Magazine. Today, we’ll expand upon that article and talk about some of the things that there wasn’t space for in the article.
[5:32] Once Eamonn gave up being an accountant, he migrated to the wonderful industry of risk management. He ended up at Westfield shopping malls. He especially enjoyed the retail aspect of the real estate industry. There is a lot more to risk than buying insurance. He was able to show the benefit of risk management early at Westfield.
[6:28] Eamonn helped develop malls of 100 retail stores and more. There was a total property value of about $7 billion. They were complex, diverse projects. There was a lot of fun and lots of challenges. Eamonn enjoyed meeting people who were not initially converts to risk management. He called them his hard cases.
[7:46] Eamonn made it his endeavor to shine the light. He was fortunate even in the tougher cases to get them to say they got it. Development and construction people were his hardest cases. They thought they knew more than Eamonn about risk management. He had to show them how his token involvement could help them a little bit.
[8:45] The help, which was offered free of charge, sparked interest, and “away we went”!
[8:59] In some cases, senior management of a company questioned why they were spending a fortune on insurance as the only way to manage risk. Is there a better way? They learned that risk management was the better way, going from operational risk management to enterprise risk management. That was Eamonn’s career at Westfield.
[10:15] Eamonn notes that accepting diversity in all respects is important. Almost all of Australia’s growth has come from immigration from many different cultures, ethnicities, religions, and practices. It is easy to embrace diversity in Australia and to see it as an advantage. It’s part of the Australian spirit.
[11:54] Eamonn believes the basic risk management framework philosophy is the same the world over. Its implementation varies from country to country. The Australian culture is open and direct. They get to the heart of the matter quickly. Get the risk, figure out how to manage it, and bring it back quickly within the risk appetite.
[12:55] The members of AC/DC are not on Eamonn’s contact list. Justin thinks of AC.DC and Midnight Oil when he thinks of Australia. Eamonn notes that the lead singer of Midnight Oil, Peter Garrett, was also a politician.
[14:05] Eamonn is passionate about the importance of relationships in the profession and with underwriters. You don’t just focus on the upcoming renewal. Smart risk managers will have an eye on the renewal for the following year and the year after. This is especially true in the real estate industry, where everything is considered long-term.
[14:59] The management of the insurance program is long-term. As a risk manager, you create and nurture relationships with market participants. These relationships need to be on a win-win basis or there is likely to be a parting of the ways sooner rather than later. Eamonn saw his job as removing volatility from the risk team of the organization.
[15:37] Eamonn saw some risk managers who prefer to be bottom-feeders, going for the cheapest price every year. Eamonn told them that way of working is doomed to failure. It will create volatility. The senior people at the organization do not expect volatility from the risk manager.
[16:12] Eamonn owes a lot of his risk management success to the choices he made in partnering with industry peers. Two-way relationships have both give and take. Professional relationships are like personal ones. The more you nurture them and respect them, the more rewarding they will be to you.
[17:03] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[17:16] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[17:31] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[17:52] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th. More information about these workshops and others is on the RIMS Virtual Workshops page and a link is in this episode’s show notes.
[18:10] RIMS Webinars: Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management.
[18:27] On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains. Our friends from TÜV SÜD GRC will return on May 23rd.
[18:43] On June 6th, Evident ID makes its RIMS Webinar debut with Uncovering Hidden Risks in Your Third-Party Risk Management Program. On June 13th, our friends at Riskonnect return to present Unlocking the Value of Business Continuity and Insurable Risk Management. That’s a great line-up for the next couple of months!
[19:05] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:12] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.
[19:28] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, governmental officers, legal professionals, and more.
[19:49] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.
[20:11] How can risk managers break the glass ceiling? Always choose your words carefully. You must be perceived as credible and relevant. Make sure you know your business like the back of your hand. You must be tenacious. Don’t automatically take “no” for an answer. If you must accept “no,” make sure there is a valid reason for it.
[21:20] Eamonn stresses that you need to sharpen soft skills, particularly oral skills. Always consider yourself as having the capability to do more for the business. Push that point whenever possible. You must get into the room where the big decisions are made.
[22:12] Eamonn believes risk professionals have an enormous advantage in that they have one thing in common with the CEO. They are responsible for the entire business, not just a part of it. They need to know how the entire business operates.
[22:58] The most successful CEOs surround themselves with great people. As a risk manager, surround yourself with great people who operate in other parts of the business. Get them in sync with the risk-aware way of doing business. You’ll have a person promoting your case to the business. As a result, you will get noticed.
[23:51] Justin and Eamonn discuss ISO frameworks for ERM. Do your intel on your audience. Don’t be technical unless they are asking for the technical. Use jargon they understand and want to hear. Don’t place yourself in an ivory tower or preach from a pulpit. Be in the business and use the lexicon of the business. Watch the body language.
[25:58] Do necessary reconnaissance before making a presentation or board reporting as a risk manager. At Westfield, Eamonn had the job of inducting future non-executive directors into their management routine. While inducting them, he learned their interests and stored that information for future use in presentations.
[27:58] Eamonn co-created the RIMS Australasia Chapter. Risk managers were meeting informally, but they wanted a formal structure, so they looked for an association and found RIMS. They ran analysis and intel and put a case to the CEO at the time. She accepted their position. [25:54] Ten or 12 of Australia’s largest companies signed on and threw in seed capital. Eight or nine months later, at RIMS LA 2013, Eamonn got the banner for the chapter.
[28:24] As part of that structure with RIMS, there are a lot of resources on the table and it creates opportunities to network. That’s manna from heaven when it comes to risk managers whose CEO tells them to do more.
[28:50] The RIMS Australasia Chapter started with approximately eight members. Now there are 60 to 70 formal members, with followers on LinkedIn numbering about 450.
[29:23] After Eamonn got the banner in 2013, he set up his succession plan. There is a capable Vice President in the wings, Katie Sexton, who, subject to the vote of members, will become President next year. Katie was on the February 6th Episode of RIMScast.
[30:57] Eamonn’s advice to new risk professionals: “Pick your industry, it doesn’t matter what industry, and embrace yourself, track your career. You’re going to deviate all over the place. Upscale constantly, never stop learning and knowing more about the business. You can’t do it all on your own.”
[31:40] Eamonn believes the term risk manager is a misnomer. The risk manager is the conductor of the risk management framework with a multitude of people in the field and home offices around the world. You can’t do it on your own and you need to be good at getting the message out to your disciples.
[32:27] Eamonn has retired from Westfield. Now he stays alive mentally by keeping active. He will take a backseat in the chapter, and stay until the rest of the board tells him it’s time to go.
[33:36] Eamonn sees heat maps as risk and opportunity perspective maps.
[33:55] It has been such a pleasure to have a chance to spend this time with you! I’m going to see you in San Diego, just before you accept your award. I want to thank you for all you’ve done for RIMS over the years, as well!
[34:24] Special thanks again to Eamonn Cunningham for joining us here on RIMScast. He will accept the Goodell Award on May 6th at RISKWORLD 2024. Learn more about his career in the Awards Edition of RIMS Risk Management Magazine, available now and through a link in these show notes. A link to the Australasia Chapter is there as well.
[34:49] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[35:14] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[35:55] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[36:12] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[36:27] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:47] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
RISKWORLD Speakers
Spencer-RIMS Risk Management Challenge — Live at RISKWORLD
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3.
RIMS Risk Management Awards Edition 2024
RIMS Australasia Chapter
RIMS Webinars:
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
Uncovering Hidden Risks in Your Third-Party Risk Management Program | Sponsored by EVIDENT ID | June 6, 2024
Unlocking the Value of Business Continuity and Insurable Risk Management | Sponsored by Riskonnect | June 13, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“RIMS 2024 Rising Star Chelsea Andrusiak”
“Bridging The Workers' Comp Talent Gap with Nikki Jackson”
“Global Perspectives with RIMS Mexico, Australasia Chapter Leaders”
Sponsored RIMScast Episodes:
“Elevating RMIS – The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Eamonn Cunnigham: Outgoing President, RIMS Australasia Chapter
Tweetables (Edited For Social Media Use):
I’m just unbelievably honored by the prospect of standing up there on stage and receiving this very prestigious award. I’ve been told to limit a speech to two and a half minutes. I’ve done all the work and I’ve nailed it at 2:29! — Eamonn Cunningham
I felt that there was a lot more to risk than just simply buying insurance and of course, with all of the casualty incidents, you can so easily show the benefit of risk management, which I was able to do very early on in Westfield. — Eamonn Cunningham
I found that I really enjoyed meeting people who were not converts, at least initially, to risk management, and I used to call them my hard cases. — Eamonn Cunningham
Risk professionals have an enormous advantage in that they have one thing in common with the CEO. They are responsible for the entire business, not just a part, just like the CEO. They need to know how the entire business operates. — Eamonn Cunningham
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Emily Buckley about her career after ten years at Kroenke Sports Entertainment and two years at Specialized Bicycle Components. Emily shares how she learned and developed, working with people around the world at Kroenke, and then how she moved to Specialized Bicycle Components seeking greater opportunities for advancement. Emily is a Board Director at the RIMS Rocky Mountain Chapter after being recruited to the chapter by Peggi Miller, her first risk management boss. Emily speaks of her enjoyment of risk management, and how she has been supported and mentored. In keeping with the laid-back atmosphere at Specialized, Justin and Emily keep the bicycle puns in motion throughout the interview. Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. My guest is Emily Buckley. She is a Board Director of the RIMS Rocky Mountain Chapter and the Insurance Risk Manager for Specialized Bicycle Components.
[:57] The timing of Emily’s RIMScast debut is strategic. You’ll find out why in a moment!
[1:02] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD. Register today! There’s a link in this episode's show notes.
[1:22] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:46] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:11] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:25] There’s a strategic reason Emily Buckley is now making her RIMScast debut. April is Supply Chain Integrity Month and May is National Bike Month, which has a Bike to Work Week, starting May 13th, Bike to Work Day on May 17th, National Ride a Bike Day on May 5th, and several other special days.
[2:53] When Justin thinks of bicycles and supply chains, Emily Buckley comes to mind because of her great work leading risk at Specialized Bicycle Components. Considering recent events, it’s a good time to speak about supply chain risk management with Emily.
[3:09] It’s an opportunity to discuss what it’s like to work for a globally recognized brand and get an update from the RIMS Rocky Mountain Chapter and what’s happening in Colorado.
[3:18] Justin and Emily met at the RIMS ERM Conference 2023. Emily Buckley, welcome to RIMSCast!
[3:31] Emily Buckley was an ambassador to Global RIMS at the RIMS ERM Conference. Emily is excited to be on the show!
[3:59] May 5th is National Ride a Bike Day and April is Supply Chain Integrity Month. Emily is the Insurance Risk Manager for Specialized Bicycle Components! Emily is also a Board Director for the RIMS Rocky Mountain Chapter.
[4:36] When Justin met Emily he thought she was like the queen of Colorado. Emily was involved on the periphery of the RIMS ERM Conference. RIMS organized a tour of Ball Arena, and Emily worked there with Peggi Miller, VP of ERM at Kroenke.
[5:21] Emily was in the Risk Management Department of Ball Arena for 10 years. Peggi was her boss for all her time there. Peggi was the one who took a chance and hired her as a 20-something-year-old who knew just enough about insurance to be dangerous.
[5:52] In 10 years, Emily rose from Analyst to Director of Risk Management under Peggi’s mentorship. Peggi’s knowledge and experience in the industry are invaluable. Peggi launched Emily in her career; Emily says she will always be in Peggi’s debt.
[6:17] Working for KSE at Ball Arena exposed Emily to a portfolio of different industries, lines of business, and risks. Emily led several projects. It took her a couple of years to build a reputation. As she developed, she asked Peggi for more responsibility and Peggi gave her anything she wanted to take on.
[7:03] Peggi Miller is the Vice President of Risk Management at Kroenke Sports & Entertainment (KSE) and the Vice President of the RIMS Rocky Mountain Chapter.
[7:53] Before Emily started at the Ball Arena, they hosted the Democratic National Convention. She recalls March Madness. The Monster Jam sticks out to her. They hauled in lots of dirt and the building smelled like dirt for days. Years ago, they did a circus with animals. Walking past the caged tigers was fun!
[10:03] Emily loved her job and the people at KSE but the opportunity to advance further wasn’t there. She was looking at the job market and saw a posting for Specialized. She thought that this could be an opportunity to build something.
[10:39] Going through the interview process, she found this was a new position for them. They were looking for someone with experience to come in and build a program and department from the ground up. She couldn’t say no. This was in August of 2022.
[11:30] Emily is a department of one person at a global company. She gets to meet or talk to many teammates from around the world. Every day is a new adventure. The challenge is that, as a department of one, things can’t get bottlenecked through her. She has learned to delegate a lot and automate as many of the simpler items as she can.
[12:28] Having a broker who understands and supports Emily’s role has been very helpful. The broker has taken things off her plate and has been as helpful as possible going above and beyond what a broker normally does.
[13:06] Emily is working on taking off the training wheels at Specialized. She is not yet a cyclist but she has her eye on a mountain e-bike that she’s very excited about.
[14:21] Specialized Bicycle Components is headquartered in Morgan Hill, California. Emily believes it is the best bicycle company in the world. Their products are unmatched. They make e-bikes, mountain bikes, road bikes, a fantastic line of bikes for kids, and e-bikes for kids. Their riders are the best in the world.
[14:59] Emily works remotely. It was a challenge at first but after COVID-19, working remotely has become the norm. Justin says working remotely takes a little greasing the wheel to build rapport. Emily gets to locations as much as she can to have face time, shake hands, and have lunch with people to get to know them on a personal level.
[16:02] Emily explains how her experiences heading projects at KSE are beginning to apply to her work at Specialized Bicycle Components. Now that Specialized has a dedicated person/department to focus energy and resources, they can accomplish ERM projects they have wanted to do for some time. The executives tell her to run with them.
[17:58] They ask Emily, how can we help you, how can we support you? She loves that Specialized empowers its employees to run with projects and ideas and bring them to the next level.
[18:17] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[18:30] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[18:46] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[19:07] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th.
[19:16] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes.
[19:24] RIMS Webinars: On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy.
[19:37] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains.
[20:05] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[20:18] The RIMS ERM Conference 2024 will be held on November 18th and 19th in Boston, Massachusetts. RIMS continues to present the best conference agenda by featuring the most engaged and knowledgeable risk professionals leading the discussions.
[20:34] RIMS wants to hear from you. Submit your session by Friday, May 3rd. A link is in this episode’s show notes. The best submissions will address current and future issues facing ERM practitioners and provide takeaways for an audience of risk professionals, business leaders, students, government officers, legal professionals, and more.
[20:55] You must keep it relevant to ERM and Strategic Enterprise Risk Management. Remember, product sales pitches are not acceptable nor appropriate as part of the RIMS ERM Conference Education Program.
[21:19] Emily speaks of the culture at Specialized Bicycle Components, a California-based company. It’s built around fun, adventure, and creativity. Emily says risk managers are often known as the “fun police.” Risk management is a balance there. She is there to advise and keep the company safe.
[23:42] With COVID-19, the supply chain was a challenge for a lot of companies. Specialized saw thefts coming in and out of Los Angeles. That was a huge challenge that Specialized worked to circumvent by diverting out of L.A. and putting in some controls. Within a few months, thefts were down. That was all before Emily was hired.
[24:52] A recent supply chain challenge was the barge that hit the Key Bridge in Baltimore in March. Besides the losses to families, the shipping containers may never reach their destination, leading to cargo losses and claims.
[26:22] Regarding the war in Ukraine and Russia, when Emily was at Kroenke, the concern was to make sure there were no employees there and that Kroenke complied with sanctions about paying companies there. With sports teams, there are players from around the world. Ukraine and Russia have not caused disruptions with Specialized.
[27:45] The challenge with e-bikes is the batteries make underwrites and engineers incredibly nervous. Media carry reports of homes burning from batteries. It’s becoming mainstream for homes to have some sort of Lithium-ion battery in them. The industry is scrambling to figure out how to manage these risks.
[29:28] Engineers are still developing best practices for Lithium-ion batteries, including how to store them in warehouses. Insurance is about relationships, and being able to get in front of people and tell your story. Specialized Bicycles has an amazing story to tell and they want to tell it to their underwriters.
[30:33] The RIMS Rocky Mountain Chapter has a brand new website! One of the Directors, Taneal Pickles, revamped the website to improve the chapter’s image.
[31:17] The RIMS Rocky Mountain Chapter hosted the RIMS Western Regional Conference in 2023. It was hosted in Vail in early October. Emily says it was fantastic and they could not have picked a better week to do it. The fall colors were popping. They did some hiking. There was great content with great speakers.
[31:58] Emily says the RIMS Rocky Mountain Chapter is “just a bunch of insurance nerds who like to have fun and talk about insurance now and then.” The chapter President, Neil Colclough, supports Emily and the ideas she brings forward. Emily started a social events committee for fun monthly events with peers.
[32:41] Peggi recruited Emily into the RIMS Rocky Mountain Chapter. It took a few tries but Emily is glad she succeeded. It has been a fun ride. On June 20th there will be a Rockies game and picnic for members. The 28th annual golf tournament will be in Littleton, Colorado at Arrowhead Golf Course in August. It’s already sold out.
[33:28] To learn more about the RIMS Rocky Mountain Branch, go to RockyMountain.RIMS.org.
[34:04] Emily’s advice to new risk managers: “Network! This industry is all about whom you know; your connections are going to be invaluable. This industry, at the foundation, is your relationships with people and how you know them.” It’s work and you have to be intentional with it. It pays off!
[34:53] Justin is glad he and Emily spoke! Just before RISKWORLD, Emily is going to speak at the World Broker Network Global Conference in San Diego, on a client panel. She will also attend RISKWORLD. Justin thanks Emily for being on RIMScast!
[36:03] Special thanks again to RIMS Rocky Mountain Chapter Board Director, Emily Buckleyn for joining us here on RIMScast! Visit RockyMountain.RIMS.org for more information about that fantastic chapter! Justin is looking forward to seeing her at RISKWORLD, as well, in San Diego, from May 5th through May 8th.
[36:26] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[36:51] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[37:34] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[37:51] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[38:06] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[38:27] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
RISKWORLD Speakers
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS Rocky Mountain Chapter
RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3.
National Supply Chain Integrity Month (April)
National Bike Month Days and Events (May)
RIMS Webinars:
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“Bridging The Workers' Comp Talent Gap with Nikki Jackson”
“RIMS 2023 Rising Star Emily L. Bloedel”
“Risk and Compliance Tips for Importers and Exporters” (2022)
Sponsored RIMScast Episodes:
“Elevating RMIS — The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Manny Padilla!
Spencer Educational Foundation
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Emily Buckley: Insurance Risk Manager — Specialized Bicycle Components, Inc.
Board Director, RIMS Rocky Mountain Chapter
Tweetables (Edited For Social Media Use):
Specialized Bicycle Components was looking for someone to come in, who had experience and could build a program and a department from the ground up. The stars aligned and I couldn’t say no. — Emily Buckley
The executive team at Specialized says, Yes, whatever you want to do, let us know, and run with it! Go! We need this! This is important! How can we help you? — Emily Buckley
Learning the culture and philosophy of the company has been a lot of fun at Specialized Bicycle Components. — Emily Buckley
Network! This industry is all about whom you know; your connections are going to be invaluable. This industry, at the foundation, is your relationships with people and how you know them. — Emily Buckley
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews RIMS 2024 Rising Star Chelsea Andrusiak, featured in the upcoming special Awards Edition of RIMS Risk Management Magazine, available in mid-April. In this episode, Justin and Chelsea discuss her job as an Insurance and Risk Analyst for Federated Co-operatives Limited in Canada (FCL), and what they do. Chelsea started with FCL right out of school and in seven years she was able to halve the losses of the Fleet Department. She tells of changes in the Risk and Insurance Department, and what she learned from former RIMS President Nowell Seaman when he joined the Risk and Insurance Team at FCL. Justin and Chelsea talk about the RIMS 2024 Rising Star Award that will be presented at RISKWORLD 2024. Listen in to hear what this rising star has learned through RIMS and SKRIMS.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. My guest is RIMS 2024 Rising Star Chelsea Andrusiak and we will talk about her achievements and her great honor!
[:54] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today! There’s a link in this episode's notes.
[1:12] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:37] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:01] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:15] My guest today is Chelsea Andrusiak. She is an Insurance and Risk Analyst for Federated Co-operatives Limited in Canada. She is also a Director and Vice-President, North for the Saskatchewan RIMS Chapter, or SKRIMS.
[2:32] I covered Chelsea’s achievements in the Awards Issue of RIMS Risk Management Magazine, online in mid-April. In our dialog today, we will learn more about her success with captives, her risk philosophies, and words of wisdom for other rising stars! RIMS 2024 Rising Star Chelsea Andrusiak, welcome to RIMScast!
[3:04] Justin and Chelsea have known each other through RIMS for a few years and really connected at the RIMS Canada Conference 2023. Justin’s favorite part was hosting the RIMS Canada version of Family Feud.
[4:45] Chelsea was behind the scenes with the script as an Executive Producer. They put on a great show! It was a team effort. The Western Canadian RIMS Presidents took home the title. It was a show worth repeating.
[6:26] Chelsea is based in Saskatoon, Saskatchewan, and works for Federated Co-operatives Limited, a co-operative owned by 160-plus retail co-operatives that operate throughout Western Canada from the Island of BC to Western Ontario, up to the Arctic. FCL exists to serve those retail members and enable their operations.
[7:02] FCL provides wholesaling, manufacturing, and distribution services, in addition to administrative services, including insurance, marketing, and accounting, to help set up its retail co-operatives for success. FCL centralizes for efficiency and localizes for effectiveness. FCL is owned by its 160-odd independent autonomous co-operatives.
[8:08] There is a wonderful profile about Chelsea in the digital edition of RIMS Risk Management Magazine’s Awards edition. It will be available in mid-April. Check for updates RIMS.org and on RIMSorg on LinkedIn.
[8:43] Chelsea graduated with a finance degree from the University of Saskatchewan Edwards School of Business in 2016. She was hired at FCL and has been there ever since. She has been in one position for eight years, but the program has changed so much since 2016 that it doesn’t feel like the same job.
[9:33] Chelsea works with the same risk and exposure today as she did in 2016, but with a very different way of managing risk. Her one job has had different iterations of the role over eight years.
[10:05] Insurance at FCL used to be managed in the Legal Group. It was heavily broker-led without a lot of risk management on the insurance side. Shortly after a couple of large losses in 2011 and 2013, FCL brought the insurance out of Legal into a stand-alone department and hired an insurance manager.
[10:28] After a couple of years, they added to the department. That’s when Chelsea was hired. FCL took it from a broker-led, passively managed program to using different risk-financing techniques, and program structures, finding the best way to optimize risk, own the journey, and take on some of the risk.
[11:04] The risk management department is proud of the work they’ve done. They’ve reduced losses in the last eight years. They’re willing to prove it by insuring their own risk through captive insurers.
[11:29] The first thing Chelsea worked on at FCL was the Fleet Department. It was a lot to learn. An automobile is both property and liability insurance, so she learned both sides of the program quickly. FCL hadn’t kept good data on their exposure: types of units, number of units, radius of operations; or their losses.
[12:18] FCL had more losses than it should have. Chelsea got in at the ground level and made a lot of fast improvements to the program. She cleaned up the data to tell the story of the risk. She worked with a Fleet Safety Group for safety initiatives. They cut claims in half from 2016 to 2023.
[13:23] Co-op trucks are driving billboards. FCL didn’t want Co-op trucks to be seen in ditches or involved in incidents. It was reducing brand risk as well as safety risk. There’s a lot of pride in the Fleet and the Fleet Safety Department.
[14:49] The numbers lead the dialog. FCL does many things, including food distribution, home and building supplies distribution. FCL owns a refinery, manufactures animal feed, blends fertilizer, etc. Its business lines are insured in different ways. The food distribution business is different from the refinery business.
[15:28] Data at the FCL conglomerate level needs to be understood at the individual business operations level to treat the risk at the enterprise level.
[15:57] Chelsea has to sit in front of underwriters and tell them the story from the operations level to the enterprise level so it makes sense to them. If they understand the risk control initiatives and the data she presents, it impacts the premiums and losses. She puts tangible numbers on all the work she does.
[17:29] Chelsea has two captives at FCL. She set them up from the ground level. The first was in 2019 in Barbados. The second captive was set up in Alberta in 2023. Chelsea talks about working over email and Teams with Barbados, and in building a relationship in person in Alberta.
[18:58] It took Chelsea six to eight months to finalize the captive in Barbados. She finalized the captive in Alberta in two months. By the time they set up the captive in Alberta, Nowell Seaman, with captive experience, had joined Chelsea’s team.
[20:41] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[20:54] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[21:09] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. That’s a three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[21:30] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th.
[21:40] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes.
[21:48] On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy.
[22:09] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. On April 30th, to close out Supply Chain Integrity Month, we welcome Moody’s, who will present Resilience in Turbulent Times: Navigating Geopolitical Challenges in Supply Chains.
[22:37] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[22:50] We’ve got some critical reading to plug real quick. RIMS recently published its new Executive Report, “Leveraging Insurance and Risk Management to Address Political Risk”. The report defines political risk while outlining key considerations that professionals should explore to effectively and proactively address political volatility.
[23:11] The report is exclusively available to RIMS members for the first 60 days. Visit the link in this episode’s show notes and also the Risk Knowledge page of RIMS.org to download.
[23:34] Nowell Seaman is a former RIMS President. He’s been a wonderful supporter of RIMS and his coworkers. He came out of retirement to join FCL. Chelsea had been leading Insurance and Risk by herself when he joined. Chelsea says Nowell calls his time at FCL his victory lap and she agrees.
[24:34] Chelsea had known of Nowell through SKRIMS but had not worked with him before FCL. Chelsea was intimidated at first by him. Then Nowell told her she needed to learn to speak up more! He had been brought in to mentor Chelsea so she could be ready to take over the program. It worked.
[26:52] Chelsea is the second SKRIMS member in four years to win the Rising Star Award. The last Rising Star from SKRIMS was Katherine Dawal, now SKRIMS President. Justin predicts that every Leap Year, we’ll have a member of the SKRIMS Chapter win the Rising Star Award. Saskatchewan produces risk managers as well as NHL players!
[27:56] Chelsea says the SKRIMS board and membership are some of the best people she has ever met. They are engaged, enthusiastic, and down-to-earth. She enjoys hanging out with them. It’s like hanging out with friends. It’s a good group of people.
[28:22] They have fun running the chapter and it shows. They won an ECHO Award this year for the second year in a row. They’re seeing results and it doesn’t feel like work. They’re just having fun along the way and doing good things.
[29:22] Katherine Dawal never got to walk the stage when she won the RIMS Rising Star 2020 Award because of COVID-19. She will walk the stage to pick up the ECHO Award for SKRIMS and Chelsea feels like she is walking the stage for both of them in picking up her RIMS 2024 Rising Star Award.
[29:45] Justin recommends joining the SKRIMS people if you see them at a Karaoke bar at RISKWORLD; they know how to cheer on the singers and get a crowd going!
[30:24] Chelsea felt a big shift in her career when she started to get involved with RIMS in 2019 for the RIMS Canada 2021 Conference in Saskatchewan, which unfortunately was canceled due to COVID-19. She started networking and meeting people with experience in the risk profession. She translated textbook knowledge into application.
[32:27] Chelsea wants to maintain success now that she is known as a Rising Star. Justin notes some of her current work accomplishments.
[33:35] Chelsea’s advice to college students or new employees considering risk: “Be prepared. It’s nothing like you think it’s going to be! I moved from a business analyst role at FCL to the insurance team. I thought I knew what I was getting into and it ended up being entirely different, which is, I think, why I’m still here! It’s exciting!”
[33:57] “Every day, you show up and something new happens! There’s a new crisis to solve! It’s dynamic and interesting and you never live the same day twice. You need to be able to think on your feet and manage the uncertainty of this profession but once you’re in it and you find your foothold, it’s unlike any other type of job. Hold on!”
[34:40] Justin thinks more great things are going to come from Chelsea’s work! Chelsea, congratulations, and thank you so much for being a friend and joining us on RIMScast!
[34:56] Special thanks to RIMS 2024 Rising Star Chelsea Andrusiak. She will receive her award at RISKWORLD 2024. You can read her profile in the special Awards Edition of RIMS Risk Management Magazine which will be available mid-April 2024. Maybe we’ll see her again on stage one day, receiving the award for Risk Manager of the Year.
[35:22] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[35:50] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[36:34] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[36:52] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[37:08] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[37:30] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
RISKWORLD Speakers
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS Canada 2024 | Vancouver, BC | Oct. 6–9, 2024
RIMS Webinars:
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
Resilience In Turbulent Times: Navigating Geopolitical Challenges in Supply Chains | Sponsored by Moody’s | April 30, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“Bridging The Workers' Comp Talent Gap with Nikki Jackson”
“RIMS 2023 Rising Star Emily L. Bloedel”
“RIMS 2023 Risk Manager of the Year Theresa Severson”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
Sponsored RIMScast Episodes:
“Elevating RMIS — The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
New white paper: “Improving Standard of Care and Reducing Mental Health Risk in Construction” (Sponsored by Zurich)
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Chelsea Andrusiak, CIP
Insurance & Risk Analyst, Risk Management Federated Co-operatives Limited
Tweetables (Edited For Social Media Use):
FCL centralizes for efficiency and localizes for effectiveness. Our hundred and sixty-odd retail members are all independent, autonomous legal entities and they own us. — Chelsea Andrusiak
[Over these eight years], it doesn’t feel like the same job. It’s comparing apples to oranges, the work we did in 2016 vs. the work we do now. Technically, it’s all the same risk and exposure but we have a very different way of managing it. — Chelsea Andrusiak
It’s data-in, data-out. You need to tell the stories so that you can say this is how it resulted, this is the impact on our business, our premiums, and our program. — Chelsea Andrusiak
I felt a big shift in my career when I started to get involved with RIMS in 2019. Before that, I had the textbook knowledge. I was doing some designations. But the rubber hits the road when you get involved in RIMS and you start to network. — Chelsea Andrusiak
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Nikki Jackson, MBA, CPCU, ARM, CDMS, Vice President of Strategy & Marketing at MTI America. Nikki speaks about her invitation into the industry and shares the highlights of her career. She discusses her enthusiasm for workers’ compensation and what she has learned in the field. She speaks of her thoughts on AI and then explains what she will cover in her two sessions at RISKWORLD 2024 on May 7th. Nikki tells about how supportive her family has been in her career as she travels.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. My guest today is Nikki Jackson and we will talk all about workers’ compensation and risk management.
[:53] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today!
[1:13] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[1:37] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote on May 8th will be Daymond G. John. You know him from Shark Tank. He’s also the Founder of FUBU. I’m a big fan!
[2:01] I’m extremely excited about that closing keynote on May 8th! Experience all the energies of our keynotes at RISKWORLD! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:15] My guest today is the Vice President of Strategy for MTI America and I don’t think I’ve ever met anybody as enthusiastic about workers’ compensation as she is. She is Nikki Jackson, MBA, CPCU, ARM, CDMS. Nikki will be leading two discussions at RISKWORLD on May 7th.
[2:41] At 10:45 a.m., Nikki will be leading The Workers’ Compensation Talent Shortage, the industry’s largest exploratory study focused on workers’ compensation, and at 2:45 p.m., Nikki will co-host Uncovering the Impact of Socioeconomic Diversity in Workers’ Compensation Cases.
[2:58] Nikki Jackson is a dynamic force in the field of workers’ compensation! Let’s get her perspective on the state of workers’ compensation today. Nikki Jackson, welcome to RIMScast!
[3:35] Justin especially loves doing RIMScast episodes when he knows the guests. Justin and Nikki met at a RISKWORLD session that he hosted a couple of years ago and they have stayed in touch. Nikki is passionate about workers’ compensation.
[5:17] Nikki was fortunate enough to be invited into this industry by Jami LeTourneau of Liberty Mutual. Jami was a team manager in Philadelphia. She looked at Nikki’s resume and saw she was a Certified Nursing Assistant (CNA) and had been a paralegal. Jami said that worker’s compensation would be perfect for Nikki. She hired her on the spot.
[6:24] Nikki went to Boston to go through Claims College. When she got back, she started adjusting workers’ compensation claims and asked a lot of questions over the cubicle walls. She decided to learn all she could about policies, pricing, claims adjustment, and TPAs.
[7:26] Jami was working toward her CPCU and she suggested to Nikki to take the ARM class and then the CPCU class, so she did. She wanted to get into leadership so she went to work for a TPA in King of Prussia, Pennsylvania. She got to work with Southwest Airlines and she calls Southwest an incredible employer that cares about its people.
[8:04] Nikki shouts out to Patty Cowell, Dave Banta, and countless others in Southwest’s phenomenal risk management program. Nikki got into a leadership role. It was “nuts” but such a great environment to learn in. She had a team of adjusters handling multiple states in the Northeast.
[8:41] They worked with amazing clients like Best Buy, Cargill, Eaton, Louis Vuitton, and many more. She got to see how they worked their workers’ compensation programs and to sit at the table with them. It started to feel like a partnership with some of her clients.
[9:25] At that TPA, they offered more than workers’ compensation. Nikki started to look at integrated programs, then liability, and then saw opportunities in disability and leave of absence, so she got a few other designations to learn those lines of business.
[9:46] That’s how she wound up on the Delta Airlines program and got national exposure to workers’ compensation. Workers’ compensation is her “baby.” She still has liability exposure, and her husband is an adjuster on the liability side. Dinner conversations are often damage points with a truck vs. a car, and the percentage at fault.
[10:25] Working with risk professionals has helped Nikki see gaps in the industry. She saw what both good programs and not-so-good programs look like. She had a good grip on claims at a granular level but also from the 10,000-foot above view by working on technology projects and innovations to make the experience better for all stakeholders.
[11:06] Now Nikki is on the ancillary side and more than ever, she understands how a vendor’s technology, people, and network impact claims.
[11:37] Workers’ compensation is a great place to be. There’s no shortage of work. Nikki suspects that there were about 1.1 million workers’ compensation claims filed in 2023 for about 125 million workers. She predicts 3 in 100 workers will file workers’ compensation claims this year. There are about 324,000 adjusters.
[12:45] Financially, workers’ compensation is the shining star of casualty, for now. The coverage is affordable for companies and it looks like it will stay that way, at least for this year, and things are looking good for businesses.
[13:02] There are a few things to keep an eye on. Mental injury is a huge focus right now. There is an increase in the more serious injuries, referred to as catastrophic losses. There is a growing focus on workplace safety initiatives and injury prevention programs. Medical costs and inflation affect serious injuries.
[14:18] A new law in California requires employers to have a workplace safety and accident prevention plan in place by this summer. Nikki believes we will see similar laws in other states.
[14:30] RIMS plug time! You can sign up now for RISKWORLD pre-conference workshops. They will all be held on May 4th and 5th at the San Diego Convention Center. The link is in this episode’s show notes.
[14:43] The topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD, go to Learn, and then Workshops and you’ll find them there.
[14:59] RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Virtual workshops are in session, beginning in June, starting with Leveraging Data and Analytics for Continuous Risk Management. A three-part course that begins on June 6th. We’ve got Fundamentals of Insurance on June 11th and 12th.
[15:20] We’ve got Fundamentals of Risk Management on June 18th and 19th and we’ve got Captives as an Alternate Risk Financing Technique on June 26th and 27th.
[15:29] More information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s show notes.
[15:37] On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends. On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy.
[15:59] Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Modern Risk Management. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[16:29] We’ve got some critical reading to plug real quick. RIMS recently published its new Executive Report, “Leveraging Insurance and Risk Management to Address Political Risk.” The report defines political risk while outlining key considerations that professionals should explore to effectively and proactively address political volatility.
[16:48] The report is exclusively available to RIMS members for the first 60 days. Visit the link in this episode’s show notes and also the Risk Knowledge page of RIMS.org to download.
[17:08] Nikki is a geek about AI. She says we all use it every day, all the time. We just may not realize it. Technology is playing a huge role in workers’ compensation. A recent survey showed that 77% of respondents in the risk and insurance industry say that they’re jumping on the AI bandwagon in some form or another.
[18:45] It’s used in sales, underwriting, ops, and claims processing. Nikki talks a lot about the use cases on social media, for fraud detection, to assign new claims, or predictive analytics to flag claims that could go in the wrong direction. It’s used in the risk control and pricing space. You’ve got to get on board.
[19:33] There is still a talent shortage in workers’ compensation. AI just augments the role of claims professionals. It’s an aging industry and with a lot of experienced claims adjustors retiring, that institutional knowledge will be hard to replace. AI can’t do it at that level.
[20:04] For professionals new to workers’ compensation, who lean into AI, it will be a great place to be. They’ll need to learn how to use the tools properly or build them into the claims system in the right way. Their inboxes are flooded with massive amounts of data in medical and legal documents that take a long time to read and pull data from.
[20:43] A resource to help you get the data that much faster, more efficiently, and possibly with less human error, is a tremendous advantage.
[21:10] We’re coming up on RISKWORLD 2024 in San Diego, California, from May 5th through May 8th. Nikki is leading a session called “The Workers’ Compensation Talent Shortage,” the industry's largest exploratory study focused on workers’ compensation.
[21:41] Nikki is excited about RISKWORLD 2024. Carey Armistead from SOMPO North America will join her. They will dive into the study. There were two groups surveyed: 432 college students about what is important in attracting them, and 140 claims professionals, speaking about retention of talent. Nikki thanks all who participated.
[23:36] Nikki has two sessions on May 7th. The morning session at 10:45 a.m. is about the workers' compensation talent shortage. The afternoon session, joined by Dawn Watkins at 2:45 p.m. is a career development session discussing the attributes, traits, and unique characteristics within diverse groups. It will also cover goals for claims.
[24:18] Nikki and Dawn will link DE&I to results in increased innovation, improved decision-making, and better outcomes. It should be a good session.
[25:37] Nikki had her fourth child since the last time Justin saw her. She posted on LinkedIn about maternity and parental leave and the accommodations that were made for her. She was uncomfortable posting, but many people have seen her through each child and each work change and supported her.
[29:24] Nikki’s husband and family support her travel and absences. Shoutout to George!
[29:55] Nikki Jackson has two sessions at RISKWORLD 2024 on May 7th, one at 10:45 a.m. and one at 2:45 p.m. Anybody who’s going to be there, check out her sessions! She’s one of the most enthusiastic people Justin has ever seen at RISKWORLD.
[30:26] Nikki will be available for questions after her sessions. She’s very active in her sessions and loves the interaction and the energy.
[30:43] Nikki, thank you so much for joining us on RIMScast!
[30:52] Special thanks again to Nikki Jackson for joining us! She will be hosting two sessions at RISKWORLD 2024 on May 7th.
[31:01] The first session is at 10:45 a.m. in Room 29CD, for The Workers' Compensation Talent Shortage, Gaining Insight from Adjusters and College Students. At 2:45 p.m., for the second session, she will be in room 24BC, for Uncovering the Impact of Socioeconomic Diversity in Workers’ Compensation Cases.
[31:20] Hang around if you have questions for Nikki after her sessions. To learn more about her, visit ElevatetheAdjuster.org.
[31:33] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[31:57] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[32:39] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[32:56] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:12] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[33:32] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
RISKWORLD Speakers
NEW FOR MEMBERS! RIMS Mobile App“Leveraging Insurance and Risk Management to Address Political Risk” — RIMS Executive Report
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS Webinars:
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Risk Fundamentals with Chris Hansen”
“Including Disability In DEI Efforts with Alycia Anderson”
“Future Workers Comp Scenarios with Dr. Richard A. Victor” (2020)
Sponsored RIMScast Episodes:
“Elevating RMIS – The Archer Way” | Sponsored by Archer (New!)
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine: “Balancing Workplace Safety with Employment Protections for Cannabis Use”
New white paper: “Improving Standard of Care and Reducing Mental Health Risk in Construction” (Sponsored by Zurich)
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Nikki Jackson, MBA, CPCU, ARM, CDMS Vice President of Strategy & Marketing | MTI America
Elevate The Adjuster — Elevatetheadjuster.org Nikki Jackson at RISKWORLD, May 7, 2024
10:45 a.m.
The Workers’ Compensation Talent Shortage: Gaining Insights from Adjusters and College Students
Career Development
ROOM 29CD
2:45 p.m.
Uncovering the Impact of Socioeconomic Diversity in Workers’ Compensation Cases
Diversity, Equity & Inclusion
ROOM 24BC
Tweetables (Edited For Social Media Use):
I was fortunate enough to be invited into this industry by a woman named Jami LeTourneau, who was and still is with Liberty Mutual. She was a team manager in Philadelphia. — Nikki Jackson
Financially, workers’ compensation is the shining star of casualty, for now. The coverage is affordable for companies and it looks like it will stay that way, at least for this year. — Nikki Jackson
We all use AI every day, all the time. We just may not realize it. — Nikki Jackson
I tend not to sit still. I tend to be all over the place, walking and getting close to folks, and I love the interaction and the energy. — Nikki Jackson
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison interviews Jose Aponte, the LAAIA Atlanta Chapter President. They discuss his career in the industry, what led him to be a founder of the Atlanta Chapter of the LAAIA, what the LAAIA has accomplished so far, and what the current and future expectations are of the LAAIA for DE&I in the insurance and risk management industry. Jose talks about the growing numbers and influence of the Latino population. They wrap up with a discussion of Jose’s upcoming panel at the DE&I Studio at RISKWORLD 2024.
Listen in for Jose’s story of lifting the industry and the Latino talent he wants to attract to the industry.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. I will be joined by Jose Aponte, Atlanta Chapter President for the Latin American Association of Insurance Agencies.
[:54] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:32] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today!
[1:49] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award-winning actress, director, and activist, Marlee Matlin!
[2:13] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote will be Daymond G. John. You know him from Shark Tank. He’s also the CEO and Founder of FUBU. I’m a big fan.
[2:37] I’m so excited for that closing keynote on May 8th! It will be extremely high-energy! Register at RIMS.org/RISKWORLD. We want to see you there!
[2:48] Jose Aponte is my guest. He is a vice president at Alliant and the president of the Atlanta Chapter of the Latin American Association of Insurance Agencies (LAAIA). Jose will be one of the featured speakers at the DEI Studio at RISKWORLD 2024. His session will be on Monday morning, May 6th at 10:00 a.m., following the opening keynote.
[3:16] We wanted to hear his take on the state of DE&I today, how he and the LAAIA are upholding a legacy that began nearly 60 years ago, and the methods they are using to recruit and retain the next generation of risk talent. Jose Aponte, welcome to RIMScast!
[3:53] Jose Aponte will be at RISKWORLD 2024 representing the Latin American Association of Insurance Agencies. Jose tells of his career path, working in sales, then in claims for direct carriers. He worked briefly for Wells Fargo, and then Marsh. With Marsh, Jose relocated to Atlanta, GA, where he was recruited by Alliant.
[5:15] Jose works for Alliant as a Senior Account Executive Lead. He supports various producers. His role is market-facing and client-facing, which he enjoys. He manages a large book of business with large business and large middle-market accounts.
[5:49] When Jose started at Marsh, he was asked to be part of Marsh’s Hispanic Employee Resource Group called OLA. They have chapters throughout the country. It was a great experience for him.
[6:08] They also wanted, as an ERG Group and with the Diversity Inclusion Division at Marsh, to see how they can expand further and support Latino Inclusion within the industry. Jose suggested they support the LAAIA and help them expand. George Woods connected Jose with Javier Naranjo, (now a past president of LAAIA) in 2015.
[6:45] The intent was to support Latino engagement with the insurance industry and risk management. How could they help the LAAIA expand? The LAAIA was established in 1969. Jose helped, along with several other founding board members, to form the first LAAIA chapter outside of Florida, in Atlanta, with Marsh’s support, right before COVID.
[7:25] Other chapters have since expanded beyond Atlanta. Jose is the Atlanta Chapter President. There are chapters in Houston and Dallas Texas, and Denver, Colorado, and there are more to come.
[8:02] The LAAIA was launched in 1969. At the time, Latino insurance agents weren’t able to seek appointments or partnerships with carriers. The LAAIA was founded by Manual Arques with seven founding members of Cuban descent out of Southern Florida to help Hispanic Latino insurance agents receive carrier appointments.
[9:00] There were carriers at the time that did not want to insure Latinos. That general inequity was the catalyst. Today two of the seven founding members are still alive. They are honored in Hispanic Heritage Month because of their vision and foresight in establishing the LAAIA. The LAAIA stands strong today.
[10:00] Pastor De La Tejera and Andy Rodriguez, two of the founders and past presidents share an aura of wisdom and experience in meetings of past presidents. They are inspiring. Jose wants to be like them and inspire others as well.
[10:32] In 2024, Jose would like to see more Latino leadership in the insurance industry. The talent pool of Latino speakers for panels is very limited. How do we fix that? We need to build the pipeline and attract more Latino talent into the industry. That is the main focus of LAAIA, to attract young Latinos to the insurance and risk management industry.
[12:11] When he was a broker, Jose told people working for him that insurance was the industry where Warren Buffet had most of his assets. Why would you not want to be part of an industry with so much potential for wealth? To attract people you have to be a great storyteller and show people how the industry and all its verticals align with them.
[12:57] The challenges are the lack of Latino leadership, how to build our pipeline for the up-and-coming talent, and for current talent, how to further expand and be in those management positions as well.
[13:28] Jose helped found the Latinos at Alliant Employee Resource Group two years ago. He tells members that even though they don’t have the title “leader,” they can be leaders in the sense of driving for change. Be disruptors in that regard. The LAAIA looks for scholarship funding, partnering with the Spencer Educational Foundation.
[14:13] The LAAIA awarded two scholarships to risk management talent and they are determined to do more. The LAAIA just partnered with the University of Southern Florida and brought in various resources to provide $2,500 in scholarships to expand and market the industry.
[14:48] The success of the LAAIA is measured by how much young talent they sponsor, and how many members are in the organization who receive mentorship on the benefits of being a member. The benchmark is the size of their book of business and how the LAAIA encourages them to expand through mentorship with expertise and knowledge.
[15:30] The LAAIA looks at how is the member’s success, looking forward. How is the members’ knowledge being developed by the educational resources, training, and continuing education seminars? Jose notes that members are increasing, as well as the quality of membership and the expensing of it.
[15:55] The IAAIA has a very committed legislative committee. It tracks legislative issues in Florida, Georgia, Texas, and Colorado and interacts with local legislators. Last month they had lunch with Georgia Insurance Commissioner John King, addressing issues that are going on affecting IAAIA members and insurance consumers.
[16:48] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, will lead the two-day course, Fundamentals of Risk Management.
[17:07] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. There are RISKWORLD 2024 pre-conference workshops held on May 4th and 5th at the San Diego Convention Center. A link is in this episode’s show notes.
[17:25] Topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD and then go to Learn and then Workshops. You will find it there.
[17:41] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[18:00] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Archer makes its RIMS Webinars debut on April 23rd at 11:00 a.m. Eastern. The session is titled Advancing RMIS: Strategies for Risk Management.
[18:27] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[18:40] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[19:15] Justin recently had Megan Miller and Tandeka Nomvete of Spencer on RIMScast for Women’s History Month. Tandeka is on the board of the Atlanta Chapter of the LAAIA. Megan said in the interview that she hopes one day to see a panel of only women talking about an issue not tied to the challenges of women in the profession.
[20:01] Similarly, Jose would be pleased to see a panel of Hispanic and Latino industry experts talking about auto liability, for example, and not Hispanic and Latino issues. Jose would like to see how risk managers develop in their career track. The LAAIA has to reach out to find out who are those individuals and bring them to the panel.
[21:21] Comparing the DE&I visions of LAAIA and RIMS, Jose believes they align very well. It’s about bringing in future leaders within a culture of DE&I. The LAAIA has great partnerships with diverse allies. There is so much intersectionality in our industry; we have to think about how we can support each other. The LAAIA does that very well.
[24:17] Jose will be at RISKWORLD 2024 in sunny San Diego. He will host a conversation at the DEI Studio in support of the evolution of the risk profession, Latinos and Latino women in the industry, and equity, making sure things are more fair. Latinos represent a GDP of $3.2 trillion and it keeps climbing with a growing population.
[25:14] The insurance industry is well aware of the impact of the Latino population. We need more Latino men and women in the industry to speak to them. This is a global trend. Your opportunities are greater when you know two languages and greater still if you know three.
[26:38] Typhaine Beaupérin of FERMA was on RIMScast. She speaks at least five languages. It’s a great life skill. Jose used two languages in his first job as a bilingual claims rep.
[27:54] In his first job, Jose did not have a champion or mentor. When he started at Nationwide, he sought champions and support from leadership, and he found them. He mentors and volunteers now to help others avoid learning the hard way. We need individuals from RIMS who have experience to be mentors committed to advancement.
[29:48] Jose will be in the DE&I Studio on Monday, May 6th, at 10 a.m. Pacific, following Peter Diamandis’s opening keynote. Jose is excited to speak to colleagues from other boards and organizations such as NAAIA, Insure Equality, and APIW. It will be an amazing discussion at the DE&I Studio. Come by with your questions and solutions!
[30:49] The details are on this episode’s show notes. Justin looks forward to getting a selfie with Jose in May! There is a link to LAAIA and a link to Jose Aponte in this episode’s show notes. Jose also invites listeners with questions to talk to him on LinkedIn.
[31:29] Jose, thanks for joining us on RIMScast!
[31:36] Special thanks again to Jose Aponte of the LAAIA for joining us here today on RIMScast. A link to the LAAIA.com site is in this episode’s show notes. If you’ll be attending RISKWORLD 2024, be sure to check out Jose’s session at 10 a.m. Pacific, on Monday, May 6th, in the DE&I Studio. A link is also in this episode’s notes.
[32:03] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[32:27] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[33:09] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[33:24] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:39] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[33:59] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
RISKWORLD Speakers
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Webinars:
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
Advancing RMIS: Strategies for Risk Management | Sponsored by Archer | April 23, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Water and Women in Risk with Sarah Mikolich”
“Giving Back with APIW President Liz Kramer”
“RISKWORLD 2024 Keynote Peter Diamandis”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Jose Aponte, Atlanta Chapter President, Latin American Association of Insurance Agencies
Tweetables (Edited For Social Media Use):
When I started at Marsh, I was asked to be part of Marsh’s Hispanic Employee Resource Group called OLA. They have chapters throughout the country. It was a great experience for me. — Jose Aponte
The LAAIA was founded in 1969 by Manual Arques with seven founding members of Cuban descent out of Southern Florida, to help Hispanic Latino insurance agents receive carrier appointments. There were carriers at the time that did not want to insure Latinos. — Jose Aponte
In 2024, I would like to see more Latino leadership in the insurance industry. The talent pool of Latino speakers for panels is very limited. How do we fix that? We need to build the pipeline and attract more Latino talent into the industry. — Jose Aponte
The insurance industry is well aware of the impact of the growing Latino population. We need more Latino men and women in the industry to speak to them. — Jose Aponte
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
As RISWORLD 2024 in sunny San Diego is just around the corner, I am delighted to welcome RIMS San Diego Chapter President Cheryl Berman to RIMScast. Cheryl is serving as Chapter President for the second time and has been a RIMS member since 1994. Sharing her background, Cheryl tells how she joined RIMS as she transitioned into the safety and workers’ compensation field working for a drywall and plaster specialty contractor. We discuss workers’ compensation, California’s new SB 553, the CA Workplace Violence Prevention Plan, and the RIMS San Diego Chapter. The RIMS San Diego Chapter is presenting a webinar on the new regulation on March 28th.
Listen in for Cheryl’s story of learning the risk management profession within the specialty contractor world.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. Our guest is RIMS San Diego Chapter President Cheryl Berman. We’ll talk about construction safety, risk, and RISKWORLD 2024.
[:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:10] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:40] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:06] As you know, RISKWORLD 2024 is coming up from May 5th through May 8th, 2024, in sunny San Diego, California. Registration is open at RIMS.org/RISKWORLD and at the link in this episode’s show notes. Register today!
[2:23] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024. The full roster of keynotes has been announced! I’m so excited! We will be welcoming Academy Award actress, director, and activist, Marlee Matlin!
[2:47] For our industry keynote, we will be rejoined by Evan G. Greenberg, the Chairman and Chief Executive Officer of Chubb Limited and Chubb Group. That session will be sponsored by Chubb. Just announced, our closing keynote will be Daymond G. John. You know him from Shark Tank. He’s also the CEO and Founder of FUBU. I’m a big fan.
[3:11] I’m so excited for that closing keynote on May 8th! It will be extremely high-energy! Register at RIMS.org/RISKWORLD. We want to see you there!
[3:22] My guest today has spent decades in construction risk. This is her second presidency of the RIMS San Diego Chapter. She is Cheryl Berman and she is here to discuss her career, construction risk, and safety risk. She has some words of wisdom for anyone moving into the construction and risk space.
[3:46] San Diego is our host chapter for RISKWORLD 2024, so we’ll be talking about that, as well. Cheryl Berman, RIMS San Diego Chapter President, welcome to RIMScast!
[4:30] Cheryl fell into risk management. She has always been in the building industry, starting in operations. She went from operations to asset protection, then to safety and workers’ compensation. When her company was spun off, it became Cheryl’s job to get insurance for the company. Nobody else at the company had insurance knowledge.
[5:25] That’s how Cheryl’s risk management career started. She joined RIMS at that time to become more knowledgeable about risk and insurance. That was in 1994. A RIMS member for 30 years!
[6:09] In 1994, RIMS met in person and had newsletters that came in the mail. There were committees, including Workers’ Compensation, Insurance, Safety and Loss Control, and Legal Legislation. Besides monthly chapter meetings, committees met two or three times a year. There was a lot of personal interaction.
[7:10] Construction wasn't a RIMS topic at the start, but there were other people in the chapter with a background in construction so that helped.
[7:58] Brady West is Cheryl’s employer. Brady West is a drywall contractor, including lathe and plaster and metal framing. It is a specialty contractor, not a general contractor. Brady West works primarily on commercial projects. Cheryl reviews contracts both upstream with clients and downstream with subcontractors.
[8:52] Cheryl is the whole Risk Group at Brady West. She’s a department of one. She is used to it. In some roles, she has had HR and Payroll report to her but she was the only risk manager. In one company Cheryl worked for, things landed on her desk randomly. A trainee had been told, “If you don’t know what to do with it, put it in Cheryl’s in box”!
[10:00] Workers’ Compensation is probably the number one thing that happens in most construction companies. Construction injuries can cause drastic changes in someone’s life or just require stitches and be done. When it changes a life, it is difficult. A claim is filed and it is hoped the worker will recover and return to work.
[11:47] California has a new Senate Bill for instituting a workplace violence prevention plan for any company that has an employee. Cheryl explains different issues that may come up at different locations, depending on the local population. The mandate takes effect on July 1, 2024. However, Cal OSHA has not come up with a final rule for plans.
[15:01] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, leads the two-day course, Fundamentals of Risk Management.
[15:24] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. There are RISKWORLD 2024 pre-conference workshops held on May 4th and 5th. A link is in this episode’s show notes.
[15:41] Topics include but are not limited to Applying and Integrating ERM, Fundamentals of Insurance, and a RIMS-CRMP Exam Prep Workshop. Go to RIMS.org/RISKWORLD and then go to Learn and then Workshops. You will find it there.
[15:56] On March 21st, Zurich presents Fraud Attitude Shifts in the Industry. On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[16:20] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[16:44] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[17:12] The RIMS San Diego Chapter on March 28th will host CA Workplace Violence Prevention Plan: Are You Ready for the New Regulation? That regulation is known as SB 553. A link to the RIMS San Diego Chapter event is in this episode’s show notes.
[17:44] Cheryl’s top priority in construction is workplace safety. In California, companies must have an injury and illness prevention plan. Cheryl has training prepared for all the tasks a worker would do. It’s constantly being tweaked as different work and machinery come down the pike. It’s reviewed as processes change; at the least, annually.
[19:22] In the three decades Cheryl has been in the profession, she believes more attention is paid now to risk management and safety. Awareness has improved.
[20:06] Cheryl’s advice to anyone entering the construction field as a risk professional is to understand the operations side before dictating what safety is. Have some experience in understanding the pressures of the workers, to help them better. Cheryl’s operations-side experience was helpful when she transferred to the administration side.
[20:43] Cheryl’s experience told her what workers can do and what they struggle with.
[21:26] At the first company where Cheryl worked in the asset protection side, they knew her from her 15 years of experience in operations. When she transitioned to a new company, the person who hired her was her champion. Cheryl shares a workers’ comp experience from that job that turned into a home run for her.
[23:51] The EEOC helped Cheryl get an outside sales position with very little experience so she worked hard to learn the trade. She worked only once briefly for someone who did not believe in her and she moved quickly to another job. She is very appreciative of the wonderful advocates and people who have helped her throughout her career.
[25:53] Justin noticed that the leadership of the RIMS San Diego Chapter is comprised almost entirely of women. They volunteer their time and are passionate about the profession and their careers. Cheryl says the chapter is fortunate to have some very capable people on the board.
[26:36] Cheryl tells about her time on the board, including two terms as president, first in 2002, and at present. She has been on the chapter board since 1995, with a five-year break. Her professional career grew parallel to her RIMS career.
[28:38] Cheryl leads by example showing that women can have a great career in risk management.
[29:37] Cheryl is very excited to have RISKWORLD 2024 in her home city of San Diego.
[30:15] The RIMS San Diego Chapter is planning a reception for RIMS staff, the board of directors, and RIMS past presidents on the Friday before RISKWORLD 2024 starts.
[31:02] Special thanks to RIMS San Diego Chapter President Cheryl Berman, for joining us here on RIMScast. Visit SanDiegoRIMS.org for more information. They have a fascinating session coming up on March 28th about SB 553 the CA Workplace Violence Prevention Plan. The link is in this episode’s show notes.
[31:33] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[31:58] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[32:44] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[33:01] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:17] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[33:59] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RISKWORLD Pre-Conference Workshops
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS San Diego Chapter
RIMS San Diego Chapter Presents: CA Workplace Violence Prevention Plan | March 28, 2024
RIMS Webinars:
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Water and Women in Risk with Sarah Mikolich”
“Giving Back with APIW President Liz Kramer”
“RISKWORLD 2024 Keynote Peter Diamandis”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest:
Cheryl Berman, RIMS San Diego Chapter President
Risk Manager at Brady West, Inc.
Tweetables (Edited For Social Media Use):
Getting insurance for the company landed on my desk because there wasn’t anybody else in the company who knew anything about it. — Cheryl Berman
In one of the companies I worked for, things would just land on my desk and I’d ask “Why is this here?” But I’d figure it out and I’d deal with it. — Cheryl Berman
In California, companies must have an injury and illness prevention plan. — Cheryl Berman
We are fortunate to have some very capable people on our RIMS San Diego Chapter board. — Cheryl Berman
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
RIMS proudly observes and celebrates Women’s History Month in March. We are thrilled to welcome APIW President Liz Kramer. We talk about her international career in insurance and risk management, how she got there, her experience as a woman in insurance, and how the Association of Professional Insurance Women (APIW) influenced her career from the start and why she agreed to serve on the board and now as President. We discuss the four pillars of APIW, including the importance of serving and giving back. We hear about her DE&I goals and her upcoming participation at RISKWORLD 2024 on the DE&I panel and the Women’s Meetup.
Listen in for more information on the Association of Professional Women in Insurance and how you can learn even more by attending RISKWORLD 2024.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. Our guest is Liz Kramer, the President of the Association of Professional Insurance Women (APIW).
[:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:39] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP.
[1:58] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:19] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:45] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[3:00] In Episode 276 of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024.
[3:15] My guest today is Liz Kramer. She is the President of Excess and Surplus Lines at Munich Re Specialty. Today, she’s here in her capacity as President of the Association of Professional Insurance Women.
[3:34] In observance of Women’s History Month and International Women’s Day, we’re going to talk a little bit about her three decades in risk and insurance and where and how some of APIW’s goals align with RIMS’s goals in the way of ensuring the next generation of women professionals and also in the way of DEI.
[3:59] Liz will be at RISKWORLD 2024 at the community meetup on May 6th and she will also be presenting a session in the DE&I Studio, so we’re going to have a lot to talk about. I love getting these sorts of perspectives. I know you all do, too, so let’s have some fun!
[4:16] Liz Kramer, welcome to RIMScast!
[4:24] Liz studied economics. Not wanting a desk job, after graduation, she went to Japan and taught English for a year and a half. She came back and realized she needed health insurance and a stable job so she joined Marsh and McLennan in their Japanese Client Services Division. That’s when she started to learn about insurance.
[5:20] Liz learned about underwriting and got into the underwriter training program at Gen Re as an E&S underwriter. After three years, Gen Re merged with an international company and Liz had the opportunity to go back to Japan, which she loved. She was in Tokyo for four years. She enjoys change and new opportunities.
[7:45] Liz learned German in school and Japanese in Japan. While in Japan, she lived in Japanese and worked in English.
[8:19] Liz was pretty young when she went to Japan. It was a risk being a young woman alone in the country. Her youth was a hurdle in Japan. She had support in the States, but it was tough. She learned a lot, including how to advocate for herself and how to lean on others. Her job was to build a local team to replace her, and she did.
[9:43] After eight years in the business, she came back to the U.S. For 16 years, she did several things: specialty treaty, prop management, and business development. Then through a former client contact, she went to Zurich for three years in three great roles.
[10:21] Someone reached out to her from Munich Re. She would report to the CEO in a new role, Chief Underwriting Officer. She joined them in 2020 and is there today, now as the President of the E&S Division.
[11:32] Liz started in 1993 when the leadership teams were mostly men. She is grateful for all the managers and the men in her career who advocated for her and listened to her. She worked incredibly hard to succeed. She tells the women of APIW, don’t put your head down; put your head up, network, and make connections.
[12:32] When you make connections, your brand gets recognized and noticed and you learn more about what is out there.
[12:56] Liz would say she still doesn’t advocate enough for herself. She had a woman who is her current boss, encourage her to make the move over from the Chief Underwriting Officer back to writing a P&L. You have to step out of your comfort zone sometimes. There’s an incredible amount of diverse talent in the industry.
[14:14] Liz feels very blessed in her career. She doesn’t get resentful about bumps in the road. When she was pregnant with her second child, 18 years ago, a manager assumed she would want to stay home with two children. But her manager’s boss told her “We absolutely want you to come back.”
[15:14] If you hear it from one person, it doesn’t mean everyone feels that way. Still today, we have biases and make assumptions. We should always ask, instead of assuming, if we think they are capable.
[15:57] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 27th and 28th, our good friend, Ken Baker, of Enterprise Risk Consulting, leads the two-day course, Fundamentals of Risk Management.
[16:19] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[16:27] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry.
[16:44] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[16:59] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[17:25] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[17:53] A quick plug for Liz Kramer and APIW. They will be co-hosting their Women’s Leadership Forum with NYCAIW on March 26th, 2024 at 4:00 p.m. at The View at Battery Park in downtown Manhattan. The topic is “Midlife Collision.” This explores what happens when you are raising your family and caring for your parents at the same time.
[18:24] The panel will be comprised of women leaders in risk and insurance who are there to support each other during this critical life event. Register at the APIW.org events page or the link in this episode’s show notes.
[19:00] Liz learned about APIW early in her career. She was working mostly in New York and APIW has a strong presence in the NY area. She has been a member of APIW on and off throughout her career and saw the value and benefit of it.
[19:49] As a member, she was asked if she wanted to join the board and she immediately said yes. She understood what was important about what they were doing and she wanted to expand their reach and awareness, not to the big cities only but throughout the industry. She was an officer and treasurer for four years.
[20:46] When she was asked about becoming president, at first she declined as she was too busy at work and didn't feel like she could commit her time to that role. After two years, she agreed to stay on the board as treasurer and take the two-year term starting in two years. She wanted to make sure she went into it prepared. They made that plan.
[22:16] She has been the president since September of 2022. This September, she will pass the baton to a new president and stay on the board for another two years as “past president.”
[22:38] It was important to Liz to give back to an organization that has been important to her over the years. It’s fulfilling to give back and serve. Giving back gives her a better perspective.
[23:39] The four pillars of APIW are 1) Learning and development, 2) Connectivity and networking, 3) Supporting DEI, and 4) Giving back. APIW networked cities give back to their local communities. When doing strategic planning, the board lives and breathes the four pillars.
[25:53] Liz compares the APIW DEI vision with the RIMS DEI vision, including gender inclusion and encouraging dialog.
[26:56] Liz is a huge fan of the insurance industry. She says it’s a noble industry that does some great things. Her hope for women in insurance is that there continue to be numerous leadership opportunities for women who are in the industry now and that there will be more balance at senior levels.
[27:31] In the U.S. workforce, 47% of the workforce are women. In the insurance industry, it’s close to 60%. The industry is welcoming and attractive for women. It needs to attract more diverse talent with STEM and liberal arts backgrounds for all levels of leadership. It’s a great industry and there are great opportunities for women.
[29:50] Liz will be on the DE&I panel at RISKWORLD 2024 in San Diego, representing APIW. There will be a women’s meetup hosted by APIW right after the panel. Liz and other APIW board members will present who APIW is and share information about it. Liz is considering talking about women and risk-taking.
[31:25] Then they will go into breakout groups to hear from the attendees. Liz invites you to come. She would love to see you face to face. That’s Monday the 6th.
[31:52] It’s been such a pleasure getting a chance to meet you, Liz! I look forward to seeing you at RISKWOLD 2024. We encourage everyone to go check out your session and the community meetup.
[32:20] Special thanks again to Liz Kramer, the Association of Professional Insurance Women president. Links to the APIW events that I mentioned are in this episode’s show notes. There is a link to the RISKWORLD 2024 agenda, where you can find the APIW presence in sunny San Diego, California from May 5th through May 8th, 2024.
[32:43] Happy International Women’s Day, everyone!
[32:48] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[33:12] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[33:52] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[34:09] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:24] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[34:44] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
RIMS DEI Council
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
Association of Professional Insurance Women
APIW NYCAIW Women’s Leadership Forum | March 26, 2024
RIMS Webinars:
Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience | Sponsored by Resolver | March 14, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Spencer’s 2024 Outlook”
“Water and Women in Risk with Sarah Mikolich”
“Leadership and Coffee Talk with Sacha Coburn”
“RISKWORLD 2024 Keynote Peter Diamandis”
“A Menu of Risk Options with Elle Michell Hall”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Liz Kramer
APIW President APIW.org/team/executive-officers LinkedIn: Liz Kramer
Tweetables (Edited For Social Media Use):
I was speaking with a group of women yesterday, with APIW, and saying don’t just put your head down; you’ve got to put your head up, you’ve got to network, and you’ve got to make sure you make those connections. That’s when your brand gets recognized. — Liz Kramer
I have been a member of APIW throughout most of my career. I saw the value and benefit of that. — Liz Kramer
We owe it to our industry and colleagues to give back, in some way. It’s really fulfilling, also. Make sure your head’s not down all the time. — Liz Kramer
I’m a huge fan of the insurance industry. We say it’s a noble industry and it does some great things. My hopes for women in insurance are that we continue for the women that are in the industry to have numerous leadership opportunities — Liz Kramer
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guests Megan Miller, Spencer Educational Foundation Executive Director, and Tandeka Nomvete, Spencer Educational Foundation External Engagement Director. They discuss the recent Spencer Day and Megan presents a brief history of the Spencer Educational Foundation. Megan and Tandeka review the various programs of Spencer and who benefits from them, the Spencer events coming up including those at RISKWORLD 2024 and the Spencer Gala on September 12th, 2024. Megan and Tandeka speak of their experiences as women in the risk and insurance industry and how that experience has evolved over the years. They discuss their hopes for DEI within the industry.
Listen in for all that the Spencer Educational Foundation offers schools and organizations focusing on risk management and insurance.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD.
[:31] About today’s EPISODE of RIMScast. We will be joined by leaders from the Spencer Educational Foundation and we’ll discuss everything they do to ensure the future of the profession.
[:53] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:09] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:39] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP.
[1:58] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:19] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:45] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[3:00] In the prior episode of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024.
[3:16] The Spencer Educational Foundation was established in 1979 and remains the leading organization funding the education of future leaders in risk management and insurance.
[3:27] My guests are two of the leaders of the Spencer Educational Foundation. Executive Director, Megan Miller rejoins us, and External Engagement Director Tandeka Nomvete makes her RIMScast debut. We’re going to talk about the things that Spencer does to ensure the future of the profession and foster growth.
[3:47] Against the backdrop of Women’s History Month in March, we will discuss how the profession has evolved and how the professional landscape is leveling out. We’re going to get a rundown of all the cool things and events that Spencer has coming up this year, starting with RISKWORLD.
[4:06] Megan Miller and Tandeka Nomvete, welcome to RIMScast!
[4:57] Spencer Day was on Monday, February 26th! They raised close to $10K, which allows them to award two additional scholarships this year. That’s two more students who are studying risk management and insurance, whom we can help to fund their education, make sure they make it through, and get into the industry! A record day!
[5:49] #SpencerDay is really catching on in the risk profession for organizations that want to boost their risk departments.
[6:17] Megan tells of Spencer’s history and purpose. It was founded over 45 years ago with two main goals: to fund the students and talent that are seeking to come into our industry and to attract more talent. Last year, Spencer awarded more program dollars than ever, raised a lot of money, and hit a high-water mark for the gala.
[7:05] In 2024, Spencer wants to do it all over again, a little bit better. Most of the programs have been awarded this year already. The scholarships are left to be awarded. Spencer is looking to raise over $3M this year.
[7:39] Tandeka says they want the Spencer Educational Foundation to be top-of-mind when people in the industry think about early talent and getting college students into this industry. They are open to partnering with existing non-profit organizations and associations within the industry. Together they can solve the talent crisis in the industry.
[8:11] Spencer eventually wants to establish more programs to support college students. It wants to expand to serve the risk management and insurance industry, in the U.S.A. and internationally. They are a small team of only three people, so they will start by hiring a fourth team member they are interviewing for now.
[8:47] RIMScast has had educators on the show, including Elle Michelle Hall and David Cisneros. Listen to those two episodes, linked in the show notes, to learn more about being an educator leading a program.
[9:30] Spencer provides funding to colleges and universities to develop risk management and insurance courses. Providing money for a risk curriculum exposes more students to careers in the industry and prepares those students better. In 2023, Spencer more than doubled its course development spending.
[10:24] In 2024, Spencer has a potential donor who is interested in putting massive dollars into course development. Spencer would love to see RMI 101 taught at every business school. There’s no reason these courses shouldn’t be within a business degree, taught by risk professionals, for the next generation of risk professionals.
[12:37] Tandeka tells what Spencer looks for in a proposal. Besides course development, Spencer offers scholarships, internships, Risk Manager On Campus (RMOC), general grants, and the Spencer RIMS Risk Management Challenge.
[12:55] The scholarship is a merit-based program for the top students across the U.S.A. and Canada who are interested in the industry and actively pursuing a career in the industry. Spencer wants to support those students and make it a little easier for them to enter the industry. They award undergraduate, master’s, and Ph.D. scholarships.
[13:19] Students need internships while in college to put all of their knowledge into practice. The industry does not have enough risk management internships. Spencer is attempting to fill that hole within the industry with the internship grants program by creating job opportunities for students.
[13:40] About the Dan Kugler Risk Manager On Campus grant. You can donate to support it on the Dan Kugler RMOC page of the Spencer website. The RMOC sends practicing risk managers to campuses to plant the seed in classes of up to hundreds of students and give them an introduction to the risk management industry.
[14:20] The General Grants program supports universities and colleges across the U.S.A. and Canada with what they need to attract students to this industry and creating experiential learning opportunities. Several of Megan’s professors use the General Grants program to take their students to the annual RIMS RISKWORLD conferences.
[14:59] The Spencer RIMS Risk Management Challenge is an international student competition. This year, nine countries from around the world participated.
[15:28] Spencer will be at RISKWORLD 2024 in San Diego, from May 5th through May 8th. They will have pickleball on Saturday afternoon. On Sunday they have the Gallagher Golf Tournament and Tandeka will run the first leg of the Risk Management Challenge. On Monday, the final round of the Risk Management Challenge will be from 1:00 to 3:00.
[16:36] On Monday night they have the Spencer Soirée, open to everyone. The winners of the Risk Management Challenge will be announced at the Soirée. The top teams will be ranked, one, two, and three and will be presented awards. Tuesday morning they have the Spencer Sedgwick 5K Run. These events are a big part of the fundraising effort.
[17:29] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique. On March 13th and 14th, Chris Hansen hosts a two-day course on Claims Management.
[17:55] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[18:03] On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[18:16] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry.
[18:31] On March 28th, our friends at TÜV SÜD GRC will present Inflation and Property Valuation: Aligning Your Assets with Reality. On April 11th, Clara Analytics returns to present AI’s Impact on Emerging Risk Management Trends.
[18:47] On April 18th, Hub International returns for the second installment of its Ready For Tomorrow Series, Challenging the Status Quo: Rethinking Your Casualty Risk Strategy. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:11] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[19:50] March is Women’s History Month. It’s a great time to observe the achievements of women in risk management. Megan was a Spencer Scholar. She received the Part-time Master’s Scholarship that Spencer awards, while she was earning her MBA.
[20:28] Megan was working part-time in the industry, getting her MBA, and that allowed her to transition from an underwriting role to a key client management role, working with Fortune 100 clients. Now, at Spencer, running the organization, including the financial component, her MBA degree comes in handy.
[20:48] In terms of being a woman in the industry, Megan thinks the industry has come a long way. Early in her career, she helped develop women’s networks, getting panels together, and elevating issues to senior management. Megan recently noticed a panel on LinkedIn that was all women and the topic was not women in insurance but captives!
[21:46] Just seeing women coming together, and being the majority in situations where the topic is not just focused on how to advance women; that, to Megan, is a benchmark of success. She is proud that women are being tapped for their experience, technical ability, client-facing ability, and not just the fact that they’re women who persevered.
[22:18] Tandeka was fortunate to meet students in her college classes who were transferring to Georgia State University to study actuarial science and she followed them. That was her introduction to this industry. After graduating from Georgia State, she got a job with Marsh.
[22:54] Tandeka worked in Marsh’s Commercial Insurance Brokerage for five years. She moved on to the non-profit sector, for a student association as a recruiter, to help students get entry-level jobs and internships in the risk management and insurance industry. Tandeka joined Spencer a year and a half ago. It has been amazing!
[23:34] Tandeka has been working in this industry for about 10 years. She has seen a difference over the past 10 years. She didn’t see women in senior leadership 10 years ago. She would love to see it progress in the right direction in the future.
[24:08] Justin and Tandeka met at RISKWORLD 2022 in San Francisco, just before she was scooped up by Spencer. Everything happens for a reason, Tandeka says. Tandeka acts as an unofficial Spencer ambassador.
[25:42] Megan says the students who are applying for our scholarships and taking the courses we are helping to develop are a diverse group. A lot of our funds are going to students from historically underrepresented groups in our industry and minority-serving institutions like HBCUs and Hispanic-serving institutions. The diversity is there.
[26:23] Megan likes to say to donors, we can help you get the diversity in the door but you have to make them feel that they belong there. That’s where I would like to see the industry go, to have more companies embracing that inclusion piece, and doing a better job internally of building a culture where people feel included and heard.
[26:59] Tandeka says she would love for our industry to get to a place where diversity and equity are baked into who we are as an industry. Instead of subsections focused on DEI, I would love for all our companies and organizations to have DEI as part of their core programming; part of what they do every day, where it’s not even a discussion.
[27:42] The Funding Their Future Gala will be Thursday, September 12th at The Cipriani on 42nd Street. They will announce their amazing honoree before the RISKWORLD 2024 Conference. Plan to join them on September 12th, 2024! There’s a link to the press release for last year’s event in this episode’s show notes.
[29:24] Megan Miller and Tandeka Nomvete, thank you both so much! it’s a pleasure to speak with you!
[29:33] Special thanks to Megan Miller and Tandeka Nomvete of the Spencer Educational Foundation, for joining us. A lot is happening this year for Spencer! Get involved. Visit Spencered.org for more information. There is a link in this episode’s show notes.
[29:51] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[30:16] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[31:00] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[31:17] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:33] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is the Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[31:54] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Funding Their Future Gala 2023 Press Release
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Webinars:
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience | Sponsored by Resolver | March 14, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
AI’s Impact on Emerging Risk Management Trends | Sponsored by Clara Analytics | April 11, 2024
Hub’s “Ready for Tomorrow” series: “Challenging the Status Quo: Rethinking Your Casualty Risk Strategy” | Sponsored by Hub International | April 18, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“RISKWORLD 2024 Keynote Peter Diamandis”
“A Menu of Risk Options with Elle Michell Hall”
“Risk Management Education with David Cisneros”
“Celebrating #SpencerDay and Funding the Future of Risk Management”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Megan Miller Spencer Educational Foundation Executive Director LinkedIn Megan Miller
Tandeka Nomvete
Spencer Educational Foundation External Engagement Director
LinkedIn Tandeka Nomvete
Tweetables (Edited For Social Media Use):
The Spencer Organizational Foundation was founded over 45 years ago with two main goals: to fund the students and talent that are seeking to come into our industry and to attract more talent. — Megan Miller
We want the Spencer Educational Foundation to be top-of-mind when people in the industry think about early talent and getting college students into this industry. — Tandeka Nomvete
I’m proud that women are being tapped for their experience, technical ability, and client-facing ability, and not just the fact that they’re women who persevered in a male-dominated field. — Megan Miller
Besides course development, Spencer offers scholarships, internships, and the Risk Manager On Campus program. — Tandeka Nomvete
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest Sarah Mikolich, Risk and Insurance Coordinator at the Ontario Clean Water Agency. Sarah tells about her 25-year career path in risk and insurance management, describes the work of Ontaria Clean Water Agency, the partnership OCWA has with First Nations in Ontario, and what her priorities are at OCWA. She discusses the importance of World Water Day and how water brings peace. She shares her experience as a woman in risk and insurance and how the industry has become more gender equal.
Listen in for Sarah’s thoughts about the industry, networking in ORIMS, and her tips for women entering the risk and insurance industry.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/RISKWORLD. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s EPISODE of RIMScast. We will discuss water and sustainability, with Sarah Mikolich of the Ontario Clean Water Agency.
[1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes.
[2:06] We will have leaders from the RIMS-CRMP Commission and leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:26] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:53] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[3:08] In the prior episode of RIMScast we had opening keynote Peter Diamandis join us. Check out that episode for just a taste of what’s in store for RISKWORLD 2024.
[3:22] Early registration rates are available through February 29th, 2024; yet another benefit brought to you by RIMS and leap year!
[3:31] March is Women’s History Month. March 22nd is World Water Day. Our guest today brings the best of both worlds. She is Sarah Mikolich, the Risk and Insurance Coordinator at the Ontario Clean Water Agency (OCWA).
[3:51] Many of you know Sarah as a long-time and very visible member of ORIMS. We’ll talk about her career, her work in water, and her perspective on how the risk profession is evolving to meet the needs of, and retain, women.
[4:09] Sarah Mikolich, welcome to RIMScast!
[4:49] Sarah started as a broker for a smaller brokerage and then for Aon in their large risk management sector. From there, she worked in risk management at a global medical company, and then at a global engineering firm. She learned what it’s like to put together a global insurance program. Sarah has been involved with ORIMS.
[5:25] Sarah has worked on the Canada Council’s newspaper. She has worked on two conferences in Canada. For the second conference, in Toronto, she helped organize all the speakers and seminars. Over the last 20 years, Sarah has made good friends in the risk industry.
[6:40] Sarah is coming up on three years with OCWA. She looks after the insurance program. OCWA is a Crown agency in Ontario. It reports to the Ministry of Environment, Conservation, and Parks. OCWA operates and maintains over 1,000 water and wastewater facilities in about 170 municipalities, for a population of about 4.5 million.
[7:35] OCWA is one of the biggest operators in Canada. Sarah’s department includes just herself. Her previous positions with the medical and engineering firms were also one-person shows. At OCWA, she reports to Legal, so she has support from her general counsel. She loves the responsibility of her positions, past and present.
[8:49] Sarah’s top priority is clean water. The next priority is the retention of their 600+ certified local water operators. Another high priority is cybersecurity. No cyber threats have bubbled up to Sarah’s department. Everything has been dealt with by the IT department.
[10:11] OCWA has an ERM department of one, not Sarah, but she is tuned into the ERM leader’s work. She has recently been asked to help with some of the board materials and minute-taking so she has learned a lot more about what the ERM program looks like.
[10:35] Because they are highly regulated, they lean conservative. They are fully supported by the Executive Management Team and the Board of Directors. The ERM department has done a top-down risk review and is rolling out a bottom-up look at risk, engaging the employees, and providing some ERM risk training, including for the board.
[11:15] OCWA is not mandated to test for “forever chemicals” or PFAS. The main focus is going to be on infrastructure upgrades. This needs to be addressed by researchers, water industry professionals, and governments at all levels, in the years ahead.
[12:01] OCWA has a partnership with First Nations in Ontario. First Nations face a lot of water risks, including some boil water advisories. OCWA is proud of this partnership, providing project management, capital management, emergency services, asset management, and improving the operation and maintenance of its infrastructure.
[12:48] In 2021, OCWA established a First Nations Advisory Circle to gain a greater understanding of the broader water issues facing First Nations communities. The Circle, which reports through the First Nations Committee of the Board of Directors, are individuals who identify as indigenous from a variety of backgrounds and communities.
[13:16] In 2022, OCWA created a First Nations Regional Hub that focuses exclusively on supporting water and wastewater sustainable operations and maintenance for First Nations communities.
[13:48] OCWA’s biggest client is in Mississauga, where its head office is. Sarah lives there and drinks the Ontario Clean Water Agency’s maintained facility water. She has an appreciation of what goes into clean water. She participates in facility tours and inspections; she has never seen a facility so clean. The facilities are fascinating.
[14:44] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique.
[15:10] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[15:18] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[15:39] Resolver returns on March 14th to deliver the session Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience. On March 21st, Zurich presents Fraud Attitude Shifts in the Industry.
[15:54] On March 28th, our friends at TÜV SÜD GRC present Inflation and Property Valuation: Aligning Your Assets with Reality. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[16:16] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants.
[16:31] Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[16:40] Our friends at FERMA encourage you to participate in its inaugural International Risk Managers Survey, open through March 2024 to risk professionals from the U.S., Latin America, Asia-Pacific, and Africa. It is produced in partnership with PwC France. The results will be distributed in October 2024. A link is in this episode’s show notes.
[17:12] World Water Day is March 22nd, 2024. The theme this year is Water for Peace, which focuses on the critical role that water plays in the stability and prosperity of the world. Henk Ovink, Ambassador to the U.N. for Clean Water, has been on the show twice. Justin has had a lot of guests speaking of clean water.
[17:48] Water can bring peace to the world. We all need clean water. It’s so important. There’s so much that needs to be done around the world to bring clean, fresh water to so many communities. If we all work toward doing that, in our capacity, providing water that’s clean, fresh, and sustainable, will bring peace.
[18:28] Sarah has been in the risk and insurance profession for 25 years. She reflects on how the risk and insurance profession has changed regarding gender equality. She believes it has changed quite a bit. She is meeting female risk managers, left, right, and center. She thinks it’s a wonderful field. She loves working with clients and partners.
[19:13] Being a woman is not as big an issue anymore. You’re a worker on a career path. Sarah has had great managers who have given her ways to grow in her career. Her previous companies are also working to be diverse. She is supported by her peers and her managers. The playing field has gotten more level, in Sarah’s experience.
[20:33] Sarah has mentored a few women. She doesn’t have many opportunities, being a sole specialist in a department of one. Working on the RIMS Canada Conference was a way she could promote her ideas and support other women to promote their careers. Justin emphasizes to listeners to get involved with RIMS to help others in their careers!
[21:54] Sarah’s tips for women entering the risk and insurance profession: “Education is the biggest one for me, learning as much as I could and picking up as many certificates as I could. Definitely, do your CRM, ARM, or the RIMS-CRMP. Network. Try to get a mentor or two. I’ve done a lot of networking at the global and Canadian conferences.”
[22:39] “So, get out there! Go to your chapter meetings. There’s a lot to learn; there are lots of great people out there to learn from. The risk management community is so giving. They’ll drop anything to help you; any question you have! Education and networking would be the biggest points. We all want to see each other do well.”
[23:41] Sarah Mikolich, it’s been a pleasure to have you on RIMScast finally! I wish you a happy World Water Day, 2024 and beyond!
[23:51] Special thanks again to Sarah Mikolich of the Ontario Clean Water Agency and also of ORIMS, for joining us. Links to her bio and work are in this episode’s show notes as well as links to World Water Day and Women’s History Month initiatives.
[23:19] There’s still time to get the early bird registration rate for RISKWORLD through February 29th. Visit RIMS.org/RISKWORLD and register there. Peter’s opening Keynote is one of the many memorable presentations we’ll be experiencing at RISKWORLD 2024.
[24:10] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[24:35] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[25:19] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[25:36] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:52] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[26:13] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
World Water Day 2024 Campaign
Women’s History Month
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
Diamandis.com
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
Maximizing Business Value: Top 5 Risk and Compliance Dashboards for Organizational Resilience | Sponsored by Resolver | March 14, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
Inflation and Property Valuation: Aligning Your Assets with Reality | Sponsored by TUV SUD GRC | March 28, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
RISKWORLD 2023 Keynote Johnny C. Taylor, Jr., SHRM President and CEO
“Diving in with RIMS 2024 President David Arick”
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Scenario Planning with the RIMS SERMC in 2024”
“Solving Wicked Problems with Dr. Gav Schneider”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyber risk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Sarah Mikolich Risk & Insurance Coordinator at Ontario Clean Water Agency (OCWA)LinkedIn Sarah Mikolich
Tweetables (Edited For Social Media Use):
Ontario Clean Water Agency reports to the Ministry of Environment, Conservation, and Parks. We operate and maintain over 1,000 water and wastewater facilities in about 170 municipalities. One of our biggest clients is that sector. — Sarah Mikolich
No cyber threats have bubbled up to me. We’ve been able to deal with everything internally right now, with our IT department. Nothing’s come through as a threat. — Sarah Mikolich
There’s so much that needs to be done around the world to bring clean, fresh water to so many communities. If we all work toward doing that, in our capacity, water that’s clean, fresh, and sustainable, will bring peace. — Sarah Mikolich
I am meeting female risk managers, left, right, and center. I think it’s a wonderful field to be in. — Sarah Mikolich
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest RISKWORLD 2024 Keynote Peter Diamandis about many intriguing topics, starting with Peter’s book, Abundance, Peter’s career and professional history as it relates to risk management, the purpose and importance of storytelling, and positivity. Peter shares the key for risk professionals to become great organizational leaders: it’s to depend analytically on the data! Peter shares his excitement about his RISKWORLD 2024 Opening Keynote on May 6th, what he will present, and how he will engage the audience.
Listen in for wisdom on risk and abundance.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s episode of RIMScast. Our topic is risk and innovation, with RISKWORLD 2024 Opening Keynote Peter Diamandis.
[1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes.
[2:06] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:26] On March 20th at 9:00 a.m., Eastern, we have another informational session about Recertification: Keep Your RIMS-CRMP Active. I will be hosting that session, along with RIMS VP of Professional Development, Denise Osorio. If you have the CRMP and you don’t want the credits to lapse, find out how to keep it active! The link is in the notes.
[2:53] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year!
[3:19] I’m so pleased to present an interview with our RISKWORLD 2024 Opening Keynote Speaker, Peter Diamandis. He’s a successful entrepreneur several times over, a thought leader, and a New York Times best-selling author of four books, including Abundance: The Future is Better than You Think.
[3:39] Peter Diamandis was named by Fortune as one of the world's 50 great leaders. He is also the Founder and Executive Chairman of the XPrize Foundation, which leads the world in designing and operating large-scale incentive competitions. He is also the Executive Founder of Singularity University.
[3:55] Peter Diamandis has a lot of experience with risk and risk professionals. He’s going to be one of the standout opening keynote speakers in RISKWORLD history. We’ll hear about his risk philosophy, what it will take for risk professionals to become organizational leaders, and a preview of his May 6th RISKWORLD 2024 Keynote.
[4:19] Peter Diamandis, welcome to RIMScast! Peter has aerospace engineering, molecular genetics, and medical degrees from MIT and Harvard. He started numerous companies in the space world and the exponential technologies world. For the last decade, his focus has been on longevity, adding decades of health to a person’s life.
[5:33] Peter has written several books he’s proud of, focused on optimism and abundance. Abundance: The Future is Better than You Think, Bold: How to Go Big, Create Wealth and Impact the World, The Future is Faster Than You Think, a few books on longevity, and exponential organizations.
[5:59] Peter has a large venture fund, Bold Capital, which has six or seven hundred million dollars. He’s investing heavily in AI and longevity. A lot of his work is helping people to change their mindset, which is one of the most important and relevant things we can talk about in the realm of risk. Peter asks you to consider your mindset.
[6:31] Imagine the most extraordinary leader on the planet, whomever you consider that to be. Ask yourself what got them there. Was it the money they had, their friends, technology, or was it their mindset? Peter posits that their mindset is what enabled them to be such an extraordinary leader and success.
[6:58] The next question is what mindset do you have, where does it come from, and what mindset do you need for the decade ahead in this period of extraordinary accelerating exponential change?
[7:41] There are a multitude of risks on the horizon at all times. Pandemics have been and will continue to be a global risk. We have risks on that scale from asteroid impacts. We have risks that are mounting in the realm of AI. We have risks from manmade biological disruptions.
[8:26] People don’t take into account the accelerating countervailing forces. We live in a day when individuals can come up with new strategies and technologies to combat problems. Individuals can also cause problems.
[9:20] Peter defines entrepreneurs as individuals who find juicy problems and solve them and the more entrepreneurs empowered with more powerful technologies, the more problems get knocked down. Then we are left with only first-world problems.
[10:02] The fundamental problem is, humans have a hard time truly judging risk accurately. The amygdala scans all of our sensory data. If it sees something that’s potentially dangerous, it puts you on “red alert.” It raises your blood pressure, narrows your pupils, and gets you ready for your fight-or-flight reaction.
[10:58] We tend to be easily tipped into fight-or-flight even though the chances of real danger are orders of magnitude lower. Peter describes loss of life through the violence of warfare or crime, through time. People would think from the news that we are living in the most dangerous time in history but we are living in the most peaceful time in history.
[11:46] The Middle Ages were disastrous. We romanticize the past. Today, your chance of dying from a violent act is minuscule compared to what it used to be.
[12:05] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique.
[12:31] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[12:39] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[13:01] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[13:14] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants.
[13:29] Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[13:54] Leading risk managers who are data-driven decision-makers would make good organizational leaders. Peter believes that depending on the human “gut” is no longer viable. Gut feelings based on years of experience are irrelevant. What is important is what the data shows.
[14:47] Peter states that risk managers who can gather the data, analyze it, and make data-driven decisions are going to be great leaders.
[15:12] Storytelling is how we convey means and ideas. We evolved as humans to tell stories and receive stories around the campfire. As long as humans are involved in a decision process, which they will be less and less in the future, an emotional connection is going to sway an individual. Great stories connect you with individuals.
[15:56] If you tell a great story and connect with a person emotionally, you can sway them pro or con, yes or no, on the decision that you want. So storytelling is fundamental. All day long, Peter seeks investments. Investments are selected by an investment committee that believes in the entrepreneur and the company and what they’re doing.
[16:33] When you’re trying to raise money, it’s super important to tell a great story about “Why me? Why this? And why now?” The data will sway at least equally, if not more but today, as flesh and blood, hearts and minds, storytelling is still critically important, whether you are selling or being sold.
[17:23] Peter is the opening keynote speaker at RISKWORLD 2024 on Monday, May 6th in San Diego, California. Peter says the world of risk assessment, risk balancing, and risk-taking is more important than ever before. Peter’s job is to tell stories to the audience to help them understand the role they have to play.
[17:44] Doing anything big and bold in the world is risky. If we take the risk out of everything, then we’re stuck, stagnant, and moving backward. There needs to be a way that entrepreneurs, companies, and even governments, can take risks that have the upside potential to transform society for the better.
[18:14] Peter wants to infect people with the positivity of this increasing world of abundance. A key area Peter wants to hit is that the world is getting better; we need to take risks to transform insurance. Fire insurance should prevent fires. Health insurance should keep you healthy. Life insurance should keep you alive a lot longer.
[19:17] The most exciting thing about all these exponential technologies is the reinventing of business models. How do we reinvent business models not only to financially protect against the risk but also to use technology to remove the risk, if at all possible, and change the way we think about all these areas?
[20:06] Peter loves Q&A. The more questions, the better. He wants to make several points. First, he wants people to see the data that the world has been improving at an extraordinary rate in terms of increased access to food, water, healthcare, and education; with reduced child mortality rates, maternal mortality rates, and violence.
[20:41] When you look at the numbers, they’re awesome. The question becomes … why is the world getting better on all these different dimensions? … It’s not that we’re getting smarter or that we have better politicians; it’s the impact of technology. Peter wants to share that to begin. The next point is to talk about what’s going on in the meta trends.
[21:03] Meta trends are the forces that are heading our way and changing everything. The meta trend in energy is from whale oil 100 years ago to fusion energy in the near term; looking at reinventing transport with flying cars and autonomous cars; and humanoid robots coming.
[21:23] Looking at longevity and the ability to add 10 to 30 healthy years to your life, and how that will impact society. Where we are with AI today and where it’s going; what are the challenges? How do we think about these challenges? Everything we’ve ever known is about to change.
[22:01] Artificial intelligence, in its current use and capabilities and how fast it’s evolving, and where it’s going needs to be a conversation in your board room, at your dinner table, and with your children, everywhere!
[22:28] Peter’s parting words: “I think the world of risk is about to be transformed and it’s going to be transformed by exponential technologies, sensors, networks, AI, robotics, all of these areas; AR, VR, and blockchain, and I want to show you what’s possible today and where these technologies are taking us in the next two to five years. It’s awesome!”
[22:49] “It’s an amazing time to be alive and I think that business models, companies, and the future of the entire risk industry are going to be refined and transformed. So that’s our conversation; I’m looking forward to it!”
[23:07] Thank you so much, Peter Diamandis! Looking forward to seeing you!
[23:11] Special thanks to Peter Diamandis for joining us and giving us a preview of his RISKWORLD 2024 Keynote which will be on Monday, May 6th.
[23:19] There’s still time to get the early bird registration rate for RISKWORLD through February 29th. Visit RIMS.org/riskworld and register there. Peter’s opening Keynote is one of the many memorable presentations we’ll be experiencing at RISKWORLD 2024.
[23:36] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[24:02] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[34:44] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information.
[25:00] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:15] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:36] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
Diamandis.com
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
Fraud Attitude Shifts in the Industry | Sponsored by Zurich | March 21, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
Riskworld 2023 Keynote Johnny C. Taylor, Jr., SHRM President and CEO
“Diving in with RIMS 2024 President David Arick”
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Scenario Planning with the RIMS SERMC in 2024”
“Solving Wicked Problems with Dr. Gav Schneider”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Peter Diamandis, PeterDiamandis.com
Moonshots with Peter Diamandis
Tweetables (Edited For Social Media Use):
Imagine the most extraordinary leader on the planet. … Ask yourself what got them there. Was it the money they had, was it friends, was it technology, or was it their mindset? … What mindset do you have? — Peter Diamandis
I define entrepreneurs as individuals who find juicy problems and solve them and the more entrepreneurs empowered with more powerful technologies, the more problems get knocked down. — Peter Diamandis
I also want to infect people’s minds with the positivity that is out there to show them this increasing world of abundance, which is counter to what we think of all the time. — Peter Diamandis
The question becomes … why is the world getting better on all these different dimensions? … It’s not that we’re getting smarter or that we have better politicians; it’s the impact of technology. So I want to share that to begin. — Peter Diamandis
The world of risk is about to be transformed … by exponential technologies, sensors, networks, AI, robotics, AR, VR, and blockchain. I want to show you what’s possible today and where these technologies are taking us in the next two to five years. — Peter Diamandis
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest Daily Bread Food Bank CEO Neil Hetherington about the Daily Bread Food Bank, the rapidly accelerating numbers of people with post-secondary education making use of food charity in Toronto, the causes of increasing food insecurity, statistics on food inequity in the context of systemic racism, and how legislative solutions are needed to restore equity in food security.
Listen in to learn more about how the culture of your organization can be applied to find solutions to food inequity in your community.
Key Takeaways:
[:01] About RIMS and RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s episode of RIMScast. We will be joined by Daily Bread Food Bank CEO Neil Hetherington. We will explore the intersection of risk and hunger.
[1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:47] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes.
[2:06] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:26] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year!
[2:52] My guest is Neil Hetherington, the CEO of the Daily Bread Food Bank in Toronto, Canada. I had the pleasure of meeting Neil at the ORIMS 2023 year-end luncheon and we had a nice conversation. Recently, The Daily Bread Food Bank released its “Who’s Hungry Report 2023” so I thought this would be a great time to extend that dialog.
[3:25] We will discuss how food inequity can impact risk managers and the decisions that organizations need to make when hiring. Neil Hetherington, welcome to RIMScast!
[4:17] The Daily Bread Food Bank is Canada’s largest food bank. It took 38 years to serve one million clients in Toronto in a single year. It took two years to serve two million in a year. In 2023, they served three million.
[4:47] There has been exponential growth in the number of individuals who are food insecure. As depressing as that has been, it’s been a real joy working with a team that is firmly committed to a mission: What is going on that is requiring individuals to come to a food bank and how can we make a difference?
[5:16] In partnership, Daily Bread Food Bank and North York Harvest Food Bank have released Who’s Hungry 2023 — an annual profile of food insecurity and poverty in Toronto. Some of the increase in food insecurity may be attributed to the pandemic. Before the pandemic, they were serving about 60,000 a month, holding steady.
[5:56] The pandemic happened and the number doubled to 120,000 a month. Then inflation happened and it went to 240,000 a month. In December 2023, it was closer to 300,000. Twelve thousand individuals in Toronto who had never used a food bank signed up for the first time. Unemployment is low but food bank usage is high.
[7:12] Food insecurity is rising in Canada, particularly in large cities where affordable housing is at a premium. In Canada, if you are on Disability, you live in poverty. Individuals who are working at two or three part-time jobs don’t have health benefits or access to dental care. They are coming to food banks in the fastest-rising numbers.
[8:44] What can be done? Affordable housing helps individuals and employers who need workers close to jobs. It is good for legislative bodies to take care of the vulnerable. Individuals on disability should have an income that allows them to buy food. Employers should be given incentives to hire full-time employees with benefits to thrive.
[9:55] There’s a link to the “Who’s Hungry 2023” report in the show notes. The report says, “Systemic racism produces deep inequities with respect to food insecurity in Canada.” Black households are more than 3.5 times more likely, and Indigenous communities are 3 to 5 times more likely to be food insecure than White households.
[10:26] “These inequities stem from systemic discrimination that results in Black, Indigenous, and racialized communities facing barriers to education, employment, health care, and social services.” How do we change that reality?
[10:55] What are the ways that we can ensure that, first of all, there is no food insecurity, everyone can thrive in the community, and everybody can live in simple, decent, affordable housing?
[11:13] Neil says we’re pointing out the numbers, in terms of the inequity that is present, and giving legislatures across the country the opportunity to be able to deal and grapple with that problem.
[11:38] Neil discusses the changing profile of a client. Fifty-nine percent of individuals using food banks in the Toronto area have a post-secondary education. They’ve gone to college. They’ve done everything right. People with this level of education having to make use of food charity is obscene.
[12:40] The other changing demographic is individuals who are working but still have to rely on friends, family, and charity to get by.
[12:59] The report points to a number of recommendations for changing social policies.
[13:26] Neil says the report asks legislators to “Change this, please, eh?” It’s an uphill battle. The Daily Bread food bank has a dual mission to feed the need now and talk to every level of government about the opportunity to walk back from the ledge we’re on. Neil talks about recent and upcoming presentations of solutions to government leaders.
[15:34] The risk to a corporation is not having the right people. Are the employees able to feed their kids, is their mental health OK or do they have massive stressors that are not allowing them to focus on the task at hand? Neil works out an example where $50K is inadequate. Without nearby affordable housing, where will the workforce live?
[18:10] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM. On March 12th and 13th, former RIMS president Chris Mandel hosts, Captives as an Alternate Risk Financing Technique.
[18:37] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[18:45] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[19:06] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:20] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants.
[19:35] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[20:46] Neil talks about the need to have donations year-round. After the holidays, the selves at food banks tend to get sparse. In July and August, kids are home from school and need to be fed. In July and August, the shelves are bare at the Food Bank. Those are difficult times. It’s an opportunity for you to give back to the community!
[22:14] Justin suggests the hashtag #FoodInFebruary to get social awareness going.
[22:57] The pandemic was revealing to a lot of people who saw lines at food banks very soon. The shutdown happened in the third week of March and the lines started getting very long in April. That one acute shock to the system drove people to food charity.
[23:35] It was clear there was a lack of resilience in the population across North America. That should be alarming for legislatures. The Daily Bread Food Bank works hard to raise awareness of food insecurity through media and social media, integrating their research with their food advocacy program.
[24:05] Letting donors know the opportunity to divest their wealth into something that will be fantastic for the community, not only feeding the need now but also looking into decreasing those lineups. How do we change the systemic policies that are resulting in individuals having to make use of a food bank?
[24:45] You can donate food to any food bank, and it’s appreciated. It gives variety to what is distributed to individuals. Bring your company out to volunteer in a food bank. Donating funds allows them to purchase more food at a lower rate. Write a letter to any elected official asking them to tackle food insecurity in the best way they think possible.
[25:57] Everybody listening to this podcast, please have a conversation about this tonight with your family at dinner so we heighten awareness and so elected officials know that they are required to and have the authority to make good things happen.
[26:50] Any organization that is successful in North America has a detailed plan on how they are contributing to the community. Having an ESG strategy is important if you want younger employees to come to your firm. It’s an opportunity for new emerging leaders. Neil quotes Bryan Stevenson — “The opposite of poverty is not wealth but justice.”
[27:59] If you’re an employer, a community leader, or an elected official, you have the opportunity to spread justice every single day through the work that you’re doing and how you are developing the culture within your firm or organization.
[28:07] Neil Hetherington, it’s been great to see you again. I’m so glad that we had a chance to reconnect. “Who’s Hungry Report 2023: A Call to Action From a City in Crisis,” is available right now, it’s complimentary, and there’s a link in this episode’s show notes.
[28:51] Neil hopes people will visit fundthebenefit.ca and push the Canada Disability Benefit. “Thank you to everyone who is that positive changemaker!”
[29:31] Special thanks again to Neil Hetherington of the Daily Bread Food Bank for joining us here today on RIMScast. A link to the Daily Bread Food Bank’s site and to its “Who’s Hungry Report 2023” is in this episode’s show notes. Look for the hashtag, #FoodInFebruary. Let’s be trendsetters and help people going through a hard time.
[30:01] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[30:26] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[31:08] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[31:33] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:48] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[32:10] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5 – 8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
Who’s Hungry 2023 Report
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
Elevating ERM in Federal Agencies: The RIMS-CRMP-FED Explored by Deloitte & Touche LLP and RIMS | March 15, 2024
Recertification: Keep Your RIMS-CRMP Active | Presented by RIMS | March 20, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Diving in with RIMS 2024 President David Arick”
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Scenario Planning with the RIMS SERMC in 2024”
“Recipes for Success with Wendy’s CRO Bob Bowman”
“Equality and the Risk Profession with Elisa Stampf”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Neil Hetherington, Daily Bread Food Bank CEO
Tweetables (Edited For Social Media Use):
There has been exponential growth in the number of individuals who are food insecure. As depressing as that is, it’s a real joy working with a team that is firmly committed to a mission. What is going on that is requiring individuals to come to a food bank? — Neil Hetherington
What are the ways that we can ensure that, first of all, there is no food insecurity, everyone can thrive in community, and everybody can live in simple, decent, affordable housing? Those are the questions. — Neil Hetherington
“The opposite of poverty is not wealth but justice.” — Bryan Stevenson, quoted by Neil Hetherington
If you’re an employer, a community leader, or an elected official, you have the opportunity to spread justice every single day through the work that you’re doing and how you are developing the culture within your firm or organization. — Neil Hetherington
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guests Katie Sexton and Adrian Castillo, recorded live at the RIMS Leadership Forum 2024 in San Antonio, Texas on January 25 and 26. Katie and Adrian each describe the companies where they work, their ERM responsibilities there, how they began in the risk management profession, and what they do for their respective RIMS Chapters. They discuss the risk management culture of their Australasia and Mexico Chapters and planned activities for 2024.
Listen in to learn more about the RIMS Australasia and RIMS Mexico Chapters.
Key Takeaways:
[:01] About RIMScast.
[:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s episode of RIMScast. We will be joined by leaders from the RIMS Australasia Chapter and the RIMS Mexico Chapter.
[:59] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The next RIMS-CRMP-FED Exam Prep Virtual Workshop will be held from April 2nd through the 4th and led by Joe Mayo. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:46] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes.
[2:05] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:25] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year!
[2:52] RIMS recently hosted its Annual Leadership Forum in San Antonio, Texas. This is a chance for chapter leaders to meet, network, and share ideas on how to strengthen their own chapters as well as RIMS, globally. Justin was delighted to meet several of you and he invited some to be on the show, who traveled long distances.
[3:14] We will hear from two leaders today. The first guest is the Vice President of the RIMS Australasia Chapter 2024, Katie Sexton. She is also the Risk Manager for Woods Bagot, a global architectural firm. Justin wants the RIMScast audience to hear what she’s got in store for her chapter and how she has championed ERM at Woods Bagot.
[3:47] Katie Sexton, welcome to RIMScast! Katie is Vice President of the RIMS Australasia Chapter and next year, she will be the chapter President. Her daytime job is Global Leader of Risk for Woods Bagot, an architectural firm.
[4:17] Woods Bagot has studios in 17 cities around the globe. It has been an architectural practice for about 150 years. Its largest operations are in Melbourne and Sydney. Katie is based in Melbourne. Katie has always enjoyed architecture. Before Woods Bagot, Katie was at a large American engineering firm.
[5:06] The risk group at Woods Bagot consists of two people. Katie’s title is Global Leader of Risk. Woods Bagot has a unique way of managing risk. From an insurance perspective, their key risk is professional liability for project disputes and litigation. From a company perspective, cyber is a massive risk.
[6:01] Other concerns are health and safety, legislative and governance compliance, with the increasing cost of compliance being a key risk for international firms, data protection, and supply chain risks. Woods Bagot also works in interior design and consulting so it’s a multi-disciplinary firm operating in multiple environments.
[7:03] Woods Bagot has a company-wide ERM framework that gets reported up to the board. A lot of their regions have the risk registers they manage and comply with. Projects also have their risk registers. Katie has been with Woods Bagot for eight-and-a-half years. She replaced the old ERM framework and built one from scratch.
[7:55] It’s key for documents to be streamlined and easily reported up to the board and the Audit and Risk Committee. The risk group does workshops every year with board members and the Audit and Risk Committee to update the ERM framework, based on risk tolerance levels, risk appetite, and a risk register, all collated together and reported.
[8:35] The Woods Bagot ERM framework is an ongoing process. They improve it and streamline it every year after the workshops with the board and Audit and Risk Committee. The initial development of the ERM framework took about six months. The board and executive team receive the framework well, as they are quite risk-aware.
[10:01] The RIMS Australasia Chapter has a great board with collaborative members. Everyone pulls their weight. Katie loves working with chapter members. She enjoys promoting risk management and networking for younger, rising professionals, and sharing knowledge from herself and sponsors, partners, and RIMS.
[11:23] The RIMS Australasia Chapter’s conference held last November was a one-day event in three venues, ending with a working drinks session. The theme was The Human Factor. Great partners came to talk. It was an excellent event. The 2024 event will be in the fourth quarter. The Australasia chapter website link is in this episode’s show notes.
[12:21] Katie says “Get involved if you’re not already. Get to the events of your chapters and global RIMS. They’re always great and the networking’s fabulous. Come to Australia to see us and get involved in our events! Most of them are online. You can listen to them or the recordings. Like us on LinkedIn, as a lot of our events are open to all.”
[13:23] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM.
[13:47] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. Save $100 when you register for any February or March Virtual Workshop using the promo code RIMSVW100. You must use the code through February 9th. Register today!
[14:10] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[14:31] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[14:45] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on March 1st for Ph.D. applicants.
[15:00] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[15:18] Our next guest is the Global ERM Manager for CEMEX, a global company known for its cement ready-mix concrete and aggregates and urbanization solutions. He is also the president of the RIMS Mexico Chapter. We had a nice chat about the state of risk management in Mexico, the RIMS Mexico Chapter, and business continuity.
[15:49] Adrian Castillo, welcome to RIMScast! Adrian has been a risk professional for nearly 20 years. He has dealt with risks for his entire life. Adrian is with CEMEX, a global cement, ready-mix, and aggregate company, and a construction material producer. He has been working at CEMEX for a quarter of a century.
[17:07] As a global company, risks include conflicts in the Middle East, the geopolitical situation with shifts of power, climate-related events, and natural disasters. Last year, Mexico was impacted by Otis. The intensity of the storm was new for Mexico and it took weather monitors by surprise. Overnight, it went from a category one to a category five.
[18:41] CEMEX has operations in the Middle East, including Israel, and Europe. Their supply chains are impacted by the present conflict. The effects are spreading beyond the Middle East. CEMEX monitors the risks to keep ahead of them.
[19:25] Adrian believes that in Latin America, in general, their risk awareness is not yet mature. In the beginning, they have a tendency to deny the risk of something happening. Then, they say they will cross that bridge whenever they come to it. It is a very resilient culture, on the positive side.
[19:58] Nothing can prepare you for a situation, other than performing risk management techniques and programs. Once a situation hits you, it’s an overwhelming sensation. If you’re not prepared, there’s a great risk that you might not overcome it. Once you have done your risk management assessment and preparation, you have extra confidence.
[20:32] For global companies, especially, preparation is key. In business continuity, you prepare for the worst and hope for the best. Adrian says that in Latin America, they still need to foster that risk awareness culture.
[21:04] The risk group at CEMEX, in the sides of ERM, security, and business continuity, is close to 100 people. Adrian’s boss manages these groups. Adrian and his team give them support and guidance on preventing risks and mitigating the consequences of risks that happen with crisis management techniques and guidance.
[21:59] Adrian talks about CEMEX’s Business Continuity Implementation (BCI) plan. They revamped it after the pandemic so they could be more prepared and more resilient than they were before the pandemic. The plan will be unveiled in several months. 2023 was preparation for the 2024 kickoff.
[22:48] The RIMS Mexico Chapter raises awareness of risk. Its membership is composed of people who have risk management responsibility and believe that risk has to be managed formally and professionally. All managers manage risks. If you have a technique and a plan you follow with discipline, that gets you ahead, with better sleep.
[23:35] Adrian says that’s something Mexico needs to work on, with the rest of Latin America; raising awareness of risk. Risk management needs to be managed professionally, in a disciplined way.
[23:59] Adrian says they are planning at least one but possibly two activities to revamp the RIMS Mexico Chapter and regain momentum. They want to support their risk management professionals to network, learn, get content, and be updated. Those are the objectives they have for this year, to raise the level of maturity in risk awareness.
[24:55] The dates of events will soon be finalized. They want one event in the first quarter and one after vacations. The link to the RIMS Mexico Chapter is in this episode’s show notes. They are launching a new web page, supported by RIMS staff. 2024 will be a year of revamping. They are also working on digital content for those who can’t travel.
[26:21] Justin thanks Adrian for being on RIMScast.
[26:35] Special thanks to Katie Sexton of the RIMS Australasia Chapter and Adrian Castillo of the RIMS Mexico Chapter. Links to their chapter pages are in this episode’s show notes. We hope to see them again at RISKWORLD 2024, May 5th through May 8th. Register now at RIMS.org/RISKWORLD.
[27:03] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[27:28] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[28:12] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[28:37] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[28:53] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[29:15] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Virtual Workshops
RIMS Mexico Chapter
RIMS Australasia Chapter
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual WorkshopsRIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Diving in with RIMS 2024 President David Arick”
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Risk Management in 2024 with FERMA CEO Typhaine Beaupérin”
“Scenario Planning with the RIMS SERMC in 2024”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Spotify and Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Katie Sexton, Global Leader — Risk at Woods Bagot
RIMS Australasia 2024 Vice President
Adrian Castillo, Global ERM Manager at CEMEX
RIMS Mexico 2024 President
Tweetables (Edited For Social Media Use):
The way we at Woods Bagot manage risks is unique to architecture. From an insurable perspective, our key risk is professional liability or project disputes and then litigation. — Katie Sexton
Our ERM framework is an ongoing process. We improve it and streamline it every year, particularly after the workshops that we do with the board and Audit and Risk Committee. — Katie Sexton
Once a situation hits you, it’s an overwhelming sensation. If you’re not prepared for it, there’s a great risk that you might not overcome it. Once you have done your risk management assessment and preparation, you have that extra confidence. — Adrian Castillo
Every manager in the world manages risks. That’s why they are managers. If you have a technique and a plan you follow with discipline how to monitor and manage those risks, that gets you ahead, and that gets you a better sleep at night. — Adrian Castillo
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest David Arick, RIMS 2024 President. They discuss David’s career and how he was introduced to the profession of risk management David speaks of his experiences with RIMS early in his career, serving on the boards of the Central Ohio Chapter and the St. Louis Chapter. David shares his thoughts on how experienced risk professionals can give back and pay it forward by engaging with young rising risk professionals who are curious, thirsty for knowledge, and searching to add value and expand their careers. The conversation turns to David’s attendance at RISKWORLD for over 20 years, and how he will be participating this year at RISKWORLD 2024 in San Diego, May 5th through May 8th. Listen in!
You are invited to learn more about David Arick in the Leadership Corner at RIMS.org.
Key Takeaways:
[:01] About RIMScast.
[:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be thankful that it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s episode of RIMScast. We will be diving right into a conversation with RIMS 2024 President David Arick.
[:59] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The two-day RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:46] If there is a full group of employees in your organization who should earn the RIMS-CRMP, visit RIMS.org/webinars and register for the complimentary webinar, How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat. A link is on this episode’s show notes.
[2:05] We will have leaders from the RIMS-CRMP Commission as well as leaders from Deloitte, who will speak to why they supported several of their employees in earning the RIMS-CRMP. It will be a relaxed, informational session and a lot of fun. Mark your calendars for March 15th and register!
[2:25] We are looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year!
[2:52] RIMS likes to keep things exciting and every year we have a new president. We are delighted that the RIMS 2024 President is David Arick. David is very well known among RIMS members and chapters. He was originally an officer and a board member for the Central Ohio and St. Louis RIMS chapters.
[3:11] David then served in Society roles as a member of the RIMS International Committee. He was Chair of the Long Range Planning Committee and a member of the External Affairs Committee. He joined the board in 2019 and was Vice President in 2023. We’ve got much to discuss with David.
[3:28] His first Leadership Corner installment is now live. The link is in this episode’s show notes. We’re here to create a new dialog based on that and hear about what his plans are for RIMS, the greater risk profession, and how RIMS has played a pivotal role in his career.
[3:55] I’m very pleased to be joined by RIMS 2024 President David Arick. David, welcome to RIMScast.
[4:10] Justin and David did a webinar together right after the pandemic hit on where they thought the pandemic would lead and how bad it might get. Now they know how bad it got.
[4:30] David’s first Leadership Corner article as the new President is up on the RIMS.org website. There is a link in this episode’s show notes. David is all about diving in.
[5:09] David praises past RIMS presidents including immediate past president Jennifer Santiago. He feels fortunate to have served on the board with them and to be following in Jennifer’s footsteps. She’s there whenever he needs something. Having watched her as President in a tumultuous year gave David an idea of what to expect.
[5:43] David is excited by the opportunity and feels humbled to follow in the footsteps of people he has watched from afar and admired over the years.
[6:21] David’s first experience in risk and insurance was in a claims group with Nationwide Insurance, while he was working his way through school. Then he got a job in risk management at a bank. That was where he learned about RIMS. He decided he wanted to continue in the career of risk management.
[7:14] A few years later, David was working for Abbot in Chicago where he gained global experience. He then went to Emerson Electric in St. Louis, another global company in a different sector. He moved to GE in 2001 and enjoyed working there for three years. Then he came to International Paper.
[8:05] David likes that risk management gives you a lot of opportunity to see across different functions both inside and outside the company. You learn a lot about the DNA of a firm. Risk management works with people across the firm and they look to risk management for guidance. You work with a broad network of external partners.
[9:14] Every industry has its unique challenges and every company is different in how they view financial decision-making and legal concerns. A way of thinking, being inquisitive, and gathering facts is transferable from one industry or firm to another. If you are around risk management for a while, you build a standardized tool kit.
[10:29] David’s view on standards is that they have a place, depending on your industry. Every industry has different regulations that may determine the standards you follow.
[11:27] In David’s first risk management position, he needed knowledge. Some people in the risk department invited him to a meeting of the local Ohio chapter of RIMS. He quickly saw the available network of local risk managers, insurance companies, brokers, and others who attended chapter meetings. They were all helpful in helping David learn.
[12:20] David was asked to join the board and there he saw what chapter leadership looked like. Later, he served on the chapter Board in St. Louis. Those opportunities helped him learn to network differently to attract prospective members and make meetings successful.
[13:18] David commends chapter leaders who find dynamic programming to bring people back, with speakers and topics that differentiate going to a meeting from staying at home and watching a podcast or a webinar.
[14:03] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM.
[14:28] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[14:36] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[14:58] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[15:11] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants.
[15:30] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[16:28] David discusses the biggest risks of the year ahead: how new technology will be used and the new risks it will introduce. What are the controls and framework around new technology? Cybersecurity is a current and future issue. Remote work presents a set of issues and challenges. How do you manage culture, working from a couch?
[18:00] In the U.S., litigation and the abuse of the legal system are huge problems affecting a lot of industries and impacting their ability to continue. Litigation costs are out of control. There are also concerns about wars, supply chains, and natural disasters. These things will keep risk professionals busy.
[18:33] The World Economic Forum released its global risks report for 2024. They list misinformation and disinformation as the number one risk for the two-year outlook and the number five risk for the ten-year outlook. Cyber insecurity is number four on the two-year outlook and number eight on the 10-year outlook.
[19:07] Adverse outcomes of AI technologies is number six on the 10-year outlook and wasn’t on the two-year outlook. We have these short-term and long-term risks to be thinking about within the profession. David will be presenting with a group from Marsh and Zurich at the RISKWORLD 2024 Conference on the WEF global risks report.
[20:44] Ahead of the conference, David suggests reaching out to your IT and information security folks and your legal department about AI technology. It’s on their radars, too. It’s a great opportunity to learn how they view this topic, how it applies to your company, and what they need from risk management. Draw in your insurance advisors, also.
[22:07] David sees that it is effective when people with experience engage with those people without as much experience who are curious and want to learn and grow. There’s a group of young professionals who are thirsty for knowledge and want to expand their value and grow their careers. David hopes you engage with them.
[23:21] Try to give back and pay it forward a little bit. One of the exciting elements of engaging with young risk professionals is showing them that there is a path forward, helping them navigate through some uncertainty, and showing them that there are a variety of ways to be successful. Networking helps a lot in finding a path for a person.
[24:05] David prefers in-person interaction to a virtual experience. He loves to be with people to see by their body language what resonates with them. It allows a genuine conversation that builds relationships.
[24:47] An upcoming in-person event is RISKWORLD 2024, May 5th‒8th, in San Diego, California. David guesses he has been to RISKWORLD more than 20 times. This one will be special for David as he will be onstage and leading some of the events. David has presented at many conferences, preparing for months. He loves seeing people react.
[26:16] David looks forward to RISKWORLD like a reunion. There are many old friends and people you only get to see there and you make new friends as you learn and have fun along the way. RISKWORLD presents relevant topics, “ripped from the headlines.” People want cutting-edge knowledge to take with them from leaders in the space.
[27:16] David looks for speakers he respects and that he knows will deliver insightful information in a way that is meaningful to the attendees. He looks for topics he knows he wants to learn something about to take back. He looks for good speakers.
[28:40] David has advice for first-time RISKWORLD attendees. First, don’t over-commit. Things take longer than expected. Once you’re late on your schedule, you’re playing catch-up. Second, think about where you’re meeting people when you’re scheduling things. Things are spread out. Factor in the travel time and don’t overschedule.
[29:49] Justin adds, “Comfortable shoes! Maybe an extra pair of socks. There’s a lot of walking involved. These convention centers are big!”
[30:19] Justin looks forward to seeing David on stage in the opening session of RISKWORLD 2024 in San Diego and to attending his session with Marsh and Zurich on the WEF Global Risks Report. “Go hear from the RIMS President directly!”
[30:44] Justin looks forward to seeing David at other RIMS events this year. Justin thanks David Arick.
[31:00] Special thanks to RIMS 2024 President David Arick, for joining us here on RIMScast. We hope to hear more from him throughout the year. Be sure to catch his presence at RISKWORLD 2024 in San Diego, May 5th-8th for many of the ceremonies and his session on the WEF Global Risks Report. Register today! RIMS.org/RISKWORLD.
[31:29] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[31:55] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[32:37] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[33:01] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:16] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[33:38] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
RIMS SERMC Professional Report: Managing Alternate Futures with Scenario Planning
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
RIMS Leadership Corner: David Arick
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation – Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS CRMP Virtual Workshops
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024 RIMS Presents: How Deloitte Leveraged the RIMS-CRMP: A Fireside Chat | March 15, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual WorkshopsRIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Risk Management in 2024 with FERMA CEO Typhaine Beaupérin”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
David Arick, RIMS 2024 President
Tweetables (Edited For Social Media Use):
I find that risk management gives a lot of opportunities to see across different functions inside and outside the company. You learn a lot about the DNA of a firm. … In risk management, we have to gather information. We have people contact us looking for guidance. — David Arick
Every industry has its unique challenges. Every company is different in how they view things. If you are around risk management for a while, you build a standardized tool kit. — David Arick
I commend chapter leaders in today’s world where you’ve got so much information. You’re trying to find that dynamic programming that brings people back. It requires you to network more broadly within your chapter and the community. — David Arick
Reach out to your IT and information security folks and your legal department about AI technology. It’s on their radars, too. Learn how they view this topic, how it applies to your company, and what they need from risk management. — David Arick
It’s invigorating for me to hear how much better prepared young professionals are for their careers because they studied risk management or they grew up thinking about what it’s like to be a risk and insurance professional. — David Arick
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guests Tom Easthope, RIMS SERMC Chair, Carol Fox, Retired risk manager, and Denise Sobczak, Director, Group Risk Management, BIC Group. They tell how they became ERM practitioners and they discuss the new paper from RIMS SERMC on scenario planning.
Visit the Strategic and Enterprise Risk Management Center for more SERMC contributions and ERM resources.
Rims.org/resources/strategic-enterprise-risk-center
Listen in to learn more about starting scenario planning within your organization.
Key Takeaways:
[:01] About RIMScast.
[:13] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld. Be grateful it’s a leap year! Advance Registration rates end on February 29th, 2024.
[:38] About today’s episode of RIMScast. I will be joined by members of the RIMS Strategic and Enterprise Risk Management Council to talk about scenario planning and alternate futures.
[1:00] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:18] Several Exam Prep virtual workshops are coming up. On March 19th and 20th, this two-day course will be presented with PARIMA. The two-day RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. Visit the certification page on RIMS.org for more information. A link is in these show notes.
[1:49] RIMS is looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes. Early registration rates are available through February 29th, 2024, brought to you by RIMS and leap year!
[2:15] I am delighted to welcome three guests to RIMScast today. They are all members of the RIMS Strategic and Enterprise Risk Management Council (SERMC). I’ll be joined by council chair Tom Easthope, and members Denise Sobczak and Carol Fox. They’re here to talk about all things ERM and, especially, scenario planning.
[2:41] In November 2023, RIMS published “Managing Alternate Futures with Scenario Planning,” which is a professional report that you can download through the Risk Knowledge page at RIMS.org. That report was authored by Tom Easthope and Carol Fox and Denise Sobczak was one of the lead contributors.
[3:01] The report guides you through the scenario planning journey. You can learn about critical steps, key considerations, scenario planning types, and case studies. Tom and Denise led two sessions on scenario planning at the RIMS ERM Conference in Denver in November 2023. The sessions were very well attended and we will extend the dialog.
[3:39] Tom Easthope, Carol Fox, and Denise Sobczak, welcome to RIMScast! These three guests are three of the great minds of the Strategic and Enterprise Risk Management Council here at RIMS.
[4:11] Carol Fox, Tom Easthope, and Denise Sobczak introduce themselves to the listeners.
[5:42] The council was started by Carol Fox. There are 11 members, all in enterprise risk management roles. It’s a diverse group, representing different industries and different-sized organizations. The council looks at things such as thought leadership projects that bring value to the risk community.
[7:29] Tom addresses what we can expect this year from the SERMC. They will continue looking into the changing landscape of the future. They will look to provide the nuts and bolts of how to survive in this increasingly dynamic and chaotic risk management world where staff are often small. Some ERM departments have a staff of one.
[8:35] Denise became an ERM practitioner after completing an international assignment in Brazil and returning to the U.S. She had been a finance professional. ERM opened up a different world to her looking beyond the financial risks to all aspects of the organization. This shift was in 2015.
[9:34] Tom got into risk management when he owned a small international company and had to get certificates of insurance for all of his subcontractors. He had to create a risk management program. He then worked for a corporation where business continuity was important. That was Tom’s entry into ERM. He was there for 16 years,
[10:54] Carol has been in ERM “for a very, very long time.” She shares a story about her entry into ERM through RIMS and the SERMC. What she loves about the SERMC is that she gets to talk to so many different people. She pitched ERM to an attorney at her organization and he became an advocate for it. The CFO also wanted ERM.
[11:56] Carol was given the go-ahead to get ERM started, with no software for it or staff. She came up with a program of ERM and business continuity and worked with a strategy group. Years later at an airport, she met a former colleague who told her they still talk about her at the company.
[13:17] Scenario planning is a lot of fun. Carol stresses how crucial it is to engage people on a level that's meaningful to them. The scenarios you write about what the future could look like need to inspire thinking about things differently.
[14:38] Denise says we hear every year how much more dynamic and evolving the risk landscape is and it continues to be the case. She points to scenario planning during an election year to anticipate the policy changes that may be put in place after the election.
[15:45] Scenario planning is taking what is imagined in the future and taking into your hands what are the things that require immediate action and what would be the longer-term actions you need to take, Scenario planning is for action-driven conversations. It can impact your operating plan and practices and it can lead to agility.
[16:34] Tom says scenario planning is risk identification. It helps you consider in a structured way the unknown risks. It will become less and less feasible for a person working alone to understand all the permutations of risk. Relevant scenario planning is becoming a more necessary part of your ERM program’s value proposition.
[17:59] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On February 7th and 8th, we have Facilitating Risk-based Decision Making. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM.
[18:24] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[18:32] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[18:53] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:07] Quick shout-out to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants.
[19:26] Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[20:17] This paper was inspired by a discussion in the SERMC. They wanted to provide risk practitioners with tools to assess and prepare for risks and they saw they needed to provide a baseline before giving tools. They needed to create a baseline understanding of what scenario planning is about and then produce more materials on how to do it.
[21:39] The scenario planning white paper has been issued, but there is more to come with different frameworks or methods of scenario planning.
[22:34] Tom generally agrees with this view and adds that his interest in this topic was ignited by reading The Art of the Long View: Planning for the Future in an Uncertain World, by Peter Schwartz. In 2023, large language models and technology tools became available to bring scenario planning research within the grasp of individual practitioners.
[24:13] If you were at the RIMS ERM Conference 2023 in Denver, you will remember the two sessions on scenario planning that Tom and Denise led. This episode is an extension of those sessions. In one of those sessions, people worked with ChatGPT on their device of choice, practicing scenario planning.
[25:17] Carol shares some of the high-level points the paper explores. Reading the paper will give you the confidence to plan out a scenario planning session, with whom you should invite, what the output should look like, various ways to think about scenario planning, how you should start, and which methods might work for which situations.
[26:13] Too often, people think about scenario planning and they jump to “What’s the output?” without taking into account the steps in-between. The paper takes you through beginning, planning, execution, and output. It’s especially helpful for small teams or individuals. It’s a place to start. It’s customizable for your situation.
[27:08] Denise thought it was amazing for this white paper to include examples. It gives you a flavor of what would be the potential output.
[27:35] Carol shares some of the fun of using AI in the context of this white paper. As they worked on developing examples, they learned a lot.
[28:16] Using AI in scenario planning is a game-changer for small ERM shops to create content and thought leadership within your organization in the research area. Things that would take you months on your own, can be done with a well-worded prompt. We are not all “prompt engineers” but it is quite learnable.
[29:20] Tom got great joy seeing how quickly people could accelerate their understanding and their use of AI in the lab that Tom and Denise administered at the conference. AI makes this practice much more accessible to a bigger population of the RIMS membership.
[30:53] Carol explains that AI does not replace the risk professional. You have to read through the sources and make it work for your organization. Your professionalism includes your ability to discern what really matters. Tom adds to use your awareness of risk management so you don’t put your company information into a public database.
[31:54] Final question: What do you hope readers take away from the paper “Managing Alternate Futures with Scenario Planning”? Denise: As you read this, it gives you the first step. The SERMC is also going to be launching “How to” modules. Also, there may be some hands-on sessions at the ERM Conference 2024.
[33:15] Carol: When we started writing the paper, my hope was that it would inspire somebody with the confidence to try it out within their organizations to see how well it works and feel confident in executing scenario planning within their organization. I truly believe you can make a difference in your organization.
[33:52] Tom: I want to thank Denise and Carol. This is a team sport. None of this would be here without their help. To someone listening, I would say the job of the enterprise risk manager is not getting easier. The environment you work in is more complex. The demand for efficiency in business value for an ERM organization has never been higher.
[34:36] Consider scenario planning as a means to deliver business value and strategic insights. A tool that formerly has been only available to wealthy organizations is now available more broadly. I hope that the paper has people asking, “Why not us? We should be doing this, as well.”
[35:12] Carol: For those who read it and act on it, we’d love to hear from you. We say constantly in the council that we feed off of each other’s ideas, The more broadly we can feed off of ideas, the better RIMS becomes and the better risk professionals we all become.
[35:32] Send your feedback to content@rims.org. I’ll be sure that those messages get forwarded to the authors and contributors. I want to thank Tom Easthope, Denise Sobczak, and Carol Fox for joining us here on RIMScast. You did a great job!
[36:27] Special thanks to Tom Easthope, Carol Fox, and Denise Sobczak, for joining us here on RIMScast. The RIMS executive report we referenced is “Managing Alternate Futures with Scenario Planning” and it is available on the Risk Knowledge page of RIMS.org. A link is in this episode’s show notes.
[36:44] There is also a link to the SERMC’s page and as Denise said, be on the lookout for some more scenario-planning content from this fantastic council!
[36:57] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[37:22] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[38:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[38:30] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[38:45] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[39:07] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
RIMS SERMC Professional Report: Managing Alternate Futures with Scenario Planning
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS CRMP Virtual Workshops
RIMS Webinars:
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024 RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
Facilitating Risk-based Decision Making | February 7th and 8th
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Risk Management in 2024 with FERMA CEO Typhaine Beaupérin”
“Leadership and Coffee Talk with Sacha Coburn”
“Solving Wicked Problems with Dr. Gav Schneider”
“Live From RIMS ERM Conference 2023”
“All Roads Lead to ERM”
“ERM’s Value Proposition with Chris Mandel”
“Harnessing Innovation’s Promise with Bob Roitblat”
“The State of ERM with Carol Fox, RIMS VP of Strategic Initiatives (retired)”
Sponsored RIMScast Episodes:
“Alliant’s P&C Outlook For 2024” | Sponsored by Alliant (New!)
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Tom Easthope, RIMS SERMC Chair
Carol Fox, Retired risk manager
Denise Sobczak, Director, Group Risk Management, BIC Group
Tweetables (Edited For Social Media Use):
What we can expect from the council this year is to continue looking into the future and understanding what is that changing landscape. Many of the people in RIMS are practitioners and need to have some nuts and bolts about how to survive. — Tom Easthope
When we started writing the paper, my hope was that it would inspire somebody with the confidence to try it out within their organizations to see how well it works and feel confident in executing scenario planning within their organization. — Carol Fox
As you read this, it gives you the first step. The SERMC is also going to be launching “How to” modules. Also, there may be some hands-on sessions at the ERM Conference 2024. — Denise Sobczak
The job of the enterprise risk manager is not getting easier. The environment you work in is more complex. The demand for efficiency in business value for an ERM organization has never been higher. — Tom Easthope
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest Typhaine Beaupérin, CEO of FERMA. Typhaine speaks of her career and how she came to lead the Federation of European Risk Management Associations. They discuss the fast-changing role of risk managers and how it is essential for connections between RIMS, FERMA, and other associations for risk managers to share knowledge, experiences, and practices to meet challenges and take advantage of opportunities. Typhaine tells of the FERMA Forum in Madrid in October and the 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC, open through March. The survey results will be reported in September and discussed at the FERMA Forum in October.
Listen in to learn more about international partnerships to spread risk management knowledge and expertise.
Key Takeaways:
[:01] About RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld.
[:31] About today’s episode of RIMScast. We will be joined by FERMA CEO Typhaine Beaupérin.
[:50] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:06] Several Exam Prep virtual workshops are coming up. On January 24th and 25th, there is a virtual event with PARIMA. There is another two-day follow-up workshop with PARIMA on March 19th and 20th. [1:22] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is in this episode’s show notes.
[1:40] RIMS is looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[1:57] FERMA is the Federation of European Risk Management Associations. We are delighted to be joined by FERMA CEO Typhaine Beaupérin to get her perspective on risk management at a macro- and a micro-level, We will also discuss the 2024 International Risk Manager Survey being conducted by FERMA in partnership with PWC.
[2:26] Typhaine will also be at RISKWORLD 2024. We’re happy to do a quick plug for the FERMA Forum, which will be held from October 20th through the 22nd in Madrid, Spain. Some of RIMS leadership will be there and I hope that I get assigned to cover that event!
[2:46] Typhaine Beaupérin, welcome to RIMScast! Typhaine is very happy to be on RIMScast! Typhaine joins us from Brussels, Belgium, where FERMA is based.
[3:42] Typhaine started as a lobbyist almost 20 years ago, working in EU public affairs. She moved to Eurochambres, a federation of European Chambers of Commerce and Industry, one of the main business organizations at the EU level focused on SMEs. She stayed for 10 years, leading advocacy for SMEs’ access to finance and markets.
[4:21] In December 2015, Typhaine joined FERMA as its CEO. The president of FERMA at that time wanted to develop advocacy activities, so they needed someone with Typhaine’s expertise. That’s how she jumped into the world of risk management. She is passionate about it.
[4:51] Before becoming the CEO of FERMA, Typhaine’s connection with risk management had been at the project level. At FERMA, she has a holistic, enterprise-wide risk management approach. She is concerned with ERM and Strategic Risk Management.
[5:40] Risk managers are asked more and more to provide input to help the decision-making process of companies with strategic risk management. Strategic Risk Management and Enterprise Risk Management are often lumped together as SERM.
[6:16] Typhaine says that the pandemic has been a game-changer. Almost overnight, the pandemic shifted the attention of business leaders to people. It doesn’t mean that we do not care about people, of course. For the work to continue, we had to trust our people with remote working.
[6:40] Typhaine says centralized top-down decision-making doesn’t create the agility or the ability to act quickly that our organization needs today in our complex environment. In terms of leadership, there is more diversity, which creates creativity. We also need a degree of autonomy for people to respond to the challenges and opportunities.
[7:58] Working remotely empowers the employees with flexibility. Trust is the fuel of authority.
[8:36] FERMA is a non-profit organization. It is a federation of associations. It brings together the 23 national risk management associations in Europe, representing around 5,000 risk managers.
[9:15] Running an association requires a specific set of competencies and skills because associations are unique organizations. It includes strategy support to the board’s executive committee and operations, and having a good dose of soft skills to lead a small remote team, interact with a large network, and travel.
[10:21] FERMA and RIMS share objectives, representing the risk management community in their respective regions, and promoting the values of the profession. Today, with important changes in risk management, the sharing of expertise, knowledge, and practices between FERMA and RIMS is key to supporting risk management.
[11:00] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. On March 6th and 7th, our friend Elise Farnham hosts Applying and Integrating ERM.
[11:25] Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes.
[11:34] If you’re listening on the date of this episode’s release, January 16th, Register for the webinar that I am hosting, at 1:00 p.m., How Risk Managers Can Combat Human Trafficking In 2024. I’ll be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all.
[11:55] On February 29th, Hub International sponsors Ready for Tomorrow: Protecting Your Profits in the Property Market. On March 7th, in celebration of International Women’s Day, Origami Risk leads the session Women of Risk & Compliance: Leading & Learning One Step at a Time.
[12:14] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[12:28] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants.
[12:47] Also, Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[13:21] A lot of the companies in FERMA are international, so some are dual members of RIMS and FERMA. When Typhaine attended a RIMS conference she met with fellow European colleagues and peers. Some RIMS peers and colleagues attend FERMA events.
[14:14] For more than 20 years, FERMA has conducted the only survey on the risk management profession. Next year, as FERMA celebrates its 50th anniversary, they decided to make the survey international. It is precious data for risk managers to compare with their peers in key areas. They are pleased with RIMS’s teaming up.
[14:58] PARIMA in Asia, ALARYS in Latin America, and IRMSA and Club FrancoRisk representing Africa, are also participating in the FERMA survey. This is the first FERMA survey with international input. The 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC is open until the end of March.
[15:30] The report of the survey will be published in September. The result will be discussed at the FERMA Forum in October in Madrid in a dedicated session.
[15:58] Typhaine will be at RISKWORLD 2024, May 5th through May 8th, in San Diego. She says she will be pleased to meet Justin in person. It will be a time of networking for her at the IFRIMA Board meeting and sharing good practices. Networking was missed during the pandemic. It’s how to build relationships between organizations.
[17:55] There is a link in this episode’s show notes to the 2024 International Risk Manager Survey or you can go to the FERMA website for the link. There is also a link to the survey on the RIMS website.
[18:39] Special thanks to Typhaine Beaupérin of FERMA, for joining us here on RIMScast. A link to the 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC is in the show notes. The results will be revealed later in 2024. Check it out and participate. Your answers are strictly confidential and anonymous.
[19:02] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[19:24] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[20:05] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[20:28] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[20:43] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[21:03] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
2024 International Risk Manager Survey conducted by FERMA in partnership with PwC
FERMA
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
Dan Kugler Risk Manager on Campus Grant
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS CRMP Virtual Workshops
RIMS Webinars:
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 – LAST CALL!
Ready for Tomorrow: Protecting Your Profits in the Property Market | Sponsored by Hub International | Feb. 29, 2024
Women of Risk & Compliance: Leading & Learning One Step at a Time | Sponsored by Origami Risk | March 7, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“Leadership and Coffee Talk with Sacha Coburn”
“Solving Wicked Problems with Dr. Gav Schneider”
“2023 Risk Year In Review with RIMS Risk Management Magazine Leaders Morgan O’Rourke and Hilary Tuttle”
“Risk and Leadership with Lt. Gen. (ret) Roméo Dallaire”
“Safety and International Risk Leadership with Franck Baron” (Former PARIMA CEO)
Sponsored RIMScast Episodes:
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!)
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Typhaine Beaupérin, FERMA Chief Executive Officer
Tweetables (Edited For Social Media Use):
Prior to my role as CEO of FERMA, I had been in touch with risk management more at a project level, which many of us start with. Here, I have discovered what it means to have a holistic view and have what is an enterprise-wide risk management approach. — Typhaine Beaupérin
Almost overnight, the pandemic shifted the attention of business leaders to people. For the work to continue, we had to trust our people with remote working. — Typhaine Beaupérin
Trust is the fuel of authority. — Typhaine Beaupérin
Running an association requires a specific set of competencies and skills because associations are unique organizations. — Typhaine Beaupérin
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews guest Sacha Coburn, CEO of Coffee Culture for leadership and coffee talk. First, he reconnects with Kerry Bakkerus, RIMS NZ & PI Chapter President on what to expect at the technology-based RIMS New Zealand & Pacific Island Chapter’s February 12th event, Embrace The Unknown: Unleashing the Power of Risk. Sacha Coburn is one of the presenters at that event and Sacha will be presenting Leading from the inside out. Justin and Sacha explore Sacha’s career path and how she became a thought leader in coffee culture and franchising culture. Listen in to Sacha’s insights into leadership, culture, and action.
Key Takeaways:
[:01] About RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld.
[:31] About today’s episode of RIMScast. Our marquee interview will be a pick-me-up with Coffee Culture CEO Sacha Coburn.
[:52] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:08] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.
[1:26] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is in this episode’s show notes.
[1:44] RIMS is looking forward to RISKWORLD 2024 in sunny San Diego, California, from May 5th through May 8th, 2024. Public registration is open. Register today at RIMS.org/RISKWORLD and the link in this episode’s show notes.
[2:01] I’m stoked for the RIMS New Zealand & Pacific Island Chapter’s February 12th event, Embrace The Unknown: Unleashing the Power of Risk, co-presented by our friends at Marsh. It’s a day-long event that leans into technology, innovation, AI, and all the upside risks that risk professionals need to consider in 2024.
[2:26] One of the event’s speakers, Sacha Coburn, CEO of Coffee Culture, will be joining us shortly.
[2:33] First, we’ll hear again from Kerry Bakkerus, the president of the New Zealand & Pacific Chapter of RIMS, who will tell us all about the event, what inspired it, and why you should be there. Kerry Bakkerus, welcome back to RIMScast!
[2:56] Embrace The Unknown: Unleashing the Power of Risk will be on February 12th at the Pullman Hotel in Auckland, New Zealand, hosted by the RIMS New Zealand & Pacific Island Chapter. Kerry says getting the conference organized has been an interesting journey. They had decided to use ChatGPT as much as they could.
[3:35] Kerry asked, “ChatGPT, what’s a great title for a risk conference?” The title came from ChatGPT. “ChatGPT, what’s a great agenda for a risk conference?” The agenda was inspired by the agenda developed by ChatGPT. The content and narratives on the website are by ChatGPT. Kerry says they have exciting, on-the-day things planned.
[4:55] Kerry comments on the speakers and agenda for the day. She looked for speakers with inspirational content and thought leadership. She wanted attendees to bring away things they could apply in their day-to-day. Dr. Gav Schneider is bringing a completely wild and different topic. Kerry is excited to hear every speaker.
[5:38] They brought in Sacha Coburn as a person who can talk about soft skills and how to bring out the best in our people and ourselves to achieve our business objectives.
[6:04] Registration for Embrace The Unknown: Unleashing the Power of Risk is still open. A link to the full agenda and registration is in this episode’s show notes. Kerry Bakkerus, thank you so much for rejoining us here on RIMScast!
[6:31] Sacha Coburn is the CEO of Coffee Culture, a boutique franchise of coffee locations in New Zealand. Sacha is going to lend her perspective on risk and leadership and give us a preview of her session at Embrace The Unknown, titled Leading from the Inside Out. Sacha Coburn, welcome to RIMScast!
[7:23] Sacha joins us live from Hamilton, New Zealand. Sacha reports that seismically, Hamilton is the safest place to live. She moved there after the devastating earthquakes in Christchurch in 2011 and 2012. Safe places are not always particularly beautiful or renowned, Sacha notes.
[9:21] Sacha started as a lawyer. She always went to the same coffee shop and it was the case of the barrister meeting the barista. They hooked up and she joined Chris in the business. She found she liked the coffee business much more than the courtroom. They started to plan how they could grow what they did into more communities.
[11:27] Sacha’s other activities include involvement in the fitness industry, governance roles in construction, and golf clubs. She has a curious mind about what makes people tick. She has a Master’s degree in adult education. She recently graduated from Harvard Business School asking herself how to get the best out of people and our organizations.
[12:01] As a result of her questions, she has been speaking to different industry groups about leadership and about what it takes to succeed and understand the new environment we’re operating in. That’s how she came onto the radar at RIMS.
[13:07] A boutique franchise is selective about locations. Every store they open is in an ideal location, run by people who have been carefully selected. Every store in the franchise has a familiar Coffee Culture look, excellent music, and design quality. Each store is beautifully and architecturally designed in keeping with its surroundings.
[14:20] That makes them expensive shops. It takes a particular type of person with pride in what they do to be a successful operator. For a long time, they had a longer list of approved franchisees than they had locations for. That shifted recently.
[14:57] After the COVID-19 pandemic, it’s increasingly difficult to get finance for hospitality ventures. Friends tell Sacha that this has been the same around the world. Hospitality has been smashed through the pandemic. People have gotten good at making coffee and meals at home. Banks are holding tightly to their money.
[15:28] Coffee Culture has lists of people approved for franchises and now they are starting to find more sites becoming available as other operators fall over.
[15:58] The criticism of Coffee Culture is that they have been slow to grow. After 27 years, they have 20 outlets. They don’t want to open them for the sake of opening them. They want the best location in every town they are in. That requires being patient for measured, strategic growth.
[16:47] Corporate culture and leadership tie together at each franchise location. A coffee shop is a service provider. You must be willing to put others first and understand what it is that people need. You must give amazing service to someone who has only spent $7.00. Why wouldn’t you? The lifetime value of that customer is far greater.
[18:59] In areas around the world with high longevity, the elderly meet together every day, sit around, and drink coffee, wine, or ouzo. They have a culture of celebrating and commiserating together. A coffee shop can survive through good economic times and harsh economic times if it gets its environment right. It gives structure to society.
[21:37] If you come into a Coffee Culture, are greeted by name, and your usual order is known, it gives you validation and comfort. Sacha believes some people love Coffee Culture because it helps them not to be lonely.
[22:33] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique.
[22:55] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [23:11] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all.
[23:29] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[23:43] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarship program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants.
[24:01] Also, Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[24:25] Sacha wants Coffee Culture to be the Cheers of coffee locations, where everybody knows your name. To differentiate themselves from other franchises, they are clear on what they do and what they offer. They build a beautiful store where everybody can come and get energized for a very small amount of money.
[25:33] The stores are beautiful. People notice the quality of the design. It’s no individual element but the sum of the parts. Coffee Culture is thinking of the customer experience all the time. The temperature is right. The curated music playlist is right for the time of the day. The coffee offering is incredibly strong and stays on top of the trends in coffee.
[26:11] The staff are well-trained. Coffee Culture invests a lot of money in training programs to make sure the staff is delivering the right experience. Sacha asks about corporate culture: how do you make sure that the things you value are valued by the people who work with you? That’s always the challenge and a huge risk.
[27:16] Sacha and Chris relied on Sacha’s legal knowledge when they launched the Coffee Culture system. They knew what worked and did everything they could to mitigate the risks along the way. Their measured growth is a risk-averse strategy for growth. They only wanted to open stores they would be willing to own themselves.
[28:53] Coffee Culture made sure that all their operations and all their franchisees were insured adequately and appropriately, in the event of unhoped-for risks. People were underinsured when the Christchurch earthquakes struck, so the government stepped in. That act cost Coffee Culture the advantage they had from being adequately insured.
[29:46] Sacha comments that every time a government intervenes to protect people from risks that they should have foreseen themselves, it tips the scales of the free market. Those who are prudent and manage risks ought to be rewarded for that.
[30:06] Sacha’s session at the RIMS New Zealand event, Embrace The Unknown on February 12, 2024, is called Leading from the inside out. We will learn the Three Cs of contemporary leadership. 1.) Create Clarity from confusion. 2.) Instill Confidence in your people. 3.) Have the Commitment and the courage to act.
[34:36] We are living in a time of deep action being necessary. The speed that you need to get things to market means we need to find a way of going faster and making courageous calls with the commitment to act and do stuff. We need an action bias.
[36:09] Sacha’s inspirations include people with messages that matter. Oprah Winfrey “talks to you” in a crowd of 20,000. Glennon Doyle is another inspiration. These are people who courageously live their truth. That’s what Sacha wants to do as a leader. When Sacha had cancer, she thought, “All I have to do is live; now, … I’ve got a story!”
[40:33] Sacha wanted to know the risks. She asked the oncologist and the surgeon to tell her all of the odds, all of the stats, and all of the research. She wanted to know what she had to do to beat this thing and she would do it all. She had chemotherapy, radiotherapy, hormonal treatment, and a mastectomy.
[40:59] Then she went to the complementary medicine people and did everything they told her to do as well. She wanted to be able to tell her children she gave everything she could to be there for them. Her children were eight and four.
[42:03] Embrace The Unknown will be a fabulous event. Justin is glad for everyone to attend Sacha Coburn’s session, Leading from the inside out.
[42:15] Special thanks to Sacha Coburn of Coffee Culture, for joining us here on RIMScast. She will be a presenter on February 12th, 2024 at the day-long live conference, Embrace The Unknown at the Pullman Hotel in Auckland, New Zealand. The event is hosted by Marsh and the RIMS New Zealand & Pacific Island Chapter.
[42:35] The link is on this episode’s show notes. Go check it out and register and when you are there in person, please tell the organizer that you think RIMScast should have a live presence at the 2025 event!
[42:45] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[43:11] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[43:54] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[44:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[44:34] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[44:56] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
Riskworld 2024 — San Diego, CA | May 5–8, 2024
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
Dan Kugler Risk Manager on Campus Grant
RIMS Webinars:
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Solving Wicked Problems with Dr. Gav Schneider”
“Kicking Off 2024 with RIMS CEO Gary LaBranche”
“2023 Risk Year In Review with RIMS Risk Management Magazine Leaders Morgan O’Rourke and Hilary Tuttle”
“RIMS Global Perspectives 2023 featuring Kerry Bakkerus”
Sponsored RIMScast Episodes:
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!)
“Cyclone Season: Proactive Preparation for Loss Minimization’ | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Kerry Bakkerus, RIMS NZ & PI Chapter President
Sacha Coburn, Coffee Culture CEO
Rimsnzpiconference2024.cispecialists.co.nz
Tweetables (Edited For Social Media Use):
I asked, “ChatGPT, what’s a great title for a risk conference?” And so, our title comes from ChatGPT. — Kerry Bakkerus
I have a Master’s degree in adult education. I’ve recently graduated from OPM at Harvard Business School, asking myself how do we get the best out of people and how do we get the best out of our organizations. — Sacha Coburn
I wanted to know the risks. I asked the oncologist and the surgeon to tell me all of the odds, all of the stats, and all of the research. I wanted to know what I had to do to beat this thing and I would do it all. — Sacha Coburn
I don’t believe that we are living in a time of deep thought; I think we are living in a time of deep action being necessary. — Sacha Coburn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
We’re kicking off the new year with an interview with RIMS CEO Gary LaBranche. We look back on 2023, with almost 10,000 attending RISKWORLD 2023, and how RIMS reacted in a dangerous crisis, but mostly ahead to what’s in store for 2024. This includes Riskworld 2024 in San Diego, CA with its “infinite opportunities,” greatly expanded space for DEI, innovative keynote Peter Diamandis, and developments with the RIMS-CRMP, growing by roughly 20% yearly. Listen in to CEO Gary LaBranche’s plans for chapters, what he foresees for AI in insurance and risk management, and more.
Key Takeaways:
[:01] About RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld.
[:30] About today’s episode of RIMScast. It’s our first episode of 2024 and we will be rejoined by RIMS CEO Gary LaBranche.
[:52] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:08] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.
[1:26] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes.
[1:44] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination!
[2:02] The deadline to submit award nominations is Friday, January 5th, 2024. Last call for nominations! A link to the awards applications and guidelines page is in the show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed; other awards might appeal to you or a friend.
[2:33] The first episode of 2024 kicks off with a dialog with RIMS CEO Gary LaBranche. Gary is here to discuss some of the things that went really well for us in 2023, challenges that became opportunities, a preview of RISKWORLD 2024, and other fantastic opportunities for the greater risk management community and risk profession.
[3:15] Justin introduces RIMS CEO Gary LaBranche and welcomes Gary back to RIMScast for the first episode of 2024! Gary compliments Justin for the diversity of guests and notes that the RIMScast audience is just exploding!
[4:14] In the next two weeks, we’re going to hear Sacha Coburn from New Zealand, the CEO of Coffee Culture, and on January 16, FERMA CEO Typhaine Beaupérin will be on the show.
[4:42] In February, Gary goes to New Zealand to participate in the New Zealand conference. On the same trip, he will stop by the Australia chapter, and then go to Singapore, where he will meet with RIMS-CRMP holders before making his way home.
[5:05] In October, Gary will attend the FERMA (Federation of European Risk Management Associations) meeting in Madrid. The FERMA President is Charlotte Hedemark, a RIMS-CRMP holder.
[5:47] Gary discusses 2023, his first full year leading RIMS. It’s been fun, challenging, and a learning adventure. Gary had come to RIMS in June 2022 from the Investor Relations Society, and at first, coming up to speed was like drinking from a firehouse. In 2023, he felt he could slow down from sprinting all day to jogging at an even pace.
[7:31] Gary says RISKWORLD 2023 was wild. If you’ve never been, you don’t fully appreciate the energy, the size, and the scope of it, with almost 10,000 attending, and amazing sponsors and exhibiting partners. It was fun, exciting, and engaging. As CEO, Gary was running around, meeting, greeting, and speaking for about 16 hours a day.
[9:08] Getting so many people together in person, fully engaged in learning, networking, and doing business, was a blast.
[9:40] Justin fills in the audience about the active shooter situation a couple of miles away at the close of the conference and prevented the closing keynote speaker from coming in. Gary LaBranche and the RIMS leadership handled things really well on what should be locked down. They turned the experience into an educational opportunity.
[10:44] About two-and-a-half miles away, in mid-town Atlanta, four women were shot, and another woman was killed in a shooting. No one affiliated with RISKWORLD or RIMS was involved.
[11:24] Police put up a security perimeter to apprehend the shooter and extract and treat the injured. The perimeter included four of the 32 hotels where RISKWORLD guests were staying and two of the eight shuttle bus routes were shut down. Gary tells of conflicting reports about the shooter at the time of the shutdown.
[13:10] They decided to cancel the closing general session and the famous closing party, out of concern for safety and out of respect for the families of the shooting victims. The gunman was not apprehended for eight hours.
[14:02] Immediately after the incident, RIMS leadership began a detailed, comprehensive after-action report and analysis. They wanted to understand what they did right, what they could have done better, and what they wanted to do differently in the future. They had executed their 72-page crisis management plan but they learned it wasn’t enough.
[14:33] As a result, RIMS officers Gary LaBranche, Stuart Ruff-Lyon, and Josh Salter have spoken at the ASAE meeting, the Expo! Expo!, a U.S. Chamber gathering of association CEOs, and the Professional Convention Management Association in San Diego on the same topic, sharing their after-action analysis, and what they did outside of the plan.
[15:50] They will continue to speak on the analysis. RIMS is producing a convention safety toolkit later this year; a guideline of best practices for convention and event safety to take care better of the hundreds of thousands of people who attend association and other events and meetings throughout the year.
[16:33] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique.
[16:54] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. [17:10] On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. Katherine Henry of Bradley Arant was on RIMScast on a prior episode. She will be one of the co-presenters of that session.
[17:28] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all.
[17:43] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[17:56] A quick shoutout to our friends at the Spencer Educational Foundation, which funds the education of next-generation risk management and insurance talent. Spencer’s scholarships program is open but coming to a close on January 31st for undergraduate and graduate students and on March 1st for Ph.D. applicants.
[18:15] Also, Spencer’s course development grant cycle is entertaining submissions through February 15th. Students and risk management and insurance faculty with interest can visit Spencered.org for additional details.
[18:30] Gary LaBranche will be appearing at Embrace The Unknown: Unleashing the Power of Risk, a day-long event in Auckland, New Zealand, on February 12th, 2024, hosted by the RIMS New Zealand & Pacific Island Chapter. It will be a lot of fun and very informative. Innovation, technology, AI, and more will be explored.
[18:54] We had one of the speakers, Dr. Gav Schneider, on the show recently, and we had New Zealand chapter president Kerry Bakkerus on with us recently. Later this month, we will also be joined by Coffee Culture CEO Sacha Coburn who will be a speaker there, as well. Registration is still open. The link is on this episode’s show notes.
[19:24] The keynote speaker for RISKWORLD 2024 will be Peter Diamandis. Gary is a big fan. Peter has challenged Silicon Valley, tech in general, and entrepreneurs to push the envelope of innovation. He founded the X Prize Foundation to incentivize “moonshot” thinking in space travel and environmental and other kinds of activity.
[20:43] Peter Diamandis is an advisor to many of the biggest names in tech and is highly respected. With Steven Kotler, he wrote Abundance: The Future Is Better Than You Think. Gary calls Abundance one of the most fascinating books about the future and why it is better than you think it will be; with innovations that can make the world a better place.
[21:41] Gary highly recommends reading Abundance and coming to San Diego in May to see and hear Peter Diamandis. Justin asks Gary to get Peter Diamandis on RIMScast!
[22:15] DEI will have an expanded presence at RISKWORLD 2024. It won’t just be a lounge. The lounge space in 2023 was insufficient for how popular it was and the conversations that were held there. This year, it will have a theater. There will be a DEI reception to explore and celebrate the diversity that we so warmly embrace.
[23:17] Justin and Gary list some of the DEI advocacy groups that will be represented at RISKWORLD 2024. Their involvement is meaningful to RIMS and meaningful to the diverse communities. We need to work to enhance equity, inclusion, and diversity. [24:29] Looking to the future, there will be a fight for talent in a wave of retirement. Attracting and retaining the best and the brightest in this field will become more important than ever. It’s all hands on deck. We have to pursue every viable and reasonable strategy.
[24:59] Justin and Gary discuss the momentum of the RIMS-CRMP. RIMS-CRMP is RIMS’s fastest-growing program. There will be 1,200 certification holders in 2024, in 40+ countries. It’s growing roughly 20%, yearly. It is the only ANSI-accredited global risk management certification. RIMS announced a collaboration with PARIMA in 2023.
[26:15] Household name companies are now bringing RIMS-CRMP courses to their employees, 50 at a time. That’s helping to grow the program and raise awareness of it.
[27:04] RIMS Membership is growing. It declined during the COVID-19 pandemic when chapters couldn’t meet. It’s not quite back to pre-pandemic levels but it’s getting close. RIMS grew about 10% in 2023. That is very exciting. Chapters are getting back online and back to their business of bringing people together.
[27:54] RIMS launched a program in 2023 to help provide higher-quality websites for the branches. About 30 chapters have accepted this free program. That will continue to grow in 2024. RIMS provides a management infrastructure for chapters to help with administrivia. Running a chapter is a lot of work. All chapters run on volunteer effort.
[30:39] As we re-emerge from the height of the pandemic, Justin and Gary agree that the future of the chapters is looking bright with face-to-face and digital presence. Gary hints at interesting programming ahead. Trying to skate to where the puck is going to be is a challenge for any organization, especially for large organizations.
[31:25] At RISKWORLD 2024 in San Diego, they are dedicating an entire stream of programming sessions to AI, which will be the big game changer for insurance management and risk management. It’s already starting to impact the way insurance is analyzed and priced, and how worker’s compensation claims are managed.
[32:11] We all owe it to ourselves to continue to monitor and learn about Generative AI and, generally speaking, other forms of large language models. I think it’s going to be critical for us, going forward.
[32:28] Thanks to RIMS CEO Gary LaBranche for rejoining us on the first 2024 episode of RIMScast!
[32:37] RISKWORLD 2024 will be held from May 5th through May 8th in San Diego, California. Learn all about the infinite opportunities to be had at RISKWORLD by visiting RIMS.org/riskworld. The link is in the show notes.
[32:52] Go to the App Store and download the RIMS App. This is an exclusive members-only benefit with all sorts of RIMS resources and coverage. Everybody loves the RIMS App!
[33:19] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[34:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[34:28] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:44] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[35:06] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation
Spencer Educational Foundation — Grants Page
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
Dan Kugler Risk Manager on Campus Grant
RIMS Webinars:
Nevada’s “Defense Within The Limits” Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“2023 Risk Year In Review with RIMS Risk Management Magazine Leaders Morgan O’Rourke and Hilary Tuttle”
“Legal and Risk Trends with Katherine Henry”
“Solving Wicked Problems with Dr. Gav Schneider”
“RIMS Global Perspectives with 2023 RIMS chapter presidents featuring Kerry Bakkerus”
“RIMS Public Policy and Advocacy 2023”
“Strategic Moves with RIMS CEO Gary LaBranche” (2023)
“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons” (2023)
“Risk Insight with AAIN Leadership” (2023)
“Introducing RIMS CEO Gary LaBranche” (2022)
Sponsored RIMScast Episodes:
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!)
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Kerry Bakkerus — President of the RIMS New Zealand and Pacific Island Chapter. Morgan O’Rourke and Hilary Tuttle — The leaders of the RIMS flagship publication, Risk Management Magazine.
Tweetables (Edited For Social Media Use):
It’s exhausting, is what the year 2023 was! It’s been fun, it’s been challenging, it’s been exciting, it’s been a learning adventure! — Gary LaBranche
Immediately after the shooting incident, we began a very detailed, comprehensive, thorough after-action report and analysis because we wanted to understand what we did right, what we could have done better, and what we wanted to do differently in the future. — Gary LaBranche
We all owe it to ourselves to continue to monitor and learn about Generative AI and, generally speaking, other forms of large language models. I think it’s going to be critical for us, going forward. — Gary LaBranche
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews Kerry Bakkerus, President of the RIMS New Zealand and Pacific Island Chapter, and Morgan O’Rourke and Hilary Tuttle, the leaders of the RIMS flagship publication, Risk Management Magazine. Kerry Bakkerus previews the RIMS New Zealand & Pacific Island Branch hosted conference, Embrace The Unknown: Unleashing the Power of Risk. Morgan O’Rourke and Hilary Tuttle review the year in risk 2023 and suggest what might be coming in the year in risk 2024, without offering precise predictions. They also speak of their journey putting together the final print edition of RIMS Risk Management Magazine, and describe the digital online future of the magazine.
Listen in for an informative end-of-year wrap-up. We’ll be back in January 2024.
Key Takeaways:
[:01] About RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld.
[:31] About today’s episode of RIMScast. We will be joined by the editorial leaders of Risk Management Magazine to look back on the year in risk, 2023, and what’s coming up in 2024, plus a visit from the president of the RIMS New Zealand / Pacific Island Chapter.
[1:01] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:17] Several Exam Prep virtual workshops are coming up, starting on January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.
[1:35] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes.
[1:52] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination!
[2:11] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode’s show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend.
[2:39] I recently caught up with my friend Kerry Bakkerus, President of the RIMS New Zealand and Pacific Island Chapter. On February 12th, 2024, The RIMS New Zealand & Pacific Island Chapter will be hosting a day-long event in Auckland, called Embrace The Unknown. It’s all about innovation, technology, AI, and more.
[3:04] You may remember from a recent episode of RIMScast, Dr. Gav Schneider from The Center for the Study of Wicked Problems. He will be there along with Sacha Coburn, CEO of Coffee Culture. She is an upcoming guest for January.
[3:20] Kerry Bakkerus is here to tell us all about the event and why it’s going to stand out from many others. Kerry, welcome back to RIMScast! Embrace the Unknown: Unleashing the Power of Risk will be held on February 12th at the Pullman Hotel in Auckland, New Zealand. It is hosted by the RIMS New Zealand & Pacific Island Chapter.
[4:01] It has been an interesting journey to organize the conference. They decided to use ChatGPT as much as they could. Kerry asked ChatGPT for a great title for a risk conference. That’s how they got the title. She asked ChatGPT “What’s a great agenda for a risk conference?” The agenda was inspired by the agenda developed by ChatGPT.
[4:36] The content on the website for the conference was delivered by ChatGPT. They used technology as much as possible to support the conference. There are exciting tech things planned for the day of the conference.
[5:44] Kerry looked for speakers to bring inspirational content and thought leadership. They were mindful of content and speakers about which people would be able to say they learned something they can apply day-to-day, including leadership skills. They wanted a variety of interesting speakers. Kerry is excited to hear each one.
[6:58] Registration for the conference is open now and Kerry asks you to register now, to give the organizers time to prepare. The conference agenda addresses how technology and innovation are going to drive work as we know it. Topics range from macro to micro. Special thanks to Terry Bakkerus for rejoining us on RIMScast.
[8:45] Register today for Embrace The Unknown: Unleashing the Power of Risk, a day-long event in Auckland, New Zealand. The link is in this episode’s show notes.
[8:55] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique.
[9:17] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page and a link to the full calendar is in this episode’s notes. Check it out and register!
[9:33] On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. Katherine Henry of Bradley Arant was on RIMScast on a prior episode. She will be one of the co-presenters of that session.
[9:50] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all.
[10:06] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[10:24] It is always fun when Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine join me for either the mid-year review or the end-of-the-year review. Since this is December, it’s the end of the year in risk 2023.
[10:39] Morgan and Hilary are here to tell us what is going on with risk management, where we might be going, and what’s new in the world of Risk Management Magazine, itself that you need to know about.
[10:52] Morgan O’Rourke and Hilary Tuttle, welcome back to RIMScast!
[11:41] Morgan talks about the fun of researching and producing the Year in Risk issue of Risk Management Magazine. It’s the one feature that Morgan does during the year when he gets a byline. Morgan, Hilary, and Justin discuss some of the risks in 2023.
[13:49] The times of the year are confusing for Morgan and Hilary because they are always writing a month or two ahead.
[14:31] Data breaches are perennial. It isn’t necessary to write an article about every breach. There were some interesting breaches but you have to get into the why of what makes them interesting. Hilary notes the collapse of the cryptocurrency exchange FTX. Corporate fraud or regulatory activity are hard to condense to 200 words.
[18:20] Why did AI move to the number 4 risk this year from the number 14 risk last year? Morgan comments on the Biden Administration's sprawling policy on AI. AI is becoming an emerging risk. Hilary compares it to covering COVID-19 originally.
[20:48] Risk Management Magazine is going all-digital. The December issue is the last print issue. It is part of the trend of how people consume media now. Being all digital provides the ability to include more content that is more responsive to news and current events. It’s about speed.
[22:07] Hilary notes that rather than having a publishing cycle, digital publishing is like everything, everywhere, all at once. She is always looking for content. Please feel free to reach out if you have any ideas to contribute. The website is RMMagazine.com. New articles go up regularly. They plan a quarterly digital issue. They will send out notices.
[23:00] This is part of the new wave of being there more often for readers including newsletters and social media content. They are figuring out how to tell stories effectively in a shorter turnaround. They are actively soliciting feedback.
[23:31] The magazine will receive submissions throughout the year. The magazine will be published on a continued rolling basis. It’s the best way to stay ahead of the issues people are concerned with. Risk happens quickly and constantly.
[25:37] About how COVID-19 or pandemics are being managed. We’ve gotten used to it. We are dangerously overlooking the public health risk. Hilary does not think there is a new normal for business response to COVID-19. We’ve found ways to live with the risk or to manage it the best we can. It’s part of the fabric of living. Get your COVID shot.
[29:50] About the term “polycrisis.” We are always in a polycrisis. We have to deal with many risks at once. It’s not a new environment. Whatever you call it, manage the risks.
[32:33] About predictions: In Risk Management Magazine of March 2020, in the list of emerging risks, there was no mention of COVID-19. Morgan says any prediction of risk is destined to fail. Hilary Tuttle notes that the cyber predictions she writes are consistently extremely accurate!
[33:41] Generally speaking, things are going to happen! This was a mild hurricane year, but next year may not be. There will be extreme weather that may get more intense. New regulations will be released on data privacy or cybersecurity. There will be a lot of cyber issues.
[34:50] Hilary speaks of connections to draw between risks. What didn’t make this issue was a lot of line items around natural disasters. The many minor hurricanes we had were notable in atypical ways. Southern California had Hurricane Hilary, the first tropical storm there in 20 to 30 years. It was the first tropical storm warning ever issued there.
[36:14] One of the hurricanes this year was the first Category 5 ever to hit Western Mexico. They were wholly unprepared for it. It was one of the most devastating storms Mexico has ever seen. Risk is increasingly impacting areas in ways that we haven’t thought about. How will traditional risks impact untraditional areas or industries?
[36:58] Morgan cites the wildfires in Canada that affected all of North America, not only the West Coast. The skies of New York were orange!
[37:37] Justin compliments Morgan and Hilary on the fine job they did of getting the final print episode of Risk Management Magazine out. There is an exclusive digital issue with more resources available now online. The link is in this episode’s show notes.
[38:45] Special thanks to Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine for joining us on the year-end episode of RIMScast! Check out their work on RMMagazine.com. If you’re a member, hold on to that final print edition of RIMS Risk Management Magazine. It might be a collector’s item one day!
[39:07] We’re taking a brief break in December and then we’ll return on January 2, 2024, with RIMS CEO Gary LaBranche.
[39:15] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[39:39] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[40:22] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is a benefit of RIMS membership and is available only for RIMS members! You can find it in the App Store.
[40:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[41:01] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[41:23] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
Dan Kugler Risk Manager on Campus Grant
RIMS Risk Management Magazine: ERM Special Edition 2023
RIMS Webinars:
Nevada’s “Defense Within The Limits” Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Solving Wicked Problems with Dr. Gav Schneider”
“Near-Misses Still Count – RIMS Risk Management Magazine Leaders” (July 2023)
“RIMS Global Perspectives 2023 featuring Kerry Bakkerus”
“Emerging Cyber Trends with Davis Hake of Resilience”
“RIMS Public Policy and Advocacy 2023”
“Strategic Moves with RIMS CEO Gary LaBranche”
Sponsored RIMScast Episodes:
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!)
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Kerry Bakkerus — President of the RIMS New Zealand and Pacific Island Chapter. Morgan O’Rourke and Hilary Tuttle — The leaders of the RIMS flagship publication, Risk Management Magazine.
Tweetables (Edited For Social Media Use):
I asked ChatGPT, “What’s a great agenda for a risk conference?” And so, the agenda is inspired by the agenda developed by ChatGPT. All the content and narratives on our website are also content delivered by ChatGPT. — Kerry Bakkerus
If you look at “The Year in RIsk, there are a lot of different things. The Biden Administration released an AI policy that’s very sprawling. It covers just about everything that AI could touch but it’s more like recommendations.— Morgan O’Rourke
One of the hurricanes this year was the first Category 5 ever to hit Western Mexico. They were wholly unprepared for it. It will be one of the most devastating storms that Mexico has ever seen. — Hilary Tuttle
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews Katherine Henry, Partner and Chair of the Policyholder Coverage Practice of Bradley, Arant, Boult, and Cummings in today’s episode. Katherine will be one of the presenters in the January 4th RIMS webinar, Nevada’s “Defense Within The Limits” Ban Explored. Justin and Katherine explore the risk trends of 2023 and what she expects from 2024. Next, they cover the upcoming webinar on Nevada’s new liability insurance “Defense Within The Limits” ban, what the effects of the ban are, and how the ban is expected to spread to other states. Katherine concludes with how she and her co-presenter at the webinar, Mark Habersack, expect to elaborate on this topic.
Listen in for a professional perspective on risk trends for 2024.
Key Takeaways:
[:01] About RIMScast.
[:14] Public registration for RISKWORLD 2024 is now open. Explore infinite opportunities with RIMS from May 5th through May 8th, 2024, in San Diego, California. Register at RIMS.org/riskworld.
[:31] In today’s episode, we will be rejoined by our good friend, Katherine Henry, of the law firm Bradley, Arant, Boult, and Cummings, to discuss legal trends from 2023 and what risk managers should expect in 2024.
[:58] The RIMS-CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:14] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.
[1:37] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes.
[1:54] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination!
[2:13] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode’s show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend.
[2:41] Katherine Henry is the Partner and Chair of the Policyholder Coverage Practice at Bradley, Arent, Boult, and Cummings, a national law firm. Katherine and I will discuss the trends that drove the legal and risk professions in 2023, what to expect in 2024, and Nevada’s Defense Within the Limits ban that may set a precedent for other U.S. states.
[3:12] Katherine is one of the two presenters of an upcoming RIMS webinar called Nevada’s “Defense Within The Limits” Ban Explored, on January 4th, 2024 at 1:00 p.m. It will be presented by the RIMS Public Policy Committee. Register now, especially if you’re a RIMS member! This is going to be a big deal for you! [3:37] Katherine Henry, welcome back to RIMScast!
[4:25] Katherine says risk managers have been really busy in 2023. She thinks first of cyber risk and cyber insurance. Insurers are getting their hands around it and premiums have escalated. Risk managers are finding they have to bring in IT and other folks to answer the much more complex questions on cyber. The cost of breaches has gone up.
[5:40] Katherine discusses recent big hacks. One of the biggest risks lies with your vendors. Insurers are looking at that when setting your premiums.
[6:19] Another big problem in 2023 is supply chain. It has become more difficult to insure it. It is difficult to procure business interruption insurance. Many insurers have left this market. Risk managers deal with this by eliminating sole sourcing and JIT warehousing. You have to have more goods and more local warehouse space available.
[7:55] AI is the next big risk on Katherine’s mind. The National Association of Insurance Commissioners (NAIC) has been looking at AI for quite a few years and its impact on insurance. Insurers have implemented AI chat boxes in personal lines. For risk managers, the question is what are we going to see in commercial lines?
[8:41] Insurers may be able to use AI to assess damages better and to move more quickly. Risk managers will be dealing more with computerized platforms than individuals in the underwriting process. That’s a few years away. Because AI is being integrated into so many platforms, it’s a liability insurance risk for organizations.
[9:55] Climate change is another major concern Katherine has. We see its impacts on agriculture in what you can grow and where you can grow it. The effect on sea levels in ports is a concern. It will affect living conditions around the world. It will continue to be a high-level concern for risk managers.
[10:42] Katherine brings up the wars as another big concern for risk managers. Events have been canceled because of protest risk. We don’t know the eventual impact of the Israel and Hamas conflict. Russia has agricultural and oil risks. There is the risk of war with China and Taiwan.
[11:29] Swine flu and pneumonia are concerns now. There are respiratory illnesses among children in China. Illnesses and protests present physical risks.
[12:41] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique.
[13:02] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register!
[13:18] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow. On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. That’s why Kathy Henry joins us today.
[13:44] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I’ll be hosting that session and will be joined by three expert panelists. I’m really looking forward to delivering this session and reaching you all.
[14:00] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[14:38] It’s difficult for organizations to take a political stand. People come at them from both sides. They are also challenged when they don’t take a position. It’s hard for organizations to know the right position to take. That’s an organizational risk. You can’t please all the people all the time.
[15:38] Runaway or out-of-control verdicts are a risk when you take a case to a jury. Something that should be resolved for $1 million or two could be a $40 million liability. Insurers are aware of this. Katherine warns risk managers to give notice to their tower of excess insurance when a risk comes up that could be subject to a “nuclear” verdict.
[16:48] Justin brings up nuclear verdicts in connection with recent PFAS settlements. RIMS did a webinar about it a month ago. Very high settlements open the door for future litigation or actions. Justin reads from Reuters on November 26th about a U.S. appeals court ruling protecting 3M and other companies in PFAS litigation from a class action.
[19:11] Katherine Henry will be co-hosting a webinar on January 4th, Nevada’s “Defense Within The Limits” Ban Explored. Katherine Henry and Mark Habersack are going to explore this ban.
[19:33] Katherine gives a high-level overview of the ban. There are two types of liability policies. One includes a defense that is outside the limits; other policies put the cost of defense inside the policy limits. A $5 million policy within the limits provides $5 million to pay defense and damages.
[20:11] The Nevada legislature wrote a new law that every liability policy in Nevada must include defense outside of limits, so insurers have an unlimited obligation to defend you until the case is resolved. The Webinar will talk about what caused that to happen in Nevada, what the potential solutions are, and the potential implications around the U.S.
[21:06] This legislation overturns the business relationship between insurers and insureds. Insureds will no longer be able to purchase less expensive defense within-limits policies. That change has immense financial consequences. Justin will be the host for that webinar.
[21:30] The legislation sets a time for this change to occur. Businesses need time to place liability coverage. Risk managers’s jobs have changed greatly from what they were 20 years ago when they were purchasing insurance and working with insureds. Now they’re assessing their enterprise’s risk. There will be a lot of work for 2024.
[22:28] Justin thanks Katherine Henry for joining us.
[22:42] Special thanks to Katherine Henry for joining us on RIMScast! You’ll hear more from Katherine on January 4th, 2024 during the RIMS Webinar Nevada’s “Defense Within The Limits” Ban Explored. She will be joined by former RIMS Nevada Chapter President, Mark Habersack. Register at RIMS.org/webinars and the link in the show notes.
[23:07] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[23:33] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[24:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[24:42] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[24:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
Dan Kugler Risk Manager on Campus Grant
RIMS Risk Management Magazine: ERM Special Edition 2023
RIMS Webinars:
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023
Nevada’s “Defense Within The Limits” Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Fundamentals of Insurance | Dec 12
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops — Including Chris Mandel’s Dec 13–14 Course
Related RIMScast Episodes:
“RIMS Public Policy and Advocacy 2023”
“Emerging Cyber Trends with Davis Hake of Resilience”
“Fleet Safety with Nets Executive Director Susan Gillies-Hipp”
“Cybersecurity Awareness Month with Pamela Hans of Anderson Kill”
“Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021”
Sponsored RIMScast Episodes:
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!)
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Katherine Henry Bradley, Arant, Boult, and CummingsKatherine Henry is the Chair of the Policyholder Insurance Coverage team. Katherine’s practice focuses on meeting clients’ business objectives in matters involving insurance. She regularly advises Fortune 10 and other companies on complex insurance programs involving manuscript and specialty policies, including programs with multi-national coverage towers of $500 million to $1 billion, and programs incorporating various risk transfer and financing mechanisms, such as fronting programs, paid deductible programs, and collateral agreements. Her practice spans all aspects of policyholder insurance coverage, from initial policy placement and renewals to claims management and litigation, both in the United States and abroad. Her past and present policyholder clients include two of the world's largest automakers, the world's largest home improvement specialty retailer, an auto insurance company, a vacuum cleaner manufacturer, a quasi-governmental defined benefit plan, numerous healthcare-related entities, a private-equity investment firm, various banks and financial institutions, and a national trade association for the gases and welding industry.
Tweetables (Edited For Social Media Use):
For risk managers, this is really important. One of the biggest risks lies with your vendors, your third-party vendors. That can be the weak point. — Katherine Henry
There’s been a case reported of swine flu in the UK, now. There are these respiratory illnesses among children in China. It’s not a pandemic but it’s still a risk. — Katherine Henry
Runaway or out-of-control verdicts are something organizations are facing everywhere. It’s very difficult to take a case to a jury. Something that should be resolved for $1 million or $2 million could be a $40 million liability. Insurers are aware of that. — Katherine Henry
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin interviews Bob Bowman, the CRO of Wendy’s in today’s episode. Bob will be the guest panelist in the December 12th RIMS webinar, Prepare Yourself for the New Generation of Risk. Bob speaks of his career trajectory and what he learned as a claims manager for Safeco Insurance, a risk manager for Macy’s, and the Chief Risk Officer of Wendy’s. He talks about connecting with programs across the corporate reach of Wendy’s and what falls under his oversight as the CRO. Justin shares the focus of the December 12th webinar and also provides his words of advice for young risk
Listen in for an interesting overview of ERM at Wendy’s.
Key Takeaways:
[:01] About RIMScast.
[:14] RISKWORLD 2024 will be held in sunny San Diego, California, from May 5th through May 8th. Booth and sponsorship sales are open. Member registration opens in November 2023. Public registration opens December 6th, 2023. Visit RIMS.org/riskworld for more information.
[:35] About today’s episode, a discussion of franchising, merging risks, and professional development, with our guest, Bob Bowman of Wendy’s.
[:56] The RIMS CRMP is the only competency-based risk management credential. That matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:16] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.
[1:39] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes.
[1:56] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination!
[2:15] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode’s show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but there are other awards that might appeal to you or a friend.
[2:43] Bob Bowman is the CRO (Chief Risk Officer) for Wendy’s. We will talk about franchising risks, merging risks, enterprise risk management, and professional development and hear about his career, which started in insurance. He worked at Macy’s for several years and is now at Wendy’s
[3:10] We’re going to talk about how and when Bob and his risk group are involved at different stages of decision-making for this global brand. [3:20] Quick plug! Bob Bowman is going to be the guest panelist for our upcoming RIMS webinar, presented by Riskonnect on December 12th. It’s titled Prepare Yourself for the New Generation of Risk. The link is in this episode’s show notes. Anyone who hears this interview will want to hear more from him in this webinar on December 12th!
[3:45] Bob Bowman, welcome to RIMScast!
[4:12] Bob’s title at Wendy’s is Chief Risk Officer. He has been with Wendy’s for a little under 10 years. Bob tells of his time before that. He started in claims management in 1990 at Safeco Insurance. He backed into insurance as his degree is in restaurant and hospitality management.
[5:38] From Safeco Insurance, Bob moved into the risk management space with help from a mentor and professional networking connections.
[6:10] Bob was at Macy’s for over 20 years. Macy’s was going through a lot of change and transition at the time. When Bob joined Macy’s, retail was vital and thriving. When Bob left Macy’s, retail was just becoming aware of Amazon. Digital commerce was making itself known.
[6:58] Bob had done an internship with Wendy’s in college. Twenty-plus years later they made him an offer. He had loved his experiences at Macy’s but everything was siloed. The offer at Wendy’s was to connect the siloes and steer the ship. The pieces he had learned at Macy’s had to be translated into a single strategy for success at Wendy’s.
[8:14] Risk management both in retail and at Wendy’s is about product and process. It’s all about delivering something of perceived value to the consumer, along with an experience. The experience might be the more important part of the equation. It’s getting the product and experience right every time, in the perception of the customer.
[9:10] Wendy’s corporate headquarters hired Bob to work with the risk management team they had and develop it for organizational resilience, business continuity planning, crisis management, and enterprise risk management.
[10:15] Bob tells how he referred to ISO and COSO in charting the path for Wendy’s. It is now part of the way Wendy’s manages every program. Every program begins with a framework selection of ISO, COSO, or another standard or industry best practices.
[10:59] Food preparation and location selection are under other leaders. Bob’s space is risk management in any and every program at Wendy’s. He uses a consistent business model across all of the programs.
[11:37] Franchising is a unique business model. It has many advantages but also comes with inherent risks. There is less control with autonomous, independent businesspeople working within a single brand with a desire to deliver a consistent experience to the customer across the franchise system.
[12:46] Wendy’s franchisees are autonomous but must be respectful of regulation.
[13:42] The Wendy’s corporate risk management group has grown since Bob started. There were six to eight risk managers in 2014. Today it is a group of about 15.
[14:31] Bob discusses what is behind the growth of risk management at Wendy’s. There is increasing complexity in the world, so there is increasing value in and appreciation for risk management. The way Wendy’s transacts business has changed and continues to change. There are new technology risks.
[16:17] When Bob started in the industry, there was a push to master tangible risks. Over the last five years, that has become a push to master intangible risks: digital data technology, network systems, cloud, hardware, software, and so forth.
[16:51] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito.
[17:12] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register!
[17:28] At 5:00 p.m. India Standard Time, on December 1st, Prudent Insurance Brokers Private Ltd. returns to discuss Business Interruption. On December 7, 2023, our friends at TÜV SÜD GRC return to discuss Engineering Resilience: Strategies for Preventing Machinery Breakdown.
[17:49] Bob Bowman, our guest today is on the next webinar. On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow.
[18:05] On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. Justin will host that session and will be joined by three expert panelists. He is looking forward to reaching you all with this session.
[18:26] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:37] Bob describes risk as uncertainty. Wherever there is uncertainty, that is risk. What are the things that need to be true to reduce that uncertainty? That’s risk management. You can apply that easily to intangible risk. Bob does not have the technology background that would equip him to participate in the innovation discussion.
[20:28] Bob trusts the CTO and others with technology backgrounds to guide him so he knows how to advise the C-suite. The intangible risk space is growing across nearly every aspect of the business. To be effective, Bob partners with every business function.
[22:31] Wendy’s attempts to simplify risk management. To Bob, if you are going to be effective as a risk management practitioner, simplifying is the table stakes. The balance of the business has little interest in and appreciation for risk management until it’s relevant through their lens and on their terms with the results they are trying to achieve.
[23:45] What has enabled Bob and his team to find some success is the risk profile, which is getting to know the risk from the perspective of the business, and the business leaders. It’s up to the risk managers to speak the language of risk from the perspective of the leaders and grasp the challenges of each functional area of the business.
[24:41] Risk management is asking, what could we do to make that desirable outcome more certain or increase the probability that we will hit that target. Bob asks, If I could guarantee you a greater probability that you will achieve your goals, wouldn’t you begin thinking about more goals? Wouldn’t you be more ambitious about accomplishments?
[25:36] New items and new recipes would only come to the risk management department in terms of food safety.
[26:31] Bob says he was on the periphery of the breakfast menu unveiling and he gives credit to an amazing team. Breakfast For Us in its current form is a recent innovation. Without prompting from risk management, the team coming up with the menu asked, what are the things that need to be true for this to be a successful endeavor?
[27:01] That is risk-based decision-making from the outset of the idea. There was a lot of labor, expertise, and collaborative decision-making across the entire organization for months that went into the development of the breakfast menu. Bob wonders how many of the things that needed to be true went from not yet being true, to true, in the process.
[29:30] Bob talks about the collaborative partnership between the Wendy’s corporation and the franchisees. All parties have to be represented in the discussion.
[30:09] Bob speaks about his part in the webinar coming on December 12th, Prepare Yourself for the New Generation of Risk. It goes toward the dilemma that many risk professionals are confronted with. There are so many new, evolving, uncertain areas of risk and risk management. The world is delivering us a heavy dose of VUCA!
[30:52] We’ve got to be equipped to understand the VUCA World and be able to translate it to our organizations. This webinar will focus on that. Justin will host. It’s a great way to close out the year!
[31:33] As Bob looks back on his career, his advice to young people considering risk management is to get a mentor and a professional network, do hard work, and be willing to expand one’s skill set. Support great people to be supported by great people. That’s a universal part of the equation.
[32:31] Special thanks to Bob Bowman of Wendy’s for joining us on RIMScast! You can hear more of Bob’s perspective and experience in the December 12th RIMS Webinar sponsored by Riskonnect titled Prepare Yourself for the New Generation of Risk. Register at RIMS.org/webinars and the link in this episode’s show notes.
[32:52] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[33:19] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[34:03] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[34:28] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:44] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[35:07] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
Dan Kugler Risk Manager on Campus Grant
RIMS Risk Management Magazine: ERM Special Edition 2023
RIMS Webinars:
Engineering Resilience: Strategies for Preventing Machinery Breakdown | Sponsored by TÜV SÜD | Dec. 7, 2023
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023
Nevada’s “Defense Within The Limits” Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management | Dec 7
Fundamentals of Insurance | Dec 12
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops — Including Chris Mandel’s Dec 13–14 Course
Related RIMScast Episodes:
On The Menu: Restaurant Injury Risk Trends in 2023
Franchise Risks in 2022 with Karen Agostinho of Five Guys Enterprises
Risk Insight with AAIN Leadership and Panda Express
Fleet Safety with Nets Executive Director Susan Gillies-Hipp
Sponsored RIMScast Episodes:
“Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!)
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd.
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Bob Bowman on LinkedIn
Tweetables (Edited For Social Media Use):
When I joined Macy’s, retail was strong, vital, and thriving. By the time I left Macy’s, retail was just becoming aware of Amazon. Digital commerce was making itself known. — Bob Bowman
There is less control with independent businesspeople who desire to maintain that independence. At the same time, you’re working within a single brand, with a desire for consistency, and a desire to deliver a consistent experience to the customer across the system. — Bob Bowman
I would tell young risk managers to get a mentor and a professional network, do the hard work, and be willing to expand one’s skill set. Support great people to be supported by great people. — Bob Bowman
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Lawanda “Elle Michell” Hall joins me today to share her accumulated knowledge as a risk professional in the corporate space and as a passionate risk entrepreneur. Elle had known from her days in high school math that she wanted to be a risk management professional. She explains how she navigated that path through her chosen major, her student affiliation with RIMS, and by taking a position in claims to experience risk management from the client’s point of view. She shares some of her experiences in supply chain risk at Coca-Cola, and her plans for her company, Intelligent Intentions.
Having grown up in urban Atlanta, she is passionate about risk management in the community and for small businesses looking to participate in the supply chains of enterprise companies. Listen in for a passionate plea for improved education and communication around risk management for all companies.
Key Takeaways:
[:01] About RIMScast.
[:14] RISKWORLD 2024 will be held in sunny San Diego, California, from May 5th through May 8th. Booth and sponsorship sales are open. Member registration opens in November 2023. Public registration opens December 6th, 2023. Visit RIMS.org/riskworld for more information.
[:33] About today’s episode, a discussion of supply chain risks and professional development, with our guest, Lawanda Elle Michell Hall.
[:54] The RIMS CRMP is the only competency-based risk management credential that matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:13] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.
[1:38] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes.
[1:55] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination!
[2:14] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode’s show notes. Go to RIMS.org’s About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but there are other awards that might appeal to you or a friend.
[2:42] Elle Michell Hall is the CEO of Intelligent Intentions. She is also very active with the Spencer Educational Foundation. She has a fascinating career that has dealt with enterprise risk management and supply chain, among others. Let’s hear about what she’s done and where she’s going! Elle Michell Hall, welcome to RIMScast!
[3:41] Elle is in the minority of people who joined the risk industry on purpose! She received a degree in risk management in insurance from Georgia State University. She had been inspired by a high school AP course called Decision Science; now it is called Quantitative Analytics. She was intrigued by the application of math in the world.
[5:27] Quantitative analytics is now used across many businesses to make projections and set themselves up for success.
[6:41] People were used to thinking of risk managers as the “parent” who would say “no,” so they were avoided at all costs until they absolutely had to ask.
[7:31] Elle has a lot of creative energy to create solutions and not have to say “no.” She works with people to figure out how to get to a “yes,” in a sensible way aligned with the business objective.
[7:56] Elle didn’t see risk management entry-level positions available after graduation. Entry-level positions tend to be in underwriting, claims, or the brokerage world but not in corporate risk management. She joined RIMS in college. At a RIMS luncheon, George Miller of AIG asked her what she wanted to do when she graduated.
[8:38] Elle wanted to be a risk manager but she didn’t know where to start. George told her we’re in this business because stuff happens and you need to figure out what that looks like when it happens, so I recommend that you start in claims. That will make you a more thoughtful risk manager on the front end as you’re making coverage decisions.
[9:00] George Miller gave her a phone number and told her that the AIG claims office was moving to Alpharetta, Georgia, a suburb of Atlanta. Elle said, great, and that’s where she started. She learned to make decisions. GSU had given her minimum information about claims so she studied and achieved her AIC. AIG was her career boot camp.
[9:39] In claims, you’re dumped into the deep end, dealing with problems. People are upset. Her territory was New York and she had New York attorneys calling her names all day, every day. She learned not to take things personally. She learned to manage a matter to completion. It was a beautiful beginning to her career in risk management.
[10:27] Elle grew up in Atlanta in the shadow of Coca-Cola. When she started at Coca-Cola, Elle was a little starstruck and nostalgic. Her previous position had been at Earthlink, where there were two risk managers who did everything. At Coca-Cola, there was a team of 12 to 15 people and the work was divided between them.
[12:24] Coca-Cola is crucial to the economy of Atlanta. A lot of native Atlantans work for Coke. Working there feels safe like you’re a part of Atlanta. You have an impact on your city and you’re able to do good work.
[13:14] Elle finds supply chain risk fascinating. She learns a lot about how culture impacts perception. People have different perspectives on the same risk, based on their cultural references. Elle learned how different types of products cross the borders of different countries. Border Patrols must respect Coke’s quality standards and seals.
[15:06] Some ingredients, such as Stevia, may appear to be something else. There have been colorful conversations around legalities and culture, the way things move, and the time in which they move, making sure that as things change hands, the insurance is in place and things are moving. There are difficult conversations.
[15:34] Elle recalls fun times. She was the risk point of contact when the FIFA trophy was touring in 2014. She toured the plane that took it to all the different cities. She got reports from each stop, making sure the trophy was safe. It was like a tour around the world, over 100 stops, without leaving her office. The trophy traveled in luxury!
[17:20] RIMS plug time! Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito.
[17:42] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register!
[17:57] On December 1st at 5:00 p.m. India Standard Time, Prudent Insurance Brokers Private Ltd. returns to discuss Business Interruption. On December 7, 2023, our friends at TÜV SÜD GRC return to discuss Engineering Resilience: Strategies for Preventing Machinery Breakdown.
[18:18] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow.
[18:31] On January 4th, RIMS’s Public Policy Committee will explore Nevada’s “Defense Within The Limits” Ban. On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. Justin will host that session and will be joined by three expert panelists. He is looking forward to reaching you all with this session.
[18:53] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:16] Elle sees a disconnect in understanding and communication around risk management and insurance. She’s had to say no a few times to external parties that wanted to do business but were not risk-responsible. Elle mentions some of the risks small suppliers don’t consider when they want to be part of a billion-dollar supply chain.
[21:07] Elle uses the example of bottle caps. If you supply the bottle caps, but you don’t show up with them, the entire operation is shut down. There is a lot that goes into the decision of who will supply the bottle caps. Every little piece matters in the big picture of keeping things moving. A tiny company can cause a multi-million-dollar shutdown.
[21:53] With joint and several liability, Coke is at risk for that loss. Small companies don’t understand their risk imprint and big companies don’t do a good job of explaining it. They just analyze it and say no, we can’t do it. In the world of supply chain, many challenges come from the lack of communication and education in risk management.
[23:44] In business incubators, small companies are told about CPAs, lawyers, and putting their finances in order. No one tells them about risk managers or understanding what their risks are. How do they make sure they are not a risk but a risk partner to the organization they want to help?
[24:16] That conversation is not happening and it needs to happen. Smaller companies need to be educated on the discipline of risk management. Elle is passionate about the risk profession. She is also passionate about community and she is a natural educator. [24:59] Manage your risk! Make sure that you’re not having an adverse impact on the companies you are doing business with or the people in your community!
[25:07] A big part of Elle leaving the corporate space and becoming an entrepreneur was driven by her wanting to serve her community. There aren’t people in the community teaching small businesses about risk management or even that they need to know these things.
[25:25] Elle thinks it’s important to give some plain language about what risk management is. Small companies get RFPs, contracts, and jargon without knowing what they mean. Elle grew up in a very urban area and she fully understands risk management. She can translate the concepts for small businesses to grasp quickly.
[26:24] Being able to apply her knowledge and do something with it is very meaningful to Elle. She always wants to know what she can do with this knowledge. She doesn’t want just “brain decoration.”
[27:18] Elle says the biggest thing is to make sure that the data your business depends on is solid and that you understand how to adjust it for real-time because it is built on historical data. Things are changing a whole lot faster than they have before. Use your data but watch for trends as they come on social media so you can prepare properly.
[28:53] Elle has always taken young people under her wing to mentor and help. She would sit with new members of the team, explain jargon to them, and help amplify their success and the success of the organization and the team.
[29:30] Elle got an opportunity with Georgia State University and Spencer Educational Foundation to create a Professional Development Academy for first-generation college risk management and insurance majors. The Academy will address opportunities and drill down to amplify all that is learned in the degree program.
[30:28] Elle is working with a professor at Georgia State University to create the Academy. It will open in January 2024. The announcement will come out soon on the Georgia State University Maurice Greenberg Risk Sciences web page.
[32:52] The Professional Development Academy will focus on the day-to-day experience of the profession with a menu of detailed career descriptions and access to people who have done it, to make informed choices. A link is on this episode’s show notes.
[33:45] Justin hopes to see Elle at RISKWORLD 2024 in San Diego in May!
[33:58] Special thanks to Elle Michell Hall. For more information about the program that we referenced in conjunction with the Spencer Educational Foundation, visit spencered.org/general-grants. The link is also in this episode’s show notes.
[34:17] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[34:41] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[35:23] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[35:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[36:01] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[36:22] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RISKWORLD 2024 — San Diego, CA | May 5–8, 2024
RIMS RISKWORLD Award Nominations — Jan. 5, 2024 is the deadline to submit!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Spencer Educational Foundation — Grants Page
Giving Tuesday for Spencer (Nov 28)
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
Dan Kugler Risk Manager on Campus Grant
RIMS Risk Management Magazine: ERM Special Edition 2023
RIMS Webinars:
Business Interruption | Sponsored by Prudent Insurance Brokers Ltd. | Dec. 1, 2023
Engineering Resilience: Strategies for Preventing Machinery Breakdown | Sponsored by TÜV SÜD | Dec. 7, 2023
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023
Nevada’s “Defense Within The Limits” Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024
RIMS.org/Webinars
Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management | Dec 7
Fundamentals of Insurance | Dec 12
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops — Including Chris Mandel’s Dec 13–14 Course
Related RIMScast Episodes:
Risk Management Education with David Cisneros
Celebrating #SpencerDay and Funding the Future of Risk Management
Risk and Compliance Tips for Importers and Exporters in 2022
Navigating Shipping Risks in 2022 with Capt. Rahul Khanna
Sponsored RIMScast Episodes:
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd. (New!)
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Elle Michell Hall
Lawanda “Elle Michell” Hall’s professional career spans more than 20 years, serving in progressive Risk Management and insurance roles. Elle’s rich life & career experiences coupled with her love for serving people and adroit problem-solving skills are the perfect ingredients for a thoughtful and impactful life coach. She blends innate creativity, natural inquisitiveness, and analytical acumen to guide her clients through various life and career transitions. As the Founder and CEO of Intelligent Intentions LLC, Elle is an award-winning, nationally sought-after life & career coach, consultant, thought leader, trainer, and speaker. Her coaching style exists, at the intersection of business savvy and edgy urban intellectual. Elle has a way with words and an engaging presence that perfectly packages her messages which are laced with intelligence, intention, and integrity. A native and current resident of Atlanta, GA; Elle earned a B.B.A. (Major: Risk Management & Insurance) and studied for an MBA at Georgia State University. She also received a Life Coaching Certificate from the National Coaching Society. Elle is a passionate advocate for foster children and a faithful supporter of the arts.
Intelligentintentions.com
Georgia State University Maurice R. Greenberg School of Risk Science
Tweetables (Edited For Social Media Use):
Lots of folks are in the risk industry who kind of fell into it. I am in the minority of people who did it on purpose! — Lawanda “Elle Michell” Hall
I have a lot of creative energy to create solutions and not have to say “no.” Let’s work together and figure out how we can get to a “yes,” in a way that makes sense and is aligned with our business objectives. — Elle Michell Hall
The biggest thing is to make sure that the data your business depends on is solid and that you understand that you’re adjusting it for real-time because it is built on historical data. Things are changing a whole lot faster than they have before. — Elle Michell Hall
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The term Wicked Problems was originally coined in an academic paper authored by design theorists Horst Rittel and Melvin Webber over 50 years ago. While there are many attributes that define a Wicked problem, generally they are based on problems that are fast evolving with no clear solution or where the solution generates further problems and a level of residual risk that is potentially worse than the initial issue itself. Fast forward to today, Risk Managers and Leaders try and grapple with the reality of a Volatile, Uncertain, Complex, Ambiguous, and Digital (VUCAD) world that challenges us with more and more Wicked Problems. In this session, we will explore how Risk Managers and Leaders can better cope with and wrangle wicked problems to create successful outcomes.
Key Takeaways:
[:01] About RIMScast.
[:14] RISKWORLD 2024 will be held in sunny San Diego, California, May 5th through May 8th. Booth and sponsorship sales are open. Member registration opens November 2023. Public registration opens December 2023. Visit RIMS.org/riskworld for more information.
[:33] About today’s episode, a discussion of wicked problems with Dr. Gav Schneider.
[:55] The RIMS CRMP is the only competency-based risk management credential that matters because earning the certification shows employers and recruiters that you have the skills necessary to manage risk and create value for your organization. [1:15] Several Exam Prep virtual workshops are coming up, starting with December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria.
[1:38] The RIMS CRMP-FED Exam Prep Virtual Workshop will be held January 30th and February 1st. That’s a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode’s show notes.
[1:56] RIMS is one of the educational development partners with AFERM, the Association for Federal Enterprise Ris Management. Two AFERM leaders joined RIMScast last week for a brief interview during the ERM Conference. This is a last call about AFERM’s upcoming SUMMIT.
[2:17] Join fellow ERM practitioners at the 2023 AFERM Summit Training. The theme is “Collaborate and Celebrate: Weaving ERM into the Fabric of Government.” The ERM SUMMIT will take place in Washington, D.C. at the Walter E. Washington Convention Center and virtually on November 28th and 29th. Links are in the show notes.
[2:41] A Shout out the the RIMS New Zealand and Pacific Island Chapter and Marsh Australia and New Zealand, who welcome you to Embrace The Unknown: Unleashing the Power of Risk on February 12, 2024 at the Pullman Hotel in Aukland, NZ to discuss the critical role of risk management in today’s uncertain world. A link is in the notes.
[3:25] We have one of the featured speakers on RIMScast today, Dr. Gav Schneider. Dr. Schneider will present on “Wrangling Wicked Problems: The Ultimate Risk Management Challenge.” Dr. Gav Schneider is with the Centre for the Study of Wicked Problems and he was the Risk Management Institute of Australasia’s 2023 Risk Leader of the Year.
[3:50] Dr. Schneider is the creator of the Presilience Approach. Dr. Gav Schneider, welcome to RIMScast! Dr. Schneider joins RIMScast from Brisbane, Australia, and is originally South African. He moved to Australia nearly 20 years ago. Dr. Schneider is with the ISRM ANZ CSWP (Center for the Study of Wicked Problems).
[5:07] Dr. Schneider started his career in martial arts in South Africa. He is an 8th Degree Black Belt. He taught self-defense and defensive tactics. He transitioned to close protection, bodyguarding, and executive protection. He set up his first business in South Africa, 24 years ago and sold it in 2014.
[5:36] On the way, Dr. Schneider became fascinated with decision-making and risk management, as he kept seeing it being done so badly, even when there were life-or-death consequences attached. He looked at corporate risk management and how it intersects with compliance and how performance measures come into play.
[6:00] Dr. Schneider became interested in practical application combined with sound academic theory, primarily focusing on the way humans make decisions. He is known as the Human-centric Risk Guy. He has taught a post-graduate program on the psychology of risk for the past seven years. It’s been great for his learning, as well.
[7:06] The Institute for Strategic Risk Management is an international group that’s looking at how strategy, risk, and management intersect. ISRM has been collaborating with RIMS NZ for a couple of years.
[7:21] The first paper on Wicked Problems was published 50 years ago. The fact that the world is so hypercomplex and we are bombarded with information all the time has made the study of wicked problems quite an important area.
[7:56] We’ve become good at process- and compliance-based risk management. From the Industrial Revolution, we’ve gotten good at organizing and arranging things but now we’re moving out of management-centricity. In a world with a high degree of control and certainty, process- and compliance-based risk management works.
[8:43] In the modern world, we are bombarded with uncertainty, quickly changing events, and lack of control because of our hyper-connected systems. Dr. Schneider cites a recent seven-hour telecom outage in Australia. It hurt businesses. In supply-chain management, one supplier having an issue can be catastrophic for many businesses.
[9:22] Certainty and control have eroded, compared to 20 years ago.
[9:38] The difference between a Wicked Problem and a poly-crisis will be covered at the workshop at the RIMS Conference in New Zealand. You need time to understand it. Today’s challenges are not one-dimensional risks to manage. A crisis evolves over one variable. If your team is coping, it’s not a crisis.
[11:39] When lots of crises happen at once, the support structures we have in place become overwhelmed. The interconnections between them become overwhelmed. A poly-crisis made up of lots of Wicked Problems. A standard crisis might just be us being overwhelmed.
[12:41] Dr. Schneider says we are all risk practitioners. When making decisions, we weigh out the likelihood of success or failure. Dr. Schneider gives a few examples of the risk management of self-defense. In South Africa, when he had the self-defense business, there were 78 reported carjackings a day.
[14:04] A lady called Dr. Schneider’s self-defense business to learn how to defend against carjackings because she had been carjacked four times. The carjacker had hidden behind the same bush four times. She needed to cut down that bush!
[14:42] When people called about close protection and security, they started with “Money is no object.” That high standard lowered when they were advised to hire two cars and four bodyguards; “Can’t I get by with one car and two guards?” Suddenly, the price to protect their lives was half of the amount they were recommended.
[16:13] If you don’t have culture, engagement, and performance right, none of your other systems work. How do we achieve efficacy and sustained high performance during business as usual and how do we create the ability to thrive in a disruption not just survive? That has been Dr. Schneider’s study since 2008 for his PhD.
[16:40] In running the psychology of risk program, Dr. Schneider has seen smart, capable graduates become frustrated, doing everything they can on the process/compliance side while people they work with feel that risk management is the “handbrake to happiness,” keeping them from achieving what they want to do. [17:06] Dr. Schneider and the Centre for the Study of Wicked Problems want to “shift the dial” from negative outcome management to seizing and creating opportunity as a positive outcome. They developed the concept of “presilience,” a term Dr. Schneider coined.
[17:46] The Centre for the Study of Wicked Problems was launched this year as a collaboration with the ISRM head office in the UK, and in NZ and AU. Fifty years after the first paper on wicked problems, you don’t see wicked problems management getting nearly enough “airplay” or understanding in the world of conventional risk management.
[18:12] Usually, the wicked problems cause pain for risk leaders and risk managers because those are the problems where the conventional systems don’t work that well.
[18:25] RIMS plug time! Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito.
[18:48] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[19:04] On November 21st, Beazley returns to present Business Risk: Helping Your Executives to Navigate Today’s Volatile Risk Environment.
[19:18] On December 1st at 7:00 a.m. Eastern, Prudent Insurance Brokers Private Ltd. returns to discuss Business Interruption. On December 7, 2023, our friends at TÜV SÜD GRC return to discuss Engineering Resilience: Strategies for Preventing Machinery Breakdown.
[19:36] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow.
[19:50] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[20:14] Dr. Schneider’s session is from 4:10 p.m. to 4:50 p.m. called “Wrangling Wicked Problems: The Ultimate Risk Management Challenge.” It will touch upon control efficacy measurement and risk intelligence. Risk intelligence is the human ability to make great decisions, grabbing upside opportunity and minimizing downside negative impact.
[21:48] Risk intelligence is the living application of risk management as opposed to process-based application of risk management. Lots of smart people make terrible decisions because they blindly follow a process, they blindly follow a policy that’s out-of-date, or they make no decision because they panic under pressure.
[22:27] Not doing something, especially in a crisis or poly-crisis, is often worse than making the wrong call. Even the wrong call creates momentum, which gives you learning, to see that didn’t work, so you can tweak it or do something different.
[22:43] There are fundamental differences in the way to apply wicked-problems-based risk management and the way to apply process-based or compliance-based risk management. They require different skill sets. Process- and compliance-based risk management requires an auditor compliance-driven mindset that loves rules.
[23:47] Epidemics, geopolitical instability, solar flares, and other things that are going to be significantly challenging for us, that are bigger than us, are very difficult to solve. Mist organizations set a strategic plan and then assume risk management will help them achieve the plan.
[24:10] If we identified wicked problems early, we could forecast which strategic plans are going to be blocked by them and we could use a different skill set to deal with them. That skill set is highly-evolved risk intelligence; people who are good at dealing with uncertainty, achieving objectives in different ways, and are great communicators.
[24:36] Dr. Schneider has a list of things he will share when he runs sessions. We want to be thinking of the risk leader of the future. Most risk managers don’t manage risk; they manage a process or set up a policy that other people in a business have to manage or own.
[24:59] Who’s leading risk? People making decisions that have negative or positive consequences are risk leaders. We need to build dual skill sets. MBAs and Public Policy degrees teach to be good at process and compliance. Wicked problems require highly evolved emotional intelligence, influence skills, and pattern recognition.
[25:50] In the session that Dr. Schneider will introduce in New Zealand, he will be covering some of those skill sets, and how to build them. His firm hope is that these teachings will create the risk leaders of the future that will enable a society that thrives through disruption and can endure when things go wrong.
[26:26] Dr. Schneider talks about the psychology of risk work. He believes people learn by hearing, learn more by hearing and seeing, and learn even more if they are also entertained. So it’s about engaging the audience to have significant takeaways that make their work life better and enable their efficacy in their job to increase.
[27:05] Dr. Schneider’s presentation style is informal. He walks around and gets involved with the audience. He doesn’t separate himself from the audience with a podium. Because they give their time and resources to listen to him, he gives them something that makes them more effective in their jobs and ultimately helps their organization.
[29:06] Dr. Schneider has a unique hybrid South African-Australian accent. People either find him easy to listen to or can’t understand a word he says!
[29:44] Dr. Schneider shares his thoughts for the RIMScast audience. We’re in a challenging era. It’s almost overwhelming in its opportunity. We can integrate technology and leverage knowledge and connections in ways we’ve never been able to do. There are a few things we need to remember.
[30:17] We are not over COVID-19 yet. It still has effects on social cohesion and personal interaction. In many cases, people were shut down from other humans for an extended time. Their skills of collaboration, teamwork, and empathy have eroded and they haven’t returned yet.
[30:39] We’re seeing that now with an increase in things like workplace violence, active shooting incidents, and geopolitical war. Part of the global challenges we have as risk leaders is that people are not thinking about the skills for solving wicked problems. Most risk leaders had a tough time through COVID-19 and need to refresh.
[31:34] We’re now in an era of disruption. Systems we’ve built over the last few hundred years are not able to cope with the complicated and interwoven variables we’re facing. We need to be ready. Dr. Schneider’s message is to build your skills, maintain your mental and physical health, and find your balance. This is a marathon, not a sprint.
[32:02] Dr. Schneider says things are going to continue to be challenging. Increased interest rates and fiscal moves by governments to try to cap inflation is a good example of a wicked problem. People in financial stress get desperate and crime, violence, and fraud go up. Learn to look at the interconnected world.
[32:52] Cybercrime is here to stay. Risk leaders need to get comfortable with the virtual world. AI comes up repeatedly at every risk conference. If businesses and business leaders are talking about it, it’s going to be the problem of risk leaders and risk managers. It’s either a problem or an opportunity, depending on how you look at it.
[33:50] The way criminals take advantage of vulnerabilities in our systems is very different from the way protectors like risk leaders look at them. A convicted criminal told Dr. Schneider that he’s never seen a computer or a computer program spend time in jail. AI and tech are still driven by humans. It’s a human problem or opportunity.
[34:32] The more tech we get, the more human-centricity we need. The deep thinking is going to have to be done by humans. We have to manage the opportunity and the risk of AI and tech simultaneously.
[35:04] Justin is excited for anyone who gets to go and see Embrace the Unkown: Unleashing the Power of Risk at the Pullman Hotel in Aukland, NZ, February 12, 2024.
[35:44] Special thanks to Dr. Gav Schneider. On February 12, 2024, Dr. Schneider will be a presenter at the day-long live conference Embrace the Unknown, which will be at the Pullman Hotel in Aukland, NZ. That event is hosted by Marsh and the outstanding RIS NZ and PI Chapter. The link is in this episode’s show notes. Check it out and register!
[36:07] More coverage leading up to this event will follow on RIMScast.
[36:15] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[36:39] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[37:22] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[37:47] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[38:03] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[38:24] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
2023 AFERM Summit Training | Nov 28–29, 2023
Riskworld 2024 — San Diego, CA | May 5–8, 2024
Dan Kugler Risk Manager on Campus Grant
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
RIMS Risk Management Magazine: ERM Special Edition 2023
RIMS Webinars:
Business Risk: Helping your Executives Navigate Today’s Volatile Risk Environment | Sponsored by Beazley | Nov. 21, 2023
Business Interruption | Sponsored by Prudent Insurance Brokers Ltd. | Dec. 1, 2023
Engineering Resilience: Strategies for Preventing Machinery Breakdown | Sponsored by TÜV SÜD | Dec. 7, 2023
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023
RIMS.org/Webinars
Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management | Dec 7
Fundamentals of Insurance | Dec 12
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops – Including Chris Mandel’s Dec 13–14 Course
Related RIMScast Episodes:
“Harnessing Innovation’s Promise with ERM Conference Keynote Bob Roitblat”
“ERM’s Value Proposition with Chris Mandel”
Sponsored RIMScast Episodes:
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. (New!)
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Dr. Gav Schneider
Summarized BIO — Keynote Speaker, Director, CEO, Academic:
Dr Gavriel (Gav) Schneider (CCRO, RPP, FISRM, FIML, FIS (SA), FGIA, FARPI, MAIPIO, CPP)
IFSEC 2019, 20, 21 and 22 top twenty global influencer — Thought Leadership
RMIA Risk Leader of the Year 2023 and Risk Consultant of the Year 2019
Dr Gav is an acknowledged business leader and specialist in the field of human-based risk management and the psychology of risk. He is the creator of the Presilience® approach (recognized in the prestigious AFR Most Innovative Awards in 2021). He is a serial entrepreneur and has been running his own businesses since 2001. He has conducted business in over 17 countries and provided a wide range of services for a very diverse client base, ranging from heads of state to school teachers. He is a leading academic and subject matter expert in his field and is a much sought-after International speaker. In Addition to being the RMIA’s Risk Leader of the Year in 2023, and Risk Consultant of the Year in 2019, Dr. Gav is the only Australian to make the IFSEC Global Influencers' top 20 thought Leaders list for the last 4 years in a row.
The Institute of Strategic Risk Management ANZ
CSWP (Centre for the Study of Wicked Problems) The Centre for the Study of Wicked Problems is an international academic institution dedicated to facilitating effective research, analysis, and solutions to the wicked problems faced by our organizations, governments, and communities. The Centre brings together stakeholders, academics, policymakers, and practitioners with one common platform to develop effective frameworks and strategies to address multifaceted challenges.
Tweetables (Edited For Social Media Use):
I started my career in South Africa. I kicked everything off with the world of martial arts. So I’m an eighth-degree black belt and that’s how I got started, teaching self-defense and defensive tactics. — Dr. Gav Schneider
This year is the 50th anniversary of when the first paper on Wicked Problems was penned. The fact that the world is hypercomplex and we are bombarded with information all the time has made the study of wicked problems quite an important area. — Dr. Gav Schneider
It’s usually, the wicked problems that are causing such pain for risk leaders and risk managers because it’s where the conventional systems don’t work that well. — Dr. Gav Schneider
If businesses and business leaders are talking about AI, it’s going to be our problem. It’s either a problem or an opportunity, it depends on how you look at it. — Dr. Gav Schneider
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews several notable attendees of the RIMS ERM Conference 2023 in Denver, Colorado. First is Fernanda Gutierrez Franco, a student at the University of Colorado. Fernanda speaks of the risk management program at the university. Next are two high-ranking AFERM members, Marianne Roth, and Bobbi-Jo Pankaj, who describe the similarities between AFERM and RIMS. They also speak of the Summit, AFERM’s Conference. Finally, Justin catches up with Dr. Innocent Uzombah, MBA, the Registrar General/CEO of the Chartered Institute of Loan & Risk Management of Nigeria. Dr. Uzombah hopes to bring the risk management body of knowledge in Nigeria to current standards. Justin wraps the episode with some of the benefits of attending the RIMS ERM Conference.
Key Takeaways:
[:01] About RIMScast.
[:28] The segments of today’s episode were recorded live at the RIMS ERM Conference 2023 in Denver, Colorado. Live event episodes are Justin’s favorites. They capture the energy of RIMS events!
[:43] Justin sends a quick shout-out to the RIMS New Zealand Pacific Island Chapter and Marsh Australia and New Zealand, who welcome you to Embrace The Unknown: Unleashing the Power of Risk, a one-day event on February 12, 2024 at the Pullman Hotel in Auckland, NZ.
[1:07] It will be a gathering of experts, thought leaders, and professionals from various industries to explore and discuss the critical role of risk management in today’s dynamic and uncertain world. There will be sessions on AI, Resilience, and Adaptability, highlighted by case studies and insights. See the link in this episode’s show notes.
[1:28] Next week on RIMScast, one of the speakers will be joining us! Be sure to tune in.
[1:34] It’s never too early to talk about RISKWORLD 2024! Save the date, May 5th–8th, 2024 in sunny San Diego, California. Booth and sponsorship sales are open. Member registration opens this month, November 2023 and public registration opens in December 2023. Visit RIMS.org/RISKWORLD to learn all about it.
[2:09] We have a range of perspectives on today’s episode of RIMScast. Our first perspective comes from a soon-to-be rising star in the risk profession, Fernanda Gutierrez Franco, a student at the University of Colorado. She is very involved in the risk management program and risk management groups at the school.
[2:32] Fernanda was one of the contestants for ERM Squares. Justin caught up with Fernanda in the ballroom to hear from her how students are seeing the risk profession and what her career goals are.
[2:48] Fernanda Gutierrez Franco, welcome to RIMScast! Fernanda started college with a biology major for pre-med or nursing. It wasn’t a fit, so she switched to business, hoping to go into management or accounting in the health sector. In one of her classes, guest speakers talked about the RMI program. She booked a meeting and switched her major.
[4:06] Fernanda loves risk management for the opportunities for students and how welcoming everyone is in the industry. Fernanda describes opportunities at CU Denver and RMI events such as spotlights on companies and shadow days to visit companies and shadow the employees. Fernanda describes Gamma Iota Sigma internship events.
[4:59] Many speakers come to talk to classes in panelist events or to talk about risk control and company practices.
[5:19] Fernanda loves ERM for everyone coming together to realize that there has to be something done; there has to be a risk assessment or something laid out. It’s educating people that aren’t in the risk industry that risk is always here and it’s better to be prepared than to be sorry later.
[5:44] Fernanda will take a course under David Young in her grad program.
[6:05] Fernanda is the Women in Business VP, the Gamma Iota Sigma VP. She is more involved with the Gamma Iota Sigma group that meets Tuesday morning, weekly and hosts two to three events monthly. They have nine elected officials and are working on getting more members involved in the organization.
[6:49] Fernanda was a moderator at the RIMS Western Regional. It was her first time moderating at a risk event and her first time in front of a huge crowd. It scared her a bit to be standing in front of 400 people, but it was a great opportunity, she got a lot of exposure and the session was fun and informative.
[7:49] Fernanda has had other speaking opportunities, including high school commencement, for around 150 people.
[8:12] Fernanda was one of the first two contestants for the RIMS ERM Squares. She had to agree or disagree with answers from nine seasoned risk professionals on stage.
[9:18] Justin congratulates Fernanda and thanks her for being on RIMScast.
[9:23] RIMS plug time! Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito.
[9:44] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[10:01] On November 16th, Nationwide returns to present U.S. Customs Surety Bonds: A Primer for Risk Professionals. On November 21st, Beazley returns to present Business Risk: Helping Your Executives to Navigate Today’s Volatile Risk Environment.
[10:25] On December 1st at 7:00 a.m. Eastern, Prudent Insurance Brokers Private Ltd. returns to discuss Business Interruption. At 2:00 p.m. Eastern, on December 1st, the RIMS PUBLIC POLICY COMMITTEE PRESENTS: Understanding Nevada’s “Defense Within the Limits” Ban. [10:47] On December 7, 2023, our friends at TÜV SÜD GRC return to discuss Engineering Resilience: Strategies for Preventing Machinery Breakdown. On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow.
[11:08] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[11:28] The next guests are Bobbi-Jo Pankaj, 2023 Summit Committee Chair, with AFERM, the Association for Federal Enterprise Risk Management, and Marianne Roth, AFERM President. AFERM was at the ERM Conference.
[11:53] RIMS looks forward to collaborating with them for the 2023 AFERM Summit Training on November 28th and 29th at the Walter E. Washington Convention Center in Washington, D.C. The link is in this episode’s show notes. Bobbi-Jo Pankaj and Marianne Roth, welcome to RIMScast!
[12:18] Justin interviews high-ranking AFERM members, Marianne Roth, and Bobbi-Jo Pankaj, at the RIMS ERM Conference 2023. Marianne says AFERM is the only organization dedicated to government employees who are leaders in ERM. AFERM has about 500 members from state, local, and federal government and the private sector.
[13:07] The members of AFERM facilitate ERM at all levels of government and in the nonprofit sector. Bobbi-Jo says she has a deep love for ERM. AFERM is the Association of Federal Risk Management. AFERM has a lot of activities for state, federal, and local governments and vendors. Bobbi-Jo is a vendor. She works for Guidehouse.
[13:32] Bobbi-Jo is the Summit Chair for 2023. The Summit is very similar to the RIMS ERM Conference. The Summit focuses on weaving ERM into the fabric of government. There are usually 300 or 400 attendees in person and virtually. The Summit is November 28th and 29th.
[13:53] AFERM is heavily tied to the federal government, so if the government shuts down, the event will be moved to a later date. It will still be in Washington, D.C. at the Washington D.C. Convention Center. RIMS is slated to have a presence at the Summit.
[14:22] At the Summit, there’s an exciting vibe; everybody loves ERM. There are speakers from the public and private sectors. There are 21 unique break-out sessions. There are five plenary speakers, including the Commissioner of the Internal Revenue Service. There’s a lot of networking. Which is one of the best takeaways from the event.
[14:46] There are tools and techniques that members have found successful in the government and the private sector. RIMS will have a booth at AFERM. Bobbi-Jo is excited to get potential new AFERM members from RIMS. A lot of AFERM members have the RIMS CRMP certification and the RIMS CRMP-FED microcertification.
[15:20] Marianne and Justin met online a few years ago after Marianne won the Theodore Roosevelt Excellence in Government Award for Innovation in ERM at the Consumer Financial Protection Bureau. Justin saw it on LinkedIn and reached out to Marianne. They did a Q&A. It is linked in this episode’s show notes.
[15:54] Marianne has been an ERM risk practitioner for almost 10 years. Bobbi-Jo was in risk management first and has also been an ERM risk practitioner for about 10 years, since ERM took off in the federal government.
[16:07] Marianne has seen a lot of maturation of ERM capabilities across federal agencies with organizations focusing on risk appetite and maturing their processes, mitigating risks more effectively. Bobbi-Jo agrees and notes that a lot of AFERM members use the RIMS Risk Maturity Model® to track the maturation of programs.
[16:44] AFERM is an all-volunteer organization. They seek volunteers year-round. Marianne enjoyed the Summit so much, she got involved with AFERM. Bobbi-Jo has been doing the Summit for seven years and took on the Chair position because it is an amazing event. Justin looks forward to seeing them at future RIMS events.
[17:22] Justin’s final guest for this episode is Dr. Innocent Uzombah, MBA, the Registrar General/CEO of the Chartered Institute of Loan & Risk Management of Nigeria. He came from Nigeria to attend the RIMS ERM Conference in Denver and has also been to several more RIMS events. Justin invited him to RIMScast to share his unique perspective.
[18:09] Dr. Innocent Uzombah, welcome to RIMScast! Dr. Uzombah is happy to be here. Dr. Innocent Uzombah has been a risk management practitioner for 13 years. Dr. Uzombah explains what drew him to risk management. He came to the RIMS ERM Conference to improve the body of knowledge in risk management practice in Nigeria.
[19:56] The Chartered Institute of Loan & Risk Management of Nigeria shares ideas and information with offices in Ghana, Cameroon, Kenya, and some other African countries. [20:22] Dr. Innocent Uzombah says the session on Resilience was very good. He enjoyed other sessions, too. He will bring this information to Nigeria to teach others. He says risk management is a void in Africa. His advice to people in Nigeria interested in risk management is to get the right knowledge and education to fill the void.
[21:57] Dr. Innocent Uzombah has attended the RIMS ERM conference starting with the 2019 conference in Louisiana. He will continue to attend so the body of risk knowledge will improve in Africa. Justin is glad Dr. Innocent Uzombah is getting so much from the RIMS conferences and looks forward to seeing him again. Dr. Uzombah thanks Justin.
[23:23] Special thanks to all of my guests for joining us and to all the attendees of the RIMS ERM Conference 2023. We had a blast, from the sponsors to the attendees and presenters, everyone left with some great new insight, a wider network, and fun memories! Announcements about next year’s ERM Conference will be made in 2024.
[23:41] There is a special ERM edition of RIMS Risk Management Magazine that is also publicly accessible via the show notes. Check it out. You’ll see articles and RIMScast interviews featuring familiar names and faces from the conference.
[23:55] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[24:19] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[25:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[25:26] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[26:04] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS Risk Management Magazine: ERM Special Edition 2023
2023 AFERM Summit Training | Nov 28–29, 2023
Riskworld 2024 — San Diego, CA | May 5–8, 2024
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024
Dan Kugler Risk Manager on Campus Grant
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
ERM Q&A with Marianne Roth: ERM at the Consumer Financial Protection Bureau (2020)
RIMS Webinars:
An Introduction to U. S. Custom Surety Bonds | Sponsored by Nationwide | Nov. 16, 2023
Business Risk: Helping your Executives Navigate Today’s Volatile Risk Environment | Sponsored by Beazley | Nov. 21, 2023
Business Interruption | Sponsored by Prudent Insurance Brokers Ltd. | Dec. 1, 2023
RIMS PUBLIC POLICY COMMITTEE PRESENTS: Understanding Nevada’s “Defense Within the Limits” Ban | Dec. 1, 2023
Engineering Resilience: Strategies for Preventing Machinery Breakdown | Sponsored by TÜV SÜD | Dec. 7, 2023
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023
RIMS.org/Webinars Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management | Dec 7
Fundamentals of Insurance | Dec 12
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops — Including Chris Mandel’s Dec 13–14 Course
Related RIMScast Episodes:
“All Roads Lead to ERM with Merline Barrington of the Port Authority of NY & NJ”
“Harnessing Innovation’s Promise with ERM Conference Keynote Bob Roitblat”
“ERM’s Value Proposition with Chris Mandel”
“ERM in Banking & Finance with Eleni Willis”
“Emerging Risks and Board Reporting with Suzanne Christensen”
Sponsored RIMScast Episodes:
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. (New!)
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Chris Mandel!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Fernanda Gutierrez Franco
Vice President | Gamma Iota Sigma-Beta Mu
Vice President | Women in Business
Student Assistant | Environmental Health and Safety
Attends: University of Colorado Denver
Marianne Roth, AFERM President
Bobbi-Jo Pankaj, 2023 Summit Committee Chair
Aferm.org
Dr. Innocent Uzombah, MBA — Registrar General/CEO, Chartered Institute of Loan & Risk Management of Nigeria
Tweetables (Edited For Social Media Use):
ERM is everyone coming together to realize that there has to be a risk assessment or something laid out. It’s educating the people who aren’t a part of the risk industry that risk is always here and it’s better to be prepared than to be sorry later. — Fernanda Gutierrez Franco
I have a deep love for ERM. AFERM is the Association of Federal Risk Management. We have a lot of activities for federal, state, and local government, as well as vendors. I’m a vendor. — Bobbi-Jo Pankaj
At the Summit, everybody loves ERM. We have public and private sector speakers. We have 21 unique break-out sessions. We have five plenary speakers, including the Commissioner of the Internal Revenue Service. There’s a lot of networking. — Marianne Roth
We share ideas between countries and try to improve the body of knowledge in the risk management practice in Africa. — Dr. Innocent Uzombah, MBA
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Davis Hake, Co-Founder of Resilience, about his career in national security work, including working with former Congressman Langevin, Homeland Security, and Obama’s National Security staff. Davis tells about co-founding Resilience in the private sector to help organizations build cybercrime resilience. He introduces the Resilience Midyear 2023 Claims Report, revealing important trends discovered in cybercrime through claims data, Reliance research, and partner research.
Davis closes the interview with a look to 2024, his plans for pushing the flywheel faster, and his analysis of what it will take to break the new cybercrime business model.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode, where we will discuss cyber security trends from Resilience’s Midyear 2023 Claims Report.
[:36] First, a quick shoutout to the RIMS New Zealand Pacific Island Chapter and Marsh Australia and New Zealand, who welcome you to Embrace The Unknown: Unleashing the Power of Risk, a one-day event on February 12, 2024 at the Pullman Hotel in Auckland, NZ.
[1:00] It will be a gathering of experts, thought leaders, and professionals from various industries to explore and discuss the critical role of risk management in today’s dynamic and uncertain world. There will be sessions on AI, Resilience, and Adaptability, highlighted by case studies and insights. See the link in this episode’s show notes.
[1:21] It’s never too early to talk about RISKWORLD 2024! Save the date, May 5th–8th, 2024 in sunny San Diego, California. Booth and sponsorship sales are open. Member registration opens this month, November 2023 and public registration opens in December 2023. Visit RIMS.org/RISKWORLD to learn all about it.
[1:51] Our guest today, Davis Hake, is the Co-Founder of Resilience, which recently released its Midyear 2023 Claims Report. They say ransomware is entering a new era as cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger targets for extortions.
[2:14] They’re big game hunting again and we're going to talk all about it with Davis Hake. Davis had a fascinating career in government and we will learn about that, as well.
[2:33] Davis Hake, welcome to RIMScast! This episode was recorded in October, National Cybersecurity Awareness Month, but as Davis says, every month is National Cybersecurity Awareness Month!
[3:18] Davis grew up working in politics on the Hill, for Congressman Jim Langevin. Congressman Langevin was one of the first on the Hill to identify we had serious problems in our critical infrastructure in everything from power plants to communication. At about that time, Stuxnet became a public concern.
[3:50] Congressman Langevin dove into looking at what we need to do as a nation to secure these larger problems. He realized cyber is an economic problem of incentives, cost, and how businesses manage their digital innovation. He set Davis on a path to be passionate about trying to fix it.
[4:14] Davis worked for a time in the Obama administration for the National Security Council. He came to the private sector to work in cybersecurity and got together with his Co-Founders to build something that would take this technical problem to understand a company’s risk and how they invest against it.
[4:41] They looked at the insurance industry for how to drive better risk management practices and applied RM to cyber. They started in 2016. Now, in 2023, they have an amazing insurance team with some of the best folks in the industry, serving clients in the U.S., the EU, and the UK with close to 200 staff members.
[5:32] Davis praises former Congressman Langevin for his intense concern about national security, not as a politician but as one who served not only his constituents but the nation. He worked across the aisle to serve the national good. Most importantly, he got things done.
[6:18] Congressman Langevin left Congress in 2023. Before he left, he worked on the Cyber Solarium Commission, helped establish the office of the National Cyber Director, and helped establish some of the authorities that allowed DHS to build CISA. Congressman Langevin has retired to work on issues in the state of Rhode Island.
[7:43] Resilience’s Midyear 2023 Claims Report covers events from January through June of 2023. They wanted to report the data with actionable analysis on top of it. Besides Resilience claims data, they analyzed public data from other organizations to understand Resilience’s data in the context of the broader cybercrime trends.
[9:08] Third-party vendor risk has always been a concern. The change is that fewer and fewer companies are paying extortions to ransomware actors. So now groups are targeting critical vendors and running data extortions with thousands of victims. They don’t encrypt. Resilience clients have filed incident reports on these attacks from Clop.
[9:47] How do you protect against vendor risk? Risk transfer through cyber insurance is so important. Don’t just look at the risk mitigation side, but also the risks out of your control. Insurance helps absorb environmental risks. With vendors, you can require that they prove verification from certain audits, like the SOC 2 Audit.
[10:30] You can have vendors tell you best practices they follow with other clients. Are they practicing what they’re preaching with their data security? You can limit the data you share with them. By just working with any vendor, which we all have to do, you are assuming their risk if they’re holding your data and they’re not your company.
[11:22] The ransomware criminal marketplace is a bunch of startups, taking the easiest path to revenue. Running a negotiation, locking up a company, and ensuring that you get access to their backups all take a lot of time.
[11:52] It is easier to target companies that have highly sensitive data they wouldn’t want exposed and threaten to release it. Resilience sees a lower rate of payment for these types of attacks but those who pay, end up paying large amounts. The Moveit attack and following attacks are estimated to have made Clop around $100 million.
[12:44] The Resilience report discusses data from other groups that show less than 40% of encryption victims are paying ransom, down from 80% in 2022. Resilience works to prepare their clients against ransomware attacks and about 15% of their clients attacked by ransomware pay the ransom. That number has gone down since 2022.
[15:06] Resilience helps clients to imagine the worst day for their clients. Let’s work backward to ensure that the worst day doesn't happen. That thinking has been core in helping companies reduce paying extortions. When executives pay extortions, it’s usually in a panic, thinking they can make this worst day immediately go away.
[15:49] If criminal groups have access to your data, they will do everything they can to use it against you. Prepare to protect that data in a way that is incredibly secure or resilient or make your organization resilient to this type of pressure. That’s the best thing you can do to limit financial loss and protect your customers from their worst day.
[16:21] RIMS plug time! Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito.
[16:42] Fundamentals of Insurance returns on December 12th and 13th. It will be led by our good friend Gail Kyomura. Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[16:59] Metrics That Matter has cyber on their minds with Enhance Decision-Making Across Your Cybersecurity Program on November 7th. CLARA Analytics makes its RIMS debut on November 9th with Risk Management in the Era of Artificial Intelligence.
[17:22] On November 16th, Nationwide returns to present U.S. Customs Surety Bonds: A Primer for Risk Professionals. On November 21st, Beazley returns to present Business Risk: Helping Your Executives to Navigate Today’s Volatile Risk Environment.
[17:41] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow.
[17:54] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[19:01] After the Colonial Pipeline attack, the U.S. security establishment got much more serious about ransomware. Defense against cybercrime was something that had been left up to the private sector. The administration started to take cybercrime seriously and cooperate with industry, working with CISA and the FBI heavily to fight back.
[19:48] When the War in Ukraine happened, the cooperation between the public and private sectors in the fight against ransomware intensified. As organizations have become more resilient against paying extortion, cybercriminals have to go after the big guys to get a payment. Cybercrime is indiscriminate between industries it targets.
[20:29] In Q1, 2023 there was a tide of cybercrime targeting healthcare organizations. In Q2, there was a big tide against manufacturing organizations. Clop then hit a few vendors for educational organizations. Organizations like MGM and Caesar’s which were hit, have massive networks full of devices they monitor, with different networks.
[21:13] MGM refused to pay, while Caesar’s paid the extortion. The reporting shows that Caesar’s has had an easier road to recovery. It may make more economic sense for large companies to pay the extortion. But that’s a bad message. That’s what has Resilience concerned. More complex clients, though better defended, are likely to pay.
[22:02] Groups like Clop are choosy about their targets and prioritize large organizations with a lot to lose. To successfully defend cyber in an enterprise, all the tech teams must work together and not remain siloed. Incentives have to come from the top that get the CIO, Risk, and Finance planning budgets together. It’s how your team works together.
[23:06] Davis served briefly on the National Security staff in the Obama Administration after working in Homeland Security.
[23:22] After the Obama Administration, a lot of the National Security staff moved to the private sector. Some continued to fight the security fight. The CEO of Resilience is a part-time Reservist working in Cyberdefense. He sees the national-level mission and the larger cyber trends.
[24:18] Most insurance is not operational; it’s reactionary, working with prior data to price the risk. In cyber, you’re too late if you’re taking that approach. Resilience has a threat intelligence team, taking in data much faster than a traditional insurance organization.
[25:07] Resilience is standing up a team that is working to provide technical analysis and trend analysis. They will show the large trends and the reasons they are happening, and validation from Resilience data and partner data. They’re combining financial loss and impact with threat intelligence they are monitoring from the security team.
[26:59] Davis says the tactic of encryptionless distortion is an evolution of the cybercrime business model, making it more efficient and effective. It’s a call to action for security. Building better widgets will not out-innovate these guys. We have to build better strategies and better business models that take their business models down.
[27:28] Resilience is working to build a better resilient flywheel, with insurance, visibility, and working with clients to address that will ultimately lead to lower financial loss for clients and the Resilience insurance company. They want to push the flywheel faster and faster until they can get inside the adversary’s business model.
[28:03] Special thanks again to Davis Hake for joining us on RIMScast. The link to the Midyear Report is in this episode’s show notes.
[28:13] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[28:37] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[29:21] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[29:46] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[30:02] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[30:25] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
Riskworld 2024 — San Diego, CA | May 5–8, 2024
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb 12, 2024 | Register early to save 18%:
Dan Kugler Risk Manager on Campus Grant
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Resilience Midyear 2023 Claims Report
RIMS Webinars:
Enhance Decision-Making Across Your Cybersecurity Program | Sponsored by Metrics That Matter | Nov. 7, 2023
Risk Management in the Era of Artificial Intelligence | Sponsored by CLARA Analytics | Nov. 9, 2023
An Introduction to U. S. Custom Surety Bonds | Sponsored by Nationwide | Nov. 16, 2023
Business Risk: Helping your Executives Navigate Today’s Volatile Risk Environment | Sponsored by Beazley | Nov. 21, 2023
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023
How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024
RIMS.org/Webinars Upcoming Virtual Workshops:
Leveraging Data and Analytics for Continuous Risk Management | Dec 7
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops — Including Chris Mandel’s Dec 13–14 Course
Related RIMScast Episodes:
“Cybersecurity Awareness Month 2023 with Pamela Hans of Anderson Kill”
“Cybersecurity Reporting Updates with Hilary Tuttle of Risk Management Magazine”
“Cybersecurity and Insurance Outlook 2023 with Josephine Wolff”
“Genuine Generative AI Talk with Tom Wilde of Indico Data”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
Sponsored RIMScast Episodes:
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. (New!)
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Darius Delon!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Davis Hake
Co-Founder of Resilience
Tweetables (Edited For Social Media Use):
Instead of encryption for ransom, it is easier to target companies that have highly sensitive data they wouldn’t want to be exposed and threaten to release it. — Davis Hake
Most insurance is not operational; it’s reactionary, working with past data to price the risk. In cyber, you’re too late if you’re taking that approach. — Davis Hake
The current tactic of encryptionless distortion is an evolution of the cybercrime business model, making it more efficient and effective. It’s a call to action for security. — Davis Hake
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin interviews Merline Barrington, ERM Manager for the Port Authority of NY and NJ, who will be a speaker at the RIMS ERM Conference 2023 on the morning of Friday, November 3rd. Justin and Merline discuss Merline’s career path, what her passion is, and how it led her to the Port Authority. She speaks of the benefits she gains from her CRMP certification and gives us a glimpse of what to expect from her session on Nov. 3, at the RIMS ERM Conference 2023.
Key Takeaways:
[:01] About RIMScast.
[:14] These are the final days to register for the RIMS ERM Conference 2023, in Denver, Colorado on November 2nd–3rd. Visit RIMS.org/ERM2023 and listen to this episode to hear the online-only code you can use to save 10% off your registration at checkout!
[:46] About today’s episode, where we will discuss ERM and transportation with Merline Barrington of the Port Authority of NY and NJ. Merline will be a presenter at the ERM Conference 2023.
[1:06] The RIMS ERM Conference 2023 will be held in Denver, Colorado on November 2nd and 3rd. Visit RIMS.org/ERM2023 to view the agenda. At checkout, if you type code 2023RIMSCAST, all one word with no spaces, you will receive 10% off your registration.
[1:27] The ERM Conference 2023 will be different than years past. We’ve got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes.
[1:58] My guest today, Merline Barrington, is the Manager of Enterprise Risk Management for the Port Authority of New York and New Jersey. On November 3rd, she will be leading one of the breakout sessions at 9:00 a.m., titled “Connecting ERM to Strategy: Tackling Strategic Risks a Deep Dive at a Time.”
[2:20] Merline is also a CRMP holder and a lot of fun to speak with. Let’s get started! Justin welcomes Merline Barrington to RIMScast!
[2:32] Justin and Merline met last year at the RIMS ERM Conference 2022 in Indianapolis. Merline was a very excited attendee. Justin picked up on that enthusiasm and suggested Merline should submit a session. Today, they will talk about the session Merline will do for RIMS ERM Conference 2023.
[3:13] Merline Barrington’s session for RIMS ERM Conference 2023 is called “Connecting ERM to Strategy: Tackling Strategic Risks a Deep Dive at a Time,” on November 3rd, kicking off the Friday morning sessions. Merlin is more excited than nervous about it!
[3:34] Justin was fascinated with Merline’s position at the Port Authority of New York and New Jersey. She is the lead for ERM. The ERM unit is a small, nimble, central group with dotted line connections up, down, and across the enterprise to areas that are indirectly or directly responsible for ERM risks to their business and objectives.
[4:35] As a Certified Risk Management Professional (CRMP), Merline is responsible for leading and innovatively developing an ERM program designed to proactively manage business, operational, emerging, and strategic risks to this very complex, quasi-government, bi-state organization.
[4:55] The Port Authority of New York and New Jersey spans several global business segments altogether valued at several billion dollars. Merline’s work includes determining the agency’s ERM framework and architecture, and integrating risk intelligence with key functions such as strategic planning and resource allocation.
[5:21] Merline also works with partners in different lines of defense, such as audit and insurance. All of this is ultimately to inform decision-making and to provide that holistic view and understanding of significant risks to executive and board-level audiences.
[5:39] Merline works with various levels of the enterprise, from the most senior executive levels to the front-line staff to proactively identify and manage risk via workshops, risk control self-assessments (RCSA), and other techniques.
[5:57] Importantly, Merline’s job also includes developing and mentoring practitioners on her team and indirect team members throughout the organization to deliver on its program’s value proposition.
[6:32] Merline discusses the value proposition of ERM. If you take the time to craft an honest and accurate value proposition for the brand of ERM of your organization and consider what your key audience expects from ERM, you can develop a cascading message where the core remains the same but there are different levels of zooming in.
[8:06] The Port Authority is responsible for transportation by land, water, air, and roadways. This includes the major airports in the New York-New Jersey region, and one in upper New York: LaGuardia, JFK, Newark, and National Airports. It includes the seaport, marine terminals, bus terminals, bridges, tunnels, and commuter rail pass.
[9:31] The Port Authority also has some real estate in Lower Manhattan. If you’re in or around New York or New Jersey, you touch a Port Authority asset, one way or another,
[10:02] Merline explains what brought her to the Port Authority. She has a passion for public service. She earned a spot in the agency’s competitive management program for grad students. She touched many areas of the agency, which piqued her interest in a career in an area where she could leverage her skills to improve public service.
[10:41] Merline’s career at a transportation provider led her to risk by providing an avenue to build her career in an area that is purposed to protect routine, mature organizational value. That is ERM. Following her passions in what she is good at is what led Merline to ERM. She wants to make public institutions better with her skills.
[11:21] This is Merline’s 10th year at the Port Authority.
[11:50] RIMS plug time! Justin sends a quick shoutout to the RIMS New Zealand and Pacific Island Chapter and Marsh Australia and New Zealand, who welcome you to “Embrace the Unknown, Unleashing the Power of Risk.” This is a one-day session on February 12th, 2024 at the Pullman Hotel in Auckland, New Zealand.
[12:13] It will be a gathering of experts, thought leaders, and professionals from various industries to explore and discuss the critical role of risk management in today’s dynamic and uncertain world. There are sessions about AI, resilience, and adaptability, highlighted by case studies and insights. A link is on this episode’s notes.
[12:35] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[13:03] December 7th starts the three-part course, Leveraging Data and Analytics for Continuous Risk Management, which will be led by our friend Pat Saporito.
[13:15] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[13:24] On October 31st, Resolver returns to present Building Your Business Case for GRC Software in 2024. Metrics That Matter has Enhanced Decision-Making Across Your Cybersecurity Program on November 7. CLARA Analytics makes its RIMS debut on November 9th with Risk Management in the Era of Artificial Intelligence.
[13:56] On November 16th, Nationwide returns to present U.S. Customs Surety Bonds: A Primer for Risk Professionals. On November 21st, Beazley returns to present Business Risk: Helping Your Executives to Navigate Today’s Volatile Risk Environment.
[14:15] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for the Risks of Tomorrow.
[14:28] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[14:49] Generally speaking, organizations of similar size or depth to the Port Authority may be experiencing a confluence of strategic risks, such as cybersecurity meets climate change, and the need to adopt digital and climate-friendly technology at a balanced rate, so as not to exceed the adoption curve, while attracting the right talent.
[15:41] Merline believes organizations are having to grapple with the introspection of these risk areas, compounded by a volatile global and economic context. The ability to interpret uncertainty before it fully emerges is relevant to organizational strategy. Being able to measure the potential impact is critical to the success of any organization.
[16:25] Merline advises organizations and travelers to book flights early and plan ahead. Have a Plan B. See if your destination is also served by rail or other modes of transport since things are unpredictable. If your flight doesn’t work out, you have another plan.
[17:44] Merline’s RIMS CRMP certification has added much value to how she approaches ERM in the organization, especially in how she develops new staff. It helps when mentoring staff to be able to point to specific principles and research to delve into to become a better RMP and communicate how said principles enrich the work they do.
[18:26] Merline earned her RIMS CRMP about two years ago. She was attending the conference where she met Justin as a way to gather credits toward recertification. Merline has a lot of interest in ERM and AI and data analytics and ERM.
[19:28] All roads lead to the further integration of ERM and strategy, using all the developing emerging technologies of AI, data, etc. ERM is to get better insights and get ahead of the curve to bring meaningful dialog to the attention of decision-makers and facilitate decision-making based on a thorough understanding of data and analytics.
[20:14] Merline Harrington shares her CRMP story in a link in this episode’s show notes.
[20:21] Merline’s ERM session will be one of the first Conference breakouts of November 3rd, “Connecting ERM to Strategy: Tackling Strategic Risks a Deep Dive at a Time.” Merline is excited to share a bit of the journey of her ERM practice at the Port Authority, sharing her wins and lessons learned that turned into tactics and techniques.
[21:31] Merline will be highlighting some of the turning points, all of which happened at a complex organization while engaging several different types of businesses, which added complexity to her work.
[21:54] Merline is eager to have this conversation on ERM starting with COSO’s updated version of the ERM Framework in 2016‒2017, explicitly tying what we do to strategy setting, strategy execution, and strategy monitoring. And then the hard work came in of planning how to do it. Everyone has their own flavor or path of ERM.
[22:32] If a person can walk away from the session with a helpful technique or two Merline will think she has been successful. Justin will try to jump into Merline’s session first thing in the morning.
[22:58] Justin tells Merline Barrington it’s a real pleasure to see her again, and looks forward to seeing her later this week in Denver.
[22:19] Special thanks again to Merline Barrington of the Port Authority of New York and New Jersey for joining me on RIMScast. I have a link to her CRMP story on this episode’s show notes. She’ll be kicking things off for us on November 3rd at the RIMS ERM Conference 2023 in Denver, Colorado.
[23:40] Last call for registration, folks. Visit RIMS.org/ERM2023. Register today, We want to see you there!
[23:48] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[24:10] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[24:54] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[25:20] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:36] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[25:58] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration!
Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb 12, 2024 | Register early to save 18%:
Dan Kugler Risk Manager on Campus Grant
RIMS-Certified Risk Management Professional (RIMS-CRMP)
NEW FOR MEMBERS! RIMS Mobile App
Merline Barrington’s RIMS-CRMP Story
RIMS Webinars:
Building Your Business Case for GRC Software in 2024 | Sponsored by Resolver | Oct. 31, 2023
Enhance Decision-Making Across Your Cybersecurity Program | Sponsored by Metrics That Matter | Nov. 7, 2023
Risk Management in the Era of Artificial Intelligence | Sponsored by CLARA Analytics | Nov. 9, 2023
An Introduction to U.S. Custom Surety Bonds | Sponsored by Nationwide | Nov. 16, 2023
Business Risk: Helping your Executives Navigate Today’s Volatile Risk Environment | Sponsored by Beazley | Nov. 21, 2023
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023
RIMS.org/Webinars Upcoming Virtual Workshops:
Captives as an Alternate Risk Financing Technique | Nov 1
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
Leveraging Data and Analytics for Continuous Risk Management | Dec 7 See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops – Including Chris Mandel’s Dec 13-14 Course
Related RIMScast Episodes:
“Harnessing Innovation’s Promise with ERM Conference Keynote Bob Roitblat”
“ERM’s Value Proposition with Chris Mandel”
“ERM in Banking & Finance with Eleni Willis”
“Emerging Risks and Board Reporting with Suzanne Christensen”
Sponsored RIMScast Episodes:
Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd. (New!)
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Darius Delon!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
Merline Barrington
ERM Manager for the Port Authority of NY and NJ
Tweetables (Edited For Social Media Use):
As a Certified RMP, I am responsible for leading and innovatively developing an ERM program designed to proactively manage business, operational, emerging, and strategic risks to this very complex, quasi-government, bi-state organization. — Merline Barrington
I work with various levels of the enterprise, from the senior executive levels to the front-line staff to proactively identify and manage risk via workshops, risk control self-assessments (RCSA), and other techniques. — Merline Barrington
If a person can walk away from the session with a helpful technique or two, then I think I would have been successful. — Merline Barrington
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. While ERM can fit any organization, it is also different for every organization. How do you translate ERM from your previous organization to your new one? What areas of synergy might you have, and how do you navigate different governance structures and cultures? This session will provide insight from different perspectives and companies to demonstrate how you can implement a successful ERM program wherever you go. In this episode, Justin interviews three guests: Sandra Fontenot, Manager of Risk Management at Omnicell, Alison Sweeney, Vice President and Fine Art Expert, and Michelle Stegmann, Vice President of Claims, both of Distinguished Fine Art & Collectibles. Justin and Sandra discuss her ERM career and her upcoming ERM Conference Session on Nov 3. Then Justin interviews Alison Sweeney and Michelle Stegmann about insuring fine art and their experiences in it.
Key Takeaways:
[:01] About RIMScast.
[:14] Register for the RIMS ERM Conference 2023, which will be held in Denver, Colorado on November 2nd–3rd. RIMS will also host an ERM-based tour of Ball Arena in Denver on November 1st. Limited seating is available. Visit RIMS.org/ERM to register and listen to this episode to hear the code for 10% off your registration!
[:41] About today’s episode where we will first talk about ERM and then get into a discussion about fine art and risk.
[1:01] All about exciting, upcoming RIMS events! The Spencer-RIMS Risk Management Challenge is a six-month competition for university students where teams compete to develop and present the most comprehensive risk management report based on a case study.
[1:19] Eight teams will present their findings at RISKWORLD 2024 in San Diego, California to a panel of risk management professionals. The top three teams will be awarded cash prizes and recognized at the Spencer reception and during the RISKWORLD Conference Finale. This is our annual international student competition. [1:39] Full details can be found on the Spencer website at Spencered.org. The application period closes on October 31st, 2023. Get involved; participate. We hope to see you at RISKWORLD!
[1:52] The RIMS Legislative Summit is returning to Washington, D.C. on October 25th and 26th. Visit RIMS.org/Advocacy to register.
[2:04] The RIMS ERM Conference 2023 will be held November 2nd and 3rd in Denver, Colorado. On November 1st, RIMS is hosting an ERM-based tour of Ball Arena, where the Denver Nuggets and Denver Avalanche play. There is limited seating. Register at RIMS.org/ERM2023. At checkout, type code 2023RIMSCAST for 10% off registration!
[2:52] The ERM Conference 2023 will be different than years past. We’ve got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes.
[3:22] My first guest, Sandra Fontenot, is an ERM Manager for Omnicell in Texas. She was a recipient of the ERM Award of Distinctions Honorable Mention in 2021 for her work at Dallas Fort Worth International Airport.
[3:39] We will hear a bit about Sandra’s career and the session that she will co-present at the RIMS ERM Conference on November 3rd, titled “ERM: Same Process, Different Organization.” Sandra Fontenot, welcome to RIMScast!
[4:43] Sandra is the Manager of Risk Management at Omnicell, an autonomous pharmacy company. Omnicell works with hospitals and pharmacies, providing pharmacy staffing, software, and robotic dispensing machinery to make sure the right patient gets the right medication at the right time. Omnicell is global, based in Texas.
[6:18] Sandra describes her past work at DFW Airport. A month-and-a-half after she started there, DFW went on lockdown during COVID-19. It gave Sandra the opportunity to learn the ins and outs of the airport while working in a hybrid situation. It also opened opportunities for construction and improvements to the facility.
[7:30] In 2021, DFW Airport was awarded the RIMS Global Award of Distinction for its Enterprise Risk Management program. Sandra describes how that came to pass. The infrastructure of an airport is like a city. It all has to run from the roads to the water to the bathroom tissues and the concessions. It has a police department.
[10:26] Sandra will be one of three presenters of a session at RIMS ERM Conference 2023, on November 3rd, called “ERM: Same Process, Different Organization.” One co-presenter, Trisha Sqrow, worked with Sandra at DWF Airport. Their presentation states that no matter what your enterprise is, the ERM process is typically the same. [11:01] You have to make sure that you have a process in place to look at risks and opportunities and determine the likelihood and the potential financial impact of each risk or opportunity. The basis and principle are the same wherever you are. Risk professionals in ERM network and share ideas at ERM conferences.
[12:14] Sandra’s presentation will be on November 3rd at the RIMS ERM Conference 2023 in Denver, Colorado.
[12:31] When Sandra started at Omnicell, they had rolled out their first ERM survey the previous year. Now they are doing deeper dive conversations, adding onto that survey, and putting together a Risk Council. Sandra says she is a department of one-and-a-half, including the support and guidance of her great manager.
[13:38] Sandra is also looking forward to being an ERM Square. ERM Squares is the new conference finale! It will feature nine seasoned risk professionals answering questions that students will then agree or disagree with. At the end of ERM Squares, there will be a raffle for a complimentary registration to RISKWORLD 2024 for an audience member.
[15:57] RIMS plug time! RIMS wants you to submit your nomination for Risk Manager of the Year 2024. This prestigious award recognizes outstanding performance in the practice of risk management and will be presented at RISKWORLD 2024. Individuals must be RIMS members in good standing if they are selected to receive this award.
[16:22] You are also required to be a member to win any future award. Part 1 Nominations for the 2024 Risk Manager of the Year program are due by October 27th. Check the link in this episode’s show notes for more information and to view the guidelines for submission and judging criteria.
[16:42] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[17:16] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[17:24] On October 26th, our friends from Zurich North America return to present PFAS Forever Chemicals – Regulations, Litigation, New Technologies. On October 31st, Resolver returns to present Building Your Business Case for GRC Software in 2024.
[17:49] Metrics That Matter has Enhanced Decision-Making Across Your Cybersecurity Program on November 7. CLARA Analytics makes its RIMS debut with Risk Management in the Era of Artificial Intelligence.
[18:08] On November 21st, Beazley returns to present Business Risk: Helping Your Executives to Navigate Today’s Volatile Risk Environment. On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today’s Risks While Preparing for Tomorrow.
[18:32] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[18:46] National Fine Art Appreciation Day is celebrated annually on October 25th. My next guests, Michelle Stegmann and Alison Sweeney, from the Distinguished Fine Art and Collectibles Group at Distinguished Programs, paint some broad strokes for us about how fine art and risk management intersect.
[19:09] Michelle Stegmann and Alison Sweeney, welcome to RIMScast!
[19:44] Michelle is a 30-year claims veteran and an attorney. She has been with large carriers including CNA, Clemen Forster, and Firemans Fund/Allianz, and in the programs space, working with MGAs and now with an MGA, Distinguished Programs, on their fine art and collectibles team. Michelle has a huge passion and love for the arts space.
[20:38] Before joining Distinguished Programs, Alison was a fine art underwriter for AXA XL. Before that, she was a broker in the fine art space for eight years. For nine years before that, Alison worked in art appraisals, doing risk assessments and evaluations and working on claims. Alison is passionate about art and has a master’s in art history.
[21:52] Alison explains that commercial fine art policy is a property policy on items of a fine art nature, and antiques, jewelry, silver, rugs, and more that you might collect that have value. Art is subjective. For an insurance policy, it is something unique or unusual that has a market value and is replaceable.
[22:47] The policy makes the client whole by restoration or replacement of the item with one of similar value or as close to restoration or replacement as is possible.
[23:23] Michelle describes types of fine art policies for galleries, owners, collectors, and museums.
[24:05] Michelle lists use cases to show the value of a fine art policy to an organization or a collector. Many objects that have important value to the people who belong to an institution can be covered.
[25:07] The large majority of claims are not dramatic theft claims but damage or loss of the piece during transit; water damage from a burst pipe; damage from humidity, fire, or smoke; vandalism, linked to climate change protests; outdoor sculptures being subjected to the elements; natural catastrophic disasters; or accidental breakage.
[27:22] A total loss is quite uncommon, except in a fire. Much more frequently there are partial losses where something needs to be repaired to be restored to its original condition.
[27:51] In a partial loss, you may get the call while the loss is in progress. The first step is to make sure the artwork is removed from the dangerous situation to prevent further damage. When the situation is stabilized, you get a conservator involved to look at the piece, assess what needs to be done to repair it, and come up with a treatment plan.
[28:49] If the artist is living, the claims adjuster will confer with the artist under the Visual Artists Rights Act (VARA) in America which gives artists the moral right to ensure that the essential meaning and intent of the piece is preserved even after sale, and make sure that the artist is on board with the treatment plan.
[29:14] Once everything aligns, the treatment plan is commenced and the piece is restored. Then there is an assessment done to determine if there’s any diminution in the value. Then there is a determination on whether any payments would appropriately issue. Finally, the claim is concluded and the restored piece is returned to the owner.
[29:56] Alison reveals that the greatest number of claims the industry has seen in recent years was the result of Superstorm Sandy. There was a huge inundation of water in Chelsea, where a lot of galleries and storage facilities were based. It impacted a huge number of commercial galleries. It took many years to sort through insurance claims.
[30:32] As a result of Superstorm Sandy, people have become more cautious about basement storage. A stillage warranty requires maintaining property a certain number of inches off the ground. There has been a huge embrace of water sensors that alert the owner to any sort of inundation from pipes or flooding, to get in and remove property.
[31:17] Michelle relates the story of the Picasso painting, Le Rêve, which was owned by casino magnate Steven Wynn in New York and sold to hedge fund manager Stephen Cohen in 2006 for a record $139 million. Before the transfer, when showing it to Nora Ephron and Barbara Walters, Wynn accidentally put his elbow through the painting.
[32:22] This resulted in a six-inch tear. The tear was repaired by an insurance carrier for $90 thousand. The painting sold again in 2013 to Stephen Cohen for a record $155 million. Damage to a piece of art doesn’t necessarily cause diminution in value.
[33:19] Alison addresses fine art insurance trends. Since COVID-19, art fairs, where multiple galleries exhibit, have been picking up again. Galleries have also made a big pivot to online sales, growing into new markets. That means an increase in transits and smaller sales. It leads to a change in the way to approach transit insurance.
[34:21] Michelle talks about dealing with reputable shippers and packers who know how to pack fine art. There has been an increase in people moving, and moving their personal items as well as their fine art. They must make sure the company they work with is very well-versed in how to move art.
[35:02] In 2019, Justin covered an event for RIMS, called The Business of Art. Alison was there. She remembers people coming up with creative and interesting questions. Events like that show what insurance industry professionals who don’t work in fine art are interested in. She hopes to attend more events like that soon.
[37:17] Michelle reflects on her career. From a claims perspective, this is exactly where she planned to be when she started. She was always interested in helping people solve their problems and fix something that had gone awry. That is also what attracted her to the law.
[37:49] In the fine arts space, people have an emotional connection to these pieces of beauty which means that there’s a human interaction that can’t be downplayed in the claims process, in facilitating that and making sure they get to where they need to be.
[38:00] Alison didn’t know when she started studying art history that there was a world in which you could be an advisor in an insurance capacity. She feels extremely fortunate to have this position to help people with the collections they are personally invested in. The items very often are family heirlooms.
[38:55] Alison has seen a huge trend in businesses toward maintaining a cloud-based management system for their collection. Having a photo document accessible with details on the location of the property, the values, and the dimensions is a gift. It’s great, from an insurance perspective to access that.
[39:28] Happy National Fine Art Day to you both! It’s been such a pleasure to have you hear on RIMScast. There is a link to an article from Distinguished on this episode’s notes. Hopefully, we see you at another fine art event in the city, and not put our elbows accidentally through anything and create a six-inch tear!
[40:00] Special thanks again to all of my guests. I have a link to an article from Distinguished about fine art and risk management. I’ve also got a link to RIMS coverage, including a piece I wrote, covering a fine art and risk management event in 2019. See the links in this episode's show notes.
[49:17] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App!
[40:37] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[41:20] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[41:44] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[42:00] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[42:21] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration!
RIMS Legislative Summit — Oct 25 & 26, Washington, D.C.
Dan Kugler Risk Manager on Campus Grant
Spencer-RIMS Risk Management Challenge 2024 — Be a Case Study or Join Judging Panel!
RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Nominate someone to RIMS 2024 Risk Manager of the Year or another RIMS award
NEW FOR MEMBERS! RIMS Mobile App
Fine Art coverage:
“The Risky ‘Business of Art’ Explored at Observer Event” | Risk Management Monitor
“The Intrinsic Beauty of Risk Management” | Risk Management Magazine
“Protecting the Priceless” | Risk Management Magazine
“Understanding Fine Art and Collectibles Insurance by Distinguished” | Distinguished Fine Art & Collectibles Insurance
RIMS Webinars:
PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023
Building Your Business Case for GRC Software in 2024 | Sponsored by Resolver | Oct. 31, 2023
Enhance Decision-Making Across Your Cybersecurity Program | Sponsored by Metrics That Matter | Nov. 7, 2023
Risk Management in the Era of Artificial Intelligence | Sponsored by CLARA Analytics | Nov. 9, 2023
An Introduction to U. S. Custom Surety Bonds | Sponsored by Nationwide | Nov. 16, 2023
Business Risk: Helping your Executives Navigate Today’s Volatile Risk Environment | Sponsored by Beazley | Nov. 21, 2023
Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023
Addressing Today’s Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023 RIMS.org/Webinars Upcoming Virtual Workshops:
Captives as an Alternate Risk Financing Technique | Nov 1
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops — Including Chris Mandel’s Dec 13-14 Course
Related RIMScast Episodes:
“Harnessing Innovation’s Promise with ERM Conference Keynote Bob Roitblat”
“Celebrating International Podcast Day™ and Risk with Jay Gates and Elisa Stampf”
“Evolving Fire Risks with Ralph Bless”“Trisha Sqrow Talks ERM in the Air and on the Ground”
Sponsored RIMScast Episodes:
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. (New!)
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Darius Delon!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
Sandra FontenotManager, Risk Management at Omnicell
Alison Sweeney
Vice President and Fine Art Expert, Distinguished Fine Art & Collectibles
Michelle Stegmann
Vice President of Claims, Distinguished Fine Art & Collectibles
Distinguished.com/blog
Tweetables (Edited For Social Media Use):
DFW Airport is a mini-city within itself. We did have our own police department, so we made sure that they were able to get back and forth to work and scheduled overnight housing at hotels for them. — Sandra Fontenot
In the fine arts space, people have an emotional connection to these pieces of beauty which means there’s a human interaction that can’t be downplayed in the claims process, in facilitating that and making sure they get to where they need to be. — Michelle Stegmann
I didn’t know when I started studying art history that there was a world in which you could be an advisor in an insurance capacity. I feel extremely fortunate to have this position to help people with the collections they are invested in; often heirlooms. — Alison Sweeney
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Chris Mandel on his career highlights and service award, being RIMS President, how the tone of the profession has changed, and how ERM has evolved. They explore why having an organizational ERM group is still a tough sell. They discuss Chris’s sessions in the upcoming RIMS ERM Conference 2023 on November 2, with one session in the morning and one in the afternoon, and what members can expect when they attend. They wrap up the discussion with thoughts on the RIMS-CRMP Virtual Workshop on December 13 and 14 and some insights into Chris’s popular ERM LinkedIn Group.
Key Takeaways:
[:01] About RIMScast.
[:14] Register for the RIMS ERM Conference 2023, which will be held in Denver, Colorado on November 2nd–3rd. RIMS will also host an ERM-based tour of Ball Arena in Denver on November 1st. Limited seating is available. Visit RIMS.org/ERM to register and listen to this episode to hear the code for 10% off your registration!
[:41] About today’s episode on all things ERM with former RIMS President, Chris Mandel.
[1:01] All about exciting, upcoming RIMS events! If you will be attending RISKWORLD 2024 in San Diego, California, take a moment to sign up as a volunteer judge on the panel of risk professionals in the Spencer-RIMS Risk Management Challenge 2024.
[1:27] The top three teams will be awarded cash prizes and recognized at the Spencer reception and during the RISKWORLD Conference Finale. This is our annual international six-month-long university student competition. Full details can be found on the Spencer website at Spencered.org.
[1:44] The application period closes on October 31st, 2023. Get involved; participate. We hope to see you at RISKWORLD!
[1:53] The RIMS Legislative Summit is returning to Washington, D.C. on October 25th and 26th. Head to the RIMS.org/Advocacy page to register.
[2:04] The RIMS ERM Conference 2023 will be held November 2nd and 3rd in Denver, Colorado. On November 1st, RIMS is hosting an ERM-based tour of Ball Arena, where the Denver Nuggets and Denver Avalanche play. There is limited seating. Register at RIMS.org/ERM2023. At checkout, type code 2023RIMSCAST for 10% off registration!
[2:52] The ERM Conference 2023 will be different than years past. We’ve got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes.
[3:23] Chris Mandel is well-known in the risk management community and among RIMS members. He served as RIMS President in 2002 and received the Harry and Dorothy Goodell Award for outstanding service and achievement in the risk management discipline in 2016. He’s had a wonderful career that seems to go on and on!
[3:48] Check out the link and listen to the RIMS Risk Leaders series episode I did with Chris a few years back. Chris is also the President and Managing Consultant for Excellence in Risk Management, an LLC based in Tennessee. He’s here today to discuss all things ERM.
[4:11] Chris will lead two sessions at the RIMS ERM Conference 2023 in Denver, CO on November 2nd. In the morning, he will lead “The Value Proposition and Process for Operationalizing Risk Appetite Strategies and Frameworks.”
[4:28] In the afternoon, Chris, with leaders from HUB International, will co-lead a 45-minute session titled, “Nerd-Out on Numbers: Why Analytics Are Key to Extraordinary ERM.” Chris will also be leading a RIMS CRMP Virtual Workshop on December 13th and 14th. He just can’t quit risk management and we’re all better for it!
[4:55] Justin welcomes Chris Mandel to RIMScast. Chris was RIMS President in 2002–2003. Chris spent the first half of his career in traditional risk management in large corporations. In the first part of this century, Chris was asked to create an ERM strategy and ultimately became Chief Risk Officer for USAA in San Antonio, for 10 years.
[6:02] That was where Chris’s career became more progressive. Chris was on the RIMS board for seven years, was Risk Manager of the Year in 2004, and received the Goodell Award in 2016 for lifetime achievement. He has retired twice but he can’t seem to stop. He has a consulting firm specializing in ERM.
[6:27] Chris spent eight years doing strategic work for Sedgwick. He is on the faculty at Embry-Riddle Aeronautical University, where he teaches ERM. ERM is a key aspect of his skillset. The risk discipline is advancing and maturing, so there’s never a dull moment.
[7:41] The risk management profession has changed since 2002. In 2002, risk managers were focused on insurable risk. The Enron debacle raised the question of whether risk was being managed effectively in a lot of companies. Risk management became an explorative discipline of embracing risk and exploring the ERM version of the discipline.
[8:53] Chris calls the years since 2002 a time of expanding, exploring, and innovation until now when we are executing on things that were more conceptual in the past, employing progressive tactics and strategies to manage an ever-expanding landscape of risk for organizations that are increasingly being challenged by risks.
[9:29] ERM is constantly maturing. RIMS has published its second ERM maturity model. It’s recognition of getting to a level of maturity where we might accomplish some other objectives that might push this more from a discipline into a profession. Risk professionals need recognition in their organizations so they can influence decisions.
[10:17] Organizations are discovering the need for robust ERM and how it adds value in risktech and insuretech. If you ignore rare risks, and they blow up in your face, you get asked, “How did you miss that?” ERM is coalescing into an issue for serious practitioners who want to rise in the ranks to be more influential in their organizations.
[12:30] There are still detractors who believe all you need to worry about is how you insure the organization. They believe that as long as nothing uninsured blows up in their faces. Then they believe in ERM.
[12:45] Chris will present “The Value Proposition and Process for Operationalizing Risk Appetite Strategies and Frameworks” at RIMS ERM Conference 2023. Chris just co-authored a paper on risk appetite in financial institutions that is being considered for publication in a journal of risk management for banking.
[14:16] The presentation is to convince the audience that even if you’re not in financial services, there’s good reason why you want to manage risk to risk appetite. That’s a simple way to state what can be a very complicated approach and process. How can you manage risk if you don’t know how much risk you’re able to take or need to take?
[15:14] Chris will be presenting with Barry Franklin, former CRO for Zurich North America who is an actuary.
[15:31] In the afternoon, Chris, with leaders from HUB International, will co-lead a 45-minute session titled, “Nerd-Out on Numbers: Why Analytics Are Key to Extraordinary ERM.” Jeff Guttman and Chrystina Howard from HUB International, Client Analytics and ERM, had asked Chris to join them on this presentation.
[15:53] The session focuses on the evolution from total cost of risk (TCOR) to applying concepts and tools that get risk quantification done in a more robust way and move beyond just those things that are insurable. A lot of people are still skeptical about that. That’s one reason risk appetite frameworks and strategies are not always adopted.
[16:28] There will be some compelling arguments presented about some ways in which risk can be quantified that people may never have been exposed to. If you thought strategic risk was unquantifiable, you’re wrong. Strategic risk has been shown to be the most destructive kind of risk, over financial, operational, legal, and compliance risks.
[17:16] These two sessions dovetail nicely for Chris. They are hot topics for him, what he teaches at Embry-Riddle Aeronautical University, and what he practices in his consulting.
[17:32] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. Justin is pleased, humbled, and excited to announce that RIMS and RIMScast have won the 2023 Excellence in MarCom Award on October 24, 2023, from the New York Society of Association Executives (NYSAE)!
[18:18] On Friday, November 10th, from 10 to 11, NYSAE is presenting a virtual program called ”Podcasting — A Revenue Stream for Your Association.” Justin is honored to be one of the panelists. A link is in this episode’s notes.
[18:35] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Our friend Elise Farnham returns on October 24th and 25th to lead the two-day course Fundamentals of Risk Management.
[18:56] Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[19:27] On October 26th, our friends from Zurich North America return to present PFAS Forever Chemicals – Regulations, Litigation, New Technologies. On October 31st, Resolver returns to present Building Your Business Case for GRC Software in 2024.
[19:51] Metrics That Matter has Enhanced Decision-Making Across Your Cybersecurity Program on November 7. On November 21st, Beazley returns to present Business Risk: Helping Your Executives to Navigate Today’s Volatile Risk Environment.
[20:11] There is a lot of great educational content for you in the next month! Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[20:38] Even in college, Chris was deathly afraid of public speaking. For the last 15 or 20 years, it seems all he has done is talk to audiences. As RIMS President, he talked to conference audiences in the thousands. He traveled the world talking to chapters and regional conferences. It’s almost 2nd nature to him now. It’s what he loves doing.
[22:05] Chris brings that same feeling to a RIMS ERM 45-minute session on numbers as well as to an address. He makes it concise and engaging. He plans it as a conversation with the audience, including questions.
[23:46] Chris will be leading a RIMS-CRMP Virtual Workshop on December 13th and 14th. Chris was in the first 200 to take the RIMS-CRMP as soon as he qualified for it. He felt he needed it if he was going to keep speaking on risk. There were no preparatory materials at the time but he passed. Now there are the Virtual Workshops to help you.
[24:55] Chris tells us how to be better prepared for the RIMS-CRMP examination. It’s a reflection of experience and knowledge that goes way beyond the surface. It’s designed to cause people to think. People need to properly prepare for it to get through it. CRMP reflects, more than anything, the advancement of the discipline closer to a profession.
[26:24] You can’t memorize the CRMP test. The test changes every time around. You’re learning core concepts in the workshop. The RIMS-CRMP is about what you’ve put into practice over the years; it’s an attempt to measure the depth of your experience, knowledge, and skills.
[26:44] Chris uses interaction in his presentation of the RIMS-CRMP Virtual Workshop. It’s a combination of lecture and group exercises that keep people engaged throughout. Chris teaches it at the university or master’s level.
[27:40] Chris created an ERM LinkedIn group in 2004 or 2005. See the link in the show notes. It has around 51,000 members from around the world. Chris blocks people who try to sell things or present topics that do not relate to risk management. Justin is going to post a link to this episode on the group. Any ERM enthusiast can learn from Chris.
[31:03] Chris Mandel will be at the RIMS ERM Conference 2023 in Denver, Colorado on November 2nd. The first session he’s going to do is 60 minutes, called “The Value Proposition and Process for Operationalizing Risk Appetite Strategies and Frameworks.” [31:19] In the afternoon, Chris, with leaders from HUB International, will co-lead a 45-minute session titled, “Nerd-Out on Numbers: Why Analytics Are Key to Extraordinary ERM.”
[31:26] Chris has always been supportive of Justin’s work at RIMS. Justin thanks Chris for joining RIMScast.
[31:41] Special thanks to former RIMS President, Chris Mandel for joining us on RIMScast. He’ll be leading sessions at the RIMS ERM Conference on November 2nd and 3rd and he will be leading the RIMS-CRMP Prep Virtual Workshop on December 13th and 14th. See links in this episode’s show notes.
[32:02] Go to the App Store and download the RIMS App. This is a special members-only benefit. Justin spoke with Chris Mandel a few years ago about some challenges he overcame during his career as part of the RIMS Risk Leaders audio series. That episode is now on the RIMS App so go check it out! Everybody loves the RIMS app!
[32:38] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[33:19] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[33:43] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[33:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[34:21] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration!
RIMS Legislative Summit — Oct 25 & 26, Washington, D.C.
Dan Kugler Risk Manager on Campus Grant
Spencer-RIMS Risk Management Challenge 2024 — Be a Case Study or Join Judging Panel!
RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)!
“NYSAE Webinar: Podcasting — A Revenue Stream for Your Association”
ERM Group on LinkedIn
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Chris Mandel: RIMS Risk Leaders Series (Audio Interview About Major Risks & Career Highlights)
Chris Mandel Receives RIMS’ Top Honors (Risk Management Monitor, 2016)
NEW FOR MEMBERS! RIMS Mobile App
RIMS Webinars:
PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023
Building Your Business Case for GRC Software in 2024 | Sponsored by Resolver | Oct. 31, 2023
Enhance Decision-Making Across Your Cybersecurity Program | Sponsored by Metrics That Matter | Nov. 7, 2023
Business Risk: Helping your Executives Navigate Today’s Volatile Risk Environment | Sponsored by Beazley | Nov. 21, 2023
RIMS.org/Webinars Upcoming Virtual Workshops:
Fundamentals of Risk Management | Oct 24–25
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops— Including Chris Mandel’s Dec 13–14 Course
Related RIMScast Episodes:
“Harnessing Innovation’s Promise with ERM Conference Keynote Bob Roitblat”
“ERM in Banking & Finance with Eleni Willis”
“The Future of AI and Work with Sinead Bovell”
“Genuine Generative AI Talk with Tom Wilde of Indico Data”
“Live from the RIMS ERM Conference 2022”
Sponsored RIMScast Episodes:
“Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. (New!)
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response
“Cyberrisk Outlook 2023” | Sponsored by Alliant
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Spencer Educational Foundation
RIMS DEI Council
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Chris Mandel
President and Managing Consultant
ExcelinRisk.com
Excellence in Risk Management, LLC, Nashville, Tennessee
Tweetables (Edited For Social Media Use):
I spent the first half of my career in traditional risk management with companies like Verizon, The Red Cross, Marsh, and Pepsico. In the early part of the new century, I was asked to create an ERM strategy and became CRO for USAA. That’s where I turned my career. — Chris Mandel
You can’t ignore the “black swans,” infrequent as they are, because as soon as you do, they’re going to blow up in your face, and then you’re going to get that question nobody likes, which is, “How did you miss that!?” — Chris Mandel
The test changes every time around. They’re learning core concepts in the workshop. The RIMS-CRMP is about what you’ve put into practice over the years because it is an attempt to measure the depth of your experience, knowledge, and skills. — Chris Mandel
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Pamela Hans of Anderson Kill on the many aspects of Cybersecurity, including who is responsible for it. (If you have a networked device, it’s you!) The discussion covers the effects of the new SEC ruling requiring many companies to report a cybersecurity event within four days of discovering that a material event has occurred, and what that means to you and your organization. Justin and Pamela also review her presentation at the RIMS Canada Conference 2023 and how a potential problem became a fun opportunity.
Lots to cover in today’s episode. Let’s get to it.
Key Takeaways:
[:01] About RIMScast.
[:14] Register for the RIMS ERM Conference 2023, which will be held in Denver, Colorado on November 2nd–3rd. RIMS will also host an ERM-based tour of Ball Arena in Denver on November 1st. Limited seating is available. Visit RIMS.org/ERM to register and listen to this episode to hear the code for 10% off your registration!
[:41] About today’s episode on cybersecurity and presentation skills with Pamela Hans of Anderson Kill.
[1:01] All about exciting, upcoming RIMS events! Would you like funding to hire a risk management intern in 2024? If so, take a moment to apply for a Spencer Internship Grant. The application form will close on October 15th. The link is in this episode’s notes.
[1:28] If you will be attending RISKWORLD 2024 in San Diego, California, take a moment to sign up as a volunteer judge in the Spencer-RIMS Risk Management Challenge 2024. This is our annual international student competition. Full details can be found on the Spencer website at Spencered.org. Get involved; participate. We want to see you there!
[1:52] Head to the RIMS.org/Advocacy page to register for The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[2:04] The RIMS ERM Conference 2023 will be held November 2nd and 3rd in Denver, Colorado. On November 1st, RIMS is hosting an ERM-based tour of Ball Arena, where the Denver Nuggets and Denver Avalanche play. There is limited seating. Register at RIMS.org/ERM2023. At checkout, type code 2023RIMSCAST for 10% off registration!
[2:52] The ERM Conference 2023 will be different than years past. We’ve got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes.
[3:24] It is October; it’s cybersecurity awareness month in the U.S. and several other areas of the world and that’s why I’m so excited to introduce our guest, Pamela Hans, managing shareholder of the Philadelphia office of the law firm Anderson Kill. She focuses on insurance coverage, which includes cyber.
[3:45] We’re going to talk about cyber trends. I met Pamela at the RIMS Canada Conference in Ottawa last month where she was delivering a session on “Getting the Deal Done.” We’re also going to hear her tips on how to handle the curveballs that might be thrown at you ahead of a live presentation and how to turn them into opportunities.
[4:16] Justin met Pamela Hans of Anderson Kill on the last day of the RIMS Canada Conference 2023 when she was hosting a session. Pamela knows cybersecurity and October is National Cybersecurity Awareness Month in the U.S.
[5:57] The trend of the phone calls Pamela gets is all about ransomware. A threat actor freezes up the system, completely takes control, and demands a ransom in return for a description key. But the trend in cybersecurity is data breaches to steal personal data. Recently Topgolf, Freecycle, Forever21, Duolingo, and Discord.io suffered breaches.
[6:41] Those are just a few examples of cybersecurity incidents where personal sensitive data has been grabbed by the threat actor, with threats to use the data to do more damage to the individuals whose data was taken.
[7:03] Pamela has also seen distributed denial of service attacks. The army of bots seems to be increasing in number while the cost is decreasing to rent a bot to execute a distributed denial of service attack.
[7:50] When there is an exfiltration of personal data, that data can be used by the threat actor to do more damage to the individuals by impersonating the user and fraud.
[8:29] Pamela addresses the SEC rules on the disclosure of cybersecurity events and the annual obligation imposed on publicly traded and registered companies to disclose their cybersecurity governance. That has an impact on the company and its stock price. The public may then decide which companies to trust by their cybersecurity protocols.
[9:30] Justin refers to the RIMScast episode with Hilary Tuttle on the SEC cybersecurity reporting rules. They discussed the four-day reporting rule. Four days after the company finds out they were attacked in a material fashion they have to report the breach.
[10:09] Pamela notes that a material breach is one that investors would want to know about before investing in the company, as the breach may affect the value of the stock and the company. This is an important SEC rule on cybersecurity governance.
[11:41] Risk professionals should be asking questions about this rule now. Prepare to make these required reports. Run tabletop exercises with your response team. Ascertain now what “material,” in the cyber context, looks like to your company. Getting ready now is important, for when you experience a cybersecurity event.
[13:23] Pamela speaks about the need for cybersecurity awareness. Any individual can be the gateway to a cybersecurity event. Everyone who has a device needs to be aware of cybersecurity risks to help prevent infiltration by cybercriminals of our phones, laptops, and businesses.
[14:54] Cybersecurity is as simple as multi-factor authentication. Don’t give away your passwords. Be thinking about cybersecurity, Don’t click on the puppy dog.
[15:58] Justin presents a special message from Bob Roitblat in case you missed his RIMScast episode.
[16:16] Bob Roitblat is excited to be the keynote speaker for the RIMS ERM Conference 2023, in Denver, on November 2nd and 3rd. His keynote is “Elevate, Revolutionize, Maximize: Harnessing Innovation’s Promise.” Bob reveals what to expect and asks you to bring your “A game,” be ready to ask questions and interact to get value.
[17:34] Go to RIMS.org/ERM2023 to register. If you enter the code 2023RIMSCAST at checkout, you will get 10% off your registration! It’s value with a discount! Bob looks forward to helping you elevate and evolve your risk management processes and your career! Be there in Denver, November 2nd and 3rd! Links are in the show notes.
[18:36] Pamela reviews her career path, with degrees in civil engineering and then law school. She knew she wanted to solve technical problems for companies. Cybersecurity is a natural fit for her background. Cybersecurity is everywhere.
[21:07] Pamela foresees two things from these new reporting rules. One will be SEC subpoenas to companies for information about their cybersecurity reporting and governance. Another will be shareholder scrutiny and lawsuits around failure to disclose or poor evaluation of materiality. The rule is self-enforcing through shareholder suits.
[22:35] Pamela predicts we’ll see more D&O coverage activity because of this rule. Risk professionals need to be looking at that when renewing or placing new D&O coverage, asking their brokers about the impact of the new SEC requirement around disclosure and materiality. Risk managers will need to explain this if there is a subpoena or claim.
[23:52] Risk managers also need to be thinking of looking across the entire insurance program, to see which insurance policies may respond in the event of an SEC subpoena or a claim related to disclosure. Now is the time to prepare for what may be coming.
[24:40] Pamela says risk professionals need to ask their insurance broker what is new in their policy since last year. Are there new endorsements or policy language? New policy language or endorsements for 2024 will be enormously important. Risk managers should also run tabletop exercises with the insurance pre-approved response team.
[26:53] Risk professionals should look at your policies now to see what policies will respond if you have an SEC claim and what the policy limits are. Your policies need to be on paper, not on your computer network, and not named “Cyber Policy 1,” or “Cyber Policy 2,” where threat actors can find and read them on the network.
[27:54] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. Justin is pleased, humbled, and excited to announce that RIMS and RIMScast have won the 2023 Excellence in MarCom Award on October 24, 2023, from the New York Society of Association Executives (NYSAE)!
[28:41] On Friday, November 10th, from 10 to 11, NYSAE is presenting a virtual program called ”Podcasting — A Revenue Stream for Your Association.” Justin is honored to be one of the panelists. A link is in this episode’s notes.
[28:57] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Our friend Elise Farnham returns on October 24th and 25th to lead the two-day course Fundamentals of Risk Management.
[29:20] Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[29:49] On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals.
[30:06] On October 26th, our friends from Zurich return to present a session on PFAS, Forever Chemicals, and PFAS Litigation. On October 31st, Resolver returns to present Building Your Business Case for GRC Software in 2024. Metrics That Matter has Enhanced Decision-Making Across Your Cybersecurity Program on November 7.
[30:36] There is a lot of great educational content for you in the next month. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[31:08] About Pamela Hans presenting the last session on the last day of the RIMS Canada Conference 2023. The session was “Do You Want to Get the Deal Done? Obstacles and Opportunities in Contract Negotiation.” She had a packed house for the session. She discussed deal-breakers and opportunities.
[33:58] You have tools as a risk professional to deal with risk transfer provisions you might not want. The session talked about how to make insurance work for you in this context and how to indemnify a counterparty that is 10,000 times larger than you. How can your insurance respond to make these provisions opportunities, not deal-breakers?
[35:03] People left the session with ideas about what to ask their insurance broker and the business side, to know what they should be ready for.
[36:09] Pamela was scheduled to present with two co-presenters but neither of them could attend. For Pamela, it was an opportunity to have fun with the people who were in the room. Presentations are better when they are conversations with the people in the room. It was terrific!
[38:34] Justin suggests if you are going to present and your co-presenters back out, look at it as an opportunity. If you need additional materials get them from the organization you represent, but be confident you can do 20 minutes by yourself. Open it up to Q&A and that will take care of a lot of dialog. Pamela went past 60 minutes.
[39:18] Justin fell asleep twice in the 17-minute flight back to the U.S. He was disappointed the flight attendant didn’t wake him!
[40:54] Special thanks to Pamela Hans of Anderson Kill for joining us on RIMScast for National Cybersecurity Awareness Month coverage. The session handout from her RIMS Canada Conference session, “Do You Want to Get the Deal Done?” is available via the RIMS Canada Conference 2023 Attendees Service Center. See link in show notes.
[41:16] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!
[41:36] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[42:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[42:41] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[42:56] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[43:17] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Legislative Summit — Oct 25 & 26, Washington, D.C.
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
Spencer Educational Foundation — Hire A Risk Intern 2024 | Deadline Oct. 15, 2023
Spencer-RIMS Risk Management Challenge 2024 — Be a Case Study or Join Judging Panel!
“Do You Want To Get The Deal Done?” — Session handouts still available via the RIMS Canada Conference Attendee Service Center
RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)!
“NYSAE Webinar: Podcasting — A Revenue Stream for Your Association”
RIMS Webinars:
Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023
PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023
Building Your Business Case for GRC Software in 2024 | Sponsored by Resolver | Oct. 31, 2023
Enhance Decision-Making Across Your Cybersecurity Program | Sponsored by Metrics That Matter | Nov. 7, 2023
RIMS.org/Webinars Upcoming Virtual Workshops:
Claims Management | Oct 10–11
Fundamentals of Risk Management | Oct 24–25
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Harnessing Innovation’s Promise with ERM Conference Keynote Bob Roitblat”
‘Cybersecurity Reporting Updates with Hilary Tuttle of Risk Management Magazine”
“Cybersecurity and Insurance Outlook 2023 with Josephine Wolff”
“Genuine Generative AI Talk with Tom Wilde of Indico Data”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn
About our guest, Pamela Hans
LinkedIn Pamela HansSenior Shareholder, Cyber practice
Pennsylvania office of Anderson Kill
Tweetables (Edited For Social Media Use):
Consumers are giving their personal information to a company they want to do business with and then that company is attacked and the individual’s information can be used by the threat actor to do more damage to the individual by way of fraud. — Pamela Hans
A material breach is one that investors would want to have information about that might influence their decision to buy or not to buy a stock, because it may impact the value of the stock and the value of the company going forward.— Pamela Hans
Risk professionals should look at your policies now to understand what policies will respond if you have an SEC claim because of the reporting requirement and what the policy limits are. What are the requirements of notice? — Pamela Hans
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin is delighted to welcome innovation thought leader Bob Roitblat to RIMScast. Bob is the keynote speaker at RIMS ERM Conference 2023. He speaks about his keynote, “Elevate, Revolutionize, Maximize: Harnessing Innovation’s Promise.” Bob shares how innovation ties into strategy and risk, and how you can harness the great potential of innovation through careful strategy and risk management. Bob is an engaging speaker who asks his audience to be prepared to participate and learn. Get set for a dynamic keynote presentation on harnessing innovation’s promise for your organization!
Key Takeaways:
[:01] About RIMScast.
[:14] Register for the RIMS ERM Conference 2023, which will be held in Denver, Colorado on November 2nd–3rd. RIMS will also host an ERM-based tour of Ball Arena in Denver on November 1st. Limited seating is available. Visit RIMS.org/ERM to register and listen to this episode to hear the code for 10% off your registration!
[:41] About today’s episode with RIMS ERM Conference 2023 keynote Bob Roitblat.
[1:01] All about exciting, upcoming RIMS events! Would you like funding to hire a risk management intern in 2024? If so, take a moment to apply for a Spencer Internship Grant. The application form will close on October 15th. The link is in this episode’s notes.
[1:27] If you will be attending RISKWORLD 2024 in San Diego, California, take a moment to sign up as a volunteer judge in the Spencer-RIMS Risk Management Challenge 2024. This is our annual international student competition. Full details can be found on the Spencer website at Spencered.org. Get involved; participate. We want to see you there!
[1:51] Head to the RIMS.org/Advocacy page to register for The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[2:03] The RIMS ERM Conference 2023 will be held November 2nd and 3rd in Denver, Colorado. On November 1st, RIMS is hosting an ERM-based tour of Ball Arena, where the Denver Nuggets and Denver Avalanche play. There is limited seating. Register at RIMS.org/ERM2023. At checkout, type code 2023RIMSCAST for 10% off registration!
[2:51] The ERM Conference 2023 will be different than years past. We’ve got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes.
[3:21] Bob Roitblat is a multiple business owner and well-known TEDx speaker. Bob will kick off the RIMS ERM Conference 2023 on November 2nd with his keynote, “Elevate, Revolutionize, Maximize: Harnessing Innovation’s Promise.” Bob is very engaging and I am looking forward to the energy he will bring to the keynote address on November 2nd!
[4:30] Bob Roitblat has started a dozen companies. Each company focused on three areas: innovation, strategy, and risk. The three areas are closely tied together. You can’t be successful in one without the other two. It’s a three-legged stool.
[5:03] Bob describes innovation as doing something new and different that makes a difference. It could be new products or services, a new business model, or a new organizational structure. It’s something that you haven’t done before that will make a difference to your organization. (A positive difference, preferably!)
[6:00] Most of the time when people innovate within an organization, they don’t call attention to it, they just run more efficiently. Amazon is a huge logistics company that runs smoothly. They spend billions on innovation. They bought a robotics company to have robots to deliver products on schedule.
[6:28] There is also the innovation of developing products and services for external consumption by customers. Bob cites Zia Chisti, who invented Invisalign braces. Orthodontia hadn’t changed for 100 years until a Stanford student wanted to change the experience of braces. Within 10 years, he completely altered orthodontia.
[7:20] Richard Montañez, a janitor who worked for Frito-Lay, invented Flaming Hot Cheetos. He altered the landscape for focus marketing. He went after a segment of the market people didn’t think to go after. Now we’re not just marketing to people but to segments of those people. Richard retired as the VP of Multicultural Affairs at Pepsico.
[10:05] Bob describes the upcoming influence of AI digital workers on innovation. In terms of efficiency, we are underselling the capabilities of digital workers. Let’s elevate our perspective. How do we use digital workers to drive the top line, open new markets, and address new submarkets like Montañez did?
[11:44] Software bots may or may not use AI but they are digital workers.
[11:57] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. Justin is pleased, humbled, and excited to announce that RIMS and RIMScast have won the 2023 Excellence in MarCom Award on October 24, 2023, from the New York Society of Association Executives (NYSAE)!
[12:41] On Friday, November 10th, from 10 to 11, NYSAE is presenting a virtual program called ”Podcasting — A Revenue Stream for Your Association.” Justin is honored to be one of the panelists. A link is in this episode’s notes.
[12:57] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. October 2nd is the last day to register for Applying and Integrating ERM, a two-day course on October 3rd and 4th, led by Elise Farnham. On October 10th and 11th, our friend Gail Kiyomura will host a two-day workshop on Claims Management.
[13:28] Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[13:56] On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals.
[14:10] On October 26th, our friends from Zurich return to present a session on PFAS, Forever Chemicals and PFAS Litigation. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[15:11] Bob’s November 2nd keynote preview: Imagine that innovation is a lake. It’s full of potential. Unless you harness that flow in some way, you can’t take advantage of it. Your strategy is a dam. You set it so the flow doesn’t wipe out the town below. That’s good risk avoidance.
[15:57] Maybe your strategy is to use irrigation pipes to make the surrounding land tillable and farmable. That generates revenue. Maybe your strategy is a hydroelectric plant inside the dam and generate electricity to sell. Unless you have a strategy to extract value from your lake of innovation, it only has potential value.
[16:46] The theme of the keynote is how to build your dam strategy to extract value from the innovation that you can identify.
[17:11] Bob says to attend the keynote and be prepared to participate! It will not be a one-way data dump! You won’t be bored! There will be a QIOS session. Bob won’t have all the answers, but he’ll answer your Questions with Ideas, Opinions, and Suggestions! Let’s start the conversation!
[18:00] With Bob’s keynote and the following sessions by other speakers, the people who show up will be overloaded with value, and knowledge, and be prepared to go back to their organizations and “take over the world.”
[18:29] Bob uses lots of images in his keynote, produced by Gen AI and edited in Photoshop and enhanced with Adobe Illustrator. But digital isn’t always the answer. Sometimes analog images are the best way.
[19:47] October is National Cybersecurity Awareness Month. It’s a subject of the Conference and Bob will address it. Listen in the keynote for the top ten innovations Bob thinks will have the biggest impact on Enterprise Risk Management. Two of the ten deal with cybersecurity.
[20:12] Bob shares a point. If you sign up for ChatGPT and you want to have access to the latest LLM, it’s a subscription of $20.00 a month. If you subscribe to FraudGPT, a chatbot that helps you hack into things and be fraudulent, you pay a subscription of $200 a month. Don’t tell Bob that crime doesn’t pay!
[21:04] Bob’s parting words: “If you see me in the hall, grab me, tell me what you want to talk about. If you disagree with me, please speak up, let’s have the conversation. And I've already changed my airfare to stay a little longer ’cause I just saw a new session popped up that I want to go to! So this will be the event of the season! Let’s do it!”
[21:26] Special thanks again to Bob Roitblat, our RIMS ERM Conference 2023 keynote speaker for joining us. Register today at RIMS.org/ERM2023. You get to hear Bob first thing in the morning on November 2nd and you’ll have the chance to connect with him after the keynote, possibly in some other sessions. Links are in the show notes.
[21:49] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!
[22:08] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[22:50] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[23:13] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[23:29] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[23:49] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Legislative Summit — Oct 25–26, Washington, D.C.
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)!
“NYSAE Webinar: Podcasting — A Revenue Stream for Your Association”
Spencer Educational Foundation — Hire A Risk Intern 2024 | Deadline Oct. 15, 2023
Spencer-RIMS Risk Management Challenge 2024 — Be a Case Study or Join Judging Panel!
RIMS Webinars:
Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023
PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023
RIMS.org/Webinars Upcoming Virtual Workshops:
Claims Management | Oct 10–11
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
The Future of AI and Work with Sinead Bovell
Live from the RIMS ERM Conference 2022
Risk and Leadership with Lt. Gen. (ret) Roméo Dallaire
Genuine Generative AI Talk with Tom Wilde of Indico Data
ERM in Banking & Finance with Eleni Willis
Security Risks and Implementing ERM with Kelly Johnstone
Emerging Risks and Board Reporting with Suzanne Christensen
ERM at the Veterans Benefits Administration
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Bob Roitblat
Roitblat.com
Tweetables (Edited For Social Media Use):
Imagine that innovation is a lake. It’s full of potential. But unless you harness that water flow in some way, you’re not going to be able to take advantage of it. So you’re going to come up with a dam. Your strategy is a dam. — Bob Roitblat
The theme of the keynote is how to build your “dam strategy” to extract value from the innovation that you can identify. — Bob Roitblat
We’re going to do a QIOS. … I don’t have all the answers, but please, ask your Questions and I will share some ideas, give you my Opinions, and make some Suggestions! Let’s start the conversation! — Bob Roitblat
If you subscribe to FraudGPT, a chatbot that helps you hack into things and be fraudulent, that subscription costs you $200 a month. So please don’t tell me that crime doesn’t pay! — Bob Roitblat
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. International Podcast Day™, September 30th, is an international celebration of the power of podcasts. Help spread the word by sharing #InternationalPodcastDay. Let’s keep the celebration going. Justin interviews two repeat guests, Jay Gates and Elisa Stampf, who both host popular podcasts, and gets them to share their podcasting secrets with you.
Listen for insight into the intersection of risk management and podcast production.
Key Takeaways:
[:01] About RIMScast.
[:36] About today’s episode for International Podcast Day, September 30th.
[:58] All about exciting, upcoming RIMS events! The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:15] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:29] We are very excited about the RIMS ERM Conference 2023, November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. The ERM Conference 2023 will have some great changes; book your travel plans now! Visit the registration link in this episode’s notes. Enter 2023RIMSCAST at checkout to receive 10% off registration.
[2:01] September 30th is International Podcast™ Day. Justin loves producing RIMScast and being in touch with you every week to provide insight from leading minds in risk, insurance, and business! Today, Justin interviews a couple of podcasters in the risk and insurance space about what it takes to launch a podcast and keep it going.
[2:40] Justin introduces Jay Gates of Know the Risk. Jay was a guest on RIMScast on June 8, 2020, speaking on advocacy. Justin met Jay at RISKWORLD 2023 and he was just as much fun in person as he was virtually! Jay hosts Know The Risk and is a claims advocate with Arthur J. Gallagher.
[3:31] Jay Gates, welcome back to RIMScast for International Podcast Day!
[4:17] Jay Gates started at Sedgwick and spent 12 years in the TPA business doing everything from claims management to assistant ops manager for national large retail accounts. Next, Jay went to RMH and became Director of Risk Management, managing 175 Applebee’s in 15 states.
[4:44] After Applebee’s, Jay went to Gallagher in national risk control. Now he is Managing Director of the Restaurant Practice Group. Jay has been with Gallagher for four years.
[5:46] Jay started the Know the Risk podcast when podcasts were starting to be big. He thought it would be fun and people told him he had a voice for radio. It was one of the first podcasts to talk about risk management in restaurants. At first, he recorded now and then. Now that he has a following, he records regularly.
[7:07] You need consistency to keep your followers.
[7:32] Know the Risk is a side project for Jay. He doesn’t make money from it. He promotes Gallagher in it. He keeps it relevant. He hasn’t had any pushback for it. Jay says it is beneficial to Gallagher and to the risk industry, as well as to himself.
[8:21] People know Jay from his podcast, his traveling with Gallagher, and LinkedIn. He has a lot of connections and the podcast is just part of it. Podcasting is a nerdy industry and Jay tells people he’s an insurance nerd. People ask when the next episode will drop. One recent episode had over 2,000 downloads.
[10:28] Jay has a server that holds the shows, a GoDaddy website, editing software on his laptop, a couple of microphones, and the right equipment to record a decent-quality show. He does it all himself. He can record anywhere. He edits out background noise, coughing, miscues, and “ums,” and then publishes it.
[11:39] Justin and Jay discuss setting the gain correctly and other audio topics. Make sure that every way you can be muted is turned off before you start recording. Is there a mute button on your headset you don’t know about?
[13:03] Jay’s last words of advice: “Keep it short. People tell me, when they listen, it’s on the treadmill, at the airport, or when they need a break. Keep it to 15 or 20 minutes, or 30 if it’s really good content. Consistency is key. I get better feedback from my listeners if I drop a show on some kind of schedule.” The podcast is at www.knowtherisk.biz.
[14:26] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. Justin is pleased, humbled, and excited to announce that RIMS and RIMScast have won the 2023 Excellence in MarCom Award on October 24, 2023, from the New York Society of Association Executives (NYSAE)!
[15:20] On Friday, November 10th, from 10 to 11, NYSAE is presenting a virtual webinar called ”Podcasting — A Revenue Stream for Your Association.” Justin is honored to be one of the panelists. A link is in this episode’s notes.
[15:37] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[16:22] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[16:31] The next virtual RIMS CRMP workshop will be on September 26th and 27th and it will be led by Joseph Milan. Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[16:55] On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time. On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals.
[17:21] On October 26th, our friends from Zurich return to present a session on PFAS, Forever Chemicals and PFAS Litigation. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[17:45] Elisa Stampf is the Cofounder and CEO of Insure Equality, a nonprofit based in Chicago that seeks to create and enforce accountability in the insurance profession and industry in the pursuit of diversity and equality. You may remember Elisa from two episodes ago, when we talked about International Equal Pay Day.
[18:07] Justin introduces Elisa Stampf. Elisa hosts Insure Equality’s video podcast series, Come As You Are. We are going to talk about what inspired the show and how vital it is, especially since her organization is still new and growing.
[18:23] Elisa Stampf, welcome back to RIMScast for International Podcast Day!
[18:37] Justin and Elisa had had big events the previous week; Justin at the RIMS Canada Conference in Ottawa and Elisa at the first Insure Equality Summit in Chicago. Elisa says the Summit was incredible. They had people from over half the states, 35 speakers, dancing, and the most diverse group of insurance professionals.
[19:18] Elisa reports the Insure Equality Summit was the most warm and lovely space to celebrate, be together, and learn. Elisa explained how dancing to Rihanna’s “Work” occurred to lighten the mood of some heavy topics.
[21:25] Elisa was in the risk and insurance for over 10 years. She started in banking after graduating from college, but did underwriting for over six years, marketing for over three years, and was on the agency side for a couple of years. As a licensed agent, Elisa has six designations, including CPCU. Now she is making insurance a better place.
[22:07] The video podcast, Come As You Are, did not begin immediately when Elisa launched Insure Equality. As the organization progressed, Elisa noticed that people outside of insurance were invested in Insure Equality. One of the top questions Elisa gets is “Can you tell us about insurance and insurance professionals?”
[23:00] The podcast, Come As You Are. became an avenue to give voice to the many insurance professionals in the Insure Equality network and the people outside of the network who were tangentially connected to it, actively working to make change within it. Elisa and Insure Equality realized that other people should hear these conversations.
[23:23] One conversation was with a meditation specialist. Elisa’s sister was in an episode to talk about grief. There are conversations that we’re not used to having. These conversations helped to build the speaker list for the summit.
[23:59] The next podcast series will be launched in October. It will start with everyone giving an insurance story. Elisa’s first guest in the second series was in the diet industry. Her insurance story was unexpected. Elisa invites you to listen to it. As insurance professionals, we are highly curious and always want to know. Elisa will focus on story.
[24:56] Elisa has been a marketing rep. That helped her launch the podcast. She has no stage fright; she’s holding the mic, and it’s just two people having a conversation. It’s just about talking to some awesome people. As Elise looks back at life, she sees all the little things that contributed to who she is today. She’s always been a fan of podcasts.
[27:30] Justin recalls his past work as a writer and stand-up comic in Manhattan. Getting a laugh onstage is the biggest thing ever, and doing RIMScast interviews is the closest thing to that feeling at the same weekly frequency. Elisa talks about getting the guest’s undivided attention, which has intention behind it. It’s a different way to interact.
[29:30] Justin asserts that any company or organization today needs sound or video on their website. A podcast is a necessity. Elisa notes that is especially so since the pandemic hit. Communication is virtual and by social media. E.g., Reels and TikTok. People want to see and hear you in a different way.
[30:08] People tell Elisa across the country, “I found you from a podcast.” People listen when they’re walking to school, work, or driving to their next appointment. Those little bits of humanity and connection are how we make change in the world. Podcasts are the perfect way for people to attach to your organization.
[31:52] Find Come As You Are at InsureEquality.org and on YouTube at InsureEquality.
[32:03] Elisa Stampf will be at RISKWORLD 2024 in San Diego. The topic she will share will be Stakeholders. Maybe she will dance the Charleston. Justin will dance the Charleston and follow up with his Regis Philbin impression.
[32:44] Special thanks again to Jay Gates of Know the Risk and Elisa Stampf of Insure Equality for joining us on RIMScast. Links to their podcasts are in this episode’s show notes. When you see them at RISKWORLD 2024 in San Diego, tell them that you heard them on RIMScast! Happy International Podcast Day, everybody!
[33:00] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!
[33:20] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[34:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[34:26] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[35:03] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Legislative Summit — Oct 25 & 26, Washington, D.C.
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration!
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)!
“NYSAE Webinar: Podcasting — A Revenue Stream for Your Association”
RIMS Webinars:
A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023
Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023
PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023
RIMS.org/Webinars Upcoming Virtual Workshops:
Optimizing Risk Management with AI | Sept. 28
Claims Management | Oct 10–11
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Equality and the Risk Profession with Elisa Stampf”
“RIMS Advocacy with Jay Gates” (2020)
“Including Disability In DEI Efforts with Alycia Anderson”
“Mental Health Awareness Month 2023”
“Risk and Leadership with Lt. Gen. (ret) Roméo Dallaire”
“RIMS Public Policy and Advocacy 2023”
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
About our guest, Elisa Stampf CEO of Insure Equality and host of Come As You Are
InsureEquality.orgYouTube InsureEquality
About our guest, Jay Gates
On LinkedIn: Jay Gates, CPCU
KnowTheRisk.biz
Arthur J. Gallagher
Tweetables (Edited For Social Media Use):
Know the Risk was one of the first podcasts to talk about risk management in restaurants. At first, I recorded here and there. Now I have a following, so I record regularly and keep dropping good-quality content. — Jay Gates
Keep it short. People tell me, when they listen, it’s on the treadmill, at the airport, or when they take a break. Keep it to 15 or 20 minutes, or 30 if it’s really good content. Consistency is key. Drop a show on some kind of schedule. — Jay Gates
The podcast, Come As You Are. became an avenue to give voice to the many insurance professionals in the Insure Equality network and the people outside of the network who were tangentially connected to it. — Elisa Stampf
Those little bits of humanity and connection are how we make change in the world. Podcasts are the perfect way for people to attach to your organization. — Elisa Stampf
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. General Dallaire is an outspoken advocate for human rights, bringing attention to situations too often ignored, whether the atrocities of genocide, the struggle of veterans with mental health injuries, or the recruitment and use of child soldiers. He addresses geo-political issues, global and international affairs, leadership skills, and conflict resolution. Listen for insight into discerning deception, using the media for good, and learning to observe and assess the behavior of your competition.
Key Takeaways:
[:01] About RIMScast.
[:39] About today’s episode, where we will talk about risk and leadership with our special guest Lt. Gen. (ret) Roméo Dallaire.
[1:01] All about exciting, upcoming RIMS events! The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:17] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:32] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. The Conference will be different than years past with some great changes; book your travel plans now! Visit the Events page of RIMS.org or the links in this episode’s notes.
[1:59] Throughout Lt.-Gen. Roméo Dallaire’s distinguished military career, he served in staff, training, and command positions throughout North America. Europe, and Africa, rising in rank from Army cadet in 1960 to Lt.-Gen. In 1998.
[2:18] Most notably, Gen. Dallaire was appointed the Force Commander of the U.N.’s Assistance Mission for Rwanda prior to and during the 1994 genocide.
[2:28] His defiant dedication to humanity during that mission has been well-documented in films and books, including his own award-winning account Shake Hands with the Devil: The Failure of Humanity in Rwanda.
[2:39] Gen. Dallaire is one of Canada’s national treasures and we were so honored that he keynoted Day 2 of the RIMS Canada Conference 2023 in Ottawa. Justin was captivated by his presentation and had a chance to catch up with him right after, to ask him for some follow-ups.
[2:55] Lt.-Gen. Roméo Dallaire, welcome to RIMScast!
[3:07] Lt.-Gen. Roméo Dallaire just presented one of the most memorable keynotes ever at the RIMS Canada Conference 2023. Justin thanks him for being on RIMScast and has some follow-up questions for Gen. Dallaire.
[3:25] Lt.-Gen. Dallaire used the media as a weapon for good. His advice is first, not to consider the media as an enemy. They are seeking information to advance the knowledge of the population. Gen. Dallaire gave the media access to everything except some classified material that would put people’s lives at risk.
[4:28] The instrument of media can get your message out. You can influence public opinion through the media. Without public opinion, you can find yourself isolated and you don’t get much feedback.
[5:15] Lt.-Gen. Dallaire used his eyes and body language to get his message across. His eyes showed his conviction. The eyes show whether you are sincere. He talked to the media and passed information to them as a human being. The words would flow. Sometimes he was vulgar and combative but he always informed. He used no script.
[6:29] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.
[7:17] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [7:50] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[8:03] The next virtual RIMS CRMP workshop will be on September 26th and 27th and it will be led by Joseph Milan. Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[8:23] On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time. On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals.
[8:49] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members.
[9:14] One of the bullets in Lt.-Gen. Dallaire’s presentation was on deception. The essence of discerning deception is understanding the enemy or the other players. Understanding the philosophy of the leadership of the other players means knowing what values they have and what references they use in decision-making.
[10:07] How do the other players see their clients or treat their people? When you have that type of insight, then you can discern when there’s a change happening. A deception plan puts a smokescreen up to hide the other plan they have going. The smokescreen can only last as long and be effective as you’ve convinced other people it’s the truth.
[10:42] If you keep your eye on them, and have enough information on how they think and act, you can discern whether or not there is something in the midst. That is a quality senior management needs to spend time enough to develop. Get good intelligence on your competitors. Get to the gut of their organizations.
[12:01] That is dependent on your ability to assess your capacity to achieve your mission. You’ve got to keep your focus on your aim. Based on what’s coming at you, you must adapt within the parameters of the aim you are trying to achieve.
[13:07] Lt.-Gen. Dallaire’s last thoughts: The parameter that should be guiding us all is that we are in a period of enormous, revolutionary flux. It’s a unique time in humanity. We can talk to the whole of humanity. We can assess the whole of the planet. Try to master the scale of what we’re able to do to move the future.
[13:44] We don’t wait for something to happen; what we should do is shape the future, and prevent things from happening as a result.
[14:02] Justin thanks Lt.-Gen, Dallaire for being his guest on RIMScast.
[14:11] Special thanks again to Lt. Gen. Roméo Dallaire for joining us on RIMScast. It was a thrill to meet and speak with him. You can find coverage of the RIMS Canada Conference 2023 at RiskManagementMonitor.com. Links are in the episode’s show notes.
[14:27] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!
[14:48] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[15:30] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[15:54] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[16:10] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[32:32] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Legislative Summit — Oct 25 & 26, Washington, D.C.
RIMS Advocacy
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMS Webinars:
A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023
Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023 RIMS.org/Webinars Upcoming Virtual Workshops:
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops
Upcoming Virtual Workshops:
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Mental Health Awareness Month 2023”
“The Future of AI and Work with Sinead Bovell” (RIMS Canada 2023 Keynote)
“Crisis-Ready with RIMS Canada 2023 Closing Keynote Melissa Agnes”
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Lieutenant-General (ret) Roméo A. Dallaire
The Honorable Roméo A. Dallaire, O.C., C.M.M., G.O.Q., M.S.C., C.D., L.O.M. (U.S.), B.ésS., LL.D. (Hon.), D.Sc.Mil (Hon.), D.U.
Roméo Dallaire is the founder of the Dallaire Institute for Children, Peace, and Security, a global partnership with the mission to end and prevent the recruitment and use of children in violence. A celebrated advocate for human rights, especially in regard to child soldiers, veterans, and the prevention of mass atrocities, General Dallaire is also a respected government and UN advisor and former Canadian Senator.
Throughout his distinguished military career, General Dallaire served in staff, training, and command positions throughout North America, Europe, and Africa, rising in rank from Army Cadet in 1960 to Lieutenant-General in 1998.
Most notably, General Dallaire was appointed Force Commander of the United Nations Assistance Mission for Rwanda prior to and during the 1994 genocide. General Dallaire provided the United Nations with information about the planned massacre, which ultimately took more than 800,000 lives in less than 100 days; yet, permission to intervene was denied and the UN withdrew its peacekeeping forces. General Dallaire, along with a small contingent of Ghanaian and Tunisian soldiers and military observers, disobeyed the command to withdraw and remained in Rwanda to fulfill their ethical obligation to protect those who sought refuge with the UN forces.
His courage and leadership during this mission earned him the Meritorious Service Cross, the United States Legion of Merit, the Aegis Award on Genocide Prevention, and the affection and admiration of people around the globe. His defiant dedication to humanity during that mission has been well-documented in films and books, including his own award-winning account: Shake Hands with the Devil: the Failure of Humanity in Rwanda.
General Dallaire’s 1997 revelation that he suffered from Post-Traumatic Stress Disorder as a direct result of his mission in Rwanda paved the way for destigmatizing responders. Though it led to his being medically released from the Canadian Army in 2000, he has devoted decades of passionate leadership and advocacy to the issue on behalf of other veterans struggling with PTSD, including the publication of his bestselling memoir: Waiting for First Light: My Ongoing Battle with PTSD.
However, with his acclaimed book, They Fight Like Soldiers, They Die Like Children: The Global Quest to Eradicate the Use of Child Soldiers, General Dallaire proclaimed that the rest of his life will be devoted to the eradication of the use of children in war, and through the Roméo Dallaire Child Soldiers Initiative he continually seeks innovative ways to help end the use of child soldiers.
Whether as a military commander, humanitarian, senator, or author, Roméo Dallaire has penetrated our national consciousness, often in supremely uncomfortable ways. Setting aside his natural reserve, he has felt compelled to bring national and international attention to situations too often ignored, whether the atrocities of the Rwandan genocide, the struggle that he and many other military veterans face with post-traumatic stress disorder, or the recruitment and use of child soldiers.
Tweetables (For Social Media Use):
“The essence of trying to discern deception is understanding … the enemy. So, you’re understanding the competition, but understanding the philosophy of the leadership of the institution that’s out there; … What values do they have?” — Lt.-Gen. Roméo Dallaire
“If you keep your eyeball on them and you have enough of the information on how they think and act, … you will be able to discern whether or not there is something in the midst.’” — Lt.-Gen. Roméo Dallaire
“You don’t sit there, waiting for something to happen; what you do is you shape the future, you prevent things from happening, and in fact, you anticipate what that can be, as a result.” — Lt.-Gen. Roméo Dallaire
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Can you envision everyone receiving equal pay for work of equal value, regardless of gender? Or having full and productive employment and decent work for all women and men, including young people and persons with disabilities, all being paid equally for work of equal value? That vision is the objective of International Equal Pay Day, celebrated annually on September 18.
Elisa Stampf, the Co-Founder and CEO of Insure Equality, is here today to discuss employment equity in the insurance profession. Insure Equality is a non-profit that seeks to create and enforce accountability in the insurance profession and industry in the pursuit of diversity and equality.
Listen for insight into the LBGQT+ stakeholders of the insurance profession.
Key Takeaways:
[:01] About RIMScast.
[:36] About today’s episode, where we will talk about equality in the risk and insurance professions with Elisa Stampf of Insure Equality.
[:58] All about exciting, upcoming RIMS events! On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:19] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:31] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:45] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. The Conference will be different than years past with some great changes; book your travel plans now! Visit the Events page of RIMS.org or the links in this episode’s notes.
[2:13] International Equal Pay Day is recognized worldwide on September 18. That is the ideal topic to kick off my discussion with Elisa Stampf, the CEO of Insure Equality. Insure Equality is a non-profit that seeks to create and enforce accountability in the insurance profession and industry in the pursuit of diversity and equality.
[2:34] Elisa is based in Chicago. She has an insurance background. She is going to provide perspective on LGBTQ+ rights in the risk and insurance professions and discuss how Insure Equality’s philosophies can improve conditions and inspire change.
[2:58] Elisa Stampf, welcome to RIMScast!
[3:28] Elisa fell into insurance without an insurance degree. In early 2012, she started as an underwriter and worked her way to the home office. She worked in workers’ compensation and then marketing. In 2020, she shifted to the agency side. Within four months, she was being forced out.
[3:59] Elisa wanted to make being in insurance a welcoming conversation and make sure everybody’s voice is brought to the table and included.
[4:23] In 2021, Elisa spent weeks calling every insurance professional she knew, surveying them. Two things came to the top. Everyone had a story but thought they were alone and they were too afraid to say anything. She asked them to send her someone who cares about this and wants to do something.
[5:31] In six months, Elisa found a team of five and a board of twelve and they launched Insure Equality. The inaugural Insure Equality Summit 2023, “A Shift in Perspective,” will take place in Chicago on September 15th. Elisa says it has been a joy, an honor, and a privilege to put together an incredible network of speakers and coaches.
[6:08] The summit features speakers from over 25 states with 17 coaches dedicating their time to help folks navigate their careers. It will be at the Morgan Arts Complex on September 15th. An art gallery is the place to talk about perspective and leave your typical mindset! It will be an incredible day with love, connection, and change.
[7:04] Elisa describes culture as a collective habit that we reinforce daily. It’s how you show up to work. It’s who steps up in the meeting, it’s who you can count on to “do the thing at the time.”
[8:01] Elisa describes her experience of culture at her first job in 2008 at a bank. She believed it was dictated from the top. Now she knows each person’s actions influence the culture of their workplace. It was one of the coolest moments she has experienced to realize that she has an impact. That’s power in the hands of each of us.
[9:23] ]International Equal Pay Day is celebrated annually on September 18th. Elisa tells how employers can ensure they’re working toward equal pay in their organizations. This is a worldwide issue. It aligns along degrees of marginalization by gender, race, or other issue. You can start with a spreadsheet.
[10:28] Line everyone up by demographics and experience. People who spend a long time at one organization often fall behind people who move around. These conversations are about inclusion and good business sense. The insurance industry is not just struggling to recruit but also struggling to retain.
[11:01] Have these conversations proactively, not reactively. Start to reengage your employee population. Make sure the work and pay are equitable for everybody.
[11:27] There are four primary ways employees can contribute to change. They can show up as pacesetters, out in front, or catalysts, who start the change. They can make connections and be conduits for change or be innovators, putting in time, effort, dedication, and work, consistently raising the issue. Do what makes sense for you.
[13:20] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.
[14:03] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[14:36] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[14:45] The next virtual CRMP workshop will be September 26th and 27th and it will be led by Joseph Milan. Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[15:14] On September 12th, our friends at TÜV SÜD GRC are back with Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging. On September 18th at 7:00 a.m. Eastern, we’ve got The Digital Personal Data Protection Act 2023, a Fireside Chat, presented by Prudent Insurance Brokers and RIMS.
[15:38] On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time. On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals.
[15:59] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are on the show notes. Webinar registration is complimentary for RIMS members.
[16:19] Elisa discusses “Rainbow Washing” and ways companies can show up for the LGBQT+ community. If you change your logo to rainbow colors, use the extra sales income you receive from that change to support the LGBQT+ community. Fund your ERGs. Give to local organizations funding queer youth and mental health services.
[18:16] We don’t need to take our activism to a 10. There are little ways to show up every day. Think about what you’re doing before you do it. The best way to have the conversation about Rainbow Washing is to invite the community into the conversation. The people Elisa has spoken to about it just want transparency or a conversation.
[18:53] It serves the insurance industry to understand their community and their stakeholders. The way to bring them into the conversation is by engaging with them. Attend any Chamber meetings that focus on the areas important to the community. It will bring you into the conversation in a meaningful way.
[20:29] Elisa repeats that you don’t have to go to a 10. It’s about thinking about what you’re doing and opening your ears and your minds to a perspective that is outside of yours.
[20:45] Justin notes that producing an episode like this and participating in the RIMS DE&I Council events helps to open minds to a new perspective. It’s about shifting culture so equity and inclusion become a regular part of the everyday conversation.
[23:24] What fuels the work Elisa does every day are the comments and private messages she gets from people who tell her they thought they were the only people who felt this way, who thank her for being there. The presence of the conversation is a part of the change.
[23:59] Elisa was in the DE&I lounge at RISKWORLD 2023 and will return for RISKWORLD 2024 in San Diego, May 2024. The conversation will be for stakeholders and will speak of certification.
[24:22] In 2024, Insure Equality is launching its certification program, a cohort-based training you can do either with your team or a group of individual leaders, to help you understand who you are, how you work with others and your intention, and how to have that stakeholder conversation within yourself. It’s a business class with a DE&I lens.
[25:34] Elisa’s focus at 2024 RIMS will be on how to have that stakeholder conversation, how to recognize that within your world, and make that manifest for you in your culture. It’s also going to be part of the larger conversation for Insure Equality.
[25:48] Justin thanks Elisa Stampf, CEO of Insure Equality, for joining us here on RIMScast. Justin looks forward to seeing her again for International Podcast Day.
[26:06] The Insure Equality Summit 2023 will be on September 15th in Chicago. A link is in this episode’s show notes. We’ll be back with Elisa in two weeks!
[26:19] Special thanks again to Elisa Stampf. The link to Insure Equality is in this episode’s notes. Be sure to look for Elisa at RISKWORLD 2024 in San Diego! Check back with us in a couple of weeks; Elisa will make another appearance on RIMScast!
[26:37] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!
[26:56] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[27:39] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[28:04] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[28:19] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org.
[28:41] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Legislative Summit — Oct 25 & 26, Washington, D.C.
RIMS Advocacy
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMS Webinars:
The Digital Personal Data Protection Act 2023, a Fireside Chat, | presented by Prudent Insurance Brokers and RIMS. | Sept. 18, 2023
A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023
Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023
RIMS.org/Webinars
See the full calendar of RIMS Virtual Workshops
Upcoming Virtual Workshops:
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Including Disability In DEI Efforts with Alycia Anderson”
“Mental Health Awareness Month 2023”
“Pride Month 2023 with the Rainbow Risk Alliance”
“Risk Insight with AAIN Leadership”
“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons”
“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”
Launching DEI Initiatives with Tara Lessard-Webb (2021)
Pride Month: How Risk Pros Can Protect and Uplift LGBTQ+ Employees (2021)
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Elisa Stampf CEO of Insure Equality
InsureEquality.org
InsureEquality.org/Summit Sept. 15, 2023 in Chicago
Elisa Stampf "fell" into insurance after a quick stint in banking. Spending most of her time on the carrier side with both regional and national carriers, she was an underwriter for commercial lines and a marketing rep for the Chicagoland area. When she had the opportunity to specialize in Work Comp she designed and implemented a countrywide training program (a personal highlight). Throughout her insurance career, she was able to be a sales leader, a trainer, and an advocate for giving campaigns within her companies. She earned six designations and an MBA all while working and has an insatiable appetite to learn and grow. After a brief visit to the agency side, her exit propelled her to co-found a community that pushes everyone forward and welcomes everyone in.
Tweetables (For Social Media Use):
“I just started picking up the phone and calling every insurance professional I knew. I said, ‘OK, what’s your story? What have you experienced? What do you like about insurance? What don’t you like?’ Truly taking a survey on the industry.” — Elisa Stampf
“What fuels the work that we do every day are the comments that we get from people; the private messages that say something to the effect of ‘I thought I was the only person that felt this way. Thank you for being here.’” — Elisa Stampf
“The mere presence, the mere conversation happening, is part of the change.” — Elisa Stampf
“What I think we really need in this moment is to pause, to take a breath, to stop, and to say ‘What do we actually need, going forward?’ Because, sometimes the best way to move forward is to take a break and redirect.” — Elisa Stampf
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Mark Prysock is the RIMS General Counsel & VP of External Affairs. Lynn Haley Pilarski is the RIMS External Affairs Committee Chair and the Risk & Insurance Counsel for GM. In this episode, Mark and Lynn update us on the RIMS Legislative Summit 2023 to be held in Washington D.C. on October 25th and 26th. They explain why it is important for RIMS Advocacy Ambassadors to participate from every state in the U.S. They review the top RIMS legislative concerns and how you can become educated on these issues and discuss them knowledgeably with Congressional Staffers. They share their enthusiasm about this critical event and how it will benefit you to attend.
Listen in to learn about the legislative matters important to U.S. risk managers.
Key Takeaways:
[:01] About RIMScast.
[:35] About today’s episode, where we will discuss RIMS Advocacy and government affairs and the RIMS Legislative Summit 2023 with Lynn Haley Pilarsky and Mark Prysock.
[1:00] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for details.
[1:21] For those of you based in Canada, Justin wants to hear from you about a game show he will be hosting on September 13th. A link to a 15-question survey is in this episode’s notes. Justin needs your honest feedback, so he can say, “Survey says: …” Please check out the links in this episode’s notes!
[1:45] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[2:01] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[2:14] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[2:27] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. The Conference will be different than years past with some great changes; book your travel plans now! Visit the Events page of RIMS.org or the links in this episode’s notes.
[2:55] RIMS has several key items that need to be addressed by the U.S. Government to protect the interests of the risk profession. These topics include cybersecurity, terrorism, and floods.
[3:08] Here to discuss these critical topics are RIMS External Affairs Committee Chair, Lynn Haley Pilarksy and RIMS General Counsel and VP of External Affairs, Mark Prysock. We will discuss how these topics will play a huge role when RIMS returns to Capitol Hill during the RIMS Legislative Summit on October 25th and 26th.
[3:29] Lynn Haley Pilarksy and Mark Prysock, welcome back to RIMScast!
[4:15] Lynn Haley Pilarksy is Counsel, Risk Management Insurance for General Motors, and the LTM Sales Risk Manager. She is President of RIMS Detroit and the Chair of the RIMS Public Policy Committee. She’ll sleep after her renewals are done!
[4:57] Mark Prysock is the General Counsel and Vice President of Public Policy at RIMS. His responsibilities include staffing the Public Policy Committee, which oversees RIMS’ legislative efforts; also staffing the RISK PAC Trustees Committee.
[6:07] Mark believes we are heading toward a government funding crisis. If the government shuts down, the National Flood Insurance Program will temporarily not be funded. RIMS is a big supporter of the NFIP program, and it is hanging in the balance.
[8:57] Lynn agrees on the importance of the NFIP, given recent hurricanes. RISK PAC is well-received when they speak to Congress on the NFIP. Congress understands the importance of having the NFIP in place. It’s critical for people who live, work, and have property in flood zones. It’s a good conversation for RISK PAC to have in Congress.
[9:55] RISK PAC also always tries to talk about how NFIP coverages can be improved and enhanced and the legislation around them should be changed. Can we improve mapping? Some of the NFIP maps are from the 1960s. Topographies change over time so it’s important to have these systems updated so the risks are reflected accurately.
[10:40] Lynn says RISK PAC also talks to Congress about reinsurance and if the government can have some policies on expanding the role of reinsurance. Congress supports the NFIP but it’s tied to the government funding. RISK PAC is asking to get the NFIP reauthorized as part of the upcoming funding bill.
[11:26] Mark comments on the Republican strategy of presenting separate funding bills instead of an all-or-nothing omnibus bill. They want to look at programs individually and identify places where funding can be cut. There is a series of 12 House bills in process.
[13:06] Mark says data privacy is another 2023 RIMS priority. There are a lot of industries and association groups engaged in the issue of data privacy. RIMS plays an important role in the discussion of creating a national data privacy standard rather than state-specific standards which are problematic for companies in multiple jurisdictions.
[14:54] Lynn notes that the Pandemic Risk Insurance Act (PRIA) was top-of-mind during the past two years. There is no broad legislative support for it now. RIMS still follows it and is part of a business coalition supporting it but is not presently advocating for it.
[15:54] These priorities will be mirrored at the RIMS Legislative Summit, which will be back on the Hill on October 25th and 26th, 2023. Mark and Lynn will both be there.
[16:15] Lynn’s favorite thing to talk about is RIMS member involvement in the RIMS Legislative Summit and legislative activism. The Legislative Summit is the best way for risk managers and others in the risk community to speak directly to members of Congress and their staffs about issues important to the risk profession.
[16:52] Lynn calls the Legislative Summit an incredible event. She invites anyone with an interest in advocacy to attend in October. In Lynn’s opinion, it is the most rewarding thing that you can do as a risk professional. She is very enthusiastic about it! You meet with staffers, and they are the eyes and ears of the members of Congress.
[18:28] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar.
Fundamentals of Insurance is a two-day virtual workshop hosted by Elise Farnham, September 12th–13th.
[19:11] Managing Data for ERM is a three-module course that begins September 21st.
[19:18] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[19:50] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[19:59] For anyone attending RIMS Canada on September 10th and 11th, we will host an in-person RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel. The next virtual CRMP workshop will be September 26th and 27th and it will be led by Joseph Milan.
[20:27] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[20:39] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern.
[21:06] On September 12th, our friends at TÜV SÜD GRC are back with Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time.
[21:28] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are on the show notes. Webinar registration is complimentary for RIMS members.
[21:55] The RIMS Legislative Summit is open to RIMS members who are based in, or who have operations in, the U.S. Lynn speaks about advocacy ambassadors from RIMS chapters and meetings for them. If your chapter doesn’t have an advocacy ambassador, is there a rising young member or student you can sponsor? It’s a learning opportunity.
[24:42] Mark is on the RIMS Legislative Summit agenda. He is going to help people feel comfortable when they go to the Hill to meet with members of Congress and their staff. Wednesday, October 25th is going to be RIMS Education Day, with panels such as key points of our legislative issues to lobby, and a mixed Congressional Staff panel.
[26:07] The U.S. Treasury has asked if they could send a panel from the Federal Insurance Office to talk about initiatives they’ve been working on. There will be a panel on the insurance industry perspective on what’s happening in D.C. right now.
[26:49] RIMS is now in the The American Society of Association Executives (ASAE), on their Advocacy Council. They work to identify issues that impact the association community. The Freedom to Invest in Tomorrow’s Workforce Act would liberalize the use of 529 College Savings Funds for certification and credentialing programs.
[27:41] That use could be hugely beneficial to risk managers in particular. RIMS has a CRMP certification. If the 529 rules were liberalized, it would benefit RIMS members. Mary Kate Cunningham, the VP of Public Policy at ASAE, will speak about that legislation at the Summit.
[28:31] Wednesday evening there will be the reception and dinner, with Keynote Speaker John E. Sununu, a member of the Sununu clan in New Hampshire. John E. Sununu is a former member of the House of Representatives and a former Senator. His brother is the governor of New Hampshire. His father served in the Bush administration.
[29:50] Thursday is Lobby Day. All attendees will take talking points of key legislative issues to the Hill. They will meet with Congressional staff. It is better to meet with the right staffer than with a member, as the staff wants to hear from constituents affected by the legislation, and they have a better grasp on the legislation than the members do.
[31:33] Lynn tells about her first Education Day. The panels and the educational topics will get you ready for a day of lobbying Congress on legislative issues. You will understand what the issues are. You will have handouts to study for your session and leave behind to give the staffers. When you’re done, you will feel very empowered.
[33:09] Justin tells how great his first Summit experience was, in 2018.
[33:48] Mark says this Education Day will be taking place at the U.S. Chamber of Commerce building. It is a beautiful, iconic building.
[34:43] Lynn’s parting thought: Bring comfortable shoes! Be prepared to walk! This isn’t a place to wear new shoes!
[35:09] Mark’s parting thought: If you haven’t been to the Legislative Summit, and you’re not sure you’ll be comfortable in the role of a lobbyist for RIMS, I want to assure you that you are the person that the Congressional staffers want to talk to. They want to hear from constituents who are being directly impacted by the issues they’re discussing.
[35:58] The link to register is RIMS Legislative Summit and in the episode’s show notes. Remember to visit RIMS.org/Advocacy. Justin thanks Mark and Lynn for rejoining us here on RIMScast, to share their perspective.
[36:28] Special thanks again to Mark Prysock and Lynn Haley Pilarsky. Register for the RIMS Legislative Summit on October 25th and 26th in Washington D.C. The agenda is available now. Go to RIMS.org/Advocacy and there you can learn more about our advocacy efforts, including details on the RISK PAC.
[36:37] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app!
[37:06] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[37:48] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[38:12] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[38:28] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[38:49] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Legislative Summit – Oct 25 & 26, Washington, D.C.
RIMS Advocacy
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
RIMS Canada 2023 — Game Show Survey! Participate today!
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!
Nominate a practitioner or risk group for the ERM Award of Distinction!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMS Webinars:
A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers | Sept. 7, 2023
Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging | Sponsored by TÜV SÜD GRC | Sept. 12, 2023
A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023
RIMS.org/Webinars
Upcoming Virtual Workshops:
Fundamentals of Insurance | Sept 12–13
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
Upcoming Virtual Workshops:
Fundamentals of Insurance | Sept 12–13
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Exam Prep at RIMS Canada 2023
September 10–11, 2023
9:00 am–4:00 pm EDT
Ottawa, ON, Canada
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
Public Policy Goals with CIAB President Joel Wood (2023)
Keeping Up With RISKPAC (2022)
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Lynn Haley Pilarski
Lynn Haley Pilarski, Senior Manager, General Motors Corporate Risk Management & Insurance. Lynn joined General Motors in 1998. Currently, Lynn is the GM Global Contract Manager responsible for drafting insurance terms and conditions for all commercial contracts. Lynn also manages the placement and administration of management liability programs and associated claims activities. Prior to joining GM, Lynn practiced law in the area of insurance and product liability. Lynn received a Bachelor of Arts degree in Political Science from Michigan State University and a Juris Doctorate from Michigan State University - Detroit College of Law. Lynn also holds an ARM and CPCU from the American Institute for Chartered Property and Casualty Underwriters. Lynn is currently the President of RIMS Detroit and the Chair of the RIMS External Affairs Committee. Lynn is the 2021 recipient of the Richard W. Bland Memorial Award which recognizes a RIMS member’s commitment to the insurance industry’s legislative or regulatory interests. Lynn is a frequent speaker at Risk Management events.
About our guest, Mark Prysock
Mark Prysock has 15 years of experience serving as in-house counsel for professional associations in Washington, DC, and New York. His specialties are Corporate governance, employment matters, contract drafting, and negotiation.
Tweetables (For Social Media Use):
“The most significant political development in D.C. is the looming possibility of a government shutdown. … If that happens and a Continuing Resolution … is not passed, then … the National Flood Insurance Program will temporarily not be funded.” — Mark Prysock
“When we do go and speak to the Members of Congress and their staffers, generally [the National Flood Insurance Progam] is a well-received topic. People definitely understand the importance of having the NFIP in place.” — Lynn Haley Pilarski
“I think data privacy is an issue. … RIMS is really looking for sort of a place to play in that field or that issue. There are a lot of different industries and association groups that are engaged on data privacy.” — Mark Prysock
“After listening to the panel and spending the day in the educational topics, I was ready. The full day will prepare you so that you understand what the issues are. … You will feel very comfortable when you go..” — Lynn Haley Pilarski
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Sinead will be the RIMS Canada plenary speaker She will kick things off on September 12 with “A Future with Artificial Intelligence.” Sinead tells about her career and how an MBA, studied under a futurist, inspired her to create a career as a futurist focusing on AI. She explains how risk-averse risk managers will have to accept some level of risk to work with AI technology. She explains the inherent risks of the technology, as well as the expected benefits it provides. Then she and Justin talk about the upcoming RIMS Canada Conference 2023, the focus of her Plenary Address, and what to do in beautiful downtown Ottawa in September.
Key Takeaways:
[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.
[:32] About today’s episode, where we will joined by futurist and RIMS Canada Conference 2023 Plenary Speaker, Sinead Bovell.
[:55] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.
[1:16] For those of you based in Canada, Justin wants to hear from you about a game show he will be hosting on September 13th. A link to a 15-question survey is in this episode’s notes. Justin needs your honest feedback, so he can say, “Survey says: …” Please check out the links in this episode’s notes!
[1:40] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:57] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[2:09] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[2:23] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration is open, as is a call for nominations for the ERM Award of Distinction. Those submissions are due September 1st.
[2:44] The RIMS ERM Conference 2023 will be different than years past. We’ve got some great changes, so book your travel plans now!
[2:52] The guest today is Sinead Bovell. She is a futurist and the Founder of WAYE, an organization that helps prepare the next generation of business leaders for a world radically transformed by technology. She is an eight-time United Nations speaker and certified in AI Ethics from MIT.
[3:11] Sinead is here to provide a preview of her upcoming RIMS Canada Conference 2023 appearance on September 12th when she will discuss AI’s role in the future of work.
[3:22] Justin welcomes Sinead Bovell to RIMScast!
[3:46] Sinead studied finance, and chemistry, and was working on an MBA, studying under a futurist. She learned that all the tools she was using in finance, statistics, and forecasting could be applied to emerging technologies and more quality information and start to build forecasts about the future.
[4:12] That’s when Sinead started to zoom in on how technology is going to disrupt how we live and how companies work and operate. That was a light-bulb moment for Sinead. However, she continued down the MBA path and became a management consultant before making a quick turn, moving to New York and starting a different life.
[4:36] Since then, Sinead is an active, practicing futurist. She gives talks, she consults, she guides public-sector and private-sector organizations, on how the future could be evolving, relating to the data, so we can have a little more control in moving toward the futures we want.
[5:09] Sinead’s aha moment happened after all the sacrificing. She knew she had to quit. There was no direction of what step she should take but an inner feeling that something wasn’t right. She realized she was going to have to build the life she wanted. She wouldn’t be able to apply for it.
[5:54] During Sinead’s MBA, she saw the role technology was playing in disrupting all elements of how we work and live. Tesla was making a lot of ripples in the market. She saw different disruptors stepping in and the different ways startups were positioning themselves around technology and artificial intelligence even before Generative AI.
[6:25] There were early indicators and it was quite clear to Sinead that how we work and live were going to be disrupted by this technology, if and when it fully manifested..
[7:46] Sinead suggests that strategic planning shouldn’t stop at years three to five but be carried forward for four to six years. You’ll see the AI disruptors better and move toward them instead of reacting to them.
[8:36] We’ve arrived at a moment when you can no longer deny the power of artificial intelligence technology and it forces you to act radically and boldly even if it feels like it’s out of your comfort zone. Some of it is hype. Don’t get lost in the “NFT-PTSD zone.” Make sure that you’re not distracted but focused on the actual signals in the data.
[9:32] A lot of companies are realizing, it doesn’t matter what industry you consider yourself; you are now a tech company. We are rebuilding all industries on top of technologies like AI and potentially, blockchain. That has forced risk managers and leaders to shed their risk aversion and step into the game.
[10:14] Everything we do today creates a digital “gravesite” for all the decisions we’ve made and things that we share. It’s in the digital world forever after. Your descendants will be able to see how you weighed in at certain moments in time. There is a wide net over what we consider our digital identity.
[11:43] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar.
Fundamentals of Insurance is a two-day virtual workshop hosted by Elise Farnham September 12–13.
[12:25] Managing Data for ERM is a three-module course that begins September 21st.
[12:31] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[13:05] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[13:13] For anyone attending RIMS Canada on September 10th and 11th, we will host an in-person RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.
[13:33] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[13:46] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern.
[14:12] On September 12th, our friends at TÜV SÜD GRC are back with Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging On September 26th, Gallagher returns to present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time.
[14:34] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are on the show notes. Webinar registration is complimentary for RIMS members.
[15:00] Sinead Bovell will be at the RIMS Canada Conference 2023 in September. The theme for the conference is “Risk Evolution...Be a Part of It.” Sinead says risk professionals need to recognize that AI is essentially a prediction machine. What risk comes down to is what margin of error or safety you are willing to put on a decision.
[15:38] We’re going to have systems that can make the cost of prediction close to nothing while going toward an accuracy of close to 100%. This should be a lightbulb moment for anybody who works in risk or risk management that we now have an intelligent agent around the clock that we can tap into.
[16:03] There are risks with this technology. If you use AI, you are becoming an AI company. There are ethical challenges. Where is your data being sourced? Are there biases embedded in the data? Who are the teams making decisions about what data gets to be used? These are conversations that are required for working with AI.
[16:32] Embedding the technology in our decision processes, move away from the scarcity thinking of how can this technology cut a workload to move toward how can it add value. AI isn’t here for you to pass your work to. It’s here to reach new markets and ideate things in different ways. It will help you add a lot of value.
[17:25] Sinead discusses the Canadian risk landscape. Finance in Canada is more stable than in many nations around the world. Canada is endowed with a lot of natural resources. Canada is relatively stable which can help make predictions even more accurate.
[18:29] About RIMS Canada Conference 2023. Sinead can’t believe it’s only three weeks away. It will be great to see everybody. She’s looking forward to talking about our future with AI. Sinead has been to Ottawa but this will be Justin’s first time in the city. Sinead recommends Justin to have the beaver tail pastry and long walks in the September sun.
[19:34] The focus of Sinead’s Plenary Session at the RIMS Canada Conference 2023 will be “A Future with Artificial Intelligence.” It will span from how we live, day-to-day, at work and at home. When we all have AI assistants, our lives will be transformed. If the moderator permits, Sinead will take questions from the audience.
[20:16] Justin is looking forward to the RIMS Canada Conference 2023 in Ottawa, September 11th–14th, 2023 and he looks forward to seeing Sinead then.
[20:34] Special thanks again to Sinead Bovell for joining us here on RIMScast. I am stoked for Sinead's Plenary Session at the RIMS Canada Conference 2023 in Ottawa, September 11th–14th. Register now at RIMSCanadaConference.ca. I look forward to seeing you there. I will be your host!
[20:56] We cover AI and the future of work, especially in Risk Management Magazine. You can find it at RMMagazine.com but RIMS members can access it instantly via the RIMS app. This is a special members-only benefit. Everybody loves the RIMS app!
[21:19] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[22:59] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[22:22] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[22:37] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[22:58] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
RIMS Canada 2023 — Game Show Survey! Participate today!
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!
Nominate a practitioner or risk group! ERM Award of Distinction nominations due Sept. 1!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMS Webinars:
A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers | Sept. 7, 2023
Seeing the Unseen: nVent's Proactive Approach to Fire Risk Detection With Infrared Imaging | Sponsored by TÜV SÜD GRC | Sept. 12, 2023
A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023
RIMS.org/Webinars
Upcoming Virtual Workshops:
Fundamentals of Insurance | Sept 12–13
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Exam Prep at RIMS Canada 2023
September 10–11, 2023
9:00 am–4:00 pm EDT
Ottawa, ON, Canada
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Crisis-Ready with RIMS Canada Plenary Melissa Agnes”
“Turning Tides: Live from RIMS Canada 2022”
“Rising Risk and Insurance Professional Ana Lage, 2022 Fred H. Bossons Award Winner”
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Sinead Bovell. Futurist | Future of Work Expert
Sinead Bovell
WAYE
Sinead Bovell is a futurist and the founder of WAYE, an organization that helps prepare the next generation of business leaders for a world radically transformed by technology with a focus on non-traditional and minority markets. She is an eight-time United Nations speaker, an experienced host, and certified in AI ethics from MIT. Bovell founded WAYE (Weekly Advice for Young Entrepreneurs) in 2018. Every day, over 10,000 Millennials and Gen Zs tune into Bovell’s platforms to hear her take on technology and the future, and in particular her future forecasts on the ethical challenges of emerging technologies. To date, she has educated over 200,000 young entrepreneurs on the future of technology. She also serves as a strategic advisor on digital inclusion to the United Nations International Telecommunication Union. Dubbed the AI Educator for the “non-nerds” by Vogue and one of Refinery 29’s “Top Ten Black Women Changing the Game,” Bovell has given formal addresses to presidents, royalty, and Fortune 500 leaders on topics ranging from cybersecurity to artificial intelligence. She also hosted WIRED magazine’s hit YouTube series, “What We Will Know” and gave a TEDx Talk on the ethics of avatars in 2022. Bovell received her MBA from the University of Toronto. Prior to founding WAYE, she worked as a management consultant for A.T. Kearney and was a tech contributor for several publications, including The Toronto Star and The Globe and Mail.
Tweetables (For Social Media Use):
“I started to zoom in on how technology is going to disrupt how we live and how companies work and operate and that was kind of a lightbulb moment for me.” — Sinead Bovell
“This was the right thing to do but there was no general, ‘This is the step you should take;’ it was more just an inner feeling that something isn’t right, and I’m going to have to build the life I want. I’m not going to be able to go apply for it.” — Sinead Bovell
“Everything we do is creating a digital “gravesite” for all the decisions that we’ve made; all the things that we share. All of that is in the ever-after land of the digital world. … We’re stepping into a new world where your digital footprint is … yourself” — Sinead Bovell
“AI is essentially a prediction machine. … If you use AI, you are becoming an AI company. There are ethical challenges. … Where is the data sourced that you are using? Are there biases embedded in all of that?“ — Sinead Bovell
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin visits with two guests today to discuss the RIMS Canada Conference 2023 on September 11th–14th in Ottawa! The first guest is the National Co-Chair of the RIMS Canada Conference 2023, Valerie Barber. Justin and Valerie discuss her risk career, her role with the government of Manitoba, and how Canada’s provincial government is a good place to establish a risk management career. Valerie discusses some of the Plenary and educational events to expect at the RIMS Canada Conference. Valerie talks about Plenary Speakers Sinead Bovell and Melissa Agnes.
Melissa Agnes joins the episode as the second guest. Melissa is a world-renowned expert on crisis management and is the Founder and CEO of Crisis Ready Institute. She discusses consulting for agencies and large organizations, and how “Crisis Ready” beats managing a crisis as it happens. She talks about her Plenary talk for RIMS Canada Conference 2023 and what hampers people from being ready for a crisis. She shares some steps to being ready before a crisis comes and managing it when it does.
Listen in and learn to be Crisis Ready and protect your brand.
Key Takeaways:
[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.
[:32] About today’s episode, where we will talk about RIMS Canada Conference 2023 and hear from one of the plenary speakers about crisis management.
[:55] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.
[1:16] For those of you based in Canada, Justin needs to hear from you about a game show he will be hosting on September 13th. A link to a survey is in this episode’s notes. He needs your honest feedback, so he can say, “Survey says: …” Please check out the links in this episode’s notes!
[1:39] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:56] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[2:08] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[2:22] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration is open, as is a call for nominations for the ERM Award of Distinction. Those submissions are due September 1st.
[2:43] The first guest on today’s episode is the National Co-Chair of the RIMS Canada Conference 2023. She has also been a risk leader for the government of Manitoba for more than 20 years. She will share her risk philosophies and then we will talk about RIMS Canada Conference 2023.
[3:01] Justin welcomes Valerie Barber to RIMScast!
[3:18] Valerie started in accounting, for an insurance agency and company. After five years, she worked in claims at a brokerage office for several years. She took a position next with the government of Manitoba in claims and loss prevention, then insurance and risk management, and later, the director of the insurance and risk management branch.
[4:18] Her background in working with losses as they happened and preventing future losses was a good foundation to move into the risk management side. Valerie is going on 24 years of working with the government of Manitoba,
[4:53] Valerie’s employer is a small but mighty branch of the government. There are four individuals, an increase. They are now fully staffed. It was incredibly relieving for Valerie to get the third and the fourth person hired. Since she started, she has done three of the four positions in the branch.
[6:40] In Canada, there are significant numbers of pubic sector risk professionals in RIMS, attending the conferences and other educational opportunities. Risk professionals that Valerie has met are quick to share knowledge and experiences they’ve encountered that may help others going through similar situations now.
[7:46] Among the RIMS provincial membership there is an informal group called GovRIMS, that meets before the conference every year.
[9:32] The theme of the RIMS Canada Conference 2023 is Risk Evolution...Be a Part of It. Risk continues to evolve in Canada, as everywhere else, as old risks develop and new risks emerge. Risk managers today have to reimagine and adapt. What worked before may not work today.
[10:15] Valerie notes numerous challenges: cyber, political, financial, weather-related events, fires in Hawaii and Canada, flooding, artificial intelligence, and pandemics. In 2020 RIMS was to have Vision 2020 in Ottawa which did not occur because of COVID-19. Three years later we are finally getting there!
[11:32] RIMS Canada Conference 2023 will be held on September 11–14 in Ottawa, the beautiful capital city of Canada, named by CNN Travel as one of the best destinations to visit in 2023. There are many local attractions. Shops, the ByWard Market, Parliament buildings, and National Museums are close to Shaw Convention Centre.
[12:50] The Shaw Convention Centre is exceptional, with stunning views of the canals and city skyline. The Conference Centre is very spacious to accommodate all aspects of the conference, including the opening night reception, the plenary sessions, concurrent sessions, and the exhibit hall, which we are pleased to say was sold out in space.
[13:54] The Plenary Sessions feature speakers who are making an impact on the risk landscape with their followers. Day 1’s plenary is Melissa Agnes, who is recognized as a leading authority on crisis preparedness, reputation management, and brand protection. There are many crises out there for which we need to be prepared.
[14:45] It will be interesting to learn the types of strategies and the secrets to successful crisis management. The next big event is potentially around the corner, globally, nationally, or in our backyards.
[15:28] The second featured Plenary Speaker, Sinead Bovell, is a future-of-work expert. She will discuss the future of AI in her address. AI is a prime example of risk revolution. An AI-related age discrimination case has been filed recently. AI hiring software was rejecting candidates over certain ages.
[16:49] Valerie is interested in learning about the good things that will be happening with AI in risk management.
[17:06] Closing out RIMS Canada Conference 2023 on September 14th is Lt. General Roméo Dallaire, an international champion of human rights, a mental health advocate, and a leadership & crisis management expert. Lt. General Dallaire is a Canadian national treasure not only for his military background but also for the work he’s done afterward.
[18:27] The RIMS CRMP Exam Prep will be a pre-conference workshop on September 10th and 11th on-site. See the link on this episode’s notes. Save $100.00 Canadian when you register for both the conference and the workshop. There were 75% more sessions submitted for consideration.
[18:50] There are 68 exceptional educational sessions. Sessions are either 60-minutes long or there are 20-minute thought leadership sessions. Tracks include career development, claims management, cyber risk management, Diversity, Equity, & Inclusion, emerging risks, and more. Select educational sessions on the registration page.
[20:15] Justin is hosting a Family-Feud-style gameshow on September 13th. You can see details in this episode’s notes. Justin thanks Valerie for being on today’s episode,
[20:46] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.
[21:31] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[22:04] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[22:12] For anyone attending RIMS Canada on September 10th and 11th, we will host an in-person RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.
[22:32] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[22:45] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern. Visit Rims.org/webinars or the link on this episode’s show notes to register.
[23:12] On September 26th, Gallagher will present A Road Less Challenged? An Outlook on the Management Liability Market at 10:30 a.m. Eastern Time. Visit RIMS.org/Webinars to learn more about these webinars and to register!
[23:29] Links are on the show notes. Webinar registration is complimentary for RIMS members.
[23:37] Our next guest, Melissa Agnes, is a world-renowned authority on crisis management and the Founder and CEO of Crisis Ready Institute. She will kick off the RIMS Canada Conference 2023 on September 11th with the Plenary Session. Melissa joins us today to provide a brief preview and talk about her risk management career.
[24:03] Justin welcomes Melissa Agnes to RIMScast and introduces her. Melissa has advised people around the world from all walks of life. She has worked with NATO and other notable agencies and organizations to help them understand risk and build invincible brands that can withstand even the most devastating of events.
[25:01] Global agencies and governments are slow to create change. One of the great things for Melissa is to work with the individuals who recognize the slowness of the change process and continue to advocate internally to uplevel the organization’s skillset in crisis response.
[25:49] Around the world in governments and agencies, Melissa finds incredible people with thankless jobs where even their stakeholders don’t understand the complexity of their roles and there are a lot of negative viewpoints, yet they continue to work to level up their skillset and bring the cultural component of “crisis ready” to the organization.
[26:38] Melissa coined the term “crisis ready” about 14 years ago. It came out of her frustration with the status quo of crisis preparedness. Melissa didn’t agree with the status quo. She created a definition for “crisis ready” that is similar to but more than crisis preparedness. She started it as a hashtag, #CrisisReady, and it became a brand.
[27:23] Crisis ready is about having a culture. It’s not about having a crisis management plan document that sits on a shelf but about developing a program that permeates the organization. It consists of the mindset, skillset, and capabilities designed to respond to crisis in a way that strengthens trust.
[28:07] Melissa explains about measuring trust. You can feel it. It’s just not easily quantifiable. That’s part of the struggle. In organizations, getting buy-in support for the “crisis-ready” culture is universally the biggest challenge that I experience.
[28:51] No matter how “crisis ready” an organization is, there’s constantly the obstacle of gaining buy-in and support. It’s against human nature to talk about the negative. They don’t understand what a strength-building positive it is to get past viewing “crisis ready” as a negative.
[29:33] In her future presentations and book, Melissa will be talking about the five hindrances people face in getting “crisis ready” or dealing with crises as they occur. It’s against our human nature to get ready. The five hindrances are avoidance, ego, fear, ignorance, and politics.
[31:23] Melissa’s advice for non-profits: First, go through your core values and make sure that they are your foundation, what you stand for, and why you exist. Make sure that you’re living by them. Second, in alignment with the first, know how to respond to controversy. Controversy is a big part of the world, There is a tactic for responding.
[32:24] When responding to controversy, be thoughtful, decisive, clear, and quiet. Being thoughtful means looking at the controversy, understanding what it is, and understanding the emotion and how it drives the controversy and complicates things.
[33:26] Understand why it is controversial and divisive. Understand where it aligns with your core values. If you think you can appease everyone, you will have a hard awakening. Don’t try to make everybody happy.
[34:31] Being decisive means taking a stance. If you don’t, it looks like you are trying to appease everyone. Instead, you will lose everyone. State your core values and the stance you are taking in alignment with your core values.
[35:13] Being clear means being as clear and concise as you can in your response to the controversy. Talk about your core values. Do not leave room for ambiguity. Talk about why you’re taking the stance that you are in alignment with those core values. It needs to be concise and clear. People may not like it, but they can respect it.
[36:08] Being quiet comes when you have been thoughtful, decisive, and clear; there will be nothing left to say. Let the conversation unfold by itself. Let your advocates come to your defense. Let those who are upset have the space to validate how they feel and then they’ll move on. Then you can move forward with recovery.
[36:59] Often it takes an unfortunate situation for people to wake up and see they’re
not ready. At the beginning of her career, Melissa learned that she wanted her brand to be Crisis Ready, not crisis management. Crisis is an emotional time. Unless Melissa has a relationship with the leadership team before the crisis, her job is 100 times harder!
[38:00] Without a prior relationship, it’s hard for Melissa in the moment to help the organization cross that border of fear and ego. People get in their own way, and Melissa feels that she didn’t do as well as she could have for them because they blocked it.
[38:35] Melissa decided that she would build relationships before clients were hit with a crisis, so when they got in crisis, Melissa could kick into gear and serve them instead of fighting against their human nature of self-protection. She never wants to waste energy selling something to somebody who isn’t ready. She started her brand with a clear blog.
[40:04] A crisis can stem from social media or a physical event. We live in a complex world. A crisis has to hit certain criteria to be a crisis. If you call every social media issue a social media crisis, some people will not take it as seriously.
[41:13] Melissa sat on the panel that developed the updated International Standard for Crisis Management, or ISO 22361. That was pre-pandemic, in 2019. It was a UK committee but Melissa Canadian, based in the U.S. Melissa says it was a huge honor to be put on this panel. It’s always interesting to work by committee, but it was great.
[42:59] Melissa can spot her influence in the standard. No one person can create all of that alone. She feels proud of the collective efforts and collaboration of the committee and their lived experiences that contributed to creating that whole.
[44:06] Melissa is very excited about RIMS Canada Conference 2023! She will be bringing to the stage something that she can’t find anywhere else. The message is so important so she has so much passion for sharing what she’s going to share and engaging and interacting with the audience. She feels very honored to be able to do that.
[44:47] Without ego, Melissa says she hopes the audience will listen in. She is passionate about this message in the talk she’s been giving this year. It lights her up. Melissa doesn’t believe we’ve been set up for success in our society, from kindergarten straight through, and that will be part of her message.
[44:25] Justin looks forward to meeting Melissa Agnes at RIMS Canada Conference and thanks her for joining us on RIMScast!
[45:38] Special thanks to my guests for joining me. I’m looking forward to Melissa Agnes’s Plenary Session on September 11, 2023, at the RIMS Canada Conference in Ottawa. Register now at RIMSCanadaConference.ca.
[45:52] Be sure to tune in next week to RIMScast. We have another Plenary Speaker from RIMS Canada Conference 2023, Sinead Bovell.
[46:01] We cover crisis management in Risk Management Magazine. You can find it at RMMagazine.com but RIMS members can access it instantly via the RIMS app. This is a special members-only benefit. Everybody loves the RIMS app!
[46:23] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[47:03] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[47:26] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[47:41] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[48:02] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
RIMS Canada 2023 — Game Show Survey!
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMS Webinars:
A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers | Sept. 7, 2023
A Road Less Challenged? An Outlook on the Management Liability Market | Sponsored by Gallagher | Sept. 26, 2023
RIMS.org/Webinars
Upcoming Virtual Workshops:
Fundamentals of Insurance | Sept 12–13
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Exam Prep at RIMS Canada 2023
September 10–11, 2023
9:00 am–4:00 pm EDT
Ottawa, ON, Canada
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Turning Tides: Live from RIMS Canada 2022”
“Rising Risk and Insurance Professional Ana Lage, 2022 Fred H. Bossons Award Winner”
“Safety and International Risk Leadership with Franck Baron”
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
Sponsored RIMScast Episodes:
Subrogation and the Competitive Advantage | Sponsored by Fleet Response (New!)
Cyberrisk Outlook 2023 | Sponsored by Alliant (New!)
Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Valerie Barber:
Valerie Barber
National Co-Chair of the RIMS Canada Conference
Government of Manitoba
About our guest, Melissa Agnes:
Melissa Agnes
Crisis Ready Institute
Tweetables (For Social Media Use):
“If you’re encountering a situation, someone else has encountered it before. … Individuals are very free with providing and sharing information that they have and different strategies and solutions that they’ve used to deal with similar situations.” — Valerie Barber
“There are numerous challenges that we face, including cyber, political, financial, weather-related events, … just this week with Hawaii, very unfortunate, … wildfires, flooding, … artificial intelligence, … and of course, pandemics.” — Valerie Barber
“One of the great things is working with people, individuals, who even admit that kind of slowness, that snail-paced progression [of a large agency]. They continue to advocate internally for the need to uplevel their skillset in crisis response.” — Melissa Agnes
“In these large organizations, … getting buy-in support [for a ‘crisis ready’ culture] is universally the biggest challenge that I and anybody in my shoes, whether they’re consultants or they’re internally advocating for this, experience.” — Melissa Agnes
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Alycia Anderson is a TEDx motivational speaker; disability advocate; corporate diversity, equity, inclusion, and accessibility consultant; founder and CEO of The Alycia Anderson Company, LLC; and host of the podcast Pushing Forward with Alycia. July is Disability Pride Month and Alycia wrote an article, “8 Ways to Include Disability in DE&I Efforts,” for the July RIMS Risk Management Magazine. She comes on the show to share those tips with us and continue the conversation in August.
Alycia also discusses the importance of representation, especially for people with invisible disability, and providing a psychologically safe place for people with disability to raise their hands and talk about their needs in the workplace.
Key Takeaways:
[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.
[:33] About today’s episode, where we will discuss some major cyber reporting news with RIMS Risk Management Magazine Managing Editor, Hilary Tuttle.
[:56] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.
[1:16] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:33] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:45] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:59] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.
[2:22] August 18th is the last day to submit a session for RISKWORLD 2024. See the link to the online submission form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego, California!
[2:40] July is Disability Pride Month, a commemorative celebration of the Americans with Disabilities Act being signed into law in 1990. RIMS Risk Management Magazine, as is our flagship publication and there’s a wonderful article in the current print edition. It is also available online. It’s called, “8 Ways to Include Disability in DEI Efforts.”
[3:02] The article was written by Alycia Anderson, the Founder of her company. She’s best known for her TEDx talks. Justin thought she would be a fantastic guest on RIMScast to talk about the tips in the article and extend the dialog beyond July.
[3:23] We are going to provide some actionable tips for risk managers and business leaders who want to make the DE&I conversation more inclusive about people with disabilities, throughout the year.
[3:44] Justin welcomes Alycia Anderson to RIMScast. The topic is disabling ableism. Alycia is an international TEDx motivational speaker, a disability advocate, a DE&I and Accessibility corporate champion, and a podcast host advocating for diversity, equity, and inclusion in the workplace and including disability in that conversation.
[4:45] Alycia has a Master’s degree in Adaptive Physical Activity. It’s work she has been doing for pretty much her whole life. She was born with her disability, sacral agenesis, so she has lived her life in a wheelchair. The path of advocacy and fighting for her opportunities in life is been a requirement from day one.
[5:11] Today, Alycia is focused on bringing some of that exposure to corporate America and speaking to companies globally about the benefits, principles, and practices of including disability inclusion in these diversity conversations that we’re having all over the world.
[5:41] Alycia worked in corporate America for around 20 years. Through her experience of climbing the corporate ladder, into the business she owns today, she has had a constant relationship with risk management professionals. Often the inclusion of disability in the workplace is seen as a risk.
[6:18] It’s always in play for Alycia to dismantle that assumption, start the conversation and bring the human spirit into opportunities in employment for people with disabilities.
[6:43] Alycia thinks we’re just starting to scratch the surface and raise awareness among risk managers about disability and other DE&I issues. Diversity conversations have picked up since COVID-19, George Floyd, and things that have been happening in society. Disability traditionally, is one of the last issues to catch on in a movement.
[7:23] Through Alycia’s experience, disability inclusion has been a compliance-driven, check-off-the-box, ADA conversation about accommodation. Where is the conversation going to look at the human experience, the value of it, and what it brings to organizations? The human experience is our common ground.
[7:49] We’re gaining traction in this DE&I conversation. Alycia believes that’s why she is so busy. She’s spending a lot of time educating organizations globally on the subject of the ROI, how this conversation benefits all of us, and dismantling some of the typical barriers from a disability inclusion standpoint that would tie into risk management.
[8:26] What are our attitudes toward inclusion? What are the physical barriers, policy barriers, and communication barriers? There’s a lot to unpack in this conversation and start to educate. We’re at the beginning of education on disability inclusion.
[9:32] Alycia says disability invisibility is prevalent. Disability is one of the largest marginalized groups in this diversity conversation. It’s one-seventh of our global population. We’re not creating environments in the workplace for employees to feel safe and comfortable to raise their hands and identify with whatever disability they have.
[9:55] The way companies can do better and continue the conversation is to have the conversation; to start to get comfortable with it, to start to formalize it. That means talking about it regularly and remembering that not everybody is going to feel safe initially to raise their hand and have those conversations.
[10:20] Is feeling safe the same as feeling comfortable? Alycia is talking about feeling emotionally safe. Alycia always wanted to hide her disability when she could, like on LinkedIn. She wouldn’t tell hiring managers she was in a wheelchair because she knows that there is stigma, bias, and fear about what is possible for people with disabilities.
[10:46] We are not diving into the conversation. People are afraid to raise their hand at work and say, “I’ve got a hearing impairment. I need this small thing on my computer so I can function better.”
[11:13] Once companies start to have open conversations, have accessibility mission statements, and hire people with disabilities and promote them into positions of leadership, have more visibility, hire speakers, have ongoing education in each department, it shows employees and customers that you are open to this conversation.
[11:47] It shows that it’s psychologically safe to explore this a little bit deeper. Then employees feel that they can start to raise their hand and not feel like they’re going to be discriminated against, fired, not promoted, or all the things we’ve seen historically with the 70% of people with disabilities that are not even working.
[12:14] We’ve got a society that has a lot of pretty negative stigma placed on disability. Alycia is trying to bridge the gap and bring in humanity to open up opportunities for people that are going to follow her down the path.
[12:58] How do risk managers go beyond the ADA and the Rehabilitation Act? These are baseline legislation. How do we expand the opportunities? How do we move forward with better legislation and more law? Accessibility in the workplace is innovative. It’s an opportunity for us as companies to grow our businesses.
[14:07] We need innovations for people with disabilities to have a spot in the workplace. It challenges us as companies and employers to innovate. When we’re looking at many different ability types, and we’re creating products, services, and infrastructure that works for the majority of abilities, we’re creating innovation that we choose universally.
[14:39] Siri, texting, closed captioning; we’re choosing products, services, and infrastructure, whether we have a disability or not, today, that were developed for accessibility initially.
[14:57] To create more of a universal design model where we are simply baking this philosophy into our development as businesses, as employers, as developers of technology, we’re creating opportunities for a larger employee base.
[15:45] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.
[16:29] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Recent RIMScast guest Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[17:02] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[17:14] For anyone attending RIMS Canada on September 10th and 11th, there will be a RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.
[17:30] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[17:49] There is a new RIMS webinar called A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace. It is sponsored by Travelers and Constitution State Services on September 7th, 2023 at 12:00 noon Eastern. Visit Rims.org/webinars or the link on this episode’s show notes to register.
[18:25] Webinar registration is complimentary for RIMS members. RIMS has a DE&I Resource Page. Find a link through the Community tab of Rims.org or on this episode’s notes. It has information about our DE&I Advisory Council and reports, articles, toolkits, mentorship program opportunities, and more. RIMS has a strong commitment to DE&I.
[19:10] Alycia Anderson contributed a wonderful article in July to the online edition of RIMS Risk Management Magazine. It’s called “8 Ways to Include Disability in DEI Efforts.” A link is on this episode’s show notes. July was Disability Pride Month. In the article, Alycia suggested starting an Employee Resource Group to keep the conversation going.
[19:45] What does it take to start an Employee Resource Group and how does that factor into people feeling emotionally safe enough to speak out? The steps to create an Employee Resource Group will come from your company’s policy manual. However, disability is generally not included in the advocacies within organizations.
[20:26] There’s a study that shows 90% of companies today have DE&I programs. Of that 90%, only 4% are including disability in their DI efforts. Within DI efforts, traditionally there are employee resource groups where people with disabilities come together. The point is, we need to include it in the advocacy of the diversity work in the organization.
[21:37] When we start to include disability and accessibility in these conversations while we’re launching employee resource groups, we need to implement HR recruiting initiatives to hire people with disabilities. We need to hire them as experts. “Nothing for us without us,” is a principle of disability advocacy.
[22:01] Hire people with visual impairment to help you with accessibility on your website. It’s powerful to use the community of experts to help you perfect the path you’re on. Include disability in this advocacy for diversity and inclusion in the workplace.
[22:49] Alycia says by putting accessibility tools on your website and representation in your marketing, you’re visually including people with disabilities, whether visible or invisible. One in four people with invisible disabilities does not raise their hand. They do not see their organizations creating space for them. Representation matters.
[24:15] Alycia talks about companies that have hired her company, including Abercrombie & Fitch, Burlington Coat, Blue Shield of California, Victoria’s Secret, and more. These companies are integrating her training into their year-round initiatives.
[25:13] Microsoft embeds disability inclusion and accessibility in every aspect. They don’t ship one thing without making sure that it is accessible or that disability inclusion is embedded in it. It drives innovation. There are billions of dollars of buying power from people with disabilities just waiting to have something accessible to use, to buy.
[26:20] Alycia has been discriminated against in the workplace. She has been excused from offices and had meetings on the grass because of an ADA lawsuit. She was the first waitress in a wheelchair. She showed what was possible. There are lots of moments that have empowered Alycia she wants to share what she can while she can.
[27:06] It’s been a powerful life path. She knows we’re not seeing enough of this. That’s why she does the TEDx. She’s been speaking for years. She is seeing bands of advocacy coming from different groups, so she saw it as her opportunity to include disability advocacy, talk about ableism and educate us on our biases in favoring able bodies.
[27:50] Alycia’s goal is simple. It’s to widen the pathway of opportunity for people with disabilities to follow so maybe they don’t have such a hard time in convincing society that we’re powerful and able and we bring a lot to the table. She got to a point when it was time to use her voice. She felt it in her heart and so she tried a TEDx talk.
[28:29] Alycia was comfortable in her life, and when she chose to be a public speaker, she allowed the layers of insecurity to go away. Coming from a sales background, she got good at pitching strangers and companies. Over time, she got used to it. Getting on stage wearing a microphone made her feel tall and loud. She tries to project humanity.
[29:57] Alycia’s biggest motivator on-stage is the 15 minutes of open Q&A she offers her audience. She challenges them to ask the things they’ve been afraid to talk about with disability. She sees in their eyes and their questions that this helps them.
[30:36] Alycia spoke at a large company. A mother asked about her son with a suddenly disabled right arm. He learned to play the trumpet with his left hand, but he was made fun of so he put it down. After her keynote, the boy picked up the trumpet and will never put it down again. People with disabilities want to be who they are, the way they are.
[31:18] What inspires Alycia is enabling her audience to feel safe, strong, and powerful within who they are at that moment.
[31:39] Her final words: “Reach out to me if you’re looking for a DE&I conversation.” Listen to her podcast, Pushing Forward, with lots of great learning opportunities. “I really appreciate opening your audience up to this conversation! AlyciaAnderson.com, if you want to find me.”
[32:07] Justin thanks Alycia for joining us in August to keep the conversation going after July!
[32:15] Special thanks to Alycia Anderson for joining us here today to discuss the ways to include disability in DE&I efforts. I hope everyone out there can start using some of these tips in their day-to-day activities. The article is live at RMMagazine.com and it’s in print. More RIMS coverage on related topics is on this episode’s notes.
[32:40] If you’re a member, you can check out Risk Management Magazine on the RIMS app. Be sure to go to the App Store and download it. It is a member-exclusive benefit and it is fantastic!
[33:00] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[33:41] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[34:05] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:20] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[34:40] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
Submit an Educational Session for RISKWORLD 2024 by Aug 18!
RIMS ERM Conference 2023 | Nov 2-3 in Denver, CO!
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
RIMS DEI Council & Resource Page
“8 Ways to Include Disability in DEI Efforts,” – Risk Management Magazine (July 2023)
RIMS Webinar:
A Decade of Disconnect: Understanding Multi-Generational Mental Health in the Workplace | Sponsored by Travelers and Constitution State Services | Sept. 7, 2023
Upcoming Virtual Workshops:
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Exam Prep In-Person Workshop
In Ottawa, ON, Canada
September 10–11, 2023
9:00 am–4:00 pm EDT
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Mental Health Awareness Month 2023” “Pride Month 2023 with the Rainbow Risk Alliance” “Risk Insight with AAIN Leadership”
“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons”
“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”
“Launching DEI Initiatives with Tara Lessard-Webb” (2021)
“Pride Month: How Risk Pros Can Protect and Uplift LGBTQ+ Employees” (2021)
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest, Alycia Anderson:
Website Alyciaanderson.com
LinkedIn Alyciaranderson
Instagram Alyciaspeaking
Pushing Forward with Alycia Podcast Alyciaanderson.com/podcast
Tweetables (For Social Media Use):
“I’ve got a Master’s degree in Adaptive Physical Activity. This is work that I’ve been doing, pretty much my whole life. I was born with my disability.” — Alycia Anderson
“I worked in corporate America for 20 years and through my experience of climbing the corporate ladder, and now into the business that I’m in today, it’s kind of been a constant relationship with risk management professionals.” — Alycia Anderson
“A hot topic is the non-apparent invisible disabilities … that is one in four of us in the United States. There are so many employees that have invisible disabilities that are not raising their hand because they don’t see their organizations creating space.” — Alycia Anderson
“My goal is simple. It’s to widen the pathway of opportunity for people with disabilities to follow so maybe they don’t have such a hard time in convincing society that we’re powerful and able and we bring a lot to the table.” — Alycia Anderson
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
RIMS Risk Management Magazine Managing Editor Hilary Tuttle rejoins RIMScast to discuss new cyber incident reporting policies issued by the SEC. (Press release: sec.gov/news/press-release/2023-139.) Hilary talks about the key role that governance plays in the SEC’s announcements and how risk managers need to put this on their radar and even use it as an opportunity to demonstrate their value to the organization.
Hilary also discusses a cyber insurance market outlook for the latter half of 2023.
Key Takeaways:
[:01] About RIMScast and the RIMS App, an exclusive benefit for RIMS members.
[:32] About today’s episode, where we will discuss some major cyber reporting news with RIMS Risk Management Magazine Managing Editor, Hilary Tuttle.
[:58] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.
[1:19] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:36] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:48] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[2:02] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.
[2:25] We are accepting educational session submissions for RISKWORLD 2024. See the link to the online submission form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego!
[2:44] Cyber is on our radar here at RIMScast! In July 2023, The United States Securities and Exchange Commission issued new rules for cyber incident reporting as well as guidance for cybersecurity governance. I asked my colleague Hilary Tuttle to join us here on RIMScast. Hilary is the RIMS Risk Management Magazine managing editor.
[3:16] Hillary is our resident authority on cyber. She’s been reporting on it for years. She’s here to tell us what’s going on and what you need to know if you are a business leader, risk manager, or chief technology officer when it comes to these new reporting guidelines.
[3:45] Justin welcomes Hilary Tuttle back to RIMScast. Justin says he thinks of Hilary Tuttle when he sees cyber news.
[4:10] The big news is the United States SEC adopted some controversial new cybersecurity reporting rules and we need to talk about them. There’s the hook, and then there’s the deeper understanding of what’s going on. First, we’ll talk about the hook.
[4:38] Hilary says organizations are going to have to report to the SEC any cyber incident within four days of assessing the material financial impact of an incident. A material financial impact is financial losses or a significant impact on a company’s financial performance or results. This may be a reputation risk with a potential dip in stock price.
[5:34] The SEC has not stipulated what qualifies as a significant impact on a company’s financial performance or results. The rule on incident reports starts in December 2023. The rule on incidents that must be reported in annual reports starts in fiscal years beginning in 2024.
[6:31] Organizations have to establish that an incident happened. Was there data exposure? Was there a loss? Was there a disruption or outage because of a malicious actor? The forensics on these questions is what takes time for certain cyber incidents. The SEC is not making stipulations about how long the forensics should take.
[7:24] The organization has to establish that the incident will have a material impact on financial performance. For large public companies, that can be a high bar to clear. Companies vary widely in the maturity of their current capacity to quantify the impact of the cyber incident.
[7:57] The new requirement does not stipulate timing relative to the onset of the cyber attack or exposure. The clock starts ticking once you realize that materiality is involved. That’s an easier timeframe to meet. This is an important bar and companies may not be prepared to conduct the set of math that needs to be done to meet it.
[8:32] The risk manager needs to align with the CFO and CTO to establish that equation. This also demonstrates what their benefit is in that equation.
[9:20] Justin plugs the ERM Conference 2023 in Denver, on November 2nd and 3rd. Registration opens Friday, August 18!
[9:41] Will these new reporting requirements lead to an increase in whistleblower claims, investigation, and litigation? New regulations lead to a formalized focus on what is unacceptable or illegal behavior, so there could be an increase in whistleblowing.
[10:32] Hillary has seen a budding class of shareholder-derivative suits that focus on cyber governance, the material impact of cyber incidents, and the board's fiduciary duties for cyber. This development reflects an evolution in our thinking about the tangible impacts of cyber risk, the severity of them, and where the responsibility is.
[11:10] The board and management have obligations and their dereliction of those duties has a concrete impact on a company’s future and shareholders. That is an actionable claim. We are seeing more formalization of those expectations and, in turn, more consequences for failures.
[11:47] The real headline in this decision is that the SEC is requiring formal cybersecurity risk management, strategy, and governance.
[12:09] Publicly-registered companies are going to need to incorporate formal disclosures into their annual reports, describing what, if any, processes they have in place for assessing, identifying, and managing material risks from cyber threats, the reasonably likely material impact of cyber threats, and previous cybersecurity incidents.
[12:35] The SEC is also going to be requiring companies to describe their board’s oversight of cyber risks and management’s role and expertise in assessing and managing material risks of cyber threats. That means that companies have to have a cyber risk management strategy and governance processes. Many do not.
[13:00] The requirement for a cyber risk management strategy and governance processes is the biggest burden on companies in terms of ensuring compliance with this rule. A lot of boards lack the expertise to effectively oversee a real cyber risk governance. The SEC is highlighting that cyber risk is business risk. It impacts viability.
[14:22] Cyber risk has been one of the top global risks listed by the WEF for years. Gary Gensler, chair of the SEC, noted that the requirement is aimed at making disclosures consistent, comparable, and decision-useful. Cybersecurity risk management plays a key part in establishing or maintaining a company’s value and survivability.
[15:38] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERM is a three-module course that begins September 21st.
[16:21] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Chris Hansen will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course!
[16:55] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register!
[17:03] The RIMS-CRMP-FED Exam Prep is on August 15th through 17th, 9:00 am–4:00 pm EDT. For anyone attending RIMS Canada on September 10th and 11th, there will be a RIMS-CRMP Exam Prep In-Person Workshop in Ottawa, and it will be led by former RIMS President Chris Mandel.
[17:29] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[18:11] Hilary shares thoughts about the cyber insurance market for the rest of 2023. She sees signs of optimism. Some businesses have come a long way toward bridging their cybersecurity risks with the more common, low-hanging fruit of phishing education, implementing multi-factor authentication, and crafting tougher passwords.
[18:49] There’s been a big shift in victim behavior toward ransomware. Ransomware losses have driven the hard market in cyber insurance. In 2019, 76% of victims paid ransom. In 2022, 46% of victims paid ransom. They are becoming more savvy about phishing and secure backups. Their insurance may have a ransomware exclusion.
[20:38] The cyber insurance market is getting more profitable and rates are moderating after a number of quarters of brutal rate hikes. That’s great news for risk managers. Marsh’s latest Global Insurance Market Index found that globally, cyber insurance pricing moderated to a 1% increase in Q2, compared to 11% in Q1, and 28% in Q4 2022.
[21:13] It’s better news in the U.S. Rates decreased 4% in Q2, compared to 11% in Q1. So things are looking up. Rates will not return to pre-ransomware days. We know a lot more now about what cyber costs. Hopefully, you know more about your exposure and your modeling. In the light of litigation about cyber coverage, there’s more clarity about it.
[22:08] We’re getting a more realistic perspective of what cyber should be and can be for buyers going forward. When it comes to cybersecurity and vulnerability, there’s always something you can do better. There is always a way that a threat actor will get you. But there is a bit more room to feel cautiously optimistic about the cyber insurance market.
[23:22] Whether the market remains “flattish” will depend on the companies and their losses in the latter half of 2023.
[23:32] Justin thanks Hilary for coming and breaking it down for us. This is valuable for the audience to know. We may follow up on the SEC rule at the beginning of next year, once everything goes into effect for everyone. It will be interesting to see how enforcement shapes up regarding the governance requirements.
[24:15] Justin thanks Hilary for joining us again on RIMScast.
[24:20] Special thanks to RIMS Risk Management Magazine Managing Editor Hilary Tuttle for joining us here today. Links to RIMS coverage of the SEC’s new cyber reporting rules are on this episode’s show notes. Be sure to check out Risk Management Monitor and RMMagazine.com for news as well.
[24:41] The new issue of Risk Management Magazine is now live in print and online. Visit RMMagazine.com.
[24:49] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[25:34] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[25:59] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[26:15] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[26:37] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
Submit an Educational Session for RISKWORLD 2024
RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO!
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
Upcoming Virtual Workshops:
Fundamentals of Risk Management | Aug. 8–9
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP-FED Exam Prep Virtual Workshop
August 15–17, 2023
9:00 am–4:00 pm EDT
RIMS-CRMP Exam Prep In-Person Workshop
In Ottawa, ON, Canada
September 10–11, 2023
9:00 am–4:00 pm EDT
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Near-Misses Still Count”: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle
“Mid-Year 2023 Update with Morgan O’Rourke and Hilary Tuttle”
“Cybersecurity and Insurance Outlook 2023 with Josephine Wolff”
“Genuine Generative AI Talk with Tom Wilde of Indico Data”
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Chris Hansen on LinkedIn
Snug Harbor Risk Consulting
RIMS New Jersey Chapter
Tweetables (For Social Media Use):
“Organizations are going to have to report any cyber incident within four days … of assessing material financial impact of an incident. … [A material financial impact is] financial losses or a significant impact to a company’s financial performance or results.” — Hilary Tuttle
“You have to establish that an incident happened. Was there data exposure? Was there a loss? Was there disruption or outage because of a malicious actor? The forensics on that part is often what takes time for certain types of cyber incidents.” — Hilary Tuttle
“As Gary Gensler, the chair of the SEC, noted, the requirement here is aimed at making sure that these disclosures are consistent, comparable, and decision-useful and I think that’s a really interesting point.” — Hilary Tuttle
“It’s kind of a nice affirmation that, again, cyber risk is business risk. And cybersecurity risk management plays a really key part in establishing or maintaining a company’s value.” — Hilary Tuttle
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Chris Hansen is semi-retired and owns Snug Harbor Risk Consulting. He’s a reliable RIMS virtual instructor and he’ll be leading two upcoming virtual workshops — Fundamentals of Risk Management on August 8th and 9th and Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S., on November 7th and 8th. Links to the registration pages are on the education page of RIMS.org and this episode’s notes.
Chris has had a colorful career managing risk and safety for major companies and chains like Pathmark, Rite Aid, and Walmart. He shares the trajectory of his career and his risk philosophy and how fundamentals of risk management and worker comp played a pivotal role in his career path. Chris Hansen is a longtime, continuing member of the RIMS New Jersey Chapter.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode, where we will discuss fundamentals of risk management and Worker Compensation with Chris Hansen of Snug Harbor Risk Consulting.
[:38] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.
[:59] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:15] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:27] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:41] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.
[2:05] We are accepting educational session submissions for RISKWORLD 2024. See the link to the online submissions form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego!
[2:23] Chris Hansen is a longtime and continuing member of the RIMS New Jersey Chapter. He’s semi-retired and owns Snug Harbor Risk Consulting.
[2:34] Chris is a reliable virtual instructor at RIMS and he’ll be leading two upcoming virtual workshops, Fundamentals of Risk Management, on August 8th and 9th, and Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S., on Nov. 7th and 8th. Links to register are on the show notes.
[2:57] Justin talks to Chris about his career managing risk and safety for major companies and chains like Pathmark, Rite Aid, and Walmart and how worker comp and the fundamentals of risk management influenced his career.
[3:23] Justin welcomes Chris Hansen to RIMScast. Chris is a longtime member of the RIMS New Jersey Chapter.
[4:13] With a degree in industrial engineering, Chris started as an engineer for Pathmark Supermarkets. After the insurance crisis of the 1980s, he became the company’s first safety manager. They didn’t know what to do with the position until they had him report to Risk Management. When the Risk Director was promoted, Chris took that role.
[6:21] Chris led a team of great people until the company was acquired about 12 years later. At its biggest, his team was about 20 people, including clerical support staff.
[7:06] In the days before email, if a store had an accident, they filled out a five-part multicolor form and stuck it in the interoffice mail. It showed up in the risk management department after about four days. In the meantime, an injured party was wondering why they weren’t getting a phone call. Email is a big improvement.
[8:21] Chris went to Walmart from Pathmark, He wanted to work for a company too large to be bought by a competitor. He was a divisional safety manager. Eventually, Chris led the Safety and OSHA Compliance Program in Asset Protection for Walmart’s 4,500 retail stores with 1.3 million employees. He focused on reducing loss frequency.
[9:42] After Walmart, Chris went to Rite Aid in Harrisburg, Pennsylvania. Chris was VP of Risk Management at Rite Aid for about six years. Much had changed in risk management from the time Chris had left Pathmark. At Pathmark, there was no discussion of cyber or employment practice liability.
[10:41] When you’re in retail, but also you’re a healthcare provider, you’re right in the crosshairs. He enjoyed the work and had terrific business partners. Chris retired in the Spring of 2020. One of Chris’s last projects was helping the offices go virtual. The retail stores remained open during the COVID-19 pandemic.
[12:10] Chris’s job was about protecting the employees the best they could and coming up with HR policies on the fly, including pay. The pharmacists had to be there to take care of the patients. After that project, Chris was ready to retire.
[12:54] Chris tells how his risk philosophy changed from Pathmark to Rite Aid. His aha moment happened in 1992. James Carville, a political consultant for Bill Clinton, came up with, “It’s the economy, Stupid!” for the Clinton campaign. Chris printed up a sign, “It’s the frequency, Stupid!” as a risk mantra over his desk and he used it for all his career.
[14:43] If you take care of eliminating accidents, everything else takes care of itself. All risk-associated costs go down if you take care of frequency first. Chris has 28 consecutive years of claim frequency reductions for his employers!
[15:19] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Managing Data for ERMs is a three-module course that begins September 21st.
[16:03] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. Information about these sessions and others is on the Virtual Workshops page. Check it out and register!
[16:22] The RIMS-CRMP-FED Exam Prep is on August 15th through 17th, 9:00 am–4:00 pm EDT. For anyone attending RIMS Canada on September 10th and 11th, there will be an in-person workshop for the RIMS-CRMP Exam in Ottawa, and it will be led by former RIMS President Chris Mandel.
[16:48] Visit RIMS.org/Certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[17:11] What mindset is needed for the risk leader of a widely-known brand? What’s paramount is that you’ve got to protect the reputation of the organization. When a company fills 300 million scripts a year, even a low error rate can be disastrous. What can happen if there’s a high-profile claim or a data breach?
[18:04] Chris has dealt with floods, fires, stabbings, and shootings throughout his career. Those are high-profile events that have to be handled delicately. You have to be in lock-step with your business partners, public affairs people, and the leadership team. Even dealing with an individual claim, that person’s a customer and they have neighbors.
[18:34] When you’re self-administered for liability claims, you’re not handing the claim off to someone else. You’ve got to treat people equitably, with respect, but at the same time, protect the interests of the company the best that you can. It’s a delicate balance.
[19:23] Chris was at Walmart when an employee was trampled to death at Valley Stream as a store opened on Black Friday in 2008. It was Chris’s first Black Friday at Walmart. He had never seen an event of that scale.
[20:01] Chris was at a store in Union, New Jersey, standing to the side of the entrance when they unlocked the doors and a horde of people came rushing through. There were pallets of televisions down the first aisle. By the time the crown had thinned, there was nothing left but empty pallets and a few boxes that had been stepped on.
[20:29] It was the most surreal thing Chris had ever seen. Shortly after that, Chris got a call from his vice president at the HQ in Arkansas. She asked where he was and how soon could he get to Valley Stream. Pulling into the parking lot, seeing how desolate it was, and seeing police tape around the entrance, is something Chris will never forget.
[21:12] Chris explains the very unfortunate situation. They had started to open the doors to let a pregnant woman through because she was being pushed and the crowd just thought that was the opening. They just came rushing through the doors and an employee who was standing there got trampled and killed.
[21:35] OSHA was there and Chris had to deal with their investigation. Nassau County detectives were there, as it was a crime scene.
[21:54] What happened as a result of that tragedy was that Walmart put together the most comprehensive crowd-control program that had ever existed in retail. They brought in consultants who were specialists in crowd control who had done security for Super Bowls and big arenas. There’s a science to it and Walmart had been a novice.
[22:36] From that point forward, there was a plan and everybody stuck to the plan. They have never seen another tragedy like that again.
[23:11] That particular store, in Nassau County on Long Island, was the closest store to New York City so it was a very congested, high-volume store. Chris has never seen anything that cataclysmic and he never will again, he hopes.
[24:20] As a consultant, Chris is still focused on frequency; preventing accidents, but now it’s personal. When he’s working with power tools around the house or cleaning gutters, preventing accidents is the first thing he thinks about. He asks himself what could go wrong? Have someone hold the ladder!
[25:10] Chris has always felt you have to have good data to manage risk. That means knowing who your business partners are who have that data, whether it’s engineering, HR, or others. Chris is still focused on data, making sure he knows his numbers, At this point, the numbers he focuses on are cholesterol, blood pressure, and weight.
[25:52] Chris has Fundamentals of Risk Management on August 8th and 9th. Registration closes on August 7th. What will Chris be teaching? The course talks about risk management as a corporate function and how it fits into the organization. Chris talks about risk management processes, fundamentals, and procedures.
[26:31] Chris wraps up the seminar by talking about risk management as a profession. From his experience, it’s been a heck of a ride. It’s a profession that he’s very glad to have had an opportunity to work in. “War stories” help Chris cover things in context. If war stories don’t get their attention, he talks about his battle scars.
[27:17] On November 7th and 8th Chris teaches Managing Worker Compensation Employers’ Liability and Employment Practices in the U.S. Chris teaches what is the legal obligation for all employers. It’s very procedural and formula-driven. There are nuances to it, as laws vary by state. Worker Compensation is a state-based system.
[28:01] Chris gives folks the flavor of everything involved the loss control side, the cost containment opportunities to manage claims more effectively, take better care of your people, and get them back to work.
[28:16] From there, Chris teaches Elmployer’s Liability, which comes into play when something involving your employee is not covered under Worker Compensation. It’s a defense policy. Chris wraps up the seminar with Employment Practices Liability, which covers all the bad things that can happen to people and how the policies respond.
[29:02] There are links to registration pages for these courses in the show notes. If you’re a RIMS member, you get the benefit of reduced rates.
[29:15] Chris shares his advice for young risk professionals or anyone considering the risk management profession: “There are two things. The first is to be inquisitive. Ask questions. RIMS has a whole variety of courses available and so many different publications and things. … Risk Management Magazine is a terrific one.”
[30:18] “The other thing I would say is to develop your network and build relationships. Develop relationships with your internal business partners, because risk management is a discipline that touches everything in the organization. And to be effective, you have to have command of pretty much everything that goes on in your organization.”
[30:45] “The other thing I would say is if you’re in driving distance from a RIMS chapter, get involved with that chapter. You’ll get an opportunity to talk to your peers, to share concerns, seek advice and guidance, in real time over lunch, and hear some terrific speakers.” The New Jersey Chapter gets some phenomenal speakers.
[31:46] Justin tells Chris it’s been a real pleasure to see him again. There are links to the two courses on this episode’s show notes. Be sure to pounce on Fundamentals of Risk Management, on August 8th and 9th. Registration closes on August 7th. Justin thanks Chris for joining us on RIMScast.
[32:15] “Special thanks to Chris Hansen for joining me here on RIMScast. He’s had a fascinating career and I’m glad he’s sharing his knowledge in the RIMS Virtual Workshop Series. Register by August 7th for RIMS Fundamentals of Risk Management, a two-day course on August 8th and 9th.”
[32:34] On November 7th and 8th, Chris teachest Managing Worker Compensation, Employer’s Liability, and Employment Practices in the U.S. Links are on this episode’s show notes. RIMS members receive steeply discounted registration rates. Learn more about these and other RIMS virtual workshops through the education page of RIMS.org.
[32:56] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[33:39] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[34:02] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[34:17] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[34:39] Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
Submit an Educational Session for RISKWORLD 2024
RIMS ERM Conference 2023 | Nov 2-3 in Denver, CO!
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Western Regional – Oct. 4-6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
Upcoming Virtual Workshops:
Applying and Integrating ERM | August 1
Fundamentals of Risk Management | Aug. 8-9
Optimizing Risk Management with AI | Sept. 28
Managing Worker Compensation, Employer's Liability, and Employment Practices in the US | Nov. 7–8
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP-FED Exam Prep Virtual Workshop
August 15–17, 2023
9:00 am–4:00 pm EDT
RIMS-CRMP Exam Prep In-Person Workshop
In Ottawa, ON, Canada
September 10–11, 2023
9:00 am–4:00 pm EDT
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Near-Misses Still Count”: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle
“Genuine Generative AI Talk with Tom Wilde of Indico Data”
“Risk Management Education with Ken Goldstein and David Cisneros”
“Safety and International Risk Leadership with Franck Baron”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
Sponsored RIMScast Episodes:
“Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!)
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Chris Hansen on LinkedIn
Snug Harbor Risk Consulting
RIMS New Jersey Chapter
Tweetables (For Social Media Use):
“I graduated from college with a degree in industrial engineering and that’s what I was doing at my first employer, the Pathmark Supermarket chain.” — Chris Hansen
“In the early 1980s, there was an insurance crisis. … Up until that point, retailers had guaranteed-cost programs; very low deductibles. That got turned completely upside-down. So [Pathmark] internally posted a job for Safety Manager … It sounded interesting!” — Chris Hansen
“[Before email], if a store had an accident, they had this five-part multicolor form and … they stuck it in the interoffice mail. It showed up in the risk management department about four days later. In the meantime, there’s somebody out there with a broken arm!” — Chris Hansen
“You have to have good data to manage risk. That means knowing who your business partners are who have that data, whether it’s the engineering folks, … or the HR folks. … I’m still focused on data. I’m still focused on making sure I know my numbers.” — Chris Hansen
“Develop your network and build relationships … with your internal business partners, because risk management is a discipline that touches everything in the organization. To be effective, you have to have command of pretty much everything … in your organization.” — Chris Hansen
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Ahead of National Traffic Awareness Month in August, Subaru Corporate Risk Manager Carol Fritzsche joins RIMScast to discuss road risks, fleet safety, and theft prevention.
Carol has been at Subaru for 10 years and discusses how she and her risk group have been instrumental in setting policy for the automotive giant. Carol is a familiar face among the RIMS community, as a longtime member of the Delaware Valley Chapter of RIMS.
Carol speaks of her risk career in the automotive sector, her responsibilities for risk prevention and mitigation, and captive Pleiades Insurance Company, Ltd., which underwrites the Subaru fleet of over 1,200 vehicles. Carol explains how Pleiades saves money and generates profit. She tells of the challenges of automotive risk management and new risks that arise. Carol shares her enthusiasm for her work and how the risks are always changing. She tells of Subaru customers supplying the situations in the Subaru “We Survived” stories. Carol also offers advice for people considering automotive risk management.
Key Takeaways:
[:01] About RIMScast.
[:25] About today’s episode, where we will talk about fleet safety and Traffic Awareness Month risk with Subaru Corporate Risk Manager, Carol Fritzsche.
[:38] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottawa! Visit RIMSCanadaConference.ca for more information.
[:59] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:15] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:27] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:41] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.
[2:05] We are accepting educational session submissions for RISKWORLD 2024. See the link to the online submissions form in this episode’s notes. RISKWORLD 2024 will be held May 5th–8th in San Diego!
[2:22] August is nearly here. August is National Traffic Awareness Month here in the U.S. This is a time when an increased number of vehicles are on the road, including fleets. Today’s guest, Carol Fritszche, is the Corporate Risk Manager for Subaru. Some RIMS members know Carol from the RIMS Delaware Valley Chapter, where she is a member.
[2:44] Justin met Carol Fritzsche years ago at a RIMS event and Justin has always been fascinated by Carol’s work. Justin outlines today’s conversation about Carol’s responsibilities at Subaru, how she helps drive a culture of safety, and the satisfaction she gets from working with captives.
[3:11] Justin welcomes Carol Fritzsche to RIMScast. Carol has been at Subaru for 10 years. She calls it a great job at a great company. She started at Subaru as an intern in risk management, left for a year-and-a-half to work for an insurance broker, and came back to Subaru.
[4:37] Carol mentions the amazing number of parts and the details that go into manufacturing a car, where the end-user just opens the door and turns on the ignition.
[5:26] As Corporate Risk Manager, Carol buys corporate insurance. Subura also has a captive about 35 years old that insures a lot of Subaru’s risk, including the fleet, general liability, worker’s comp., marine, and extended warranty. Carol is also on the underwriting side for the captive. Subaru Corporate Risk Management has 10 members.
[6:38] Carol notes differences within the risk management space at Subaru. Subaru of America is the marketing and distribution arm of Subaru Corporation in Japan manufactures the vehicles. Carol marvels at vehicle design.
[7:52] Justin refers to American Auto as a good look at what not to do in risk management. It’s an Office-like comedy about how not to run an automotive company.
[8:15] One reason Justin invited Carol to RIMScast is that August is National Traffic Awareness Month in the U.S.
[8:41] Subaru’s captive, Pleiades Insurance Company, Ltd., insures the Subaru auto fleet of over 1,200 vehicles that employees and their family members drive for business and personal use. Pleiades is very focused on driver safety with strict criteria on who is allowed to drive. They don’t allow cell phone use at all, even hands-free, in the vehicles.
[9:47] Pleiades penalizes drivers for getting a cell phone ticket. Pleiades is very concerned about drunk driving. If you get a DUI or DWI, Subaru suspends you from the program for seven years. If you’re out and you drink, you can expense getting an Uber instead of driving home.
[12:03] Carol tells her children who drive, we know you’re a safe driver but it doesn’t matter how safe you are, you have to worry about everyone else on the road around you. Carol’s favorite Subaru commercial is “We Survived.” The commercials come from testimonials sent in by Subaru customers.
[13:28] Pleiades constantly monitors its claims history, seeing what is the major cause of loss and how much damage is being caused. The vehicles in the fleet are newer, so most of them have Subaru EyeSight. It stops the car from colliding with something. If the car is in an accident, though, it’s a little more expensive to fix!
[14:54] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Applying and Integrating ERM will be held on August 1st and 2nd by Ken Baker of Enterprise Risk Consulting.
[15:41] Chris Hansen of Snug Harbor Risk Consulting will be leading the two-day virtual workshop Fundamentals of Risk Management on August 8th–9th.
[15:52] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. More information about these sessions and others is on the Virtual Workshops page. See the full Virtual Workshop schedule and register.
[16:12] The RIMS-CRMP-FED Exam Prep is on August 15th through 17th, 9:00 am–4:00 pm EDT. See the links at Rims.org/certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full Virtual Workshop calendar.
[17:03] Subaru fleet vehicles have the in-vehicle technology STARLINK that allows Subaru to track vehicles if they happen to be stolen. Customers can call in to activate STARLINK to see where their vehicle is. They have to verify they are the owner.
[17:48] The Risk Management department focuses on insurance and loss control. The product side is managed by Subaru Manufacturing. Carol’s Risk Management department collaborates with the technology and product departments. Her primary focus is on loss prevention and loss mitigation.
[19:10] Carol went to school at Temple for risk management and insurance. There “was maybe a paragraph on captive insurance in the textbook.” It was never brought up again. When she started at Subaru it was exciting to work on the day-to-day operations of the captive.
[19:37] The captive started when auto insurance was in a hard market and it was very difficult and expensive for Subaru to get auto insurance for its fleet. Subaru knows the risks better than the insurance companies do, so it makes sense for them to insure the fleet themselves.
[20:07] Subaru has a large fleet with a lot of people driving but their loss experience is very favorable and it’s been very profitable for the captive. Carol takes ownership of a lot of the success because of the safety policies and procedures risk management has put in place through the years.
[20:55] Carol loves the RIMS Delaware Valley Chapter and seeing all the familiar faces and interesting topics when she goes to a meeting. Philadelphia is an insurance city. A lot of insurance brokers are headquartered and insurance companies have major offices there. The plane from Philadelphia to RISKWORLD is packed with insurance people!
[22:21] Carol’s advice to anyone applying to the automotive risk sector: “The risk management world is … always changing. There’s always a new risk emerging. When people hear ‘risk management,’ they think ‘insurance.’ They think it’s boring. … It’s not. It’s so much more. Specifically auto. It’s so interesting to me, seeing it from the client side…”
[22:53] “...but also, because we have the captive, seeing it from the carrier side, as well. I review the risk from the underwriting side and I price it out and I design the coverages, but also, on the other side, I see the claims and I can build policies around it.”
[23:34] One policy in place when Carol started is for teenage drivers, a major driver of claims. To drive a fleet vehicle, teenage drivers must have 10 hours of behind-the-wheel training before they get to drive a fleet vehicle.
[23:44] Justin takes a defensive driving course online every three years.
[24:02] Justin comments on the great safety tips for National Traffic Awareness Month. He hopes to see Carol at RISKWORLD 2024 in San Diego. She thinks she can make it work to get a week in San Diego!
[24:20] “Special thanks to Carol Fritzsche for joining me today on RIMScast. It’s worth noting that Carol is a RIMS CRMP holder. And she will be featured in our RIMS CRMP Stories series very soon, A link to the CRMP Stories is on this episode’s show notes.”
[24:39] We’ve also got a link to RIMS Risk Management Magazine’s coverage of Fleet Safety, Vehicle Safety, and The Automotive Sector.
[24:50] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let’s collaborate! Contact pd@rims.org for more information.
[25:35] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[26:00] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[26:16] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[26:38] Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!
Mentioned in this Episode:
Risk Management Magazine Fleet safety article: “Tips for Preventing Fleet Vehicle Theft”
Submit an Educational Session for RISKWORLD 2024
NEW FOR MEMBERS! RIMS Mobile App
RIMS ERM Conference 2023
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
Upcoming Virtual Workshops:
Applying and Integrating ERM | August 1
Fundamentals of Risk Management | Aug. 8–9
Optimizing Risk Management with AI | Sept. 28
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP-FED Exam Prep
August 15–17, 2023
9:00 am–4:00 pm EDT
All RIMS-CRMP Prep Workshops
Related RIMScast Episodes:
“Fleet Safety 2022 with NETS Executive Director Susan Gillies-Hipp”
“Near-Misses Still Count”: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle
“RIMS 2023 Rising Star Emily L. Bloedel”
“Getting to Know Jackware”
“What the Future Holds with RISKWORLD 2022 Keynote Peter Leyden”
“Roadway Risks: AI, Autonomous Vehicles, & Automated Driving”
“AI and Autonomous Vehicles with Stephen S. Wu”
Sponsored RIMScast Episodes:
“Cyberrisk Outlook 2023” | Sponsored by Alliant (New!)
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Carol Fritzsche
Corporate Risk Manager, Subaru of America, Inc.
RIMS Delaware Valley Chapter
Tweetables (For Social Media Use):
“I toured our plant out in Indiana twice, and just the amount of parts and down to the paint, every detail is just crazy, that goes into a vehicle. You would never know; you just open the door, turn on the ignition, and go!” — Carol Fritzsche
“[Pleiades insures] Subaru’s auto fleet, over 1,200 vehicles. … We are very focused on driver safety. We have very strict criteria on who is allowed to drive our vehicles. … We don’t allow any cell phone use in the vehicles at all, … even hands-free.” — Carol Fritzsche
“The captive started because the insurance market, particularly auto, was in a hard market and it was very difficult and expensive for Subaru, with our large fleet size and with the parameters of our program, to get auto insurance.” — Carol Fritzsche
“Teenage drivers [are] a major driver of claims. … If you want your teenage child to drive our vehicle, they have to have 10 hours of behind-the-wheel training before they even get into a Subaru.” — Carol Fritzsche
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
How does Generative AI fit into modern business practices? What are the best practices before any implementation of automation and AI? What are the benefits and pitfalls of ChatGPT and other AI tools? Tom Wilde, CEO of Indico Data, discusses his experiences with risk professionals and how risk managers are in an advantageous situation. Tom gives examples of blindspots and risks with ChatGPT. He shares his thoughts on the trend of CROs becoming CEOs.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode, where we will talk about technological innovation and risk with Tom Wilde, the CEO of Indico Data.
[:36] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[:57] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:14] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:26] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:40] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.
[2:06] The prominence of ChatGPT and AI in business has all sorts of upside and downside risks. Here to discuss them and lend his insight is Tom Wilde, the CEO of Indico Data. He is based in Boston, Massachusetts.
[2:21] “Has the future arrived?”
[2:30] Justin welcomes Tom Wilde of Indico Data to RIMScast. Tom has been in the software space for his entire career, beginning on the consumer internet side and then moving into enterprise software, focused on content technology.
[3:18] Tom has been fascinated with trying to sort out the human-machine challenge between the way we produce and consume digital content and the way machines make sense of it. That’s been a common thread through all the businesses he has built.
[4:01] Tom tells about being a CEO. Tom is a builder CEO. He finds disruptive technologies and turns them into something the market finds useful and valuable.
[4:52] The building blocks for ChatGPT, Deep Learning, Large Language Models, and Generative AI, have been in development for the past decade. Everything suddenly came together at the right time to create this “iPhone moment” for artificial intelligence where we all can see the value.
[5:40] The invisible tipping point was that the Large Language Model underpinning ChatGPT, GPT 3 (now GPT 4), had reached a critical mass and a set of performance capabilities that suddenly made it viable.
[6:28] We’re in a classic phase of ChatGPT now, with incredible expectations and excitement about it. This is a moment as big as a browser or smartphone. This is a fundamentally new software programming paradigm. It’s not a Swiss Army knife application that can solve everything.
[7:10] For the first time, we have a programming language that is based on data and that uses the English language as the programming interface. There are about 25,000,000 software engineers in the world. There are several billion English language speakers on Earth. Suddenly, all of them, conceivably, can program using ChatGPT.
[8:23] ChatGPT introduces some challenges to the enterprise, such as having to hold employees back from pushing code directly into production.
[8:52] There suddenly needs to be some thought and structure around who can create prompts, what data can be fed to these cloud Large Language models, and what is the audit trail for what prompt was used to create what outcome.
[9:09] Using software development paradigms makes sense in how to govern this and deal with compliance. Regarding Generative AI, while we have the huge benefit of programming with data, we have to be aware of what that means.
[9:28] The quality of data becomes important in understanding how this new programming language behaves. It’s only as good as the data it was trained on. If you take all the English-language content on the internet, what does that represent in terms of our understanding of human knowledge and behavior?
[10:03] The English-language content on the internet carries flaws and biases. It has inappropriate and dangerous content. We have to be aware of what this programming language was taught to do and think about.
[10:24] You should not use this technology as a black box. Microsoft suggests thinking about this as a co-pilot. The pilot flies the plane and has the final judgment as to what is safe and unsafe operation. The co-pilot reduces the workload as an extra set of hands and works the radio. ChatGPT is a co-pilot, not a pilot.
[11:13] You have to have application frameworks in place to deal with hallucinations, to understand what data was used to make that decision at what time, who has been empowered to use this technology to perform part of their job, and what are the guardrails for that. Where can the enterprise’s data be sent and stored?
[11:45] Indico Data considers the three S’s: Safely, Securely, and Scalably. To use this technology, you need a framework for understanding the three S’s.
[11:58] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. Applying and Integrating ERM will be held on August 1st and 2nd by Ken Baker of Enterprise Risk Consulting.
[12:42] Optimizing Risk Management with Artificial Intelligence will be led on September 28th by Pat Saporito. More information about these sessions and others is on the Virtual Workshops page. See the full schedule and register.
[13:02] The RIMS-CRMP Exam Prep is July 19th and 20th, 9:00 am–4:00 pm EDT. August 15th through 17th is the RIMS-CRMP-FED Exam Prep 9:00 am–4:00 pm EDT. See the links at Rims.org/certification for these and future workshops. A link is also in this episode’s show notes, as is a link to the full virtual workshop calendar.
[13:57] As a technology CEO, you have to learn to think through the way the enterprise thinks of risk because they’re not going to buy or implement your solution if it creates unacceptable risk, regardless of the benefit.
[14:22] As a technology CEO, Tom thinks a lot about how to minimize the risks of deploying their product from a data protection standpoint, information security standpoint, and change management standpoint. Those things have to be top-of-mind or you can’t engage with the enterprise. They are risk-averse, as they should be.
[14:49] In many cases, you’re dealing with PII, health data, and other sensitive information, so there are serious data protection requirements. GDPR and regional or national regulations on data security create additional layers of thinking to protect your client from being exposed to regulatory bodies.
[15:17] Insurance and banking risk managers are using Indico Data to help them identify and quantify risk. Auditors and risk managers try to consume and make sense of vast amounts of unstructured data, like contracts, policies, documents, and emails, to find the needles in the haystack. What are patterns that suggest risky behavior or exposure?
[16:02] Tom has seen a huge uptick in risk management wanting to embrace technology as a “bionic arm,” not as a robot, to allow a much faster and broader perspective on potential threat vectors and exposures.
[16:53] Tom tells of a court case where attorneys used ChatGPT to create prior case representation for the court but ChatGPT fabricated the cases. It didn’t understand it wasn’t supposed to make them up. There’s a gap between the way AI and humans work. AI has blind spots and until we find them and fix them, they expose us to risk.
[18:12] If you’re using AI to make decisions, how are you sure that those are quality decisions, that they’re not fabricated or hallucinated, and that they’re complete? Generative AI struggles with precision and recall. Precision means that all the answers it gives are correct. Recall is that it found all the possible data it should have presented.
[18:51] Generative AI will make recall mistakes and leave stuff out, not knowing that it’s supposed to be comprehensive. When you ask ChatGPT why it did not include something in its summary, it says, “Sorry, you’re right, I should have included that.” We need to continue to be suspicious of Generative AI’s confidence in the answers it brings.
[20:03] The challenge with automation and AI is it allows you to make a bad process even worse, more rapidly. Ask yourself if you are automating a good process. Is it a process that should be automated or is the process itself the problem? Like using a power saw, you need to know what you’re doing with ChatGPT. It’s a very powerful tool.
[21:41] A CEO is a storyteller. To be a technology CEO, with the pace of innovation in the market today, your customers crave for you to help them make sense of it and think about it rationally. They’re desperate to do that for their constituents. You become a valuable partner CEO if your product helps them make sense of things and adds value.
[22:29] Your storytelling also helps your employees and your investors. Your job as an early-stage CEO is to create that narrative and bring it to light.
[23:00] Justin and Tom discuss the trend of CROs becoming CEOs. Being good at understanding risk makes you good at taking bets. As a CEO, you have a key responsibility to make bets where you have incomplete information, understanding the downside and the upside.
[23:27] Risk professionals have an advantage in being able to measure the risks in front of them and make bets more confidently and with perhaps better outcomes.
[23:42] We are in a world of high beta factors: climate, economic, and social, that have to be understood so that you don’t inadvertently bet the whole company. Understanding these factors also puts you in a position to take advantage of opportunities that emerge from the macro elements surrounding us as business leaders.
[24:15] “Special thanks to Tom Wilde for joining me today. That was a lot of fun! I’ve got more links to RIMS coverage of AI and automation on this episode’s show notes.”
[24:27] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of professionals, students, business leaders, and more. Contact pd@rims.org for more information.
[25:13] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[25:37] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[25:53] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager. You can email Justin at Content@RIMS.org.
[26:16] Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS ERM Conference 2023.
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
Upcoming Virtual Workshops:
Applying and Integrating ERM | August 1
Optimizing Risk Management with AI | Sept. 28
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Exam Prep
July 19–20, 2023
9:00 am–4:00 pm EDT
RIMS-CRMP-FED Exam Prep
August 15–17, 2023
9:00 am–4:00 pm EDT
All RIMS-CRMP Prep Workshops
Upcoming webinar:
Trade Credit Insurance Managing Risk and Promoting Growth — July 14, 2023 | Presented by RIMS and Prudent Insurance Brokers Pvt. Ltd.
Related RIMScast Episodes:
“Risk Management Education with David Cisneros”
“‘Near-Misses Still Count’: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle”
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner”
“Cybersecurity and Insurance Outlook 2023 with Josephine Wolff”
Sponsored RIMScast Episodes:
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD (New!)
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Tom Wilde
Indico Data
Tweetables (For Social Media Use):
“I’ve been fascinated with trying to sort out the human-machine challenge between the way we as people produce and consume digital content and the way machines make sense of it. … That’s been a common thread through all of the businesses that I’ve built.” — Tom Wilde
“The fundamental building blocks for [ChatGPT]: Deep Learning, Large Language Models, and Generative AI; these have been in development for the past decade. … Everything came together at the right time to create … the “iPhone moment” for artificial intelligence.” — Tom Wilde
“As a technology CEO, you have to learn to think through the way the enterprise thinks of risk because they’re not going to buy or implement your solution if it creates unacceptable risk, regardless of the benefit.” — Tom Wilde
“Generative AI will make mistakes of recall and leave stuff off, not knowing that it’s supposed to be comprehensive. … We need to continue to be … suspicious of Generative AI’s confidence in the answers it brings.” — Tom Wilde
“Being good at understanding risk makes you good at taking bets. As a CEO, one of the key responsibilities you have is to make bets where you have incomplete information, understanding the downside and the upside. … Risk professionals … have a real advantage here.” — Tom Wilde
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
We’ll talk about what’s happening with Spencer Educational Foundation and how educators and institutions can create risk management programs and how they can secure a grant via Spencer.
The risk management and insurance studies program at UNR was made possible by a RIMS-funded Course Development Grant through Spencer Educational Foundation. UNR had 102 students enrolled in the RMI program’s third semester in Spring 2023, up from 62 one year before! They hope RMI becomes a minor in Spring 2024.
Beyond that, UNR’s mentoring program remains viable, with 23 students and 19 industry professionals participating this past spring. They also have upcoming plans for an Insurance & Risk Management Fair, a Planned Networking Event.
David Cisneros is here to talk about the success of the program, the mentoring program that supplements it, his success rate in helping students prepare for risk careers, and a bit about his own resume.
Key Takeaways:
[:01] About RIMScast.
[:28] About today’s episode where we will discuss risk management education with Ken Goldstein of the Spencer Educational Foundation and David Cisneros, who leads the Risk Management Studies Program at the University of Nevado, Reno.
[:41] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th–14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[1:02] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:19] The RIMS Western Regional Conference will be held October 4th–6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:31] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:45] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. Registration will open soon as will a call for nominations for the ERM Award of Distinction. Visit the events page on RIMS.org for more information.
[2:11] We’re going to put the spotlight on education in today’s episode. We will be joined by David Cisneros who leads the Risk Management Studies Program at the University of Nevada, Reno. David was able to launch his program, thanks in part, to a RIMS-funded grant. The Spencer Educational Foundation was a key player in that relationship.
[2:38] Justin introduces his friend Ken Goldstein, the University Partnerships Director for the Spencer Educational Foundation, to talk about launching a Risk Studies Program, and how you can launch one at your university.
[3:43] The Spencer Educational Foundation funds the education of the next generation of risk management professionals with five core grant programs. Ken oversees Merit-based Scholarships for Undergrad, Grad, and Ph.D. students who are interested in risk management and insurance.
[4:03] Ken also oversees Risk Manager on Campus and a program that draws students into events like RISKWORLD in Atlanta, and oversees course development for colleges and universities domestically and into Canada. Ken tells about his experience in the industry and teaching.
[4:55] Ken explains grants and merit-based scholarships. The student has to have an interest in risk management and insurance. Funding for undergrad and grad typically ranges from $5,000 to $10,000 based on your category. Risk Manager on Campus brings practical application to campus with risk managers and seasoned professionals.
[5:21] Spencer Educational Foundation has a grant program that funds corporate risk management internships. General grants support travel to conferences like RISKWORLD and engaging in experiential learning with visits to corporate risk managers or insurance companies, even internationally to places like Lloyds of London.
[5:45] They are very excited about their course development grant program. They support RM 101 at colleges and universities throughout the U.S. and into Canada as well as upper-level programming in niche areas such as cyber security, privacy risk management, and insure tech. It comes down to student interest and faculty expertise.
[6:31] The RMI landscape is dynamically changing with technology. Figuring out how to protect private and proprietary information is key. Having institutions able to teach that is critical.
[6:51] Since 2014, Spencer Educational Foundation has funded over 40 course development grants, spending over $1 million at colleges and universities. A third of that funding has come from RIMS. In addition to finances, a benefit of collaborating with RIMS is in tapping into the local chapters with Risk Manager on Campus.
[7:28] A number of the chapter members act as adjuncts or clinicals and appreciate their time in the classroom with students.
[7:34] The Funding Their Future Gala is coming up on September 14th, 2023 at the Cipriani in New York City. Justin attended last year and had a blast! It was also RIMS CEO Gary LaBranche’s first time there.
[8:06] Ken offers details about the Gala. It’s their largest fundraising event of the year. It feeds the grant programs, scholarships, and course development. It assists with supporting next-generation risk management and insurance talent. This year they are honoring Lucy Fato, EVP, General Counsel, and Global Head of Communications at AIG.
[8:29] Lucy Fato is a supporter of next-generation talent, factoring in issues around diversity, equity, inclusion, and career-pathing. It will be an exciting night.
[9:00] There are some wonderful developments at the University of Nevada, Reno. Our next guest, David Cisneros, is a faculty member there. He launched a program of classes that Spencer and RIMS funded. Ken describes it. Course development started in 2022. There are a number of classes. The program scaled quickly to over 100 students.
[9:47] Ken suggests the secret to such growth is to bring risk management and insurance talent from both an industry and teaching perspective into the classrooms. David leads the RMI studies program at UNR. He’s also the Corporate Grant Development Lead, so he interacts with Spencer Educational Foundation frequently.
[10:14] Something that resonates with students is to have practical application in the classroom. David and his colleagues do a great job in supplying that, as well as securing internships and positions. Ken looks forward to hearing from him!
[10:33] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops for the calendar. The RIMS-CRMP Exam Prep is July 19th and 20th, 9:00 am–4:00 pm EDT. August 15th through 17th is the RIMS-CRMP-FED Exam Prep 9:00 am–4:00 pm EDT. See the links.
[11:37] Join us on July 14th at 5:00 p.m. India Standard Time for a jointly presented webinar with Prudent Insurance, Brokers Private Limited, titled Trade Credit Insurance Managing Risk and Promoting Growth. A link is in the show notes. That’s early morning in the U.S. I, Justin, will be hosting it. Register and attend!
[12:14] David Cisneros is the Director for Risk Management and Insurance Studies at the College of Business at University of Nevada, Reno (UNR). The Risk Management and Insurance Studies Program at UNR was made possible by a RIMS-funded course development grant.
[12:29] UNR had 102 students enrolled in the RMI program’s third semester in Spring 2023, up from 62, one year before! They hope RMI becomes a minor in Spring 2024.
[12:44] David is here to talk about the success of the program, the mentoring program that supplements it, his success rate in helping students prepare for risk careers, and a bit about his own resume. Justin welcomes David Cisneros to RIMScast.
[13:05] David shares some background on his risk career at Oracle, IGT, and more and how he is teaching now at UNR what he did in risk and where it’s going. It’s not as stressful for him. He loves teaching students about the industry and what he did for 25 years, and looking at where the industry is going!
[14:44] David has five elective classes. He teaches two; adjunct professors teach three. When he asks students on the first day how many want a career in insurance or risk management, no hands go up! He tells them that by the end of the semester, there will be a handful of students working in the industry. After three semesters, there are 21!
[16:05] David’s favorite part of the industry had always been negotiating the deal, either the settlement of a claim or the purchase of a policy. His students love to hear war stories from the risk management field. Halfway through the semester, they want more.
[17:25] The five courses in the program are geared toward risk management. Three courses are waivers for the ARMTM through The Institutes. You can get your Associate in Risk Management designation. The other courses are Property & Casualty and Life & Health. The program will be a minor in 2024, and hopefully, a major in five to 10 years.
[18:41] David was aware of Spencer Educational Foundation during his career. AT UNR, he learned about the grants through an email list, so he applied and that’s how he became involved in it and got the grant awarded to UNR.
[19:37] The RMI program at UNR started with the curriculum. Once the curriculum was established, David knew he had to make insurance interesting and show students there was a career involved. Students look for three things: money, a work/life balance, and a challenge; not to be bored. Students promote the RMI by word of mouth.
[20:53] David gets students interested by bringing in industry professionals to talk about jobs and the career. He brings in four guest speakers in a semester. A mentorship program is helpful and it was not common at UNR. There have been close to 30 students involved in the mentorship program.
[21:29] There are job opportunities and mentors in risk management, insurance, and accounting. Most of David’s students are finance majors. He tells them the program will find them a job if they talk with their mentor. David has just applied for the Risk Manager on Campus program for the next semesters. He has been working in a similar program.
[22:27] David tells the students at the beginning that he’s going to be the professor that he always wanted in college that’s going to answer questions and help them find a job.
[22:56] The three adjunct professors were each previously mentors in the program. When David started, there were just two courses and he was teaching both. He started the mentorship program and three industry professionals agreed to be mentors. David asked them if they wanted to teach and they said yes. It’s been great!
[23:40] From an enrollment standpoint, the RMI program is the fastest-growing program in the business school. But other programs are already established minors and majors, so it’s hard to compare them. The semester starts in August and the cohort is already filled. The word gets out by the students.
[24:33] Spencer has been fantastic with direction for the program. They have given insight into what big programs are doing and how. The funding and guidance have been invaluable. Ken Goldstein and his predecessor have been great. When David launched the program, he had the curriculum in mind; going from there came from Spenser.
[25:53] All the teaching is done in person. There is no virtual component. David is able to connect with students and he believes that is the secret to the program’s success. He talks with them about their goals and dreams. He can’t do that over Zoom.
[27:16] The program at RMI UNR is based on three pillars: Curriculum — courses students want, that can give them an industry designation, Experiential Learning — bringing in guest speakers to talk about the industry, and Job Creation and Fulfillment — David doesn’t make promises but he does what he can to get them a job.
[27:55] Once the students trust that David wants to get them a job, they’re interested in the program. David’s measure of success, according to the Dean of the School of Business, is jobs for students, post-graduation. From that standpoint, they are doing well!
[28:40] David’s thoughts for students thinking of any risk management course, “When you’re thinking about a career, it’s not just sales. The industry is so vast and so wide, that there are careers for every type of personality. … Whatever your personality type, whatever your strengths are, there is a job for you in insurance and risk management.”
[29:26] Justin thanks David for joining us on RIMScast! David appreciates it.
[29:40] “Special thanks to David Cisneros and Ken Goldstein for joining me here today.” You can learn more about grants and course development at Spencered.org and remember to register for the Spencer Funding Their Future Gala on September 14 in New York City. A link is in the notes.
[30:03] You can sponsor a RIMScast episode for this, our weekly show or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of professionals, students, business leaders, and more. Contact pd@rims.org for more information.
[30:49] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store.
[31:15] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more.
[31:30] Read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Email Justin at Content@RIMS.org. Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS ERM Conference 2023.
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Dan Kugler Risk Manager on Campus Grant
Upcoming Virtual Workshops:
“Risk Appetite Management” | July 12–13
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Exam Prep
July 19–20, 2023
9:00 am–4:00 pm EDT
RIMS-CRMP-FED Exam Prep
August 15–17, 2023
9:00 am–4:00 pm EDT
All RIMS-CRMP Prep Workshops
Upcoming webinar:
Trade Credit Insurance Managing Risk and Promoting Growth — July 14, 2023 | Presented by RIMS and Prudent Insurance Brokers Pvt. Ltd.
Related RIMScast Episodes:
Celebrating #SpencerDay and Funding the Future of Risk Management
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
Sponsored RIMScast Episodes:
Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market | Sponsored by TÜV SÜD (New!)
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Ken Goldstein
University Partnerships Director
Spencer Educational Foundation
David Cisneros
https://www.unr.edu/business/industry-credentials/risk-management
Tweetables (For Social Media Use):
“[The student] has to have an interest in risk management and insurance. It ranges from undergrad to grad; funding typically ranges from $5,000 to $10,000, depending upon which category that you end up in.” — Ken Goldstein
“Out of college, I started in claims. … Then I progressively moved up and I became the risk manager for Oracle Corporation. I did that for about eight years and then … I was the risk manager for International Game Technology, and now I am teaching what I did.” — David Cisneros
“My favorite part [of the industry] had always been the deal; negotiating the deal, either the settlement of a claim or the purchase of a policy.” — David Cisneros
“It’s all in person. … The key to the way I teach, and I think, the reason for the success, is I’m able to connect with students. I’m able to look them in the eye and talk with them about their goals, their dreams. Can’t do that over Zoom.” — David Cisneros
The program at UNR is based on three pillars: … Curriculum — you have to have the courses that students want … Experiential Learning — bringing in guest speakers, … and … Job Creation and Fulfillment — I will do what I can to get them a job.” — David Cisneros
“It’s not just sales. The industry is so vast and so wide, that there are careers for every type of personality. … Whatever your personality type, whatever your strengths are, there is a job for you in insurance and risk management.” — David Cisneros
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Franck Baron is the Group Deputy Director for Risk Management and Insurance at International SOS, which is a recognized leader in security risk management. He is also the president of IFRIMA, which is the International Federation of Risk and Insurance Management Associations, which is the international umbrella organization for risk management, and he is the Co-Founder of PARIMA. He is its outgoing chair.
PARIMA and RIMS announced a strategic alliance at RISKWORLD 2023 to expand access for the RIMS-CRMP throughout the world and establish a global standard of knowledge and professionalism for risk professionals. PARIMA will market, promote, and deliver the RIMS-CRMP Exam Prep Workshop to Pan-Asia’s risk community while RIMS will deliver course materials, case studies, instructors, and manage administrative and certification duties.
Key Takeaways:
[:01] About RIMScast.
[:27] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[:48] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:05] The RIMS Western Regional Conference will be held October 4th‒6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:17] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:31] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. We are accepting submissions for educational sessions through June 30th. Check your inboxes and spam folder to see if that deadline was extended. There is a link in the show notes.
[2:01] About today’s episode with accomplished risk leader, Franck Baron. Franck Baron is the Group Deputy Director for Risk Management and Insurance at International SOS. He is also the president of IFRIMA, and the Co-Founder of PARIMA, and a really, really nice guy! We’re so happy to have him join us! Franck Baron, welcome to RIMScast!
[3:46] Franck is the head of Risk Management and Insurance at International SOS. He is based out of Singapore hut has a thick French accent, as he is from France. Franck joined International SOS in 2011; before that he was in the risk and insurance industry, mostly as a risk manager. He started at Mars, the American chocolate bar company.
[4:25] Franck worked for Mars in Europe where he was in charge of risk and security for Mars at the 1992 Winter and Summer Olympic Games. From there, Franck did Insurance brokerage for Aon and then Marsh, and then to Danone as a deputy risk manager. Franck moved next to a Swiss company, Firmenich, as a chief risk officer for eight years.
[5:31] Franck has had a fulfilling career. Risk management wasn’t much of a reality in Europe when he graduated with a risk management degree, but his career was in risk management. Danone was one of the first companies in France to launch an ERM program. Franck is passionate about risk management.
[6:34] Part of Franck’s job at the Barcelona Olympics was to join the guests to watch competitions. He got to see the NBA Dream Team in the stadium.
[7:50] International SOS was interested in starting a risk management department and they saw that Franck had created a risk management department at Firmenich. Both companies are family-owned. International SOS saw enough commonalities to invite Franck to interview with the owners.
[9:02] During the job interviews, Franck pitched to the owners the way he thought the risk management department should be structured and what it should be able to deliver. It was a fruitful conversation. The objective expanded through the job interview and he was hired.
[10:29] Franck has seven people in his department, in Paris, London, Houston, and Singapore. International SOS has 14,000 employees in 94 countries.They handle risk internally and have a captive insurance agent. Franck describes the workings of the department.
[12:01] International SOS is in the business of saving lives. Companies hire them to provide security for employees who may be traveling or involved in large events, including COVID-19 and the War in Ukraine. They are the world leader in this, purely dedicated to corporations and public organizations. They don’t do personal lines.
[13:11] Following risk management principles helps International SOS deliver the solutions they do to their clients. They are in countries where things are not simple. A lot of risks need to be managed there.
[14:04] The main difference Franck sees today from 10 years ago is the permanent crisis mode. Risks are ongoing and are not mitigating, are not reducing, and they are just piling up. Geopolitical uncertainties, the climate change impact, people risks, the growth of diseases, and cyber attacks are all interconnected in a permacrisis.
[15:16] We can’t be managing crises all day long, so how do we manage risk so that what we call a permacrisis situation is managed in a more controllable manner?
[15:35] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops to see the calendar. The RIMS-CRMP Exam Prep is July 19th and 20th, from 9:00 am–4:00 pm EDT. August 15th through 17th is the RIMS-CRMP-FED Exam Prep from 9:00 am–4:00 pm EDT.
[16:41] Join us on July 14th at 5:00 p.m. India Standard Time for a jointly presented webinar with Prudent Insurance, Brokers Private Limited, titled Trade Credit Insurance Managing Risk and Promoting Growth. A link is in the show notes. That’s early morning in the U.S. I, Justin, will be hosting it. Register and attend!
[17:22] Deaing with the interconnected crises of the world takes compartmentalization. Franck stresses the human element of how people cope with overwhelming crises. The biggest mistake is to try to ignore things. Be aware. Identify what you are facing. Then strategize about what you can do. For each risk there is a specific approach and plan.
[18:10] It’s about making sure the company remains agile enough to respond to any situation. It’s about collectively having a people and culture of knowing how to respond to a situation. International SOS knows the foundational reflexes that they need to have to manage situations and to raise the right risks to the decisionmakers for prevention.
[18:59] International SOS does periodic phishing campaigns to raise awareness of how very stupid things can be done by people with good intentions. Cybercrime is a constant battle. People need to be diligent and very aware of what’s happening. We are investing in automation but people still need to use their brain.
[20:16] International SOS handles crises for clients every day. Crisis agility is ingrained in the behaviors and people of International SOS. When they hire someone but the person doesn’t stay with them, it’s because the person can’t cope with their crisis management attitude. It’s part of the International SOS DNA.
[21:00] Franck makes sure risk management interacts with all functions of the company, from digital, financial, supply chain, and delivery. Franck reports regularly to the three company owners in terms of risks and the risk financing aspects. He has a seat at the table. There’s no lack of response. Franck needs to stay material to the conversation.
[22:45] Franck does not lead the International SOS ISO-compliance efforts but when they do ERM, he makes sure that what needs to happen to improve their efficiencies and delivery is properly done. He’s not in charge of internal audit or compliance. When they do enterprise risk mapping, he looks at what needs to happen, and how to fix it if it’s not.
[23:32] PARIMA is like RIMS for Asia Pacific. Franck moved to Singapore and looked for the risk management association to join. He didn’t find one. He had been an officer in the French and Swiss associations and European federation. He met with peers in Asia who had tried before. With Franck’s pedigree, they founded PARIMA and it took off.
[24:32] PARIMA is headquartered out of Singapore. They have operation in a few countries. They capture all the risk and insurance managers of Asia-Pac from India to Japan. There are about 3,000 members in about 20 countries across the region. Like RIMS, they are starting to create local chapters. It has been a rewarding adventure.
[25:22] After being Chairman and Founding Chariman of PARIMA for 10 years, Franck is stepping down. A new president has been elected, effective January 1, 2024. Franck takes this opportunity to accept the presidency of IFRIMA the International Federation of Risk Management Associations. RIMS and PARIMA and other societies are members.
[25:51] Franck holds these positions pro bono, to give back to a profession that has been extremely rewarding to him. The breadth of the connections with experts and peers he gets from these organizations gives him the opportunity to learn a lot. It makes him a better risk manager to invest time into these organizations.
[26:42] Franck explains how he divides his time between International SOS, IFRIMA, and his family. He doesn’t sleep a lot. He makes it work because he really loves risk management and doesn’t see it as a job. The most time-demanding part of his IFRIMA work is finding the right people to work with him. Franck publicly thanks his family.
[28:14] About PARIMA and the RIMS-CRMP Exam Prep Workshop. There is a strong appetite in Asia for better education for risk professionals. They tried with an education partner in Asia to develop a curriculum and certification. The content was adapted to Asia but the vendor partner was incapable of sustaining the relationship with PARIMA.
[29:00] PARIMA has six permanent staff after starting from scratch. Franck invested his money into it as the first money it had. They quickly found out that to continue to deliver education and certification to all members, they needed to partner with somebody who was already doing a good job. RIMS was a good fit with a structure and content in place.
[29:50] RIMS generously opened the book for PARIMA and about 80% of the content worked for Asia. About 20% needed to be replaced with business cases for Asia. Now they will work with RIMS and help to develop the Asia content. Franck wants the members in Asia to get to a certification that makes sense in Asia and around the world.
[30:35] It should not be an ego contest between the Europe version and the U.S. version of risk management certification. The 80% relevancy between the U.S. version and the needs of Asia is more than enough to give it a shot and provide to members something that makes sense to them. They are just starting the work for delivering the solution.
[31:14] That solution will be co-delivered by RIMS Commission Chair Ward Ching. Franck is also interested in how far PARIMA can be involved in a review of the content to make it a proper international certification. As President of IFRIMA, Franck has no conflict of interest. He is happy RIMS and PARIMA can work together.
[31:59] Looking at the universe of risks we are in, risk management associations have to collaborate together. There is so much to do. We can’t waste time or money to compete or not to collaborate the way we should. That’s Franck’s motto for IFRIMA. Franck looks forward to working with Ward Ching in this collaboration.
[33:41] Franck shares words to inspire new risk professionals. “You are not making a mistake; that’s a wonderful career; that’s a wonderful profession. And there is still a lot to do; a lot to create; a lot to invent. I think it can’t be a better time to do this! When you look at all the things that can be done with data, for instance!”
[33:59] “Don’t be shy. Leave your office; work with your colleagues; do not hesitate. Do everything you can to train yourself to be material to the conversation with the C-suite and to be the right person to talk on the shop floor with people. Use intellectual curiosity, openness, and enter the meeting room even if you are not invited.”
[34:30] Justin thanks Franck Baron for joining him on RIMScast and he looks forward to seeing Franck at future RIMS events and seeing what develops in the partnership between PARIMA and RIMS-CRMP and RIMS.
[34:48] “Special thanks again to Franck Baron for joining me here today.” See the links to International SOS, PARIMA, and IFRIMA in the show notes, as well as coverage of Franck’s appearance at RISKWORLD 2023 where we announced the strategic alliance between PARIMA and RIMS for the RIMS-CRMP.
[35:11] You can sponsor a RIMScast episode for this, our weekly show or a dedicated episode. Links to sponsored episodes are on our show notes. RIMScast has a global audience of professionals, students, and business leaders, and more. Contact pd@rims.org for more information.
[35:57] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App store.
[36:23] Risk Knowledge is the RIMS searchable content library that provides relevant information for today’s risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data and more.
[36:40] Read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Email Justin at Content@RIMS.org. Justin thanks you for your continued support and engagement on social media channels! Listen every week! Stay safe!
Mentioned in this Episode:
NEW FOR MEMBERS! RIMS Mobile App
RIMS ERM Conference 2023 — Submit an educational session.
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Western Regional — Oct 4–6, Vail Colorado
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Risk Management Monitor: “Charting Risk Management’s Future at RISKWORLD 2023”
RIMS Newsroom: “RIMS and PARIMA Alliance Leverages the RIMS-CRMP Certification to Establish a Global Risk Management Standard”
Upcoming Virtual Workshops:
“Risk Appetite Management” | July 12–13
See the full calendar of RIMS Virtual Workshops
RIMS-CRMP Exam Prep
July 19–20, 2023
9:00 am–4:00 pm EDT
RIMS-CRMP-FED Exam Prep
August 15–17, 2023
9:00 am–4:00 pm EDT
All RIMS-CRMP Prep Workshops
Webinar:
PIBL — RIMS Trade Credit Insurance Managing Risk and Promoting Growth | July 14, 2023, at 5:00 p.m. India Standard Time
Related RIMScast Episodes:
“Live From Riskworld 2023”
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
“Security Risks and Implementing ERM with Kelly Johnstone” (2022)
Sponsored RIMScast Episodes:
Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market | Sponsored by TÜV SÜD (New!)
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Franck Baron
International SOS
IFRIMA
PARIMA
Tweetables (For Social Media Use):
“I did a risk management degree … in the early ’90s, and in Europe, risk management was still, I would say, a concept more than a reality. … I’ve been able to work for companies where we had this strange idea that it would be good … to do some risk management.” — Franck Baron
“Risk management is quite valued in the company because it does help to deliver the solutions we have to deliver to our clients. … We are in countries where things are not simple … and so a lot of risk needs to be managed there. ” — Franck Baron
“When I moved for International SOS to Singapore — it was in ’11 — I was looking for what is the risk management society or association that I should join there and I quickly found out that they had nothing of material nature.” — Franck Baron
“Looking at the universe of risks we are in, risk management associations have to collaborate together. There is so much to do. We can’t waste time or money to compete or not to collaborate the way we should.” — Franck Baron
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Leaders of RIMS’s flagship publication, Risk Management Magazine, rejoin RIMScast. Morgan O’Rourke is Publications Director at RIMS and the magazine’s editor in chief and Hilary Tuttle is the managing editor.
This interview continues the discussion of the prior episode. This time, the show delves into how RIMS had to activate its active shooter response plan on May 3, the final day of RISKWORLD, due to a nearby shooting in Atlanta, and how Hilary covered RIMS protocols for Risk Management. Also from the pages of Risk Management, Morgan, Hilary, and Justin extend the dialogue about “business interruption values,” and what the editorial staff is seeking in the way of written contributions from risk managers for the magazine.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode concluding the mid-year risk status update with Morgan O’Rourke and Hilary Tuttle of RIMS Risk Management Magazine.
[:36] All about exciting, upcoming RIMS events! Registration is open for the RIMS Canada Conference 2023, which will be held September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[:58] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:15] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:29] The RIMS Western Regional Conference will be held October 4th‒6th in Vail, Colorado. Visit RIMSWesternRegional.com for more information and to register.
[1:41] We are very excited about the RIMS ERM Conference 2023, which will be held November 2nd and 3rd in Denver, Colorado! The theme is Elevate and Evolve. We are accepting submissions for educational sessions through June 30th. There is a link in this episode’s notes. We want to hear from you!
[2:02] RIMS is partnering with Conrad Clark Nigeria for a RIMS CRMP Exam Prep virtual workshop Saturdays in July: July 1st, 8th, and 15th. Start your RIMS CRMP journey today! The link is in the show notes.
[2:24] Justin is rejoined today by Morgan O’Rourke and Hilary Tuttle, who are the journalistic forces behind the award-winning RIMS publication Risk Management Magazine. Morgan is the RIMS publication director and editor-in-chief of the magazine. Hilary is the managing editor of the magazine and ace reporter.
[2:43] We continue the dialog from the previous episode to discuss not only the topics of the day but one of the key articles in the current issue of Risk Management Magazine. Hilary wrote an article titled “Strengthening Your Active Shooter Response Plan.” It covered how RIMS handled active shooter preparedness during RISKWORLD 2023.
[3:06] They were in Atalanta and just two miles away, there was a tragic mass shooting that was also a major disruption for RISKWORLD. We will explore that article a bit and dive into the perspectives from RIMS leadership that Hilary documented so well.
[3:22] Justin welcomes Morgan and Hilary back to RIMScast.
[3:29] Justin asks about the Business Interruption Values article in the current issue of Risk Management Magazine. Hilary explains the meaning. How much are you making per time? What does a business interruption cost you? The values determine what insurance coverage you want to secure, such as for replacement cost.
[4:40] Mogan recommends reviewing and updating your policies for inflation. Talk to your agent to make sure you have appropriate coverage. Reconfigure your policy as needed. You want the right insurance to cover the value of whatever is interrupted.
[4:57] Hilary notes that the claims environment has gotten more difficult. Dealing with hurricanes, for example, do you understand how much each location of your business could be losing? Are you covered for business losses as well as property damage? A lot has changed in your business over the past few years. Do you have new locations?
[5:41] Business patterns have shifted. What does business as usual look like for you? It’s not what it used to be and you might not be insured for what that means today. Justin reads an excerpt from an article by Jason Cables about operational factors and interdependencies within the company. Justin recommends the article.
[6:49] The goal of Risk Management Magazine for the ideal article is not only something that talks about risk but gets to the management of that risk. What you do about the risk is where the risk manager comes in and it is the key differentiator of the magazine.
[7:51] Hilary’s article in the current issue of Risk Management Magazine covers risk management in an active shooter event. RISKWORLD 2023 in Atlanta was getting ready for the closing keynote by NASCAR driver Danica Patrick when there was a shooting a couple of miles away at a medical facility. RISKWORLD 2023 went on lockdown.
[9:56] Hilary comes from a hard news background, so covering this event reminded her of her former work. As she reported it, the event became more vivid. She interviewed RIMS CEO Gary LaBranche and Chief Events and Sales Officer Stuart Ruff-Lyon, and the article grew to cover broader lessons than just how to manage active shooter response.
[11:37] Hilary says there are people in the risk management industry who refuse to talk about the parts of the plan that aren’t perfect. Focusing on how to do better gives people more confidence in you as a brand and it helps others figure out where things might not go right in their plans, and be prepared for that and build better plans.
[12:04] The goal in doing the article was not to glorify RIMS or create a puff piece on how RIMS was amazing but to show what went right and what was challenging and ways to strengthen your plan for the future.
[12:52] Five years ago, Justin was at a Yext two-day technology event when there was a bomb scare nest door that closed the conference. Justin reached out to Yext about covering the event in an article but the company was unwilling to talk about it. He has not heard from them since.
[13:35] Justin believes it’s a missed opportunity for a company not to acknowledge that something went wrong that was beyond their control and where’s what they did to address it and to keep everybody safe. Morgan adds that a threat event can be a case study of how you can do your risk management job better.
[14:20] Shootings are not going away. It behooves us to examine all of the angles that we can. Morgan thinks Hilary did a great job in bringing out some of the more unique elements that you might not get from other resources.
[14:47] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops to see the full calendar. On June 29th, “Optimizing Risk Management with Artificial Intelligence” will be led by Pat Saporito. A link to the workshop calendar is in the notes.
[15:44] Join us on July 14th at 5:00 p.m. India Standard Time for a jointly presented webinar with Prudent Insurance, Brokers Private Limited titled Trade Credit Insurance Managing Risk and Promoting Growth. A link is in the show notes. That’s early morning in the U.S. I, Justin, will be hosting it. Register and attend!
[16:26] Hilary says it is easier to reflect on a disaster when it is a near miss. RISKWORLD 2023 had enough of a crisis to clarify what did work or didn’t work in their plan. If there had been an incident on-site, it would have been a very different prospect to cover it. Hilary says the attack surface has gotten a lot bigger with more complicated events.
[17:12] Shootings happen everywhere so you have to be prepared in ways that may not have existed previously. Near misses still count. Sadly, shooting is probably the top physical threat that businesses in the United States face today.
[18:10] To make a pitch for Risk Management Magazine, your article must get to what risk management and risk managers can do about the risk, and not advertise your product, obviously, so the entire audience can look broadly at the risk they face. Risk changes at the level of individual companies. Start with the broadest perspective.
[19:39] Hilary recommends that you not submit first-person “we” articles. Look at your experience as a jumping-off point and think about what are the connection points that are relevant to other people and other businesses. There’s not a one-size-fits-all problem. The way an issue impacts your business gets specific.
[20:16] Cut some of the details. Tell us some of the interesting complications that either made it notable and relevant to other organizations or just the parts that are relevant to organizations like yours. Talk like you’re talking to a colleague in a different industry. What are the challenges we have in common and how are we dealing with them?
[20:43] Instead of using the first person, talk about how this is one approach… How would you frame your experience as guidance or a lesson for someone in a different sector or organization? Think about three or five specific takeaways from your experience that would be relevant to somebody else and start there.
[22:26] Morgan says thank you to the readers of Risk Management Magazine, for reading and sharing. He’s always happy to hear your comments and feedback. He’s grateful that someone would open the pages and read an article. Hilary would love to hear what they could do better or have you contribute a piece. They are here for you, so reach out!
[23:30] Justin thanks Morgan O’Rourke and Hilary Tuttle for joining him on RIMScast. They thank Justin for having them.
[23:45] “Special thanks again to Morgan O’Rourke and Hilary Tuttle of Risk Management Magazine for joining me here today.
[23:51] Read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com. Justin offers a link for editorial submission guidelines at RMMagazine.com/contribute. Check it out and contribute to the magazine.
[24:04] Remember that you can sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offerings, including a transitional membership, RIMS.org, Risk Management Magazine, and the Risk Management Monitor blog! Justin thanks you for your continued support and engagement on social media channels! Listen every week!
Mentioned in this Episode:
RIMS ERM Conference 2023 — Submit an educational session by June 30.
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
Contribute to Risk Management Magazine
RMM: “Strengthening Your Active Shooter Response Plan,” June 2023
RMM: “Why Accurately Reported Business Interruption Values Matter,” June 2023
RIMS Diversity Equity & Inclusion page
RIMS Western Regional — Oct 4–6, 2023 Vail Colorado
RIMS-CRMP Prep with Conrad Clark Nigeria — July 1, 8, 15, 2023
Upcoming Virtual Workshops:
“Optimizing Risk Management with Artificial Intelligence” | June 29, 2023
“Risk Appetite Management” | July 12–13, 2023
See the full calendar of RIMS Virtual Workshops
Webinar:
PIBL — RIMS Trade Credit Insurance Managing Risk and Promoting Growth | July 14, 2023, at 5:00 p.m. India Standard Time
Related RIMScast Episodes:
“Mid-Year 2023 Update with Morgan O’Rourke and Hilary Tuttle”
“Live From Riskworld 2023”
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
Sponsored RIMScast Episodes:
“Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD (New!)
“Insuring the Future of the Environment” | Sponsored by AXA XL
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Roland Teo!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Morgan O'Rourke
Hilary Tuttle
Risk Management Magazine
Tweetables (For Social Media Use):
“Business patterns have shifted. Do you have an accurate picture of … what business as usual looks like for you? Because it’s not what it used to be and you might not be insured for what that means today.” — Hilary Tuttle
“The reality of shootings is not going away, so it behooves us to examine all of the angles that we can and I think Hilary did a great job in bringing out some of the more unique elements.” — Morgan O’Rourke
“We had enough of a crisis to clarify what worked or didn’t work in our plans but if there had been an incident on-site, I think it probably would have been a very different prospect to cover that. … The attack surface has gotten a lot bigger.” — Hilary Tuttle
“I’d say start with three [specific takeaways] and if it becomes more, then cool. Bonus. As they say, three is the magic number.” — Morgan O’Rourke
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Leaders of RIMS’s flagship publication, Risk Management Magazine, rejoin RIMScast. Morgan O’Rourke is Publications Director at RIMS and the magazine’s editor in chief and Hilary Tuttle is the managing editor.
In this first of two interviews, they discuss recent wildfire smoke and air quality and other emerging risks, risk terms that help and hinder efforts, and what they are looking for in the way of written contributions from risk managers for the magazine.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode: a discussion of Pride Month and LGBTQIA+ initiatives in the risk profession with a leader from the Rainbow Risk Alliance.
[:36] All about upcoming RIMS webinars, and more!
[1:07] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[1:24] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:41] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th.
[1:55] Be on the lookout for the call for submissions for the RIMS ERM Conference, which will be held November 2nd and 3rd in Denver, Colorado! The first call for submissions was emailed in early June. Remember to check your spam box! There is a link to the web version in this episode’s notes.
[2:13] RIMS is partnering with Conrad Clark Nigeria for a RIMS CRMP Exam Prep virtual workshop Saturdays in July: July 1st, 8th, and 15th. Start your RIMS CRMP journey today! The link is in the show notes.
[2:34] Justin is rejoined today with Morgan O’Rourke and Hilary Tuttle, who are the journalistic forces behind the award-winning RIMS publication Risk Management Magazine. Morgan is the RIMS publication director and editor-in-chief of the magazine. Hilary is the managing editor of the magazine and ace reporter.
[2:54] This is the first part of a two-part interview. It’s a mid-year update with talk about the risk news of the day and what’s trending and insight for listeners who want to contribute to the magazine on how to pitch and find out what Hilary and Morgan are looking for. Justin welcomes Morgan and Hilary back to RIMScast.
[3:20] Justin introduces Morgan O’Rourke and Hilary Tuttle. The last time they were on the RIMScast was at the end of 2022 with a retrospective of the year. Justin invited them back mid-year to see how things are going in 2023 and take the risk temperature.
[4:17] Since her last visit to RIMScast, Hilary has become Managing Editor of the magazine.
[4:38] What are the trends in risk management so far in 2023? Morgan notes shootings in the headlines. He borrows a term, Polycrisis, from the Global Risk Report 2023. It’s not just all the things happening but their interactions. For instance, storm season may be complicated by inflation, supply chain issues, and lingering post-pandemic issues.
[6:01] Hilary sees more complexity to risks. The complexity comes from the different velocities of risks or factors such as the development of technology. Technology changes the velocity of risk. Replacement costs are higher for cars that are more advanced. The supply chain is more complex. Chips come from fewer places.
[7:00] Technology is making standard risks a lot more complicated and expensive. There is a more complicated picture of what it means to return to “business as usual” after the pandemic. There are more factors involved to get back to what was usual.
[7:48] Hilary doesn’t like the term “new normal.” It’s a cliché. Everyone’s “normal” is not the same. The phrase accepts a certain level of death or harm to other people as a cost of doing business. Dismissing it as normal is not respectful of others. And we’re all at a different normal. There is no normal. Morgan notes that it’s an imprecise shorthand.
[9:32] Most risk management reporting today has a technology tie-in. Technology is a core component of how we do business and how we experience risk. It’s not reinventing the wheel every time, but it’s levels of complexity each of the time.
[10:17] Does Hilary enjoy reporting over and over on cyber? She does enjoy reporting on cyber a lot of the time. It gets to be the same old thing at a point. Reading about new ransomware attacks is interesting but sometimes it’s not something she’ll cover soon.
[12:31] For days, wildfire smoke from Canada caused dangerous smoke levels on the U.S. East Coast. It was an orange haze. Many had to stay indoors. The worst-ever air quality day is now in New York. West Coasters have struggled with that for much longer periods. New York was worse and entirely unexpected. It’s hard to manage.
[15:40] Morgan feels for the employees in the next town from the wildfires. How do businesses keep their employees safe from so much smoke and sustain their business? And the fires are nowhere near contained.
[16:50] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. For upcoming virtual workshops visit RIMS.org/virtualworkshops to see the full calendar. On June 29th, “Optimizing Risk Management with Artificial Intelligence” will be led by Pat Saporito. A link to the workshop calendar is in the notes.
[17:48] The webinar “Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies,” will be on June 22, 2023. Scott Fenstermaker of Riskonnect will lead the session. Scott tells about the webinar featuring Chip Hargrave of Walmart. It’s going to be fantastic! Visit rims.org/webinars to sign up for webinars.
[20:59] What is a successful pitch for Risk Management Magazine? It gets back to asking what risk management can do about a thing. The answer is not that they can buy your product. Make it universal so that the audience can consider the risk they are facing. There’s no solution to fit everyone. Give broad tips on addressing risk.
[22:19] Hilary recommends not using the first-person viewpoint. Look at your experience as a jumping-off point and think about what are the connection points that are relevant to other people. The way a problem impacts your business is specific. What are the problems you have in common with other industries? Tell something of relevance.
[23:25] Think about how you would phrase your experience as guidance or a lesson for someone in a different sector. Think about takeaways. List three, five, or ten specific takeaways from your experience that would be interesting or relevant to somebody else. Start there. It’s easier to write a piece from that. Morgan says to start with three.
[24:58] Morgan says thank you to the readers of Risk Management Magazine, for reading and sharing. He’s always happy to hear your comments and feedback. He’s grateful that someone would open it and read an article. Hilary would love to hear what they could do better or have you contribute a piece. They are here for you, so reach out!
[26:01] Justin thanks Morgan O’Rourke and Hilary Tuttle for joining him on RIMScast. They thank Justin for having them.
[26:16] “Special thanks again to Morgan O’Rourke and Hilary Tuttle of Risk Management Magazine for joining me here today. They’re going to come back next week and we’re going to talk more about a very special article that Hilary wrote, covering RISKWORLD and active shooter preparedness, so I want you all to tune in and check it out!”
[26:35] Read Risk Management Magazine at RMMagazine.com and check out the blog at RiskManagementMonitor.com.
[26:44] Remember that you can sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offerings, including a transitional membership, RIMS.org, Risk Management Magazine, and the Risk Management Monitor blog! Justin thanks you for your continued support and engagement on social media channels!
Mentioned in this Episode:
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
RIMS ERM Conference 2023 — Submit an educational session by June 30.
Contribute to Risk Management Magazine
RIMS Diversity Equity & Inclusion page
Upcoming Webinars:
“Cyber Risk: Sharper Security or Dulled to the Danger?” | Sponsored by Beazley | June 20, 2023
“Optimizing Risk Management with Artificial Intelligence” | June 29, 2023
“Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies” | Sponsored by Riskonnect | June 22, 2023
Upcoming Virtual Workshops:
“Risk Appetite Management” | July 12–13
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“2022: The Year in Risk”
“Live From Riskworld 2023”
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
Sponsored RIMScast Episodes:
“Insuring the Future of the Environment” | Sponsored by AXA XL (New!)
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich (NEW!)
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Morgan O'Rourke
Hilary Tuttle
Risk Management Magazine
Tweetables (For Social Media Use):
“I’m going to … steal a term from the World Economic Forum’s Global Risks Report, … Polycrisis, which, to me, encapsulates at least my mood. … It’s not just about all these different things … but their interactions, as well.” — Morgan O’Rourke
“Technology itself is making a lot of standard risks a lot more complicated and a lot more expensive.” — Hilary Tuttle
“[With smoke from the Canada wildfire], the sky [over New York City] turned colors I don’t think we’ve seen, ever. Greens and oranges, and weird haze. It smelled like if you’re sitting out at a campfire.” — Morgan O’Rourke
“Think about how you would phrase your experience as guidance or a lesson for someone in a different sector.” — Hilary Tuttle
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
JP Navarro is Director of Client Relations at Hanna Brophy and a Board Member and the Secretary of the Rainbow Risk Alliance. In this episode, Justin and JP discuss JP’s experience at RISKWORLD 2023, takeaways from LGBTQIA+ Community MeetUp, the objectives of the Rainbow Risk Alliance, and how the risk management community is addressing LGBTQIA+ issues. They also consider some effective initiatives and policies organizations can take to bolster inclusivity. They conclude with news of the June 22nd Second Annual PRIDE Social in West Hollywood.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode: a discussion of Pride Month and LGBTQIA+ initiatives in the risk profession with a leader from the Rainbow Risk Alliance.
[:38] All about upcoming RIMS webinars, and more!
[1:09] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[1:26] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani on 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:42] Head to the RIMS.org/Advocacy page to find information about The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th. [1:56] Be on the lookout for the call for submissions for the RIMS ERM Conference, which will be held November 2nd and 3rd in Denver, Colorado! The first call for submissions was emailed in early June. Remember to check your spam box! There is a link to the web version in this episode’s notes.
[2:14] RIMS is partnering with Conrad Clark Nigeria for a RIMS CRMP Exam Prep virtual workshop Saturdays in July: July 1st, 8th, and 15th. Start your RIMS CRMP journey today! The link is in the show notes.
[2:36] Happy Pride Month, folks! The Rainbow Risk Alliance was formed in 2021 to be a resource, networking hub, and center of support for the LGBTQIA+ community of the risk profession. JP Navarro is the secretary of the group and you might have seen him at RISKWORLD 2023 hosting a community meetup in the DE&I Lounge.
[2:58] We are going to continue those dialogs by having him join us here to discuss Pride Month, how he feels the profession successfully approaches the concept of inclusivity, and how some inclusivity initiatives can be strengthened further.
[3:20] Justin welcomes JP Navarro of the Rainbow Risk Alliance to RIMScast.
[3:45] JP works for Hanna Brophy, a law firm in California, that works primarily in workers’ compensation defense. JP does their marketing and business development, including a lot of networking. Hanna Brophy integrates into the world of risk as an advisor and provider of legal services to risk management throughout the community.
[4:20] While developing many new relationships through networking across California and nationally, JP came to be involved with the Rainbow Risk Alliance by networking with two of its co-founders a few years back. When they started the RRA, they tapped JP to be one of the founding board members.
[5:36] JP says RISKWORLD 2023 was fantastic. He loved being in Atlanta at a fantastic venue. Rainbow Risk Alliance had been invited by RIMS to host a community meetup session for the LGBTQIA+ community. They were placed next to some coffee! They drew quite a diverse crowd of people who networked and learned more about RRA.
[6:35] It was an opportunity for people who were interested in learning how they can be allies; how they can work within their organizations to promote LGBTQIA initiatives. They had excellent conversations with different facets of the industry, including RIMS members and other parties. JP thinks that’s one of the best things about RISKWORLD.
[7:39] Members of the Rainbow Risk Alliance are risk and insurance professionals and risk-adjacent service providers based in California from all walks of the risk world life. One of the co-founders, Tamara Corbin, is a VP with Gallagher Bassett. JP tells how the alliance arose from an informal LGBTQIA+ network to boost community representation.
[10:09] LGBTQIA+ stands for Lesbian, Gay, Bi-sexual, Transgender, Queer, Intersex, Asexual people. The “+” ensures inclusivity. The board has seven members, all from California. They have over two thousand members across the United States.
[11:15] RRA is trying to get its roots grounded in the risk and risk-adjacent community spreading into a national organization with chapters supporting the various initiatives relevant to them and their community at large, with people who identify with LGBTQIA+ community and people who want to be allies and support it in their organizations.
[11:54] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. The virtual workshop, “Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.,” will be June 20–21, Register by June 19! [12:43] A three-part virtual workshop on data risk management will be June 15.
Earn the RIMS Fundamentals of Risk Data Analytics and AI certificate when you complete this workshop series. See go.RIMS.org/dataworkshops. Registration closes June 14th. Additional courses are on September 14th and December 7th.
[13:24] The webinar “Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies,” will be on June 22, 2023. Scott Fenstermaker of Riskonnect will lead the session. Scott tells about the webinar featuring Chip Hargrave of Walmart. It’s going to be fantastic! Visit rims.org/webinars to sign up for webinars.
[16:20] One of the biggest steps JP has seen is curiosity about, as a risk community, what we can do, not just to support our organization … [but] how we’re impacting everything around us, and that curiosity leading to some pivotal discussions around what the risk community can do to support, taking a deep dive into important issues.
[17:25] JP shares an example. What have organizations done as risk professionals about issues that may detrimentally impact the LGBTQIA+ community in times of disaster? What legal, cultural, and economic issues would they face as a result of a disaster? What have we done to address that proactively?
[18:05] These are newer pieces of the risk conversation. JP sees this as a positive outcome from the risk community to address what they can do for the LGBTQIA+ community.
[18:21] Regarding DE&I, there have been a lot of conversations over the last several years about what we can do to bolster DE&I initiatives within our industry. JP brings up curiosity, bringing the conversations to the table in public forums like RISKWORLD 2023. These conversations are popping up at key points throughout the year in the industry.
[19:05] JP says that’s great because it furthers this idea of curiosity. We’re talking about it. As long as we’re talking about it, we’re making movement. JP says the risk community has picked it up and run with it.
[19:22] In JP’s professional work, he sees a lot of interest in understanding how organizations are supporting LGBTQIA+ and DE&I initiatives because it’s important to them. How are we fostering development and recruitment into our industry? They’re asking for metrics, conversations, and updates.
[20:45] LGBTQIA+ is a personal identification that comes with a lot of things behind it. If somebody isn’t comfortable with identifying at home, we can’t expect them to do it at work unless it’s anonymous. Surveys are not trusted to be anonymous. Think about what a safe workplace is. Are we inclusive? Look at the language of initiatives.
[21:49] JP was reminded of this when he reviewed case law recently that included the word “firemen.” Firefighters include both men and women. JP has seen positive responses to the way we’ve adjusted the pronouns within our existing policies. Ensure that the language in your policies is inclusive. That’s a huge step you can take now.
[22:52] Employee Resource Groups (ERGs) can be an excellent source of information and a way to put your finger on the pulse of a company’s culture as it’s perceived by each group. Be open to listening to what those groups have to say. Those can be really difficult conversations; what is intended by a policy may not be what is perceived.
[24:08] JP recommends that organizations consult with DE&I experts. Having a third-party perspective to help shape policies and craft initiatives is an excellent investment in an organization’s culture. That’s what speaks to the community at large.
[24:45] Rainbow Risk Alliance has a Second Annual Pride Social on June 22nd. There will be drinks, hors d’oeuvres, and a drag show. It will be a social networking event in West Hollywood from 5 to 9 p.m. at the Chapel at the Abbey, seen on reality shows like The Real Housewives and The Vanderpump Rules.
[27:56] Justin thanks JP for being on RIMScast and says he looks forward to seeing him at RISKWORLD 2024 in San Diego! JP thanks Justin and wishes everybody happy Pride! JP looks forward to being in San Diego and promises another Community Meetup!
[28:23] Justin says a “special thanks to JP Navarro of the Rainbow Risk Alliance for joining us here today.” Rainbow Risk Alliance links are on the show notes. Also, see the links on the show notes for past coverage of Pride Month and DE&I initiatives.
[28:51] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offerings, including a transitional membership, RIMS.org, Risk Management Magazine, and the Risk Management Monitor blog! Justin thanks you for your continued support and engagement!
Mentioned in this Episode:
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
RIMS ERM Conference 2023 — Submit an educational session by June 30.
Contribute to Risk Management Magazine
RIMS Diversity Equity & Inclusion page
Upcoming Webinars:
“Cyber Risk: Sharper Security or Dulled to the Danger?” | Sponsored by Beazley | June 20, 2023
“Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies” | Sponsored by Riskonnect | June 22, 2023
Upcoming Virtual Workshops:
“RIMS Fundamentals of Risk Data, Analytics and AI” | June 15, 2023 | 10:00 am–2:00 pm ET | Registration Closes June 14 | Enroll Now
“Managing Worker Compensation, Employer's Liability and Employment Practices in the US” | June 20–21 | 10:00 am–5:30 pm ET | Registration Closes June 19 | Enroll Now
“Risk Appetite Management” | July 12–13
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Risk Insight with AAIN Leadership”
“Taking the “Next Steps” with NAAIA Executive Director and COO Omari Jahi Aarons”
“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”
“Launching DEI Initiatives with Tara Lessard-Webb” (2021)
“Pride Month: How Risk Pros Can Protect and Uplift LGBTQ+ Employees” (2021)
Sponsored RIMScast Episodes:
“Insuring the Future of the Environment” | Sponsored by AXA XL (New!)
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich (NEW!)
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
JP Navarro
Hanna Brophy
Rainbow Risk Alliance
Rainbow Risk Alliance Royal PRIDE Social
❤️Rainbow Risk Alliance: PRIDE 2023
🧡June 22, 2023
💛5–9 p.m.
💚The Chapel at the Abbey
💙692 N Robertson Blvd, West Hollywood, CA 90069
Tweetables (For Social Media Use):
“[The RISKWORLD 2023 Rainbow Risk Alliance meetup] was also an opportunity for people who were interested in understanding or learning more about our organization: How can they be allies? How can they work within their organizations to promote LGBTQIA initiatives?” — JP Navarro
“One of the biggest steps that I saw … is curiosity. Just the question of, as a risk community, what can we do, not just to support our organization … [but] how you’re impacting everything around you, and that curiosity leading to some pivotal discussions.” — JP Navarro
“It’s great because it furthers this idea of curiosity. We’re talking about it. As long as we’re talking about it, we’re making movement. And I think the risk community has really picked that up and run with it.” — JP Navarro
“Justin, I thank you so much for having me here! Happy Pride, everybody! I hope you enjoy it. Stay curious. Stay open. And I’m excited to be in San Diego next year and we will absolutely be there for another Community Meetup!” — JP Navarro
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Ralph Bless currently serves as Telgian Engineering & Consulting’s Executive Vice President, Innovation and Excellence. He has more than 40 years of experience in fire protection, including a broad range of water-based and special hazard system design, code consulting, and fire protection engineering services. Bless holds multiple state and national certifications, including that of Certified Fire Protection Specialist. He also serves on six National Fire Protection Association (NFPA) Technical Committees. These include chair for Record Storage, NFPA 232, as well as NFPA 1, NFPA 13 SSI (Installation) and the Correlating Committees, NFPA 15, and NFPA 915.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode: Fire Risk in Commercial and Industrial Buildings.
[:34] All about upcoming RIMS webinars, and more!
[1:13] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[1:30] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:47] Head to the RIMS.org/Advocacy page! The RIMS Legislative Summit is returning to Washington, D.C. on October 25th and 26th. Visit the link in the show notes.
[2:01] Be on the lookout for the call for submissions for the RIMS ERM Conference, which will be held November 2nd and 3rd in Denver, Colorado! Check your inboxes.
[2:18] RIMS is partnering with Conrad Clark Nigeria for a RIMS CRMP Exam Prep virtual workshop Saturdays in July: July 1st, 8th, and 15th. Start your RIMS CRMP journey today! The link is in the show notes.
[2:41] The new and mixed commodities being brought into commercial and industrial buildings are adding to the evolution and omnipresence of fire risks. Ralph Bless is here to discuss how to identify these materials and machines and the need for full-scale testing. Justin welcomes Ralph Bless to RIMScast.
[3:05] About Ralph’s 40-year career in the industry with new construction, remodels, maintenance, and testing.
[3:46] How Ralph has worked with risk professionals has changed in the past few years, from dealing with the pandemic, how facilities are used, and bringing people back into facilities, including egress and protection issues.
[4:30] Fire risk in facilities has evolved in how we’re using the buildings, and what we’re putting in them. The products have changed, from hand sanitizer, batteries, and plastics, to the packaging around them. From the start of Ralph’s career to today, the fire risk has grown significantly.
[5:22] The changes in fire risk have been across the board, from offices to storage, to manufacturing facilities. The requirements for sprinklers for multi-rack systems have changed, for example, providing challenges for Telgian’s clients and the industry.
[6:17] Batteries, whether for electric vehicles or everyday equipment, have changed the fire risk. A very small battery can create a very large fire. Telgian is exploring how to protect against battery fires. Packaging and the manner of storing products also add fire risks. Plastic pallets have replaced wood pallets.
[7:12] Automated storage and retrieval systems (ASRS) are popular. The robots and lift vehicles are battery-powered with their charging stations, creating new risks as workers are returning to facilities.
[8:11] The codes, standards, data sheets, and guidelines are behind the times. There has not been enough testing to know to protect these new automated facilities. In a lot of cases, water alone is not the solution.
[8:31] Ralph lists data sheets, guidelines, and codes that need to be modernized. One of the significant challenges of code development, for instance, the NFPA code, is the three-year cycle to update. Those are adopted by the building codes one year later. Then the building codes need to be adopted by the states, provinces, and countries.
[9:34] By the time facility builders and managers have the codes and standards, they are at least four years old. Technology changes faster than that.
[10:06] Ralph serves on six NFPA technical committees and some certification bodies. He likes the NFPA process and has been involved in it for some years. Everybody gets a voice. The challenge is in keeping up with what’s going on. NFPA is involved in full-scale fire testing as well as code development, working with state and local jurisdictions.
[11:02] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. The virtual workshop Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S. will be June 20–21, Register by June 19! [11:49] A three-part virtual workshop on data risk management will be June 15.
Earn the RIMS Fundamentals of Risk Data Analytics and AI certificate when you complete this workshop series. See go.RIMS.org/dataworkshops. Registration closes June 14th. Additional courses are on September 14th and December 7th.
[12:31] The webinar Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies will be on June 22, 2023. Scott Fenstermaker of Riskonnect will lead the session. Scott tells about the webinar featuring Chip Hargrave of Walmart. It’s going to be fantastic! Visit rims.org/webinars to sign up for this webinar and others.
[15:28] With their larger customers and facilities, Telgian does fire modeling, egress modeling, fire development modeling, smoke modeling, or full-scale fire testing. The codes and standards need to be generic, but specialized facilities need to be full-scale fire-tested. It makes good business sense.
[16:54] Ralph discusses how organizations can manage the risks of new commodities and devices in their facilities. Take a hard look at how the use of the facility has changed and the product has changed. He shares the example of plastic toys in open packaging on store shelves and vertically stacked mattresses that burn vigorously.
[18:22] Facilities managers may think that inspecting their sprinkler and alarm systems regularly for wear and tear is enough, but they need to be analyzed for how well they will protect the facility in a fire. Involve loss control engineer consultants and the risk department in the analysis. Work with the community fire department.
[20:20] About the nearly year-round wildfire risk in the U.S. Some insurance companies refuse to insure certain areas. How do we protect facilities and become good stewards?
[21:22] Risk professionals should collaborate with Operations, R&D, the community, your insurance providers, your loss control engineers, the risk team, and any consultants you may bring in.
[22:19] Fire risk isn’t calculated by the month but by the industry involved. Telgian has seen large facility fires in every month of the last year and a half. You really have to be on your game all the time.
]22:59] Justin says a “special thanks to Ralph Bless for joining RIMScast today.” Listen to the episodes related to fire risks and water damage reduction linked on the show notes.
[23:18] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offerings, including a transitional membership, Risk Management Magazine, and the Risk Management Monitor blog! Justin thanks you for your continued engagement!
Mentioned in this Episode:
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala – Sept. 14, 2023
Contribute to Risk Management Magazine
RIMS Diversity Equity & Inclusion page
Upcoming Webinars:
The Top 10 Must-Have Reports for GRC and InfoSec Leaders | Sponsored by Resolver | June 8, 2023
Cyber Risk: Sharper Security or Dulled to the Danger? | Sponsored by Beazley | June 20, 2023
Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies | Sponsored by Riskonnect | June 22, 2023
Upcoming Virtual Workshops:
RIMS Fundamentals of Risk Data, Analytics and AI | June 15, 2023 | 10:00 am–2:00 pm ET | Registration Closes June 14 | Enroll Now
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | June 20–21 | 10:00 am–5:30 pm ET | Registration Closes June 19 | Enroll Now
RIMS CRMP Exam Prep with Conrad Clark Nigeria | July 1, 8, and 15
Risk Appetite Management | July 12–13
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“World Water Day, IoT, and Water Damage Reduction with John Dempsey”
“Public Violence and Workplace Safety with Lauris Freidenfelds”
“Occupational Safety Risks in 2022 with Dave Ferro”
“E-Commerce’s Impact on Fire Safety in Supply Chains with Leonard Ramo”
Sponsored RIMScast Episodes:
“Insuring the Future of the Environment” | Sponsored by AXA XL (New!)
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich (NEW!)
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Ralph E. Bless, Jr., PE, CFPS, SET
Telgian Engineering & Consulting
Tweetables (For Social Media Use):
“Fire risk has evolved … specifically as it relates to facilities, in how we’re using the buildings, and what we’re putting in those buildings. … The products have changed, … hand sanitizer, batteries, different types of plastics, or the packaging around it.” — Ralph E. Bless
“I don’t know about you but I don’t really want to be carrying around my cellphone from 10 years ago. It kind of relates [to outdated standards].” — Ralph E. Bless
“We’ve seen several very large-loss fires … and if you look at … why they were catastrophic, what you’ll find is many times the smaller jurisdictions may not have understood or may not have been trained by the facility on how to respond to their … facility.” — Ralph E. Bless
“[Fire risk]; it’s not really one month out of the year. It really depends on the industry, in my experience.” — Ralph E. Bless
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Eloise Copland joins RIMScast to discuss the effects human bias has on all decision-making, what bias is, and working with bias by understanding how the mind uses it as a shortcut to process information. Understanding our biases about the environment will help us to direct with intention our decision-making around climate-change issues. Listen to this enlightening discussion to help inform your organization’s approach toward prioritizing the environment.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode with Principal Behavioral Scientist, Influence at Work, Eloise Copland, on the psychology of environmental bias risk.
[:37] All about upcoming RIMS webinars, and more!
[1:17] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[1:34] On September 14th, the Spencer Educational Foundation returns to New York City for its Annual Funding Their Future Gala. The event will be held at the Cipriani 42nd Street. A link is on this episode’s notes. You can also visit SpencerEd.org.
[1:51] Head to the RIMS.org/Advocacy page! The RIMS Legislative Summit is returning to Washington, D.C. on October 25th and 26th. Visit the link in the show notes.
[2:04] Be on the lookout for the call for submissions for the RIMS ERM Conference, which will be held November 2nd and 3rd in Denver, Colorado! Check your inboxes.
[2:20] RIMS is partnering with Conrad Clark Nigeria for a RIMS CRMP Exam Prep virtual workshop Saturdays in July: July 1st, 8th, and 15th. Start your RIMS CRMP journey today! The link is in the show notes.
[2:41] The “E” in ESG stands for environmental risk. It is on their minds regularly at RIMS and RIMScast. Justin introduces Eloise Copland, the Principal Behavioral Scientist for Influence at Work. Eloise joins the podcast to talk about our approach to environmental bias and environmental risk.
[3:43] Justin welcomes Eloise Copland, or El, to RIMScast. El is five hours ahead of New York time.
[4:25] El tells about her background, career, and what excites her every day about behavioral economics and addressing environmental bias.
[6:32] It takes well-funded agencies and corporations working together for change to occur. People run agencies and corporations and their biases influence decisions.
[7:10] There isn’t one simple answer to why executives prioritize short-term environmental challenges over the bigger picture. We like to think that with the right information, and with the right resources, people make rational decisions. Research shows that people’s decisions are influenced by mental shortcuts called biases.
[8:43] The four types of biases:
- Present bias — we value our present selves more than our future selves.
- Uncertainty aversion — we avoid unknown risks.
- Optimism Bias — we are overly optimistic about the future.
- Loss Aversion — we find losses to be more negative than equivalent gains are positive.
[15:49] Execs believe it’s significantly more costly to be sustainable because there’s a lot of investment and you don’t get a lot of payback. Loss aversion overpowers the potential gains an organization might get.
[16:19] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. The virtual workshop Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S. will be June 20–21, Register by June 19! The three-part virtual workshop on data risk management will be June 15. See the link.
[17:48] The webinar Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies will be on June 22, 2023. Scott Fenstermaker of RIskonnect will lead the session. Scott tells about the webinar featuring Chip Hargrave of Walmart.
[20:54] El describes ways to work with biases. Knowing what influences our decisions can help us to reduce the power biases hold over us. El suggests three things to add to our arsenal: changing people’s focus, making it tangible, and making it personal.
[22:42] Change people’s focus by encouraging executives to look at long-term goals. Find ways to reward longer-term achievements and make the environmental threat more immediate. Use hypothetical scenarios.
[25:23] Make the outcomes more tangible by providing people with a roadmap with the steps of what they can do to achieve a larger goal or reduce the uncertainty by telling people what other people are doing. Have them make implementation intentions, such as “If this happens, I will do that.” Research shows that this works.
[26:53] Make the outcome personal by showing people the emotional and oral impacts of climate change on their nations, communities, and families. They will be much more likely to act beyond the minimum requirements.
[29:51] El discusses when executives stubbornly pursue short-term priorities instead of big-picture priorities. El suggests empathetically engaging executives to see the big picture. Make sure that when we think about systems, we’re thinking in the long term. Biases are not handicaps but are the ways our brains process information.
[34:03] With the understanding of how humans think, we can integrate this understanding into our systems and what we do, to make sure that we don’t hit this situation where someone is too short-sighted or stubborn.
[34:55] About the COP climate change summits, good and bad. El describes the “planning fallacy.” Attending the summit and creating a commitment is not taking action. Tie your commitments to measurable and visible impacts.
[40:18] Justin thanks El Copland for being on RIMScast.
]40:46] Justin says a “special thanks to El Copland, of Influence at Work for joining us here on RIMScast.” Listen to the related episodes linked on the show notes.
[41:01] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offerings, including a transitional membership!
Mentioned in this Episode:
RIMS Canada 2023 — Sept. 11–14 in Ottawa!
Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023
RIMS.org/Advocacy/
RIMS 2023 Legislative Summit — Oct. 25–26 in Washington, D.C.
RIMS ERM Conference — Nov. 2–3 in Denver, Colorado.
Contribute to Risk Management Magazine
RIMS Diversity Equity & Inclusion page
Upcoming Webinars:
The Top 10 Must-Have Reports for GRC and InfoSec Leaders | Sponsored by Resolver | June 8, 2023
Cyber Risk: Sharper Security or Dulled to the Danger? | Sponsored by Beazley | June 20, 2023
Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies | Sponsored by Riskonnect | June 22, 2023
Upcoming Virtual Workshops:
RIMS Fundamentals of Risk Data, Analytics and AI | June 15, 2023 | 10:00 am–2:00 pm ET | Registration Closes June 14 | Enroll Now
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | June 20–21 | 10:00 am–5:30 pm ET | Registration Closes June 19 | Enroll Now
RIMS CRMP Exam Prep with Conrad Clark Nigeria | July 1, 8, and 15
Risk Appetite Management | July 12-13
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Earth Day 2023 and ESG with Lisanne Sison of the RIMS SERMC”
“World Water Day, IoT, and Water Damage Reduction with John Dempsey”
“World Water Day 2022 with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
“Earth Observations, Acronyms, and Risk with Dr. Shanna McClain of NASA” (2021)
“ERM, ESG, and More Acronyms with Jana Utter”
Sponsored RIMScast Episodes:
“Insuring the Future of the Environment” | Sponsored by AXA XL (New!)
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich (NEW!)
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Guest: Eloise Copland
Principal Behavioral Scientist, Influence at Work
Tweetables (For Social Media Use):
“For me, behavioral science is most useful in the context of environmental impact. And I began to sort of focus on understanding people’s perceptions about the environment and their motivations and barriers.” — Eloise Copland
“This idea of losses — they kind of loom much larger in our brains than gains do. So in the context of executives and business and risk and the environment, people are pretty hesitant to invest in climate change solutions … that have unknown or unproven ROI.” — Eloise Copland
“The better we understand what is making and driving the decision-making when … we’re in the boardroom; the better we can ensure our systems and our communications fit with these beliefs. … Don’t communicate … in ways that aren’t going to resonate.” — Eloise Copland
“With the proper understanding of how humans think, we can integrate this understanding into our systems; into what we do, to make sure that we don’t hit this situation where someone is too short-sighted; too stubborn.” — Eloise Copland
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joel Wood joins RIMScast to discuss the shared goals of RIMS and CIAB in 2023 in the way of cyber, NFIP, and other major risk management issues. Though many of these issues are non-partisan, he provides a pragmatic view of how much progress might be made with such a divided Congress. Joel shares his hopes for the House and the Senate to work together on important data security legislation. Joel expresses his appreciation for RIMS, as a pure voice for insureds, and how CIAB and RIMS come together for many objectives and goals.
We also hear about his career and some of the members of Congress and DC players who may prove to be valuable allies for RIMS and CIAB.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode with Council of Insurance Agents and Brokers (CIAB) President Joel Wood.
[:37] All about upcoming RIMS webinars, and more!
[1:10] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[1:27] The RIMS Legislative Summit will be held October 25th and 26th in Washington, D.C. For information, visit the link in the show notes.
[1:43] The Council of Insurance Agents and Brokers is a prominent ally of RIMS.
[1:57] Joel Wood became president of CIAB in January 2023 and is well-known in the risk and insurance community, having lobbied on behalf of CIAB for thirty years.
[2:08] Justin recorded this interview with CIAB President Joel Wood prior to RISKWORLD. They discussed RIMS’s and CIAB’s common goals and visions for 2023.
[2:31] Justin welcomes Joel Wood to RIMScast.
[2:37] Joel Wood is President of CIAB after 30 years of lobbying for the organization.
[3:07] Joel went to Washington 40 years ago to work for a member of Congress from his hometown and after five-and-a-half years, he went to an insurance trade group. Joel joined CIAB 30 years ago. CIAB has about 185 members, responsible for over 90% of premiums placed in the commercial property/casualty insurance market nationally.
[4:05] CIAB members have a good chunk of premiums on the health benefits side, also, including two-thirds of all employer-sponsored group health insurance plans. [4:30] All CIAB firms do business in all 50 states; most do international business. There is a commonality of interests among them. Joel talks of the extraordinary M&A environment over the last several years. CIAB has benefitted overall from M&A.
[5:35] The member of Congress Joel worked for was Don Sundquist, who later served for eight years as Governor of Tennessee. Joel talks about working for him.
[6:44] CIAB goes back 115 years. They host a premier event in the international commercial business insurance marketplace, at the Broadmoor, for brokers, carriers, and reinsurers to make connections. For most CIAB members, though, the one meeting that matches or surpasses it is the annual RIMS meeting.
[7:30] The relationship between CIAB and RIMS is extremely strong. Joel lists the threat of hard markets, shrinking capacity, inflation, and the rise of uninsurable events, in the eyes of the carriers. Joel comments on the chances of getting legislation passed by the divided government on Capitol Hill.
[9:34] Joel sees the most room for bipartisanship this year on data privacy legislation. Everyone in the insurance ecosystem shares frustration with 50 different standards on anything to do with data privacy. Joel explains his hope for the House and Senate to work together on data privacy legislation.
[11:33] A stretch goal is to reduce the cost of prescription drugs and enforce transparency for the PBM marketplace. Joel finds two-thirds of member firms spend two-thirds of their time on the benefits side, fighting existential threats, instead of on the property & casualty side, where two-thirds of their revenue is.
[12:42] PBMs have declared that the 2020 legislation requiring brokers to prospectively report all of their compensation from ERISA plans does not apply to them. Joel hopes the Senate will look closely at that.
[13:57] In property & casualty, Joel would like to see 2023 legislation on flood insurance. It’s going to take a dedicated Senate Banking Committee to make it happen.
[11:41] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. RIMS Fundamentals of Risk Data, Analytics and AI virtual workshop is coming up on June 15! It’s a course for the RIMS Fundamentals of Risk Data Analytics and AI certificate on completion! See the link. To support education visit SpencerEd.org.
[13:45] CSA Group is the Canadian Standards Association. They are a leader in developing standards to make the world safer and in testing, inspecting, and certifying products to make sure that the products that get into the marketplace are safe. They have global operations.
[16:20] About the National Flood Insurance Program (NFIP). Joel has never heard anyone say they were happy with it. He would like to see more private solutions and private markets in the flood arena. We went a long stretch in a soft commercial marketplace. These are difficult issues.
[18:17] Justin and Joel share reminiscences about former Congress member, Dennis Ross. Joel would like to see him come back to lobby for risk retention insurance issues.
[19:20] The biggest and perhaps smartest champion of the insurance industry in the Senate is Senator Tim Scott a former Allstate executive and agency owner. In the House, Blaine Luetkemeyer has a strong industry background. Newer House members Monica De La Cruz, Anthony Garbarino, and Byron Donalds have industry experience.
[22:43] Anthony Garbarino chairs the cybersecurity subcommittee. He may be an ally on data privacy. A lot of carriers call cyber marketplace security breaches uninsurable events.
[23:48] Justin thanks Joel for being on RIMScast. Joel appreciates the opportunity and is grateful for the relationships between CIAB and RIMS and their similarities on many issues.
[24:54] Justin says a “special thanks to Joel Wood, the President of the Council of Insurance Agents and Brokers (CIAB).” See the links to CIAB. The RIMS Legislative Summit will be held October 23rd through the 26th in Washington, D.C. A link is on this episode’s notes. There is also a link to RISK PAC coverage with Gregory McKenna.
[25:30] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
RIMS Legislative Summit — October 25‒26 in Washington DC!
RIMS Advocacy
RISK PAC
RIMS Canada 2023 — Sept. 11‒14 in Ottawa!
Spencer Educational Foundation — Risk Manager on Campus
Spencer Funding Their Future Gala — Sept 14 in NYC!
Contribute to Risk Management Magazine
RIMS Diversity Equity & Inclusion page
Upcoming Webinars:
The Top 10 Must-Have Reports for GRC and InfoSec Leaders | Sponsored by Resolver | June 8, 2023
Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies | Sponsored by Riskonnect | June 22, 2023
Upcoming Virtual Workshops:
RIMS Fundamentals of Risk Data, Analytics and AI | June 15, 2023 | 10:00 am‒2:00 pm ET | Registration Closes June 14 | Enroll Now
Risk Appetite Management | July 12‒13
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
“RIMS Advocacy — See You In September” (2022)
“Keeping Up With RISKPAC” (2022)
Sponsored RIMScast Episodes:
“Insights into the Gig Economy and its Contractors” | Sponsored by Zurich (NEW!)
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Guest: Joel Wood
President, Council of Insurance Agents and Brokers (CIAB)
Tweetables (For Social Media Use):
“I came to Washington 40 years ago, to work for a member of Congress from my hometown of Memphis. And so, I worked for him for five-and-a-half years. … I went off to a different insurance trade group and have been with CIAB for 30 years.” — Joel Wood
“The benefit that RIMS brings to the public policy arena is that, more purely than any other organization, RIMS members represent the voice of the insurance customer.” — Joel Wood
“I’m very circumspect about what can get done with divided government on Capitol Hill, with the narrowest possible Republican majority, and a very slim Democratic majority in the Senate, with a Democratic president, in an environment that is politically toxic.” — Joel Wood
“ We went a long stretch in a soft commercial marketplace.” — Joel Wood
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
May is Mental Health Awareness Month and it’s an event that we’ve covered here on RIMScast and something that RIMS takes very seriously. Here to talk about what risk professionals can do to help their co-workers and organizations is Michelle Drew, Manager, Corporate Insurance and BCM, The CSA Group (formerly the Canadian Standards Association); CSA is a standards organization that develops standards in 57 areas. CSA Group launched a volunteer program to increase psychological safety. Mental Health Ambassador Program (aka The Map). Michelle is one of the mental health ambassadors. These ambassadors are volunteers trained to provide discreet listening and assistance to anyone seeking mental health support and can help individuals navigate CSA's range of mental health resources.
Michelle is also the president of the ORIMS chapter so she shares a little update about what’s happening in Ontario and RIMS Canada.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode with ORIMS President Michelle Drew: How RIMS professionals can make an impact during Mental Health Awareness Month, also RIMS Canada news.
[:41] All about upcoming RIMS webinars, and more!
[1:17] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! Visit RIMSCanadaConference.ca for more information.
[1:35] May is Mental Health Awareness month and it’s an event that we’ve covered here on RIMScast and something that RIMS takes very seriously.
[1:42] Some quick stats from the National Alliance on Mental Illness (NAMI):
One in five U.S. adults experience mental illness each year. One in 20 U.S. adults experience serious mental illness each year. Fifty percent of all lifetime mental illness begins by age 14, and 75% by age 24.
[2:03] This is impacting the workplace. And here to talk about what risk professionals can do to help their co-workers and organizations against the backdrop of Mental Health Awareness Month is Michelle Drew, Manager for Corporate Insurance and BCM at The CSA Group, formerly the Canadian Standards Association.
[2:25] The CSA Group launched a volunteer program to increase psychological safety. It’s called the Mental Health Ambassador Program. Michelle is one of the mental health ambassadors.
[2:34] These mental health ambassadors are volunteers trained to provide discreet listening and assistance to anyone seeking mental health support. They offer a safe space and, when requested, can help individuals navigate CSA's range of mental health resources.
[2:48] Michelle will speak about launching the Mental Health Ambassadors. She is also the president of the ORIMS chapter so we’ll get a little update from her about what’s happening in Ontario and RIMS Canada.
[3:13] Justin met Michelle last year at some virtual events and RIMS Canada 2022 in Halifax. Justin welcomes Michelle Drew to RIMScast. This episode has been planned since January. There are risk management protocols for getting a guest on RIMScast. [4:02] As the CSA Group Mental Health Ambassador, Michelle is there to support and help. She acts as a bridge between employees and the mental health and wellness resources that CSA has, like the Employee and Family Assistance Program. Ambassadors listen to employees and steer them toward the available resources.
[5:14] Oftentimes, the employees just don’t know where to start. The ambassadors are not mental health professionals and don’t provide treatment but they try and get the employees connected with things that will help.
[5:50] Michelle has familiarity with mental health challenges and she shares some of her family experiences with them. She says it’s important to talk about mental health and remove the stigma from it.
[6:39] Michelle believes the mental health ambassador program is a great program to help support employees. CSA is all about safety. Mental well-being is a part of being safe. Michelle wants the people she works with to be happy, productive, and engaged in what they are doing. Mental well-being is important for all of that.
[7:28] Mental health authority guests on RIMScast a couple of years ago were concerned that the pandemic was going to exacerbate things for a lot of folks. Michelle agrees. Going from being able to be around people all the time to suddenly being encouraged to stay home goes against our social nature. We like to be around people.
[8:05] The pandemic itself was an unexpected unknown. There was fear that went with it. None of us knew how to react to or handle it. Stress can deeply affect people who are already having issues.
[8:47] When the call for volunteers came out, Michelle immediately knew she wanted to be in the ambassador program. She signed up, did the training, and got involved. She thinks it’s a great program to help support people through their day-to-day We all have stresses. It’s helpful to have all of these resources and other people to talk to.
[9:30] Michelle notes that those of us who suffer from mental illness or challenges have a lot to offer. Sometimes we need an opportunity to be able to bring that to the table.
[9:50] Having a company that knows that sometimes minor tweaks to your environment can bring out the best in you can make a difference. Michelle shares the challenges her oldest child faces trying to find their place in the world. Michelle would like more workplaces to make their environment more safe.
[10:31] Michelle’s ambassador training was two days of Mental Health First Aid, a program open to anybody. Then there were a couple of days of training from the Employee Assistance Program to enhance the Mental Health First Aid program and make sure the ambassadors understood the resources that were available.
[11:51] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. RIMS Risk Appetite Management virtual workshops are coming up, May 17‒18 & July 12‒13! It’s a two-day course on navigating the complex and critical area of risk appetite management! See the link. To support education visit SpencerEd.org.
[13:45] CSA Group is the Canadian Standards Association. They are a leader in developing standards to make the world safer and in testing, inspecting, and certifying products to make sure that the products that get into the marketplace are safe. They have global operations.
[14:17] CSA Group is a private company that works with various government agencies to make sure that the standards they publish are included in legislation to make the world a better place.
[15:40] Michelle suggests that companies wanting to establish a mental health initiative should start with an accredited trainer. Decide what it is you are hoping to accomplish by rolling out such a program. CSA Group started with training selected interested employees with Mental Health First Aid as Step One in a long-term plan for the base.
[16:15] Michelle recommends reaching out to community mental health resources to help you start a company program.
[17:04] Risk managers need to be ready to be involved in a mental health program. Michelle says being able to help others is a huge part of what gives risk managers satisfaction. Model a healthy lifestyle. Talk openly to colleagues about mental health challenges and the things people can do to improve their mental well-being.
[18:07] Reach out to your HR department and offer to give them a hand in putting a program into place. Support them in whatever is required to get it done. Be open and honest with experiences you have had, the things that you’ve learned, and the things you want to help do. Normalize the conversation around mental health. Remove the stigma.
[19:05] It may take time for people to be confident in talking about mental health. A private conversation may be the best place to start. Or a series of conversations with time to think between them. In team meetings, talk about a particular topic or remind people about resources. People may come to you for support in a private conversation.
[20:12] Michelle is president of ORIMS, the Ontario Risk and Insurance Management Society chapter. It is the largest chapter outside of the U.S. Every once in a while, they tie for the largest RIMS chapter anywhere.
[21:03] ORIMS is holding Spring Fling on May 18th including a suite at the Blue Jays vs. the New York Yankees game. On June 20th ORIMS has a golf tournament at Deer Creek Golf Club. It sells out quickly!
[22:06] ORIMS is working hard at building out its social programs and professional development. Watch for workshop sessions.
[22:41] The RIMS Canada 2023 Conference 2023 call for session proposals is out. RIMS Canada 2023 is a great opportunity to get together with your risk management colleagues and industry partners to celebrate being a risk manager! There will be many things to learn and people to talk to. Michelle hopes to do a session with someone!
[23:25] ORIMS will do the Train to Ottowa. The conference this year is in Ottowa, September 11th through 14th. Stay tuned for details. RIMSCanadaConference.ca. ORIMS site is OntarioRIMS.org.
[24:44] How did Justin do as MC last year? Michelle says awesome! Anyway, he’s happy to get an invite back this year! Justin shares his memories of 2021 and 2022. He loves working with ORIMS!
[25:50] Justin thanks Michelle for joining RIMScast and speaks about getting together at RISKWORLD 2023 and future RIMS events.
[26:02] Justin says a “special thanks to my friend and ORIMS President Michelle Drew for joining me today.” See the links about mental health awareness and coverage from Risk Management Magazine. Remember to join us at RIMS Canada Conference 2023. Visit RIMSCanadaConference.ca. We want to see you there!
[26:32] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
RIMS Canada 2023 — Sept. 11‒14 in Ottawa!
Spencer Educational Foundation — Risk Manager on Campus
Contribute to Risk Management Magazine
Erik Severson Memorial 5K — May 2023 — Register today!
RIMS Diversity Equity & Inclusion page Upcoming Webinars:
Risk Appetite Management | May 17‒18 & July 12‒13 — Register by 5/16 for May’s session.
Harness The Power of Data for Better Insurance Outcomes | Sponsored by TÜV SÜD | May 18, 2023
Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies | Sponsored by Riskonnect | June 22, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
Mental Health in the Workplace with Darcy Gruttadaro, Director of the Center for Workplace Mental Health (2021) RIMS 2023 Risk Manager of the Year Theresa Severson
Riskworld Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout (2022) Sponsored RIMScast Episodes:
Insights into the Gig Economy and its Contractors | Sponsored by Zurich (NEW!)
The Importance of Disaster Planning Relationships | Sponsored by ServiceMaster (NEW!)
Technology, Media and Telecom Solutions in 2023 | Sponsored by Allianz Analytics in Action | Sponsored by Alliant
Captive Market Outlook and Industry Insights | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Guest: Michelle Drew
Manager, Corporate Insurance and BCM
CSA Group Mental Health Ambassador
CSAGroup.org
President of ORIMS.
https://www.ontariorims.org/
Mental Health First Aid
Tweetables (For Social Media Use):
“At CSA Group, we’ve got a Mental Health Ambassador Program … and I am one of the ambassadors. I have that as one of my tags in my signature. … I let the whole world know that I’m interested in this area and that I’m here to support and help.” — Michelle Drew
“It’s important to try and normalize talking about mental health and realizing that it’s not something that needs to be hidden. Let’s talk about it; let’s normalize it; let’s remove the stigma from it.” — Michelle Drew
“As soon as they put out a call for volunteers, I immediately knew that I wanted to be involved in this. So I signed up, I did the training, and I got involved in the program. I think it’s a great program to help support people through their day-to-day.” — Michelle Drew
“Those of us that suffer from many mental illnesses or challenges have a lot to offer. Sometimes we need an opportunity to be able to bring that to the table.” — Michelle Drew
“Risk managers have it in our DNA to help others.” — Michelle Drew
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
RISKWORLD draws engagement from various areas of the risk profession around the globe. This year, in live interviews recorded onsite from the floor of the Georgia World Congress Center, host Justin Smulison met with various guests to discuss the recent banking failures and their impact on risk and insurance, disaster preparedness, and how Japanese risk professionals present information and philosophies to their leaders in government and to interested corporations.
Join Justin and his guests to relive the excitement of Days 1 and 2 of the world’s largest risk management event.
Key Takeaways:
[:01] About RIMScast.
[:27] About today’s episode with interviews recorded live from the floor of the Georgia World Congress Center during RISKWORLD 2023.
[:41] All about upcoming RIMS webinars, and more!
[1:21] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! The call for educational session submissions is open. Visit RIMSCanadaConference.ca for more information.
[1:43] This episode’s interviews were recorded live at RISKWORLD 2023. Justin loves doing the live interviews and delving into the various perspectives of his guests.
[1:55] Justin’s first guest is Paul Larson, the President of Financial Lines at Liberty Mutual. They met on May 1st before Paul’s session, “A Banking Crisis’s Impact on the Insurance Industry.” It was perfectly timed. That day, less than two months after the collapse of SVB, it was announced that JPMorgan had bought troubled First Republic.
[2:36] Justin welcomes Paul Larson to RIMScast.
[2:51] Paul’s session is about what’s happening with respect to the banking crisis, if there is one. Paul talks to risk managers on the corporate and financial services sides about how this could impact businesses. How did the session go, Justin asks. “Oh, we killed it! Knocked it out of the park,” Paul forecasts!
[3:30] Paul’s take on the banking crisis is that it’s not at that stage yet. So far, we don’t have a significant credit issue. But will the interest rate risk become a credit risk?
[4:10] The JPMorgan purchase of First Republic doesn’t much change the dynamic of Paul’s session. The SVB and First Republic failures resulted from liquidity issues and uninsured deposits. Both firms had significant levels of uninsured deposits, as did Signature Bank.
[4:59] Banks should act as though the 2018 roll-back of Dodd-Frank had not happened.
Paul brings up the need for banks to manage liquidity risk, regulators to ask for change, and banks to manage their interest rate risk and asset-liability matching.
[5:35] The Fed acknowledged that they saw the risk at SVB and should have been heavy-handed early on.
[6:01] Paul thinks the directors and officers of SVB are going to be held accountable for the failure and we will see litigation as a result of it. The failure emphasizes the importance of having a strong Chief Risk Officer in place to manage the process all along. For over eight months, SVB did not have a CRO.
[6:30] Justin had done an episode with the risk manager from Sterling Bank and Trust, Eleni Willis, about the failure of SVB and their lack of a CRO. She likened it to pulling your quarterback in the middle of a fourth-quarter blitz. Paul agrees it’s critical for a bank the size of SVB or First Republic to have a CRO and a succession plan if one departs!
[7:04] Paul suggests the Chief Financial Officer of a bank become the interim CRO.
[7:21] RISKWORLD 2023 is the 21st RISKWORLD Paul has attended. Justin thanks Paul for being on RIMScast.
[7:43] It was National Hurricane Preparedness Week, April 30th through May 6th, 2023. So Justin speaks to a preparedness expert, Alexander Walton, the National Director of Client Development at Blueteam. Blueteam does restoration construction and roofing. [8:11] Justin and Alexander discuss the trends in hurricane preparedness and things Alexander has seen as a worker on the ground. Hurricane season is coming up soon!
[8:31] Justin welcomes Alexander Walton to RIMScast. This is Alexander’s first year attending RISKWORLD; he plans to attend going forward. He has been with Blueteam for just over seven months and in the risk management space for about six years. Before Blueteam, Alexander was the GM for a couple of ServiceMaster offices out west.
[9:46] Blueteam is based in Boca Raton and gets the first hit of hurricane season. The Blueteam crews stay prepared and ready to go.
[10:10] Blueteam’s mantra is preparedness. Blueteam’s proprietary software allows it to alert customers by location that may be in the line of a hurricane so the customers can have a better understanding of what to prepare for by boarding up and getting any equipment they might need to prevent the most damage.
[10:52] Boca Raton is an hour north of Miami. Justin asks about the damages from Hurricane Ian. Blueteam’s takeaway from Ian was that you can never be too prepared. The more you can do on the front end, the easier it is for Blueteam to come and mitigate and prevent further damage from sitting water and potential structure failures.
[11:44] How does Blueteam prepare for enhanced risks from climate change? Blueteam has been busy year-round, mitigating torrential rains and flooding and an earlier, increased tornado season.
[12:33] Alexander notes that the technological advancements at Blueteam are in customer interaction. The proprietary software includes warnings for earthquakes, fires, freeze warnings, wind warnings, as well as hurricanes, so customers can take evasive measures to prevent damage.
[13:28] Florida has had freeze warnings, flooding, hurricanes, and extreme winds this year. The freezes and windstorms are applicable around the country. Blueteam has seen a huge peak in business for repairs from those two climate disasters.
[14:17] Alexander’s experience on the ground shaped his risk management career. He has insight into the customers’ perception, allowing conversations on how Blueteam can help on the front end and what to expect in terms of timelines and repair. These conversations build solid relationships. The customers know they are valued.
[14:58] Alexander’s worst experience on the ground was from an internal fire with lots of smoke damage. He had to see that residents of a senior living facility were secure and repair smoke damage and mitigate water damage from the fire department. He had to get people back on track and into their normal routines as soon as possible.
[15:43] Justin’s final guests today are from The Institute of Energy Economics, an arm of the Japanese government. Justin met them sitting in the DE&I Lounge, preparing for their Global Studio session, “Collaboration with an Energy Resiliency Working Group.” They were enthusiastic to be on the show and speak of energy!
[16:09] Justin welcomes Akihiro Kimura, Hirotaka Mitsui, and Kentaro Hayashi of
The Institute of Energy Economics in Japan to RIMScast. Akihiro Kimura, a risk manager, explains they are presenting the “new normals” of cyber risk, pandemic risk, and climate change risk.
[17:43] Akihiro says we need not only risk management but also resilience management. Their presentation will focus first on the energy supply side and demand side. They will show energy resilience scoring to help insurers, bankers, and funders.
[19:05] Hirotaka Mitsui explains the Five Ds of Japanese energy resilience management are Depopulation, Deregulation, Decentralization, Digital transformation, and Decarbonization. This is the thesis of their presentation. Japanese government and corporations are looking for new markets to invest in energy resilience.
[20:29] Kentaro Hayashi is very excited to be at RISKWORLD! He has been a risk professional for one year.
[21:23] Justin wishes Akihiro Kimura, Hirotaka Mitsui, and Kentaro Hayashi lots of luck at their studio session and to have a great experience at RISKWORLD; he hopes to see them again next year in San Diego.
[21:39] Justin says a “special thanks to all of my guests” and all of the RIMS staff for hosting yet another fantastic RISKWORLD! Mark your calendars now for RISKWORLD 2024, May 5th‒9th in San Diego, California. We can’t wait to see you there!
[22:00] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
Mark Your Calendars! RISKWORLD 2024 will be in San Diego, May 5‒9.
RIMS Canada 2023 — Sept. 11‒14 in Ottawa! Submit an educational session.
RIMS Diversity Equity & Inclusion page Spencer Educational Foundation — Risk Manager on Campus
Contribute to Risk Management Magazine
RIMS Risk Management Magazine: Awards Edition 2023
Upcoming Webinars:
“The Green Transition” | Sponsored by Beazley | May 9, 2023
“Unraveling the White-Collar Criminal: A Comprehensive Look at the Forces Driving Organized Insurance Fraud” | Sponsored by Travelers | May 11, 2023
“Harness The Power of Data for Better Insurance Outcomes” | Sponsored by TÜV SÜD | May 18, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RIMS 2023 Risk Manager of the Year Theresa Severson”
“RIMS 2023 Rising Star Emily Bloedel”
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Celebrating #SpencerDay and Funding the Future of Risk Management” “Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023” “ERM in Banking & Finance with Eleni Willis”
Sponsored RIMScast Episodes:
The Importance of Disaster Planning Relationships | Sponsored by ServiceMaster (NEW!)
Technology, Media and Telecom Solutions in 2023 | Sponsored by Allianz (NEW!) Analytics in Action | Sponsored by Alliant
Captive Market Outlook and Industry Insights | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Paul Larson
President, Financial Lines, Liberty Mutual
Alexander Walton
National Director of Client Development, Blueteam
Akihiro Kimura
General Manager, The Institute of Energy Economics, JapanHirotaka Mitsui
Research Fellow, Central Research Institute of Electric Power Industry, Japan
Kentaro Hayashi
Senior Researcher, The Institute of Energy Economics, Japan
Tweetables (For Social Media Use):
“I’m hesitant to call it a banking crisis just yet. There are certain areas of concern. … We don’t have a significant credit issue. … Will the interest rate risk become a credit risk?.” — Paul Larson
“Our [Blueteam] proprietary software allows us to alert customers, ... for hurricanes, earthquakes, fires, freeze warnings, and wind warnings. So our technology allows us to get them on track faster, prepared faster, and able to take evasive measures faster.” — Alexander Walton
“We call it the five Ds; That’s Depopulation, Deregulation, Decentralization, Digital transformation, and Decarbonization.” — Hirotaka Mitsui
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is RIMS 2023 Risk Manager of the Year Theresa Severson. Theresa Severson was already a 30-year veteran of the risk profession when her prior company was acquired by Kite Realty Group, creating one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use properties. Theresa shares how she became VP of Insurance and Risk at Kite, and how her years of successful experiences helps Kite. Theresa tells about what being named RIMS 2023 Risk Manager of the Year means to her, and how her RIMS membership helps her, including having recently served as President of the RIMS Chicago Chapter. She offers an inside look at Risk Management in a large REIT, and how she uses her position to mentor the next generation of risk professionals.
Key Takeaways:
[:01] About RIMScast.
[:14] This episode was released May 1st, the start of RISKWORLD 2023. Use the RIMS Events App from the App Store on your mobile device to plan educational sessions.
[:30] About today’s episode with RIMS 2023 Risk Manager of the Year Theresa Severson.
[:49] All about upcoming RIMS webinars, workshops, events, and more!
[1:30] The RIMS Canada Conference 2023 has been announced for September 11th‒14th in Ottowa! The call for educational session submissions is open. Visit RIMSCanadaConference.ca for more information.
[1:51] About today’s episode. Theresa Severson was a 30-year veteran of the risk profession when her prior company was acquired by Kite Realty Group in a $7.5 billion merger. Kite is one of the largest publicly-traded owners and operators of open-air shopping centers and mixed-use properties.
[2:10] Theresa was asked to continue at Kite to lead the transition and the risk management group as hundreds of millions of square feet of gross leasable space were affected by the merger. Outside the office, she’s very well known at RIMS and in the greater risk management community.
[2:27] Theresa served as a Vice President of Chicago RIMS and more recently as President, from 2022 to 2022, a critical time for the profession and all chapter leaders. She was also named to Captive Review’s Power 50 Captive Owners for 2022.
[2:41] Her success for her organization and her ability to advance the practice of risk management earned her the title of RIMS 2023 Risk Manager of the Year! You can read more about Theresa in the Awards Edition of RIMS Risk Management Magazine.
[2:55] And if you are at RISKWORLD, join us on May 1st at the Global Studio at 2:00 p.m. for an even deeper dive into her work and career.
[3:03] RIMS 2023 Risk Manager of the Year Theresa Severson, welcome to RIMScast!
[3:35] Theresa was shocked, extremely grateful, and humbled to be selected as the RIMS 2023 Risk Manager of the Year! What meant the most to her was that her nomination was put forth by the Chicago RIMS Chapter. She greatly admires the risk professionals in that chapter.
[4:24] Theresa describes the vibe of the Chicago Chapter of RIMS. It’s one of the largest chapters; the members are very engaged and looking at ways of supporting each other, providing education on the cusp of emerging risks, and networking opportunities.
[5:19] Theresa served on the Board in 2010 for several years and then served as Vice President. The President took another position that required her to step down on the cusp of COVID-19, so Theresa became the Chapter President and held that position for almost two years. She is now the immediate Past President.
[6:05] Was being Chapter President a full-time endeavor for Theresa? There is such a great board and list of officers that everybody carries a lot of the weight. That made it an enjoyable position. Theresa hopes to continue helping the next group of officers.
[7:01] Theresa had been VP of insurance and Risk at Retail Properties of America for 12 years. In October 2021, Retail Properties of America merged with Kite Realty Group to become the fifth-largest, publicly-traded, open-air REIT in the country.
[7:40] It was a challenging time for Theresa before she knew she would be offered a position at Kite. She was offered a role and was assured the support and engagement to be successful. A year and a half later, with support from the C-suite, they completed the combined program in December 2022.
[9:33] Before the merger with Retail Properties of America, Kite did not have an insurance and risk manager. The merger increased Kite’s portfolio by 60 percent, from 84 properties to 187. So they saw the need for a risk department. Theresa contrasts the assets of the two companies. Kite’s Florida portfolio was in a challenged market.
[11:22] About Kite Realty Group’s Florida portfolio and Hurricane Ian. Their damage was not significant and was almost 100% landscaping issues. Theresa had explained to the underwriters before Ian landed the minimal risk their sturdy inland structures might face.
[13:05] Does Theresa visit the portfolio properties? She visits some of them, to familiarize herself with the risks in the property.
[15:05] Theresa explains the value of captives to navigate the highs and lows of the insurance market. She tells why she separates the property and liability coverages and how she chooses between a third party and a captive.
[17:03] RIMS plug time! Volunteer for Spencer’s Risk Manager on Campus Program! Visit spencered.org. There is now a RIMS-CRMP-FED program for federal professionals. The next virtual workshop will be held from May 8th through the 10th. There is a virtual workshop, Applying and Integrating ERM, on May 24th and 25th. Links are in the notes.
[19:39] About Theresa’s work as a mentor and fostering the next generation of risk talent through a Spencer internship grant. She shares a student success story. She was happy to open the door for him. He took good advantage of it and is doing well. [24:20] The Erik Severson Memorial 5K is a celebration of the life of Theresa’s son who passed in 2008 at age 18. They partner with Project Healthy Mind to provide resources to those struggling with mental health and anxiety. Over the last three years, the race has raised over $50K toward building a website where people can look for local help.
[25:19] Project Healthy Minds is running strong with board members from sports organizations, hospitals, marketing, and the entertainment industry. This year the race is collecting items for a store at Hesed House, a shelter where Erik volunteered. Sign up at Runsignup.com for the Erik Power Severson Memorial 5K Walk/Run.
[27:08] Justin and Theresa are going to host a session at the Global Studio at RISKWORLD on Monday, May 1st, at 2:00 p.m. for a 20-minute, in-depth discussion.
[27:40] About what Theresa’s RISKWORLD connections mean to her. Her calendar is jam-packed with meetings during the conference as she meets with underwriters and vendors and attends the educational sessions. It’s everything and everybody, all at once, in one place! It’s exhausting, in a good way!
[29:36] Theresa’s parting words: “I think the things that have most allowed me to be successful within my organization and allowed them to be positioned well, to survive this challenging market, are the relationships and the network that I’ve built. And that has definitely been a huge part of RIMS, the network professionals I can reach out to.”
[30:47] Justin congratulates Theresa Severson on being named RIMS 2023 Risk Manager of the Year!
[30:58] Special thanks to RIMS 2023 Risk Manager of the Year Theresa Severson for joining RIMScast. If you are attending RISKWORLD on May 1st, see Theresa receive her reward at the Awards Luncheon. Visit the Global Studio on May 1st for RIMScast Live with Theresa Severson at 2:00 p.m.
[31:23] Read about Theresa in the Special Awards Supplement to RIMS Risk Management magazine at the link in the notes below.
[31:36] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! On-Site registration is open!
LAST CALL — RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.
RIMS Diversity Equity & Inclusion page
Spencer Educational Foundation — Risk Manager on Campus
Contribute to Risk Management Magazine
RIMS Risk Management Magazine: Awards Edition 2023
Erik Severson Memorial 5K — May 2023 — Register today!
Hesed House
Upcoming Webinars:
“The Green Transition: Raising Long-Term Resilience Against Climate Change as Environmental Risks Intensify” | Sponsored by Beazley | May 9, 2023
“Unraveling the White-Collar Criminal: A Comprehensive Look at the Forces Driving Organized Insurance Fraud” | Sponsored by Travelers | May 11, 2023
“Harness The Power of Data for Better Insurance Outcomes” | Sponsored by TÜV SÜD | May 18, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RIMS 2023 Rising Star Emily Bloedel”
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Celebrating #SpencerDay and Funding the Future of Risk Management”
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
“From the Office of “KNOW”: Risk Manager of the Year 2022 Courtney Davis Curtis”
Sponsored RIMScast Episodes:
“The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster (NEW!)
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz (NEW!)
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Theresa Severson
Vice President, Insurance and Risks at Kite Realty Group
Tweetables (For Social Media Use):
“We are one of the largest if not the largest chapter in that part of RIMS and our members are just looking at ways of supporting each other, bringing out educational materials, being on the cusp of emerging risks, … as well as the networking opportunity.” — Theresa Severson
“It was a challenging time. … You just have to keep moving forward. … Fortunately, I was offered a role at Kite and I also had the conversations that I felt necessary that ensured that I’d get the support and engagement to be successful.” — Theresa Severson
“It’s really important to be able to continue those (market) connections, and continue to build those relationships, because, especially in this marketplace right now, you need all the friends you can get.” — Theresa Severson
“RIMS has allowed me to build out that network that I lean into, that I find support to be successful from. If you’re not involved in your local RIMS chapter, I highly encourage you. It will allow you to be more successful … and give you resources.” — Theresa Severson
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is RIMS 2023 Rising Star Emily L. Bloedel, the face of the RIMS Rocky Mountain Chapter. Emily shares highlights of her career so far, her participation in RIMS, and her expectations as an involved risk professional.
Key Takeaways:
[:01] About RIMScast.
[:26] I will be joined by RIMS 2023 Rising Star Emily L. Bloedel.
[:34] All about upcoming RIMS webinars, workshops, events, and more!
[1:15] About RIMS-CRMP.
[1:28] About RIMS-CRMP-FED.
[2:03] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!
[2:40] About today’s episode with Emily L. Bloedel, the manager of contracts and legal affairs and corporate counsel at Merrick & Company, an engineering and architectural firm, based in Denver, Colorado.
[2:53] Emily is the face of the RIMS Rocky Mountain Chapter where she is concluding her term as president in 2023. She contributes much to Merrick and RIMS on the local and global levels as well as the legal and risk professions, which is why she was named RIMS Rising Star for 2023.
[3:10] We’re going to learn about her risk philosophy, some of her processes, and how she maintains balance in her legal and risk roles. Read her profile in the Awards edition of RIMS Risk Management Magazine this month and she will be with me at RISKWORLD Global Studio for RIMScast Live on May 1st at 3:00 p.m. She’s omnipresent, folks!
[3:33] RIMS 2023 Rising Star Emily Bloedel, welcome to RIMScast!
[3:55] Emily was thrilled to be selected as the RIMS 2023 Rising Star! There are so many wonderful people in the profession! It made her year!
[4:14] Justin wrote an article in Risk Management magazine supplement, “Rising Star 2023: Emily L. Bloedel.” During law school, Emily interned for Merrick & Company and enjoyed it. On graduation, Emily passed the bar and spent a few years practicing law.
[5:09] Practicing law was not all Emily had hoped, so she looked for other opportunities. Her former boss at Merrick told her about an opportunity to start an in-house department. She jumped at the chance and has been at Merrick for eight years.
[6:14] Merrick reaches out to local politicians and organizations so they can help to shape legislative changes in the industry that are coming.
[7:35] Colorado has different terrains and soils. What works in one location may be unsuitable for another location. Merrick looks carefully at that and builds it into contracts to make sure that what the clients are doing in a location is done safely.
[8:21] Merrick has a water group that looks at how clients are treating water safely and ensuring that it flows. They help clients restore balance to areas that have been affected by industry.
[9:40] About Merrick’s Technology Disruptors Committee. They look at technology that may disrupt Merrick’s business or their clients. They have eight areas of focus. They have a working group looking solely at Virtual Reality/Augmented Reality. Merrick funds an initiative to use VR/AR on projects to provide value to clients.
[11:07] Emily tells how the committee developed and focused on specific areas of technology. She is no longer on the committee as her risk focus is no longer needed.
[12:16] Cyberrisk is top-of-mind now for Emily. Merrick has formed a cyber-incident response plan and cyber-incident response team. Emily continues deepening her involvement in this area. They are subject to new and different attacks every day.
[13:22] Emily looks forward to going into depth on the Merrick risk matrix when she appears in the RISKWORLD Global Studio for RIMScast Live on May 1st at 3:00 p.m. Her boss, Carter Boardman, set up a matrix to help project managers, teams, and support staff evaluate the risk of a project. Emily explains the categories of risk.
[14:51] The risks Emily finds acceptable generally go through. As an employee-owned firm, everyone approaches carefully the risks the company takes. A risk that goes badly impacts them all. They are purposeful about what projects they bring for consideration. But sometimes they accept poor contract terms because they want the client.
[15:19] In the case of a poor contract, Merrick mitigates the risk as much as it can. It is challenging for Emily. The lawyer in her does not like those contracts!
[15:33] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD 2023, and the workshops before RISKWORLD.
[16:35] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [18:27] About awards and additional RISKWORLD keynotes, including Danica Patrick!
[18:52] RIMScast Live will be held at the Global Studio on May 1st, 2nd, and 3rd while at RISKworld featuring chats with leaders from the international risk community.
[19:19] Merrick has an annual employee ownership celebration week. For Emily, employee ownership means pride and responsibility.
[20:58] Emily started with RIMS when she interned for Merrick in law school. She attended chapter meetings and a golf tournament with her boss. When Emily came back to Merrick, she was excited that the company was still involved in RIMS. Her boss encouraged her to get as involved as possible to develop as a young professional.
[21:44] Emily joined the local chapter. Then she had the opportunity to join the RIMS Rising Risk Professional Advisory Group where she met and connected with other risk professionals across the globe. She was invited to apply to join the Rocky Mountain RIMS Chapter Board, so she did and later became Vice President.
[22:34] Emily will be finishing her tenure as President of the Chapter in early September. Emily gives a shoutout to her Vice President who will take over as President.
[23:31] Justin and Emily met virtually during COVID-19 when Emily did a webinar with Rebecca Clement from LLoyd’s. RIMS broadcast the webinar globally and it was a great way to call attention to the Rocky Mountain Chapter. Emily enjoyed getting to know Rebecca Clement and working with Justin through the webinar.
[24:32] Justin and Emily also met at RISKWORLD 2022 and they networked there. Emily has found a lot of value in networking and agrees that the rising generation of risk professionals needs to network to have a fulfilling career. In-person connection is impossible to replace. It creates a network of support.
[26:25] On October 4th‒6th, The RIMS Western Regional will be held in Vail, Colorado. The Rocky Mountain Chapter is very excited to host it. Emily shares her thoughts on the opportunity.
[27:21] Justin congratulates Emily again on being named RIMS Rising Star for 2023.
[27:35] Emily’s parting thoughts: “You can be as involved or uninvolved in RIMS as you want. You get out what you put in. I’ve been very fortunate to have the opportunity to be involved. I would encourage you to look at the different ways you can be involved. There are opportunities here that you might not even be aware of, that might help you grow!”
[28:13] On May 1st at 3:00 p.m. in the Global Studio at RISKWORLD, Emily will join Justin for RIMScast Live to talk granularly about the risk matrix and other topics.
[28:38] Special thanks to RIMS 2023 Rising Star Emily Bloedel for joining RIMScast. Read about her in the Special Awards Supplement to RIMS Risk Management magazine and visit the Global Studio on May 1st at 3:00 p.m. at RISKWORLD for RIMScast Live with Emily Bloedel. Audience participation is encouraged!
[29:09] Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.
RIMS Diversity Equity & Inclusion page
Spencer Educational Foundation
Contribute to Risk Management Magazine
RIMS Risk Management Magazine: Awards Edition 2023
RIMS Western Regional - Oct 4-6, 2023.
Upcoming Webinars:
The Green Transition | Sponsored by Beazley | May 9, 2023
Unraveling the White-Collar Criminal: A Comprehensive Look at the Forces Driving Organized Insurance Fraud | Sponsored by Travelers | May 11, 2023
Harness The Power of Data for Better Insurance Outcomes | Sponsored by TÜV SÜD | May 18, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Celebrating #SpencerDay and Funding the Future of Risk Management”
“Strategic Moves with RIMS CEO Gary LaBranche”
“RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023”
“Rising Risk and Insurance Professional Ana Lage, 2022 Fred H. Bossons Award Winner”
“From the Office of ‘KNOW’: Risk Manager of the Year 2022 Courtney Davis Curtis”
Sponsored RIMScast Episodes:
“Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz (NEW!)
“Analytics in Action” | Sponsored by Alliant
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Emily L. Bloedel
Manager, Contracts and Legal Affairs at Merrick & Company
Tweetables (For Social Media Use):
“I was thrilled to learn that I’ve been selected as the Rising Star from RIMS! It’s still surreal, because there are so many wonderful people in our profession, and to be selected as the Rising Star! I don’t think it’s an exaggeration to say it made my year.” — Emily L. Bloedel
“I spent a few years practicing law. I realized ... that it wasn’t quite what I thought it would be and started looking for other opportunities. … My former boss at Merrick [told me] about the opportunity to come … and start building an in-house department.” — Emily L. Bloedel
“As the risk increases, we have … more people reviewing to make sure they’re comfortable with the risk. … And then … we usually have a presentation, whether … to your business unit or the CEO, … whichever level of risk is necessary under that matrix.” — Emily L. Bloedel
“Throughout COVID, we did turn to you or other members of the RIMS staff to help facilitate some meetings and were able to do joint chapter meetings virtually with RIMS’s assistance. And so that was wonderful. It was a way to connect and build new connections.” — Emily L. Bloedel
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is Lisanne Sison, Managing Director for the ERM and ESG practice at Gallagher and a member of the RIMS Strategic and Enterprise Risk Management Council. In this interview, Lisanne and Justin discuss Earth Day, April 20th, and the growing importance of ESG in light of climate change. Everyone needs the earth, so we need to invest in keeping it in good condition. They examine how organizations can set ESG goals and report on them to boards using stories to clarify the metrics. They conclude with an advance look at the April 20th RIMS webinar where Lisanne is a panelist: ESG and Climate Resilience, sponsored by Gallagher.
Key Takeaways:
[:01] About RIMScast.
[:27] Today’s topic is ESG, in honor of Earth Day, April 20th, and we’ll be joined by Lisanne Sison, Managing Director for the ERM and ESG practice at Gallagher and a member of the RIMS Strategic and Enterprise Risk Management Council.
[:45] All about upcoming RIMS webinars, workshops, events, and more!
[1:26] About RIMS-CRMP.
[1:40] About RIMS-CRMP-FED.
[2:14] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!
[2:54] About today’s episode on ESG for Earth Day, with Lisanne Sison. Lisanne will also be a panelist on the April 20th RIMS webinar sponsored by Gallagher.
[3:32] It will be Earth Day on April 20th. Lisanne says every day should be Earth Day! We need it constantly, and it makes sense for us to make an investment in the earth.
[4:24] Lisanne is Managing Director for ERM and ESG with Gallagher.
[4:44] Lisanne tells how ERM looks at climate change. There is more focus on the importance of climate to everybody. Our clients deal with real risks that science associates with climate change. More stakeholders are interested in it now.
[5:48] How climate change will be tied to reputation and brand and will have a financial impact. There will be accounting for carbon emissions. Lisanne hopes we get more structure and consistency on how we are expected to report on them.
[6:41] ESG is big. Lisanne starts with the strategy. What are your goals for the organization specific to climate and the environment? How do you set the metrics?
[7:15] Next is how to translate the goals and metrics to a communication with the board. Lisanne lists three buckets of carbon emissions as Scope 1, on-site activities; Scope 2, purchased energy; and Scope 3, upstream and downstream impacts.
[7:48] A board will expect to see your goals reporting separated into these scopes. Your metrics track energy, water, materials, and food your organization uses and the wastes it produces. You want to be able to report usage is going down.
[8:43] You want to be able to show your costs going down with usage. Measure performance against the goals that you set. Show the impact on the value your goals are producing.
[9:18] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD 2023, and workshops before RISKWORLD.
[10:23] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [12:12] About awards and additional RISKWORLD keynotes, including Danica Patrick!
[12:45] Storytelling and the methods of storytelling are extremely important when reporting to the board! The three buckets example is useful. Start with water.
[13:58] How can we manage the risks effectively?
[14:02] About the RIMS April 20th Webinar on ESG and Climate Resilience, Sponsored by Gallagher. Lisanne is on the panel and tells us what we can expect from this session. There will be several Gallagher experts, including Steve Bowen and Natalie Douglass!
[14:48] The webinar goal is to show why ESG is important and what risk managers need to know now and in the future.
[15:05] Happy Earth Day coming up! Justin thanks Lisanne Sison for being on the show.
[15:18] Special thanks to Lisanne Sison of Gallagher and the RIMS Strategic and Enterprise Risk Management Council for joining Justin today.
[15:26] Lisanne Sison will be a panelist on the RIMS webinar sponsored by Gallagher on April 20th, ESG and Climate Resilience. Register at RIMS.org/webinars. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29‒30! Register by April 21.
RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.
RIMS Diversity Equity & Inclusion page
Spencer Educational Foundation
Contribute to Risk Management Magazine
Upcoming Webinars:
ESG and Climate Resilience | Sponsored by Gallagher CORE360 | April 20, 2023
The Green Transition | Sponsored by Beazley | May 9, 2023
Unraveling the White-Collar Criminal: A Comprehensive Look at the Forces Driving Organized Insurance Fraud | Sponsored by Travelers | May 11, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategic Moves with RIMS CEO Gary LaBranche”
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“World Water Day, IoT, and Water Damage Reduction with John Dempsey”
“World Water Day 2022 with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
“Earth Observations, Acronyms, and Risk with Dr. Shanna McClain of NASA” (2021)
Celebrating #SpencerDay and Funding the Future of Risk Management
Emerging Risks and Board Reporting with Suzanne Christensen
“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)
“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)
“ERM, ESG, and More Acronyms with Jana Utter”
Sponsored RIMScast Episodes:
“Analytics in Action” | Sponsored by Alliant (NEW!)
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Lisanne Sison
Managing Director, ERM and ESG Practice at Gallagher
Lisanne is also a member of the RIMS Strategic Enterprise Risk Management Council https://rims.org/resources/strategic-enterprise-risk-center
Tweetables (For Social Media Use):
“Whether it’s an increased frequency and severity of storms, drought, wildfire, or you name it, there’s a lot of things that the science points to climate change having an impact on those, and those are all real physical risks that our clients deal with.” — Lisanne Sison
“It’s not a political issue. It’s just, how can these risks impact our operation and what do we need to do to be able to manage those risks effectively?” — Lisanne Sison
“I think that the emphasis [on ESG] will continue to grow and hopefully, we’ll get more structure and consistency around how we’re expected to report on that.” — Lisanne Sison
“The goal of [the webinar] is to pull together some different perspectives that translate why ESG is important and what risk managers need to know, both immediately and in the future.” — Lisanne Sison
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is Eleni Willis. The Senior Vice President and Director of Enterprise Risk Management, Eleni Willis leads the design and implementation of Sterling Bank and Trust’s Enterprise Risk Management program. An early adopter of technology to support her GRC strategy, Eleni and her team apply common ERM methods and approaches to manage risk across all first and second lines of business. In this interview, Eleni and Justin discuss the roles of ERM in preventing a crisis such as the bank run on SVB, how her background as a bank examiner informs how she presents to the board on risk, and what will change for the future of ERM in banks in the light of SVB’s closure.
Key Takeaways:
[:01] About RIMScast.
[:28] Today’s guest is Eleni Willis, the Enterprise Risk Manager at Sterling Bank.
[:35] All about upcoming RIMS webinars, workshops, events, and more!
[1:17] About RIMS-CRMP.
[1:30] About RIMS-CRMP-FED.
[2:05] Announcement of the Spencer Educational Foundation and Spencer’s Course Development grant awarded to Temple University in March 2023.
[2:42] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!
[3:19] About today’s episode with Eleni Willis, the ERM Director at Sterling Bank and Trust.
[3:53] Justin welcomes Eleni Willis to RIMScast!
[4:09] Eleni is the Director of Enterprise Risk Management with Sterling Bank and Trust, a small, community-sized bank based in Michigan, primarily doing banking in California.
[4:26] Eleni has been in risk management for 20 years, starting as a bank examiner for the state of Washington during the Great Recession.
[4:52] After regulation, Eleni moved to the banking world. Since then, her career has been a mix between accounting, tax, and risk management.
[5:05] For the last six years, Eleni has been tasked with building ERM programs at different financial institutions and offering risk management consulting and advice within the organizations to move the risk posture forward within the institutions.
[5:38] Justin became aware of Eleni when she was a webinar panelist from Sterling. Justin was a customer of Sterling and thought it would be good to have Eleni on the show.
[6:40] Eleni’s ERM philosophy is there is no replacement for traditional risk management practices: conservative credit administration, liquidity stress-testing, and diversification across the balance sheet.
[7:27] About Eleni’s team at Sterling. As a small team, they wear a lot of hats, including overseeing the GRC platform with Resolver, a big program they are wrapping up shortly.
[8:15] It’s been a long process because of the volume of risk disciplines they are putting into the system, across the second and third lines of defense. Internal audit also utilizes the system. Eleni tells how Sterling’s first line is starting to use the GRC platform.
[8:54] The GRC platform has replaced three other systems so far, saving a lot of money.
[9:08] It’s been a lot of work but the tone of the top has been to implement a robust risk management program, which has been a strategic initiative for the last couple of years.
[10:01] Justin and Eleni discuss the SVB collapse in terms of risk reduction. First Citizen has brought most of the assets of SVB. Bank leaders want to make sure they are prepared and that they have business continuity planning.
[11:02] Social media fueled the bank run at SVB. Sterling is asking how susceptible are they to a run. How can the bank mitigate widespread misinformation? Do the Instant Response Plans incorporate this kind of scenario?
[12:04] Eleni foresees regulatory investigation into banks to avoid repeating such a run. Eleni explains why so many accounts exceeded the $250K ceiling that the FDIC guarantees. SVB’s asset/liability mix should have been a warning.
[13:26] Sterling has been asking themselves what their liquidity function looks like. Do they have a solid 30-day stress liquidity metric in place?
[14:05] Eleni shares a football analogy about SVB not having a Risk Manager. A bank without a risk manager is like a football team without a left tackle. The left tackle protects the quarterback’s blind side.
[15:10] About the importance of a risk professional. Success is averting danger. It’s not glamorous. It’s when the job is not done well that everyone starts paying attention.
[16:21] About the challenges of dealing with misinformation and risks to reputation. It’s very hard to get everyone to pay attention.
[17:35] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD 2023, and workshops before RISKWORLD.
[18:40] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [20:28] About awards and additional RISKWORLD keynotes, including Danica Patrick!
[21:09] How Eleni handles the increased attention on banking and risk management. Sterling worked to curb fear. A loss of faith causes a bank run. Banks are a business of buying and selling money. The banks need to educate the customer on how that business model works. That education falls, in part, to the risk manager.
[24:14] It’s about communication. Eleni believes regulators will expect banks to communicate more on their liquidity posture. Eleni recently reported to her board on the bank’s liquidity risk. They wanted to know the action plan and were asking a lot more questions.
[26:17] Eleni communicates to the board with a mix of narrative and numbers. It’s an art to know what numbers you do have to pull up and when you should put them up. She also has to interpret the numbers to the board in layman’s terms. If the board doesn’t understand the risks, it will be hard for them to fulfill their fiduciary responsibilities.
[28:06] How long Eleni works on a board presentation. She has it down now to two weeks to gather the data and a few more days to edit it for presentation. She relies on her background as a bank examiner.
[29:32] If what’s left of SVB placed an ad for a Risk Manager, would Eleni apply? She talks about how Wells Fargo built up their risk management.
[30:35] Eleni is interested to see whether other banks will start to build out their ERM departments. Eleni’s contractor remodeling her home knows what Eleni does. Risk Manager is becoming a household term.
[31:29] Early in Eleni’s career as a risk manager, people had questions about it. “What you talking about, Willis?”
[32:10] Justin thanks Eleni for being on the show.
[32:17] Special thanks to Eleni Willis of Sterling Bank. Her written ERM Q&A interview was produced by the Strategic and Enterprise Risk Management Center and is exclusively available now for RIMS members through the RIMS app. RIMS members, go to the app store and download the RIMS app! It will appear on RIMS.org in April 2023.
[32:47] Watch the 2022 Webinar “From Chaos to Clarity,” sponsored by Resolver, linked in these show notes. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29-30! Register by April 21.
RIMS-CRMP-FED Virtual Prep Course — May 8-10, 2023 | Register by May 1.
All About The Numbers: ERM Q&A with Eleni Willis (RIMS App Exclusive)
“From Chaos to Clarity GRC Trends for 2023 — Sponsored by Resolver — On-Demand webinar” (featuring Eleni Willis)
RIMS Diversity Equity & Inclusion page
Spencer Educational Foundation
Contribute to Risk Management Magazine
Upcoming Webinars:
“Forced Labor and Supply Chains” | Sponsored by Sayari | April 13, 2023
“ESG and Climate Resilience” | Sponsored by Gallagher CORE360 | April 20, 2023
“The Green Transition” | Sponsored by Beazley | May 9, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Celebrating #SpencerDay and Funding the Future of Risk Management”
“Emerging Risks and Board Reporting with Suzanne Christensen”“ERM at the Veterans Benefits Administration”
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)
“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)
“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)
“ERM, ESG, and More Acronyms with Jana Utter”
“ERM and Employment Trends with Terry Lampropoulos”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Analytics in Action” | Sponsored by Alliant (NEW!)
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Eleni Willis
SVP, Director of ERM Operations
Sterling Bank and Trust
Tweetables (For Social Media Use):
“My ERM philosophy is, at the end of the day, there is no replacement for traditional risk management practices: … conservative credit administration, … liquidity stress-testing, and … perhaps even above all, is diversification across the balance sheet.” — Eleni Willis
“What happened with the bank was that it was a true classic bank run, and it was fueled by social media..” — Eleni Willis
“A bank without a risk manager is like a football team without a left tackle..” — Eleni Willis
“This is an essential function for any financial institution. … An effective risk manager is essentially a human safeguard against calamity. They need to provide blunt feedback and what’s most important is that they have to be able to get their bosses to listen.” — Eleni Willis
“I had someone tell me ‘I’d rather gnaw off my right arm than do what you do for a living.’” — Eleni Willis
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is Gary LaBranche, CEO of RIMS. Justin and Gary discuss RISKWORLD 2023 with its keynote speakers and how Gary prepares to run a conference. He checked all his suits for fit! He bought new shoes and broke them in for his time on the floor. Gary discusses cybersecurity in the IoT. He stresses how Diversity, Equity, and Inclusion are major drivers in RIMS and at RISKWORLD, including community meetups where everyone is welcomed. They conclude the interview on the topics of content and branding and the strategy to support the risk profession by strengthening the RIMS organization. Listen in for tips on strategic planning for your chapter or organization.
Key Takeaways:
[:01] About RIMScast.
[:28] Today’s guest is RIMS CEO, Gary LaBranche.
[:34] All about upcoming RIMS webinars, workshops, events, and more!
[1:16] About RIMS-CRMP.
[1:30] About RIMS-CRMP-FED.
[2:04] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!
[2:42] About today’s episode with RIMS CEO, Gary LaBranche.
[3:21] Justin welcomes Gary LaBranche to RIMScast!
[4:15] Gary is excited about his first RISKWORLD! He expects about 9,000 to attend.
[5:24] Gary is a RISKWORLD first-timer. He has heard stories and he looks forward to it.
[6:11] Many RIMS members will see Gary for the first time in person on stage. About other RIMS events he already attended and other conventions he managed.
[7:10] About the diverse people who attend RISKWORLD from around the world. It’s the place to see and be seen!
[8:11] About the amazing program at RISKWORLD 2023. It’s a great way to understand what’s on the minds of risk professionals! Cybersecurity on the IoT is a key concern.
[10:16] How DE&I will be addressed by RIMS in 2023 as well as at RISKWORLD 2023.
[12:59] How DE&I is at the heart of RISKWORLD 2023 programming.
[13:12] About recent DE&I guests featured on RIMScast, leading up to RISKWORLD.
[13:46] RIMS strives to be an ally, supporter, and welcoming environment for everyone.
[14:22] About Gary’s “backstage” rituals, starting six months in advance!
[16:41] About opening keynote speaker Johnny C. Taylor, CEO of SHRM; he’s a star! Like RISKWORLD, he is all about people.
[18:45] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD 2023, and workshops before RISKWORLD.
[19:47] Justin revisits his interview with Johnny C. Taylor Jr., President and CEO of SHRM, about what Johnny has in store during his opening keynote at RISKWORLD. It relates to COVID-19! [21:39] About awards and additional RISKWORLD keynotes, including Danica Patrick!
[22:40] Gary joined RIMS as CEO on June 1, 2022. This is his fifth CEO assignment. When a CEO comes in, the CEO and board work together to align and create a roadmap.
[24:43] RIMS is staying relevant and contributing value to the profession at a time when there is a great need for risk management.
[26:19] RIMS pursues innovation and leverages opportunities to collaborate with others and create member value and engagement. Wherever RIMS can find knowledge and people to contribute to the advancement of the profession, RIMS looks at them.
[27:16] The RIMS plan includes building more resilient and engaging chapters and supporting chapter leaders. RIMS is organized into 80 chapters.
[27:58] RIMS is investing in a new chapter management platform, with a new chapter website platform and systems to help chapter leaders spend less time on administrivia and more time on programming, education, and experiences for members.
[28:27] About the plan’s focus on talent, DE&I, and rising risk professionals to grow the organization and serve the risk management community.
[30:01] About RIMS’s new branding team and content team. RIMS is looking to build and grow its culture and support each other as a team, working together across departmental and divisional lines. RIMS is focusing on content, strategy, and branding.
[32:18] About the enormous amount of content produced and shared by RIMS to hundreds of thousands of people around the globe every month.
[33:48] The content team is to learn about content strategy and make recommendations for a plan to be more strategic and intentional and create more value.
[34:13] The branding team is mindful of what message RIMS is sending out and how it is being perceived. They communicate the value of the organization and the importance of risk management through a coherent brand strategy that is consistent and clear.
[36:03] It takes a village to support a profession and advance a professional society.
[36:33] Gary’s advice for organization CEOs taking on leadership of a strategic plan: “Clarity, intentionally, consistency.” Gary has consulted almost 300 associations for strategic planning over the years. [37:02] The key is getting to a common understanding of reality, coming up with ideas for objectives and goals, and narrowing them down to the things, that if done, will make the biggest difference for the organization and create greater value.
[38:57] Justin thanks Gary for being on the show. Justin looks forward to him again at RISKWORLD! Gary invites you, if you cross his path, to reach out and say “Hi”!
[40:06] Special thanks to RIMS CEO Gary LaBranche. You will see him onstage and on the showroom floor at RISKWORLD! Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers, including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29-30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29-30! Register by April 21.
RIMS-CRMP-FED Virtual Prep Course — May 8-10, 2023 | Register by May 1.
RIMS Diversity Equity & Inclusion page
Spencer Educational Foundation
Contribute to Risk Management Magazine
Upcoming Webinars:
Forced Labor and Supply Chains | Sponsored by Sayari Analytics | April 13, 2023
ESG and Climate Resilience | Sponsored by Gallagher CORE360 | April 20, 2023
The Green Transition | Sponsored by Beazley | May 9, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO (2023)
Innovation and Improvisation with RISKWORLD Keynote Josh Linkner (2023)
Taking the “Next Steps” with NAAIA Executive Director and COO Omari Jahi Aarons (2023)
Risk Insight with AAIN Leadership (2023)
Global Perspectives with RIMS 2023 Chapter Presidents
Introducing RIMS CEO Gary LaBranche
Diversity as a Successful Business Division with Rodney Johnson
Launching DEI Initiatives with Tara Lessard-Webb (2021)
“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”
Sponsored RIMScast Episodes:
Analytics in Action | Sponsored by Alliant (NEW!)
Captive Market Outlook and Industry Insights | Sponsored by AXA XL
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
“RIMS-CRMP Stories” — New interview featuring SKRIMS President Katherine Dawal!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Gary LaBranche, FASAE, CAE | LinkedInChief Executive Officer of RIMS the Risk Management Society
Tweetables (For Social Media Use):
“I look forward to seeing everybody showing up in Atlanta for RISKWORLD, April 30th to May 3rd. … I am a first-timer at RISKWORLD. I’ve been to a few conventions.” — Gary LaBranche
“We want to emphasize during those community meetups that RIMS has open arms, an open mind, and an open heart. Everyone is embraced and welcomed to participate and engage.” — Gary LaBranche
“There should be no competition between lighthouses.” — Gary LaBranche
“Risk managers are the ultimate matrixed executives. They need to know all about everything all throughout the organization. They have a stake in everything” — Gary LaBranche
“It does take a team — it does take a village, actually — to serve a profession and to advance a professional society.” — Gary LaBranche
“What are the things that we can and should do that will actually be meaningful, measurable, and ultimately create greater value?” — Gary LaBranche
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guests are Peter Woo, Founder and Chairperson of AAIN and Principal at Jackson Lewis, and Melinda Yee-Dong, Board Member of AAIN, Sr. Risk Manager at Panda Restaurant Group, and RIMS DEI Advisory Council Member. Peter and Melinda discuss their roles at AAIN, its mission and goals, and how it is growing. They talk about social awareness of the anti-Asian hate that rose during the pandemic. In the second segment, Melinda covers how the Panda Restaurant Group managed risk during the pandemic and how they came through it. Listen in for ways to support the Asian Pacific Islander community in the risk industry.
Key Takeaways:
[:01] About RIMScast.
[:27] In today’s episode, guests Peter Woo and Melinda Yee-Dong discuss the Asian American Insurance Network (AAIN) and the Asian American community in risk management. Melinda tells about risk management efforts at Panda Restaurant Group.
[:47] All about upcoming RIMS webinars, workshops, events, and more!
[1:28] About RIMS-CRMP.
[1:41] About RIMS-CRMP-FED.
[2:16] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!
[2:32] About recent RIMScast episodes.
[2:53] About today’s episode with Peter Woo and Melinda Yee-Dong, Founders of AAIN.
[3:16] AAIN will be hosting the Asian American Pacific Islander Community meetup in the DE&I Lounge on Monday, May 1st at RISKWORLD.
[3:25] Later, in this episode, Melinda Yee-Dong will discuss her risk philosophies as Senior Risk Manager for Panda Restaurant Group.
[3:36] Justin welcomes Peter Woo and Melinda Yee-Dong to the podcast!
[3:54] Melinda Yee-Dong is the Senior Risk Manager of the family-owned Panda Restaurant Group that operates Panda Inn, Panda Express, Hibachi-San, Uncle Tetsu, and Yakiya.
[4:23] Peter Woo is a Co-founder of AAIN and an Equity Principal Partner at Jackson Lewis in Orange County, Cal. His primary practice area is employment and labor law.
[5:08] How AAIN began and why it was important to launch AAIN now. AAIN has 1,300 members on LinkedIn and people showing interest in the country and around the world.
[6:24] Peter is a Co-founder and the Chairperson of AAIN, and the president of the network. His role with the other board members is to grow AAIN across insurance lines.
[6:56] Melinda is a board member at AAIN and also represents the client side, to bridge the gap between insurers and brokers and the clients’ needs.
[7:16] Peter outlines the AAIN mission to amplify Asian American and Pacific Islander professionals in the insurance industry.
[7:39] What are the four pillars of AAIN?
[8:15] Peter mentions some issues faced by the Asian and Pacific Islander community, including derogatory terms and stereotyping related to the origin of COVID-19.
[9:34] Melinda talks about social awareness. API people are part of the community and did not cause the pandemic. It’s important that the anti-Asian hatred not persist.
[10:21] AAIN supports the risk management profession through its four pillars. They work with insurance companies and industry organizations to increase DE&I awareness.
[11:06] AAIN helps the members talk to each other and help each other reach their professional goals utilizing this network they would otherwise not have.
[11:46] Asian Pacific Heritage Month in May increases awareness of the API community for a month. Peter hopes AAIN will amplify API industry voices all year long.
[12:52] Peter shares examples of AAIN activities at recent events by RIMS, PLUS, CLM, APIW, NAAIA, and HIRMA.
[14:53] Melinda aims not only to elevate the API community in the insurance and risk management space but to elevate the entire insurance and risk management space.
[15:04] Melinda was asked recently to join the RIMS DEI Committee and Advisory Council.
[15:22] Justin recalls having Omari Jahi Aarons of NAAIA on the podcast and others who look to enhance the profession while driving their mission.
[16:12] About goals for AAIN. There are seven committees within AAIN and each has the goal to become self-sustaining with strategic plans for 2023 and beyond.
[17:23] AAIN will launch a mentorship program in 2023, both virtual and in-person, depending on how many people have an interest.
[17:40] About upcoming educational initiatives with C-Suite industry API individuals.
[18:20] About the recently launched AAIN website, including a Lunar New Year launch party! Website signups since January are going strong.
[19:47] Melinda shares her hopes for the future of AAIN including connections with major universities including Columbia University and USC.
[20:18] Melinda is very excited about the formalized educational opportunities being developed for the risk management industry. These have only recently been available.
[21:38] Peter’s final words: AAIN has been a tremendous success because supporters like RIMS promote sustainable DE&I! Peter invites everyone to the website.
[23:16] Melinda’s final words: Networking is very important. AAIN is about inclusion; we want to lift the insurance and risk management community as a whole. Reach out!
[23:55] Justin congratulates Peter and Melinda on the launch success and looks forward to seeing them at RISKWORLD!
[24:13] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD 2023, and workshops before RISKWORLD.
[25:14] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.
[26:58] Interview with Melinda Yee-Dong, Senior Risk Manager for Panda Restaurant Group. Most people know them as Panda Express, making the best orange chicken!
[27:42] Panda Restaurant Group is located in Rosemead, California. Their concepts include Panda Inn, Panda Express, Hibachi-San, Uncle Tetsu, and Yakiya.
[27:53] Yakiya and Panda Inn are full-service restaurants in California. Family-owned Panda has over 2,300 locations in the U.S., Japan, Canada, Puerto Rico, and Guam.
[28:21] Melinda leads the safety and workers comp managers, she manages the insurance program, which includes a captive. She has a team of 14 people.
[28:37] Melinda’s team does a lot of things both risk- and non-risk-related to support operations. Being in a family-owned business, they have some latitude.
[28:50] Justin’s kids love the Hibachi experience! Hibachi-San is a fast-food version of Hibachi. If you watch the cooks at Panda Express, they are very skillful at flipping food!
[29:33] Melinda has been trained to do the cooking, but she’s not good at it, so she stays in her lane to do risk management!
[29:49] Melinda’s team of 14 handles claims in-house, all aspects of insurance, and compliance. They have an internal auditor that reports to Risk.
[30:03] Executive Director of Risk, Shaun Jackson, Melinda’s leader, led the Group skillfully through the pandemic. Melinda appreciates all the support.
[30:13] Panda is family-owned. Licensees are in locations at universities, airports, or some locations they can’t own and operate. The majority of stores are family-owned.
[30:34] This is Panda Restaurant Group’s 50th Anniversary, starting in Pasadena, California, with a restaurant called Panda Inn, growing from there.
[30:59] Melinda says as a family-owned business, they think of each other as a family, at Panda. They think of their operators as family and do their best because they care.
[31:43] Panda is one of the few companies Melinda has worked for where the owners and founders know their team members by name and will talk to them.
[32:01] How Shaun and Melinda navigated the challenges of the pandemic when businesses were ordered to shutter.
[33:02] They relied heavily on their TPA, Sedgwick, who helped them with COVID-19 claims and reporting.
[33:45] They had to take a moment to consider the problems of the pandemic, and then move on. Risk is all about making sure that the business continues despite issues.
[34:01] Melinda reviews how a business responds to a fire. Take care of the people, restore the business and associates, serve the customers, and work it out.
[34:36] How the drive-through and online ordering options became more used during the pandemic. There were big upgrades that were needed to help the customer experience.
[37:31] Melinda enjoys working with the people behind the food. Panda is a company that’s looking to inspire better lives. Cooks can move up in the company.
[38:40] Melinda talks about how people view each other and relate to each other with care and trust.
[38:53] There’s a fully-automated McDonald’s in Texas. Melinda talks about the art that goes into the creation and preparation of food. Some things may not be automated well.
[40:11] Justin thanks Melinda for being on the show and sharing her insight. Justin looks forward to meeting her at a RIMS or AAIN event!
[40:42] Special thanks to Peter Woo and Melinda Yee-Dong. Check out the links to AAIN and look for them at RISKWORLD! Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29-30! Register by April 21.
RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.
RIMS Diversity Equity & Inclusion page
Asian American Insurance Network
Contribute to Risk Management Magazine
Upcoming Webinars:
“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023
“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023
“The Future of Climate and ESG” | Sponsored by Gallagher CORE360 | April 20, 2023,
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons” (2023)
“On The Menu: Restaurant Injury Risk Trends in 2023”
“Diversity as a Successful Business Division with Rodney Johnson”
“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”
“RIMS DEI Council Chair Kevin Thomas and Vice-Chair Monica Merrifield” (2021)
“Launching DEI Initiatives with Tara Lessard-Webb” (2021)
“Pride Month: How Risk Pros Can Protect and Uplift LGBTQ+ Employees” (2021)
“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”
Sponsored RIMScast Episodes:
“Analytics in Action” | Sponsored by Alliant (NEW!)
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL (NEW!)
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Peter Woo
Founder and Chairperson of AAIN and Principal at Jackson Lewis
Melinda Yee-Dong
Board Member of AAIN, Sr. Risk Manager at Panda Restaurant Group and RIMS DE&I Advisory Council Member
Tweetables (For Social Media Use):
“AAIN was born from a simple gathering … last year … at an industry event. We saw many other Asian Pacific Islander professionals walking around. … And we asked each other, ‘Why don’t we know these folks? … We should know these folks!’” — Peter Woo
“At AAIN, I’m a board member but I also represent the client side … to bridge that gap that the insurers and brokers may not know what needs the client may actually have.” — Melinda Yee-Dong
“The mission is … to amplify Asian Pacific Islander professionals in the insurance industry. … There’s a lot involved with that. … We’re talking about four different pillars … mentorship, education, networking, and increasing social awareness.” — Peter Woo
“When it comes to social awareness, it’s … getting the word out there that API people are part of the community and did not directly cause the pandemic. … We faced a lot of anti-Asian hate. It’s important to make that awareness first and foremost.” — Melinda Yee-Dong
“A few months ago [at] the Western Regional Conference … we met with a number of senior RIMS folks who were completely supportive. … We were able to set up a booth at the event. … We had a networking event one of the evenings … [with] over 100 folks.” — Peter Woo
“People, at the end of the day, are always going to be very important.” — Melinda Yee-Dong
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is John D. Dempsey, CEO and Co-Founder of InsightRisk, Founder and Managing Partner of Dempsey Partners, a risk management consulting firm acquired by Aon. John also formed Terrabella Risk Consulting LLC, which provides insurance advisory and risk management consulting services globally. John advises insurance industry professionals on technology and innovation. Today’s discussion covers water damage prevention with IoT technology, other ways that IoT technology is being tested for risk management, and a review of World Water Day and the UN’s SDG 6 Global Acceleration Framework for safe water. #WorldWaterDay.
Key Takeaways:
[:01] About RIMScast.
[:14] About today’s episode, our Annual World Water Day episode.
[:25] All about upcoming RIMS webinars, workshops, events, and more!
[1:05] About RIMS-CRMP.
[1:19] About RIMS-CRMP-FED.
[1:53] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!
[2:09] About recent RIMScast episodes.
[2:32] About World Water Day, March 22. Learn more at worldwaterday.org.
[2:46] About today’s episode with John Dempsey, CEO and Co-Founder of InsightRisk on World Water Day, how the IoT can be used to reduce water risk, and the UN’s SDG 6.
[3:10] Justin welcomes John Dempsey to the podcast!
[3:17] John became a RIMS associate member in the ’90s.
[3:45] John started a company in the ’80s that helped risk managers recover from losses and seek recovery from insurance.
[4:04] John’s career helping risk managers culminated in selling his company to Aon in 2013. John spent four great years working with Aon helping companies globally.
[4:24] John focused on exposure valuation, helping underinsured clients to increase their coverage. After Aon, he works with startups to reduce losses through technology.
[5:22] About the RIMS chapters where John has been a member. NY is his favorite.
[5:51] John will be seeing some of his RIMS friends at RISKWORLD!
[6:11] How John became involved in water risk management later in his career.
[6:21] How a hospital was damaged when a contractor left a roof hole exposed to rain.
[7:21] Most man-made water damage losses can be prevented. John explains IoT sensor systems technology. Who pays for the installation?
[9:15] John’s company has a financing methodology to make the system affordable. They absorb the cost of the systems by using them over and over on different projects.
[10:41] John describes the value proposition of the IoT water damage sensor system.
[11:41] As new technology is introduced into the loss management space, testing proves the value proposition.
[12:21] John tells of a partly occupied condominium under construction. A water sensor was triggered at night. A repairman responded and fixed the leak, saving $10,000,000.
[13:34] InsightRisk’s purpose for the sensors is to avert big water damage losses that cause long delays for builders and balance sheet volatility for carriers.
[14:48] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD and in-person workshops before RISKWORLD.
[15:50] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.
[17:55] John discusses areas where new IoT technologies can avert damage. Look at the value proposition. Do the technologies reduce the frequency or the severity of loss?
[18:44] John shares an example: Wearable technologies reduce workers’ compensation and GL claims, and increase profitability.
[19:56] Fire is the second biggest cause of loss. Technology is being developed that can detect very early the potential of electrical fire from degrading insulation.
[20:26] John mentions Chad Hollingsworth and Bret Bush of InsightRisk. Chad and Bret stay ahead of the curve, working to prove and deploy the next generation of technology.
[21:38] About World Water Day and effective water risk management. The emerging world and even some U.S. have major water issues.
[22:12] World Water Day is to achieve the UN’s SDG 6 agenda by 2030, so that safe drinking water and safe sanitation are available to all. There are 17 UN SDG Goals!
[24:29] Justin recalls Henk Ovink telling him about Heineken’s recycling of sludge in the brewing process. Water-intensive industries have to pay very close attention to water.
[25:30] John discusses water use in the mining industry. Risks abound but everybody wants battery-operated cars so we have to deal with the needed supply chains.
[26:50] Risk managers have many responsibilities, including insurance, and a seat at the table for strategic decisions. Are they aware of IoT technologies to avert damages?
[28:16] When risk managers identify a problem, they figure out ways to solve it. John started two businesses this way.
[30:01] John would love to hear from risk managers on what they see out there and what kinds of solutions they’re looking for, that technology might play a role in solving.
[30:47] Justin thanks John for being on the show and sharing his insight on water risk management and water damage.
[31:14] Check out the links for past coverage of World Water Day. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29‒30! Register by April 21.
RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.
RIMS Diversity Equity & Inclusion page
Contribute to Risk Management Magazine
Insight Risk
UN’s Sustainable Development Goal 6 Global Acceleration Framework
Upcoming Webinars:
“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023
“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“On The Menu: Restaurant Injury Risk Trends in 2023”
“World Water Day 2022 with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
“Earth Observations, Acronyms, and Risk with Dr. Shanna McClain of NASA” (2021)
“Combating Water Scarcity with AquaShares Founder James Workman” (2020)
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
Sponsored RIMScast Episodes:
Captive Market Outlook and Industry Insights | Sponsored by AXA XL (NEW!)
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
John DempseyInsightRisk
Tweetables (For Social Media Use):
“Exposure to water losses was endemic. … The forms of water losses are many, including storms and storm surges, which we’re all aware of. … The less sexy forms of water loss are things like a hole in the roof of a hospital ... the night of a major thunderstorm.” — John Dempsey
“When we deploy the [water damage sensor] system, there’s no additional cost to the insured or the carrier. We absorb it and make up for it by using the systems over and over again on different projects. … It’s an additional cost that nobody wants to pay.” — John Dempsey
“What’s needed is a very solid value proposition. And that means that if you’re a risk manager on the buy side or you’re a carrier looking to finance better risk control, if you spend X, how much do you get out of it? What’s … your return on the investment?” — John Dempsey
“Every risk manager knows, when there’s a problem, there’s a way to resolve it and sometimes if you take bite-sized pieces it’s a little easier to solve those pieces one at a time. SDG is 17 initiatives, only one of which is water.” — John Dempsey
“I know from experience that when risk managers identify a problem, they figure out ways to solve it. In fact, I started two businesses that way.” — John Dempsey
Additional background detail about SDG 6:
COVID-19 makes us acutely aware of our shared vulnerability and common destiny. Yet the extraordinary global disruption caused by the pandemic offers a unique opportunity, and a new hope, to “build back better.” With a shift in priorities, we can get the world on track to deliver the Sustainable Development Goals (SDGs) by 2030 including SDG 6 water and sanitation for all.
Launch of the SDG 6 Global Acceleration Framework:
Hosted by UN-Water, the Sustainable Development Goal 6 Global Acceleration Framework launch during the 2020 High-level Political Forum on Sustainable Development will be a high-level and multi-stakeholder moment to generate commitments for ambitious solutions on water and sanitation in support of the Decade of Action to deliver SDGs by 2030. The framework is driven by country demand and will align the international community to strengthen country planning, implementation, and knowledge sharing for SDG 6 while supporting country response to the COVID-19 pandemic.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is Matt Zender, Senior Vice President, Workers’ Compensation Strategy at AmTrust. We’ll be looking at a new risk report from AmTrust Financial on “Workers’ Compensation and Injury Trends in the Restaurant Industry.”
Injuries were lowest this time last year. Justin and Matt talk about how risk professionals in food retail, restaurant, and hospitality can use this time of year to maintain low injury rates onsite and on the road. They discuss the top three injuries: crushing, mental stress, and fainting, and how COVID-19 influenced the number of injuries. They conclude the discussion with ideas for risk managers to leverage the insights in this report for 2023.
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:28] About today’s episode.
[:39] All about upcoming RIMS webinars, workshops, events, and more!
[1:07] About RIMS-CRMP.
[1:21] About RIMS-CRMP-FED.
[1:55] About RISKWORLD 2023 with closing keynote speaker Danica Patrick!
[2:11] About recent RIMScast episodes.
[2:35] About today’s episode with Matt Zender, the SVP for Workers’ Compensation Strategy at AmTrust.
[3:07] Justin welcomes Matt Zender to the podcast!
[3:12] In the AmTrust Financial report on Workers’ Compensation and Injury Trends in the Restaurant Industry, injuries were lowest in the first quarter of last year. How can risk professionals in the food, retail, restaurant, and hospitality industries maintain low injury rates?
[3:56] Why do claims go up over the holidays?
[4:15] In the first quarter lull, restaurant operators often do insurance planning. They’re often too busy the rest of the year with their operations on the road to plan insurance.
[5:17] Why AmTrust wanted to put the report out during the first quarter lull.
[5:27] Restaurants are doing more delivery than ever.
[5:45] Why COVID-19 was a force multiplier for restaurant operators.
[6:26] How is the way we consume food changing in the U.S. and how have meal delivery services enabled these changes?
[7:10] About the top three injuries mentioned in the report: crushing, up 89%, mental stress, up 71%, and fainting, up 61%.
[7:47] About crushing of body parts from machinery or from boxes stacked too high.
[9:41] Why has mental stress become more widespread?
[10:52] About our changing relationships with our jobs. There is physical conditioning needed for working a restaurant job after months of not working.
[12:26] How fainting claims sometimes relate to mental stress claims.
[13:21] RIMS plug time! Sponsor a weekly or dedicated episode of RIMScast! Contact us at pd@rims.org. Register for RISKWORLD 2023, and workshops before RISKWORLD.
[14:23] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.
[16:15] Decreases and increases in claims reported relate in part to reductions and growth in the workforce. Economic forces were at play as well.
[17:21] Have mental stress claims changed since 2019? How claims tie in with the relationship with employers.
[18:30] How can restaurant owners and franchisees leverage the report? Matt asks you to think about what separates you from others. How are you protecting your employees?
[20:57] Matt tells you how to use your size to your advantage.
[21:43] How risk managers can leverage insights in this episode from Matt and the AmTrust report “Workers’ Compensation and Injury Trends in the Restaurant Industry.”
[22:17] AmTrust issued this report two years ago and again, after COVID-19, in the hope that franchise and restaurant owners will use the insights to drive better behaviors.
[23:35] The report appendix includes all sorts of injury prevention tips!
[23:58] You can download the 11-page report as a PDF file from AmTrustfinancial.com.
[24:43] Justin thanks Matt for joining us on RIMScast.
[24:55] You can find the link for the report below. Sponsor a RIMScast episode to reach a global audience! Justin shares other RIMS offers including a transitional membership!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS-CRMP Exam Prep Course — In-Person at Riskworld, April 29‒30! Register by April 21.
RIMS-CRMP-FED Virtual Prep Course — May 8‒10, 2023 | Register by May 1.
RIMS Diversity Equity & Inclusion page
Contribute to Risk Management Magazine
The 2022 AmTrust Restaurant Risk Report
Upcoming Webinars:
“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023
“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Checking In: Hotel Risk Management with AHLA President & CEO Chip Rogers” (2022)
“Franchise Risks in 2022 with Karen Agostinho of Five Guys Enterprises”
“RIMS 2022 President Patrick Sterling: Insight into 2022 Risks and Looking Beyond the Pandemic”
“How One Franchisee Navigated Restaurant & Food Retail Sector Risks in 2020”
Sponsored RIMScast Episodes:
“Captive Market Outlook and Industry Insights” | Sponsored by AXA XL (NEW!)
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd.
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Matt ZenderAmTrust Financial
Tweetables (For Social Media Use):
“At AmTrust, we write more restaurants than anybody and it’s a space that we really do enjoy. But we know that restaurant operators wear a lot of hats. To expect that they’re going to be able to think about insurance all the time is not realistic.” — Matt Zender
“Restaurants always see turnover. It’s part of what they are used to. The amount of turnover they saw through the pandemic was obviously greater than perhaps they had ever seen. So you had a lot of newer employees.” — Matt Zender
“You have, perhaps, some folks reaching different priorities in their life. Things that maybe they felt that they couldn’t prioritize before, … and then, all of a sudden, through COVID-19, they realized that they had some opportunities to rethink some of this.” — Matt Zender
“If you’re a franchise operator, and you’ve got 14 different stores under your control, what have you done commonly throughout those 14 to help protect your employees?” — Matt Zender
“We published it a couple of years ago and then we refreshed it, and in the refresh, we didn’t just want to show the same data because so much had changed because of COVID-19, which is why we took a different sort of cut at it. … We wanted to share the insights.” — Matt Zender
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
March is International Women’s History Month and March 8th is International Women’s Day. It’s the perfect time for the RIMScast debut of Jennifer Santiago! Jennifer is the Director for Risk Management and Safety at Wakefern Food Corp., the largest retailer-owned cooperative in the United States. Jennifer has served in RIMS for years, is a RIMS-CRMP holder, and is one of the most visible, vocal, and fun ambassadors at events like RISKWORLD 2023, where we will see her on stage!
In this interview, Jennifer shares her background, what excites her in risk management, and her passion for DE&I and ESB. She says that the risk management industry has been extremely homogenous for decades, which is too long! Tune in for today’s informative and exciting conversation!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:26] About RIMScast.
[:38] About today’s episode.
[:47] All about upcoming RIMS webinars, workshops, events, and more!
[1:53] March is International Women’s History Month.
[2:07] About today’s episode with Jennifer Santiago.
[2:43] Justin welcomes RIMS 2023 President Jennifer Santiago to the podcast!
[3:11] Jennifer tells how she feels as President of RIMS, after years of involvement.
[3:36] How RIMS advances the risk management profession and individuals.
[4:44] How Jennifer moved her career in risk management through RIMS.
[5:23] Jennifer shares the 2023 RIMS theme of personal and organizational resilience. [6:30] The risk profession can lean on RIMS to get R.E.A.D.Y. for what is next.
R — Reconnecting and strengthening the bonds of the risk community.
E — Education as a critical path to personal and professional development.
A — Advocating for the profession around critical legislation.
D — DE&I, the foundation from which everything else stems.
Y — YOU, what RIMS can do for you as an individual RIMS professional.
[7:46] Why Jennifer is “long” on the risk management profession and CRO roles.
[8:31] Jennifer’s passion for DE&I. Why risk professionals should use DE&I. The industry has been extremely homogenous for decades. It’s not acceptable any longer.
[10:52] Meaningful things executives can do, such as forming Employee Resource Groups (ERGs) and having DE&I Officers, to support DE&I in their organizations.
[13:01] What challenges are there for women to break into the pipeline and reach professional success? There should be no more one-size-fits-all stereotypes.
[15:22] Does Jennifer golf? Where are the deals being made now?
[16:08] RIMS plug time! About the RIMS DE&I Strategy page, RISKWORLD 2023, and in-person workshops in Atlanta before RISKWORLD.
[17:10] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, with the demand for human connection in this era of remote and hybrid work.
[19:18] About Jennifer’s career at Novartis, Penn State University, and Wakefern Food Corp. and her move from one to the other. Jennifer tells about being a change agent.
[20:36] Jennifer’s interest in company culture and the risk toolkit in different industries.
[21:16] How Jennifer does a deep dive when she takes on a new role and finds where she will bring the biggest value with the biggest impact.
[22:57] How Penn State and other Universities are like cities. The risk profile is extremely diverse and you are thrown into it, even in a pandemic.
[24:54] How risk management has a line-of-sight view around an organization and connects the dots to see the enterprise risk.
[26:09] About the evolution of risk management education. It’s being highlighted more and more as a necessary skill set. About the RIMS Rising Risk Professionals group.
[27:52] What resources the Spencer Educational Foundation provides for students.
[29:22] An example of a risk management insurance major graduating to a career.
[30:41] What Jennifer is excited about with running RISKWORLD 2023, post-COVID-19!
[33:11] Has Jennifer ever hosted a big event like RISKWORLD? She’s looking forward to using a transparent prompter!
[34:55] About the great keynote speakers for RISKWORLD, including Danica Patrick!
[35:38] Justin thanks Jennifer for being on RIMScast and tells of the links in the show notes, and how to sponsor a RIMScast episode! Justin describes other offers.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29-‒30 | Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS Leadership Corner
“Jennifer Santiago Named RIMS 2023 President” (Press release)
RIMS Diversity Equity & Inclusion page
Contribute to Risk Management Magazine.
SpencerEd.org | Learn more and donate today.
Upcoming Webinars:
“The Evolution of ESG” | Sponsored by Zurich | March 9, 2023
“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023
“Forced Labor and Supply Chains” | Sponsored by Sayari Analytics | April 13, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO” (2023)
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Taking the ‘Next Steps’ with NAAIA Executive Director and COO Omari Jahi Aarons”
“Diversity as a Successful Business Division with Rodney Johnson”
“Spencer Educational Foundation 2022 Honoree Neeti Bhalla Johnson on Access to Education, DEI & ESG”
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Jennifer Santiago on LinkedInRIMS Leadership Corner with RIMS 2023 President Jennifer Santiago
Tweetables (For Social Media Use):
“[Being in the RIMS community] is truly like a virtuous cycle of giving and receiving.” — Jennifer Santiago
“We need diverse perspectives from people; different backgrounds, knowledge, and experience to be effective and successful. … The industry has been extremely homogeneous for decades.” — Jennifer Santiago
“I think women bring all the same and more skills to the table as men do so there should really be no longer a one-size-fits-all stereotype of any gender, race, ethnicity, male, woman, and everything. … Women make excellent leaders.” — Jennifer Santiago
“I’m definitely a change agent and I haven’t met a challenge that I didn’t like. And that’s just me as a person, so not everyone has the appetite for that. … I’m comfortable being out of my comfort zone.” — Jennifer Santiago
“RISKWORLD is the premier event for all things risk management and for anyone in risk, … [or] you want to get in it, it’s a very inclusive, open environment for risk people. … I look forward to it every year.” — Jennifer Santiago
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Guest 1: Pat Saporito
Founder & Principal Consultant, Saporito & Associates, LLC
“Leveraging Data and Analytics for Continuous Risk Management” is a course that is available in three parts — Part 1’s next session is on March 9th. The in-person pre-conference workshop on April 29th and 30th in Atlanta Georgia will be “Data Analytics & Artificial Intelligence in Risk Management.” RISKWORLD attendees save 30% on this course. The instructor for the virtual and in-person workshops is my friend Pat Saporito, Founder & Principal Consultant of Saporito & Associates, LLC. I’ve worked with her before and she’s one of our favorites here at RIMS. I wanted you to hear about what she has in store for you.
Guest 2: Megan Miller Megan Miller is the Executive Director of the Spencer Educational Foundation. Megan is here to talk to us about #SpencerDay.
Guests 3 and 4: Anne Bowen and Jamal Evans
Anne and Jamal are 2022 Spencer Educational Foundation Scholarship Recipients.
Be sure to tune in for today’s informative conversations!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:26] About RIMScast.
[:39] About today’s episode, #SpencerDay, and today’s guests.
[:53] All about upcoming RIMS webinars, workshops, events, and more!
[1:35] About RISKWORLD 2023.
[1:48] About recent episodes with RISKWORLD speakers.
[2:09] About data analytics courses that RIMS hosts virtually and will also host in person in Atlanta, Georgia ahead of RISKWORLD. The virtual course is “Leveraging Data and Analytics for Continuous Risk Management,” in three parts, with Part 1 on March 9th.
[2:35] The in-person course is a pre-conference workshop on April 29th and 30th in Atlanta Georgia, “Data Analytics and Artificial Intelligence in Risk Management.” RISKWORLD attendees save 30% on this course.
[2:48] The instructor for the virtual and in-person courses is Pat Saporito, Founder & Principal Consultant, Saporito & Associates, LLC.
[3:04] Justin welcomes Pat Saporito to RIMScast!
[3:11] About the virtual workshop Pat Saporito leads for RIMS in three modules or parts.
[3:22] The first part of the virtual workshop, “Leveraging Data,” is about the foundation of data and analytics and how to leverage the data for risk management.
[4:01] The second part of the virtual workshop, “Managing Data,” is about bringing data sources together and using the characteristics of the data by asking better analytical questions and using data scientists.
[4:58] The last part of the virtual workshop, “Optimizing Risk Management with AI,” is about algorithms that go beyond the usual. The course includes demos and how to build a framework for the attendees' use cases, and make incremental improvements.
[5:48] The practical tools attendees of each course receive from Pat.
[6:02] Justin is looking forward to Pat hosting the three combined modules under the title “Data Analytics and Artificial Intelligence in Risk Management,” in person in Atlanta, an all-day course over two days, April 29th and 30th.
[6:43] Pat will cover in person everything from the three modules of the virtual course, a little more concisely. She will also ask participants to bring a case study or risk management challenge to work on to make it practical for them.
[8:02] Pat describes her teaching style as very practical with some added humor. The in-person group discussion is also invaluable.
[8:37] Justin’s second guest, Spencer Educational Foundation Executive Director, Megan Miller is here to tell about #SpencerDay. Justin welcomes Megan to RIMScast.
[9:18] Spencer Day brought back their gala in 2022, after being on pandemic hiatus, and honored Neeti Bhalla Johnson. The year was also a high-water mark for fundraising.
[9:53] The Spencer Educational Foundation is excited about what it will be able to do in 2023.
[10:07] Neeti Bhalla Johnson’s Spencer gala award speech was recorded and posted on the SpencerEd.org website. That was very helpful for Justin to watch, preparing to have her on RIMScast.
[10:33] Several scholars at the gala came up to Megan to say how great it was to have a woman speaker that looked like them. They don’t see that a lot with high honors and big awards.
[11:10] Spencer Educational Foundation has been around for over 43 years and is known for its scholarships. Spencer Day raises awareness of the foundation. The foundation is grateful for the corporate support received over the decades.
[11:56] The Spencer Educational Foundation needs more individual support. The Foundation is asking for individuals to donate $23.00 for 2023 as a show of support. Spread the word today with #SpencerDay. On other days use #SpencerScholars and #FundingTheirFuture.
[12:45] Hashtags help the foundation to keep track of mentions on different social media platforms.
[13:25] The Spencer Foundation is holding a Pickleball Tournament on the Saturday preceding the RISKWORLD conference. They are looking for players and sponsors now. On Sunday there is the 2023 Spencer Gallagher Golf Tournament at the Smoke Rise Country Club.
[14:27] The Spencer RIMS Risk Management Challenge will be held with students from China, India, Canada, and the U.S. on Monday afternoon. On Monday evening, there is the Spencer Reception. On Tuesday morning May 2nd, there is the 5K Fun Run.
[15:27] The 2023 Funding Their Future Gala will be on September 14th, in New York City. There is a new venue to be revealed. The honoree will be announced in the coming months. Save the date! There will also be a couple of student speakers.
[16:30] The Spencer Foundation will award about $650,000 in 2023 scholarships (over 100 awards) and about $1 million in other 2023 programs, including course development funding to schools for risk management and insurance courses and programs.
[17:10] The focus has been on minority-serving institutions, such as HBCUs and Hispanic-serving institutions, to diversify the pipeline of talent.
[17:58] Justin introduces his next guests, two recipients of Spencer scholarships at the Funding Their Future Gala of 2022, Anne Bowen and Jamal Evans, who are on the show to talk about the role Spencer has played in this early part of their risk careers.
[18:16] Justin welcomes Anne Bowen and Jamal Evans to RIMScast. The last time Anne and Jamal met, they were nervously walking onstage as scholarship award recipients. Anne and Jamal speak of the honor they received and how it felt in front of so many risk and insurance industry executives.
[19:34] Anne looks back at the impact Spencer has had on her education, internship, and career, on other students, and professionals.
[20:22] Jamal seconds that. For Jamal, the big thing was the financial support while going through undergraduate school. Jamal is a two-time Spencer Scholar, first as a junior, which allowed him to focus on his education and not be bogged down with concern. That yielded successes for Jamal.
[20:48] Jamal also has participated in the Mentorship Program and has been helped by the industry professionals he connected with through Spencer.
[21:19] Anne offers her advice to students applying now for a Spencer Scholarship. Take that leap of faith, really put yourself out there, and share your story. Every person has a unique story about how they got into this industry. Be your true self.
[22:01] Jamal says just go for it. There are always “nerves” when applying and doing the essay requirement. Spencer is there to support future insurance professionals and they’re passionate about those who are trying to educate themselves in the insurance industry.
[22:24] Take the leap of faith. Be diligent with your essay; be passionate and authentic. It’s a great organization with much more opportunities than the financial incentive.
[22:49] Jamal thanks all of the Spencer staff, from the people who process the applications to the people who manage the event. Tandeka Nomvete is one individual who stands out. She encouraged him at the Spencer Educational Gala before he spoke and she continues to show him support and direct him to resources and opportunities.
[24:00] Anne expresses her #AttitudeOfGratitude to Tandeka Nomvete, for taking them under her wing at the Gala. Anne thanks Megan Miller for helping Indiana State University where Anne got her undergraduate degree and is studying for her master’s degree. Anne also thanks her advisor on campus, Ms. Rebecca Ray.
[25:31] Justin thanks Anne Bowen and Jamal Evans for joining us on RIMScast. Justin thanks all of his guests. Remember to participate in Spencer Day by visiting SpencerEd.org and the Spencer Day link in this episode’s show notes. On social, follow #SpencerDay. Justin appreciates your support.
[25:53] You can sponsor a RIMScast episode! Justin shares examples of episode sponsors. See links to sponsored episodes below. RIMScast has a global audience comprised of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more! Contact PD@rims.org for more information.
[26:35] More RIMS offerings: Transitional Membership available to members separated from their place of employment, valid for up to two years or until you secure your next full-time position. — Register for the RIMS CRMP, the only risk management-based competency credential. — Check out the searchable RIMS Content Page.
[27:31] Subscribe to the monthly Risk Management Magazine and Risk Management Monitor, the official RIMS blog.
[27:45] To contact Justin, email Content@rims.org. Justin thanks you for your continued support and engagement on social media. Stay safe and healthy and we’ll see you next week!
Mentioned in this Episode:
Spencer Day is Feb 27. Visit SpencerEd.org/spencer-day to show your support. Share this episode on social media with #SpencerScholars #ICM2023 InsuranceCareersMonth
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is open!
Riskworld: In-Person Workshops April 29‒30 | “RISKWORLD Pre-Conference Workshop Data Analytics & Artificial Intelligence in Risk Management”Save 30% on pre-conference workshops when you register to attend RISKWORLD!
RIMS Diversity Equity & Inclusion page New NAAIA Report Focuses on Next Steps for DEI in the Insurance Industry — coverage from Risk Management Monitor
Contribute to Risk Management Magazine
Upcoming Webinars:
“Deadly Weapons and Sexual Abuse Risk” | Sponsored by Beazley | Feb. 28, 2023
“Property Valuations Amid Record Inflation” | Sponsored by TÜV SÜD | March 2, 2023
“The Evolution of ESG” | Sponsored by Zurich | March 9, 2023
“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Spencer Educational Foundation 2022 Honoree Neeti Bhalla Johnson on Access to Education, DEI & ESG”
“Spencer Educational Foundation Executive Director Megan Miller (2022)”
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO”
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner (2023)”
“Diversity as a Successful Business Division with Rodney Johnson”
“A Fond Farewell to Mary Roth”
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Events, Education, and Services:
RIIMS.org/Events
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Pat Saporito
Founder & Principal Consultant, Saporito & Associates, LLC
Megan MillerExecutive Director, Spencer Educational Foundation
Anne Bowen
Jamal Evans
Tweetables (For Social Media Use):
“I’m going to ask participants to bring a case study. … So if they’re looking to improve safety, or they’re looking to improve some other area of risk management, I’d like them to bring that challenge with them … for their data safari.” — Pat Saporito
“We’re really just trying, in very natural ways, to represent the diverse talent that’s out there in the industry.” — Megan Miller
“Spencer has formed a community to help every student and pull them along in this pipeline. It’s just a very special feeling when you reflect back on that. Only a year out into my career, I can see the impact Spender has on every student.” — Anne Bowen
“I participate in the Mentorship Program. The mentorship opportunities and connecting me with industry professionals through Spencer have been a great experience for me and very helpful throughout my academic career.” — Jamal Evans
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
NAAIA is the National African American Insurance Association and they recently released a report with Marsh McLennan titled The Next Steps on the Journey. It’s a great read and it’s publicly accessible through the link on this episode’s show notes and naaia.org. The Next Steps study is interested in demographics, but it goes far deeper, by exploring the specific experiences of Black and African-American professionals in risk and insurance. Further, it sought to understand a number of qualitative concepts and issues, including barriers of entry and retention, the evolution of DEI commitments, limitations of DEI initiatives, and, of course, opportunities for professionals in risk and insurance organizations.
NAAIA Executive Director and COO Omari Jahi Aarons is here to discuss the findings of the survey and special details in the report and we’ll get a glimpse into his career path and his hopes for NAAIA and professionals of color in the risk and insurance professions.
Be sure to tune in for today’s insightful conversation!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:26] About RIMScast.
[:39] About today’s episode.
[:50] All about upcoming RIMS webinars, workshops, events, and more!
[1:40] About RISKWORLD 2023.
[2:15] About Spencer Day.
[2:30] Today’s episode is about NAAIA with Omari Jahi Aarons.
[3:36] Justin welcomes Omari Jahi Aarons to RIMScast!
[3:10] Omari is the Executive Director and COO for NAAIA, a professional membership-based organization with 1,700 members and 22 chapters.
[4:06] How NAAIA serves people of color in the insurance industry. NAAIA is 25 years into its mission.
[4:27] NAAIA is looking forward to the next 25 years, and how NAAIA can help the entire industry to level up, by its mission to diversify the insurance industry.
[4:46] What inspired Omari to enter the insurance industry? He reframes the question to “Who invited me to join the insurance industry?”
[7:07] What kept Omari in the insurance industry?
[9:38] How Omari was “voluntold” to join NAAIA and then discovered the value in it.
[11:05] Omari shares the experience of attending his first annual NAAIA conference.
[11:53] Why Omari stayed in NAAIA and about his journey to Executive Director and COO of NAAIA.
[13:11] How Omari’s role at NAAIA, a 501(c)(6) nonprofit organization, differs from his former corporate roles.
[14:51] About the recent report, The Next Steps on the Journey, and how it relates to the 2018 report, The Journey of African American Insurance Professionals.
[16:27] What NAAIA and Marsh were hoping would come from the recommendations in the 2018 report.
[16:55] What led up to the 2022 study, The Next Steps on the Journey, published by Marsh and AAIA in January of 2023?
[17:46] Omari explains why the majority of study respondents for The Next Steps were female and what it means for the industry.
[19:13] What do we do to help close the gap for Black and African-American men in the insurance industry? Omari offers some suggestions.
[20:01] How mentoring played a part in Omari’s career and what The Next Steps reveals about mentoring.
[21:52] Why are sponsorship programs and coaching essential to success?
[22:06] About types of coaching needed for different roles.
[22:58] Sponsorship programs and coaching supports at every level of the career journey are big parts of The Next Steps.
[23:33] Omari presents some helpful initiatives and key actions that organizations can take from The Next Steps report.
[25:08] What are the things, beyond the workplace, that people need so they can thrive?
[25:47] Plug Time! — RIMS’s DE&I Advisory Council — RISKWORLD 2023 will be held April 30‒May 3 in Atlanta, Georgia! — In-Person Workshops April 29‒30 — Upcoming RIMS events.
[26:49] Justin revisits his interview with RISKWORLD’s Awards and Leadership Keynote, Josh Linkner, speaking about live events and seeing everybody at RISKWORLD!
[28:33] Justin returns to the conclusion of his interview with Omari Jahi Aarons.
[28:54] Omari describes a reception he held during RISKWORLD 2019 as the inaugural president of the Boston Chapter of NAAIA and how the reception boosted the chapter.
[31:34] About sustaining DEI initiatives in the face of layoffs. Research shows that DEI improves profitability and productivity when DEI is integrated with the business strategy.
[34:04] Omari explores the question: who does DEI work belong to in an organization?
[34:52] About succession planning for sustaining the DEI work.
[36:42] How do we embed DEI into business strategy and society? What about when DEI mentors, sponsors, and coaches leave the organization?
[38:15] What do organizations get wrong about the ROI on DEI?
[38:44] The importance of long-term outcomes and sets of activities that build trust and lead to becoming an employer of choice for the Black community.
[40:39] Omari reveals the end outcome of NAAIA. What will organizations and society look like then?
[41:46] Omari poses a question to ask in 100 years.
[43:32] How did HR become the workplace police?
[45:14] How is HR shifting to enable the best experiences in the workplace and to accomplish the organizational mission, including diversity, equity, and inclusion?
[46:20] About risk and putting people first in the workplace policies and practices, including business continuity.
[48:13] Justin gives special thanks to Omari Jahi Aarons, the Executive Director and COO of NAAIA. Justin shares links to NAAIA and The Next Steps on the Journey.
[48:37] Remember that you can sponsor a RIMScast weekly episode or a dedicated episode! Justin shares examples of episode sponsors. See links to sponsored episodes below. RIMScast has a global audience!
[49:18] More RIMS offerings: Transitional Membership available to members separated from their place of employment, valid for up to two years or when you secure your next full-time position. — Register for the RIMS CRMP, the only risk management-based competency credential. — Check out the searchable RIMS Content Page.
[50:10] Subscribe to the monthly Risk Management Magazine and to Risk Management Monitor, the official RIMS blog.
[50:31] Justin thanks you for your continued support and engagement. Stay safe and we’ll see you next week!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
RISKWORLD: In-Person Workshops — April 29‒30
Spencer Day is Feb 27. Visit SpencerEd.org/spencer-day to show your support.
RIMS Diversity Equity & Inclusion page
The Next Steps on the Journey from NAAIA and Marsh McLennan
New NAAIA Report Focuses on Next Steps for DEI in the Insurance Industry — coverage from Risk Management Monitor
Contribute to Risk Management Magazine
Upcoming Webinars:
“The Perfect Storm: Property Risk Strategies & The Right Solutions for You” | Sponsored by Gallagher CORE360 Insights | Feb. 23, 2023
“Deadly Weapons and Sexual Abuse Risk” | Sponsored by Beazley | Feb. 28, 2023
“Property Valuations Amid Record Inflation” | Sponsored by TÜV SÜD | March 2, 2023
“The Evolution of ESG” | Sponsored by Zurich | March 9, 2023
“Cyber Solutions: Parametric Protection of the Digital Supply Chain” | Sponsored by Parametrix | March 30, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Riskworld Keynote Johnny C. Taylor, Jr., SHRM President, and CEO”
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Diversity as a Successful Business Division with Rodney Johnson”
“RIMS DE&I in June 2022: Pride, Juneteenth, and National Indigenous History Month”
“RIMS DEI Council Chair Kevin Thomas and Vice-Chair Monica Merrifield” (2021)
“Launching DEI Initiatives with Tara Lessard-Webb” (2021)
“Pride Month: How Risk Pros Can Protect and Uplift LGBTQ+ Employees” (2021)
“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Events, Education, and Services:
RIIMS.org/Events
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Omari Jahi Aarons on LinkedIn
NAAIA
Marsh.com
The Journey of African-American Insurance Professionals
The Next Steps on the Journey
Tweetables (For Social Media Use):
“Insurance touches everything, and so we are at the forefront of innovation for every industry. … When you’re in the insurance industry, you pick up a little bit of expertise from so many different areas because we touch so many things.” — Omari Jahi Aarons
“[At NAAIA’s 2018 conference] I was like, ‘Wow! I didn’t know that there were this many Black people in the insurance industry!’ … Everyone was so welcoming, … being willing to share with me their work.” — Omari Jahi Aarons
“What do we do to help close the gap for Black and African-American men in the industry, and make sure that Black men know that the insurance industry is a place where they can come and have a thriving career?” — Omari Jahi Aarons
“The issue is … a microcosm of the larger systemic racial bias permeating our whole world. It’s going to take generations of committed efforts across the board to move the needle to a place where we … have an equitable and inclusive society.” — The Next Steps on the Journey
“[We may ask in 100 years,] ‘Can you imagine a time when we needed organizations like NAAIA because we didn’t value the full humanity of each other? Like we allowed differences like skin color, national origin, and immigrant status … to be barriers?’” — Omari Jahi Aarons
“HR is there to help people be valued, recognized, supported, enabled, and to be able to do their job, and there’s certainly a DEI lens that wraps around that.” — Omari Jahi Aarons
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Expectations for the world of work, talent recruitment and retention, wage inflation, and corporate culture have never been higher. Joining RIMScast today to discuss these topics and the correlation between human resources and risk management is Johnny C. Taylor, Jr., the President and CEO of SHRM (the Society for Human Resource Management). Johnny will also be delving into all of this and more on May 1st, 2023, as the opening keynote speaker at RISKWORLD in Atlanta, Georgia.
In this interview, Johnny provides a glimpse into his upcoming keynote and speaks on how we can all reinvent, reinvigorate, reimagine, and reset our organizations and the people we lead.
Be sure to tune in for today’s fun and insightful conversation!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:28] About RIMScast.
[:40] About today’s episode.
[:56] All about upcoming RIMS webinars, workshops, events, and more!
[2:15] More about today’s episode with Johnny C. Taylor, Jr.
[2:51] Justin welcomes Johnny to the podcast!
[3:10] Johnny provides a preview of his upcoming 2023 RISKWORLD keynote.
[4:47] Why Johnny decided to write his book, Reset: A Leader’s Guide to Work in an Age of Upheaval.
[6:46] Johnny’s process of writing his book, Reset.
[8:23] How and why Johnny transitioned to HR after being a lawyer.
[10:00] Johnny’s advice to HR managers who are the de facto risk management professionals at their own organizations (and vice versa).
[11:10] What can risk management professionals and HR do to maintain their commitment to DE&I during these uncertain economic times?
[14:20] About the DE&I and ESG tracks at RISKWORLD 2023.
[14:35] Johnny emphasizes the importance of DE&I and why it is absolutely critical.
[15:55] RIMS plug time! All about RISKWORLD 2023 and the newest issue of Risk Management Magazine.
[16:58] Justin revisits his interview with Josh Linkner, highlighting why live events are so critical, especially in this era of remote and hybrid work.
[18:55] Johnny’s insights into how we can all better balance remote work with in-person work; particularly in terms of collaboration, promotions, and culture.
[22:58] SHRM is celebrating its 75th anniversary this year! What does Johnny hope SHRM will be celebrating 25 years from now at its centennial?
[25:00] Johnny’s message to those attending RISKWORLD.
[26:32] Justin thanks for joining the podcast and shares some links to take a look at in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open! Advance rates are available through Feb. 17th
Contribute to Risk Management Magazine
RISKWORLD: In-Person Workshops — April 29-30th
Upcoming Webinars:
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
“The Perfect Storm: Property Risk Strategies & The Right Solutions for You” | Sponsored by Gallagher CORE360 Insights | Feb. 23, 2023
“Deadly Weapons and Sexual Abuse Risk” | Sponsored by Beazley | Feb. 28, 2023
“Property Valuations Amid Record Inflation” | Sponsored by TÜV SÜD | March 2, 2023
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Innovation and Improvisation with RISKWORLD Keynote Josh Linkner” (2023)
“Live from RISKWORLD 2022”
“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD 2022 Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“What the Future Holds with RISKWORLD 2022 Closing Keynote Peter Leyden”
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Johnny C. Taylor, Jr.’s LinkedIn
SHRM.org
Reset: A Leader’s Guide to Work in an Age of Upheaval, by Johnny C. Taylor, Jr.
Tweetables (For Social Media Use):
“My advice … is to be very intentional about … creating expectations for the business case for what you’re going to achieve when it comes to DE&I.” — Johnny C. Taylor, Jr.
“There is a way to show how good DEI is not just morally good but it’s good for business. You’ve got to make that case and hold yourself accountable for meeting the metrics that show progress or a lack of progress.” — Johnny C. Taylor, Jr.
“While I’m sensitive to the fact that people resist change. … But, we have also shown as a result of the last three years that we can be pretty darn agile when we have to.” — Johnny C. Taylor, Jr.
“Diversity, Equity, and Inclusion isn’t just about how you treat fellow human beings who are different than you during the day; It’s how you treat them outside of work as well because we’re working for a greater and better republic.” — Johnny C. Taylor, Jr.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast today is jazz guitarist, CEO, author, tech entrepreneur, and RISKWORLD leadership keynote, Josh Linkner! As a self-proclaimed creative troublemaker, Josh uses live music as a metaphor for innovative collaboration and will be delivering the Awards and Leadership keynote at RISKWORLD on May 1st, 2023! His performance is unlike any other as he invites audience members to join the band to compose live music in front of their peers (which always ends in a cheering crowd!)
In this episode, Josh shares about the parallels between music and risk management, why he has become a standout keynote speaker in recent years, all about his career, his experiences with risk management and risk professionals, and what we can all expect at his upcoming keynote!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:45] About today’s episode.
[:56] All about upcoming RIMS webinars, workshops, events, and more!
[2:14] More about today’s episode with special guest, Josh Linkner.
[3:00] Justin welcomes Josh Linkner to the podcast!
[3:15] About Josh’s upcoming keynote at RISKWORLD.
[3:48] Companies and organizational leaders that have inspired Josh in recent years.
[5:00] Josh’s experience as a CEO and the companies that he has led.
[6:33] Josh’s experience with risk departments and professionals.
[7:55] As Josh was coming up in the ’90s, was ESG even on the radar?
[9:38] How Josh is navigating ESG demands and challenges from society and his investors.
[10:52] RIMS plug time! About RISKWORLD 2023, in-person workshops, and virtual workshops.
[12:00] Chris Hansen joins the podcast to give an overview of his upcoming two-day virtual workshop, “Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.”
[15:37] What to expect at Josh’s upcoming RISKWORLD 2023 keynote.
[19:14] Are live audiences more receptive in 2023 than in 2019, pre-pandemic?
[20:26] Josh’s favorite jazz musicians.
[22:35] Justin thanks Josh for joining the podcast and shares some links to take a look at in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open! Advance rates are available through Feb. 17th!
Contribute to Risk Management Magazine
Upcoming Webinars:
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
“The Perfect Storm: Property Risk Strategies & The Right Solutions for You” | Sponsored by Gallagher CORE360 Insights | Feb. 23, 2023
“Deadly Weapons and Sexual Abuse Risk” | Sponsored by Beazley | Feb. 28, 2023
“Property Valuations Amid Record Inflation” | Sponsored by TÜV SÜD | March 2, 2023
Virtual Workshops:
“Fundamentals of Risk Management” | February 14‒15, 2023 | 9:00 am‒3:00 pm ET
Registration Closes Feb. 13
“Managing Worker Compensation, Employer's Liability and Employment Practices in the U.S.” | Feb. 21‒22 | 10 am‒5:30 pm ET | Registration closes Feb. 20
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)
“Live from RISKWORLD 2022”
“RISKWORLD 2022 Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD 2022 Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“What the Future Holds with RISKWORLD 2022 Closing Keynote Peter Leyden”
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Josh Linkner’s Website
Tweetables (For Social Media Use):
“There are costs, to be clear. But I am hopeful that in the long run … that the benefits of being focused on ESG outweigh the costs.” — Josh Linkner
“At the keynote specifically, I’m going to use live music — specifically live jazz — as a metaphor for leadership, for innovation, and of course, for many of the challenges and the opportunities that we have as risk management professionals.” — Josh Linkner
“I think there is a real desire to be in-person. Obviously, there are many things that we can do remotely — as we should. But there are also some things that we can’t. And there’s something really special about being present and having human connection.” — Josh Linkner
“Now, in the world of remote or hybrid work, we’re often … accomplishing a lot … but what it lacks is that deeply present human connection.” — Josh Linkner
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this important episode of RIMScast, Justin is joined by Paul Marshall of McGowan Program Administrators to discuss active shooter preparedness and insurance.
Workplace violence is a risk – especially in places where money is exchanged and other public-facing industries such as service and care, and hospitality and travel. In the last few years with more workplaces going hybrid, crisis risks have evolved and it is even more critical that risk professionals understand how to adapt to these changes and put the correct safeguards in place to better protect both their employees and patrons.
As the Managing Director of McGowan Program’s Active Shooter/Workplace Violence/Terrorism product line for the last 7 years, Paul Marshall shares his insights on what businesses need to ask themselves following a mass shooting, how to assess and reevaluate your active shooter preparedness plan, and what we all can generally learn regarding previous active shooting incidents. Paul also lends advice regarding what can be done from an insurance perspective, how public transportation factors into emergency preparedness, and what risk professionals can do to help combat the threat of workplace violence.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:44] About today’s episode.
[:53] All about upcoming RIMS webinars, workshops, events, and more!
[2:00] Paul Marshall
[3:00] Justin welcomes Paul to the podcast!
[3:25] Paul shares about his career thus far, his role at McGowan Program Administrators, and how it relates to risk management.
[4:55] Following a mass shooting, what questions should stores/clubs/offices ask themselves before reopening?
[10:33] Why are restaurants unique regarding active shooter preparedness? What needs to be done differently?
[14:17] Can we learn anything from previous active shooting incidents?
[19:44] RIMS plug time! All about RISKWORLD 2023 and RIMS virtual workshops.
[20:52] Chris Hansen joins the podcast to share about his upcoming 2-day virtual workshop, “Managing Worker Compensation, Employer's Liability and Employment Practices in the US.” Find the link to the workshop below in the show notes.
[24:24] How is the insurance industry addressing these unfortunate events?
[29:52] With many organizations still being hybrid, how have mass notification messaging systems evolved in the last couple of years?
[32:56] When you have public transportation close to your place of business, how does that factor into emergency preparedness?
[34:08] What Paul would like to see the risk profession do to help combat the threat of workplace violence.
[36:22] Justin thanks Paul Marshall for joining the podcast and shares some links to take a look at in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open! Register early by Feb. 17th!
Contribute to Risk Management Magazine
Related RIMS Coverage:
RIMS Report: Active Shooter Preparedness For Your Organization
Active Shooter Preparations Lagging, Study Finds
Q&A: School Shooter Preparedness
Rethinking School Shooter Response and Prevention
Insurance Considerations for Shooting Incidents
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“Public Violence and Workplace Safety with Lauris Freidenfelds”
“Occupational Safety Risks in 2022 with Dave Ferro”
“Terrorism and Violence Risks with Dr. Marc H. Siegel Part 1”
“Terrorism and Violence Risks with Dr. Marc H. Siegel Part 2”
“Active Threat Safety and Preparedness with Steve Smith and Dustin Miller of Guardian Defense”
Upcoming Webinars:
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
“The Perfect Storm: Property Risk Strategies & The Right Solutions for You” | Sponsored by Gallagher CORE360 Insights | Feb. 23, 2023
“Deadly Weapons and Sexual Abuse Risk” | Sponsored by Beazley | Feb. 28, 2023
Virtual Workshops:
Fundamentals of Risk Management | February 14‒15, 2023 | 9:00 am‒3:00 pm ET
Registration Closes Feb. 13
Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Feb. 21 – 22 | 10am – 5:30pm ET | Registration closes Feb. 20
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Paul Marshall’s LinkedIn
Tweetables (For Social Media Use):
“We started this particular coverage line [Active Shooter/Workplace Violence/Terrorism] in 2016 … in direct response to some of the shootings at that time, the lack of response from the existing coverages, and the desire to have more of a response-type coverage similar to what we saw in the cyber community about 10-15 years ago when cyber just started.” — Paul Marshall
“We’ve had a very successful launch of this new product line [for Active Shooter/Workplace Violence/Terrorism]. Lots of great support around the country. My main job is to underwrite and work with our insurers from submissions all the way to claims.” — Paul Marshall
“It’s extremely difficult to add the necessary security … in these organizations that specialize in having a friendly atmosphere – coffee shops, restaurants, [etc]. Most of the time, they can’t have someone in the front of the building wanding you before you go in as opposed to airports, sporting events, [etc]. ” — Paul Marshall
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast today are three RIMS Chapter Presidents from around the world: Kerry Bakkerus of the RIMS New Zealand and Pacific Island Chapter, Erica Kiefer of the newly founded RIMS Greater Bluegrass Chapter, and Mako Kanda of the Japan Chapter. They discuss risk trends in their respective geographies, what makes their chapter unique, and their experiences with leading a chapter (and all of the challenges and opportunities that come along with it).
Tune in to hear various global perspectives from RIMS Chapter leaders and learn about what it takes to build and sustain their chapters, retain and attract membership, and their invaluable advice to the general risk management community.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:45] About today’s episode.
[:52] All about upcoming RIMS webinars, workshops, events, and more!
[1:47] More about today’s episode with Kerry Bakkerus of the RIMS New Zealand and Pacific Island Chapter, Erica Kiefer of the newly founded RIMS Greater Bluegrass Chapter, and Mako Kanda of the Japan Chapter.
[2:09] Justin Smulison introduces and welcomes today’s first guest, Kerry Bakkerus!
[2:30] Kerry shares about her risk career and what she is doing outside of RIMS.
[3:20] What is the risk culture like in New Zealand?
[5:42] When did Kerry start the New Zealand RIMS Chapter?
[6:08] Kerry describes the NZ Chapter and the common goals of the members.
[8:23] Kerry’s message to the global risk management community and those considering a career in risk management.
[10:44] Justin thanks Kerry for joining the podcast!
[10:56] RIMS plug time! Upcoming RIMS virtual workshops and announcements.
[12:12] Justin introduces the second guest, Erica Kiefer, the newest RIMS Chapter President.
[13:00] Erica shares her career history.
[13:48] What drew Erica to risk management? How long has she been in risk management?
[15:31] Erica’s advice on what risk professionals need to do to maintain their good status and adapt to the times.
[16:40] Erica shares about the experience of co-launching the RIMS Greater Bluegrass Chapter.
[18:12] Erica’s hopes for the Greater Bluegrass chapter moving forward.
[19:00] Justin thanks Erica for joining the podcast and Erica shares where to find more information on the Greater Bluegrass chapter.
[19:32] Justin introduces the RIMS Japan chapter president, Mako Kanda.
[19:44] Mako discusses teaching strategy and risk as a university professor in Japan.
[21:36] Japan has a very risk-averse culture in business. How does Mako hope to slowly influence this mindset in the present and future?
[23:53] Mako shares some of the history of the RIMS Japan Chapter, as well as his hopes for the future of the chapter.
[25:55] Justin thanks Mako Kanda for joining!
[26:05] Justin thanks all three guests for joining the podcast and shares some links to take a look at in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open! Register early by Feb. 17th!
Contribute to Risk Management Magazine
RIMS Welcomes 80th Chapter — Greater Bluegrass Chapter
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“2022: The Year in Risk (Part 1)” and “2022: The Year in Risk (Part 2)”
“Live from the RIMS ERM Conference 2022”
“Travel Risk Management for the 2022 Holidays with Dr. Adrian Hyzler”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’Rourke”
“Introducing RIMS CEO Gary LaBranche”
Upcoming Webinars:
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
“The Perfect Storm: Property Risk Strategies & The Right Solutions for You” | Sponsored by Gallagher CORE360 Insights | Feb. 23, 2023
Virtual Workshops:
Fundamentals of Insurance | January 25‒26, 2023 | 9:00 am‒4:30 pm ET
Registration closes Jan. 24
Fundamentals of Risk Management | February 14‒15, 2023 | 9:00 am‒3:00 pm ET
Registration Closes Feb. 13
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Kerry Bakkerus’s LinkedIn
RIMS New Zealand and Pacific Islands Chapter
RIMS Greater Bluegrass ChapterGreater Bluegrass Chapter of RIMS on LinkedIn
RIMS in Japan
Tweetables (For Social Media Use):
“Risk is quite a difficult conversation to get on the agenda. So what I try to do is really try to change the conversation not to, ‘What is risk?’ but to ‘How do you ensure that you achieve your objects? And what’s standing in the way of doing that?’” — Kerry Bakkerus
“I think risk is really such an exciting profession. It’s one that really adds strategic value to the organization.” — Kerry Bakkerus
“Risk management is … always changing. It’s not something you can just take a course [for] and, ‘know how to do.’ … It’s important to stay connected with people through organizations, … reevaluating the risk … and seeing … new products … [and] trends.” — Erica Kiefer
“In Japan, risk is thought to be … [something] to avoid. But if you are a good strategist, you have to think beforehand which barrier is more difficult. … We have to think more proactively … and what is the best way to overcome, compared to the competitors.” — Mako Kanda
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast today is Josephine Wolff to provide a 2023 outlook on cybersecurity and insurance!
Josephine Wolff is an associate professor of cybersecurity policy at The Fletcher School at Tufts University. Her newest book, Cyberinsurance Policy: Rethinking Risk in an Age of Ransomware, Computer Fraud, Data Breaches, and Cyberattacks, came out just this last August and examines the development of cyberinsurance and addresses what governments can do to make it a more effective tool for cyber risk management. Josephine will also be a panelist on RIMS’s January 24th, 2023 webinar, “What to Expect from Cyber Insurance in 2023 and Beyond,” linked below under Upcoming Webinars.
In this interview, Josephine shares what risk professionals need to rethink or reevaluate in 2023, the top three cybersecurity issues that will have the largest impact on organizational leaders in 2023, her advice regarding cyber and ransomware attacks, and more.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:45] About today’s episode.
[1:00] All about upcoming RIMS webinars, workshops, events, and more!
[2:18] All about today’s episode with Josephine Wolff.
[2:55] Justin Smulison welcomes Josephine to the podcast!
[3:07] Josephine shares her career history and what led her to pursue cybersecurity.
[5:17] Is it inevitable that we will all become victims of a cyber or ransomware attack at some point in our lives?
[6:57] Josephine shares her experiences with risk managers and professionals over the years.
[9:00] Top three cybersecurity issues that will have the largest impact on organizational leaders in 2023.
[12:22] As an instructor that teaches on the subject of cybersecurity, what is on the minds of Josephine’s students currently?
[16:05] RIMS plug time! All about upcoming RIMS virtual workshops.
[18:00] What risk professionals need to rethink or reevaluate in 2023.
[20:32] RIMS and several other organizations want the federal government in the U.S. to have a centralized framework to help prepare for and navigate the aftermath of major cyber attacks. How beneficial does Josephine feel this would be on a grand scale?
[23:42] Josephine gives a preview of the upcoming Telos webinar she will be joining RIMS for on January 24th, 2023.
[26:01] Josephine’s thoughts on whether the CIO is a new best friend for the risk manager.
[28:40] Are any of Josephine’s students on the path to becoming CIOs?
[29:25] Justin thanks Josephine Wolff for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
RIMS Virtual Workshops in 2023 — a Brief Dialogue with Instructor Elise Farnham
Contribute to Risk Management Magazine
Prepare for the RIMS-CRMP Certification exam with RIMS and St. John’s University from January 24‒25th. Learn about the five core competencies of a risk professional and enhance your risk management skills. Register now!
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“2022: The Year in Risk (Part 1)”
“Cybersecurity and Data Privacy with Fred Karlinsky & Travis Wong” (2022)
“CERT-In Cyber Details to Know with Jyoti Krishnan”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’ Rourke”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
“Cloud Security Risks with Google’s Monica Shokrai”
“Roadway Risks: AI, Autonomous Vehicles, & Automated Driving”
“Ransomware Risks and ‘Responding Gracefully’ with Masha Sedova”
“Cyber Breach Responses with Kate Fazzini, Flore Albo CEO”
“The World of Cybersecurity with NCSA’s Kelvin Coleman”
“Cybersecurity Frameworks with NIST Fellow, Ron Ross”
“Cyber Risk News & Trends with Tony Anscombe, Part 2”
More RIMS Resources on Cybersecurity and Cyber Insurance:
RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop
From Risk Management Magazine:
“Can Cyber Insurance Recovery from a Third Party Satisfy a Self-Insured Retention?” by Joshua Gold”
“Insurance Coverage For Jackware Attacks,” by Daniel J. Healy & Robert M. Horkovich
“Preparing for New U.S. Data Privacy Laws,” by Ben Richmond
“4 Principles to Improve Your Data Privacy Program,” by Ray Pathak
Upcoming Webinars:
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
Virtual Workshops:
Captives as an Alternate Risk Financing Technique | January 18‒19 | 10:00 am‒5:00 pm ET Registration closes Jan. 17
Fundamentals of Insurance | January 25‒26, 2023 | 9:00 am‒4:30 pm ET
Registration closes Jan. 24
Fundamentals of Risk Management | February 14‒15, 2023 | 9:00 am‒3:00 pm ET
Registration Closes Feb. 13
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Merline Barrington of the Port Authority of NY & NJ!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Josephine Wolff’s Profile
Cyberinsurance Policy: Rethinking Risk in an Age of Ransomware, Computer Fraud, Data Breaches, and Cyberattacks, by Josephine Wolff
Tweetables (For Social Media Use):
“I think one of the things that risk managers struggled with for a while now … is really trying to lock down: How do we understand what is a reasonable amount of risk to accept? When it is so hard to quantify.” — Josephine Wolff
“I think another [cybersecurity issue] that we’re going to see [that’s] somewhat linked to the ransomware trend … is this question of state-sponsored cyberattacks.” — Josephine Wolff
“I do think there’s value in thinking through, in more detail, what a federal backstop for cyber attacks would look like. That’s something insurers have been asking for, for a while.” — Josephine Wolff
“The cyber insurance policies you can buy today look very different from the ones that you could buy 10‒15, 20 years ago. Part of how that fits in data privacy is understanding how breaches of personal information really drive this market from the beginning.” — Josephine Wolff
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
January is internationally recognized as Human Trafficking Awareness Month. In this episode, RIMScast is taking its annual deep dive into this ever-present risk with Marisa Trasatti.
Marisa is a Partner at Cipriani & Werner and General Counsel to Sciton. As a defense lawyer, Marisa has defended hotel channels that were named as defendants in civil suits and significant trafficking claims. You may also recognize Marisa from her previous appearances at several RIMS events, including RISKWORLD, on the topic of human trafficking.
With the International Labour Organization estimating that there are 27.6 million people enslaved globally with 19.9 million victims of labor trafficking, 1.4 million held in domestic servitude, and 6.3 million victims of sex trafficking, it is no question whether trafficking is a global emergency. And unfortunately, corporations can oftentimes become unwitting participants in human trafficking just by being in business.
As difficult as this subject can be to hear about, it is a critical one that risk professionals need to hear about in order to protect their organizations and better spot the signs of human trafficking. Be sure to tune in to not miss out on this important dialogue with Marisa Trasatti.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:46] About today’s episode.
[1:00] All about upcoming RIMS webinars, workshops, events, and more!
[2:02] All about today’s episode with Marisa Trasatti.
[3:24] Justin Smulison welcomes Marisa to the podcast!
[4:02] Marisa shares her career background and her current roles at Cipriani & Werner and Sciton.
[4:48] How Marisa came to be acquainted with RIMS.
[5:24] What can businesses (that are unwitting participants in human trafficking) do to protect against human trafficking?
[14:18] Marisa shares her predictions and insights based on new legal developments regarding human trafficking.
[15:24] Is the Ghislaine Maxwell verdict sending a message to traffickers/would-be traffickers? Is it a deterrent?
[16:40] shares a story from a former FBI agent about labor-trafficked victims
[19:05] Risk management and ESG initiatives that Marisa finds to be effective deterrents to trafficking.
[22:15] RIMS plug time! All about upcoming RIMS virtual workshops.
[23:00] Elise Farnham rejoins the podcast to discuss her two upcoming RIMS virtual workshops!
[26:17] Does Marisa feel that human trafficking, though a huge issue, often gets put on the back burner by the world?
[27:58] Marisa shares about Thorn, an organization with the goal of defending children from sexual abuse. Marisa explains why, in particular, Thorn sets such a good example from a moral, legal and ethical perspective.
[31:32] Marisa speaks about a case regarding Section 230 and how it could influence the landscape of 2023.
[36:00] Marisa shares her views on the new U.S. federal law, “Eliminating Limits to Justice for Child Sex Abuse Victims Act of 2022.”
[41:22] Does Marisa find that she gets more media requests in January because it is Human Trafficking Awareness Month? Marisa also shares other events that have brought a spotlight to trafficking.
[43:23] Why awareness around human trafficking needs to be year-round; not just in January.
[44:13] Justin thanks Marisa Trasatti for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
RIMS Virtual Workshops in 2023 — a Brief Dialogue with Instructor Elise Farnham
Contribute to Risk Management Magazine
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“Human Trafficking Risks with Kimberly Mehlman-Orozco, Ph.D.”
“Human Trafficking and Supply Chain Risk with Tim Nelson of the Slave-Free Alliance”
“Checking In: Hotel Risk Management with AHLA President & CEO Chip Rogers”
Resources about Modern Slavery and Human Trafficking:
Thorn.org
National Slavery and Human Trafficking Prevention Month
Hope For Justice
Slave-Free Alliance
More RIMS Resources on Human Trafficking and Modern Slavery:
“Human Trafficking and Supply Chains: Q&A with Tim Nelson of the Slave-Free Alliance”
“Human Trafficking: How Businesses Can Combat the Modern Slavery Epidemic”
“Human Rights and Corporate Wrongs”
“The Expanding Circle of Concern and Emerging Risks”
“Examining Supply Chains for Labor Trafficking and Abuses” (RM Magazine, 2022)
Upcoming Webinars:
“Recertification: Keep Your RIMS-CRMP Active” | Complimentary to All | Jan. 9, 2023
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
Virtual Workshops:
Applying and Integrating ERM | January 10‒11 | 10:00 am‒4:00 pm ET
Registration closes Jan. 9
Captives as an Alternate Risk Financing Technique | January 18‒19 | 10:00 am‒5:00 pm ET Registration closes Jan. 17
Fundamentals of Insurance | January 25‒26, 2023 | 9:00 am‒4:30 pm ET
Registration closes Jan. 24
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Merline Barrington of the Port Authority of NY & NJ!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Marisa Trasatti’s LinkedIn
Elise Farnham’s Profile
Tweetables (For Social Media Use):
“We don’t have specificity and sensitivity-type red flags and trainings [on human trafficking]; it makes it difficult to get it right all the time. But I believe that the more we train, the more we educate, the more likely it is that we will get it right more.” — Marisa Trasatti
“The best thing that businesses can do [regarding human trafficking] is to continue to train, continue to educate, continue to get ahead of the curve in terms of what law firms like mine are seeing in the field as far as what traffickers are doing.” — Marisa Trasatti
“Human trafficking is second, third, fourth tier right now [to other issues]. It can’t be that. … It has to be on the forefront of our minds wherever we’re going because … everyone listening to this RIMScast podcast has encountered a human trafficked survivor” — Marisa Trasatti
“[Human trafficking is] part of ESG. It’s important for businesses to look at their supply chains and make sure that there isn’t labor trafficking involved.” — Marisa Trasatti
“Awareness is power.” — Marisa Trasatti
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Risk leaders, Morgan O’Rourke and Hilary Tuttle of the RIMS flagship publication, Risk Management Magazine, rejoin RIMScast to discuss risk trends and what makes standout risk management content!
Morgan and Hilary share their insights on the risk trends likely to permeate into 2023, discuss how an article can evolve into another medium, and share what they look for in article submissions. They also highlight what does not work when it comes to submitting an article, what is on the horizon for RIMS publications in 2023 and beyond, and what you can do to become more connected with the risk management community.
Be sure to tune in to the first half of the interview, “2022: The Year in Risk (Part 1),” where they discussed risk management news and trends.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:46] About today’s episode.
[:57] All about upcoming RIMS webinars, workshops, events, and more!
[2:07] All about today’s episode with Morgan O’Rourke and Hilary Tuttle.
[3:00] What Morgan and Hilary are looking for when it comes to article submissions.
[5:10] The importance of connecting with the risk management community and connecting with RIMS resources.
[7:45] Risk management terms we should do away with in 2023.
[11:02] RIMS plug time! All about upcoming RIMS virtual workshops.
[11:50] Elise Farnham rejoins the podcast to discuss her two upcoming RIMS virtual workshops!
[14:55] Be sure to check out the year-end issue of Risk Management Magazine!
[15:43] What does not work when submitting an article for RMM.
[16:06] What is on the horizon for RMM and RIMS publications in general in 2023.
[18:27] Morgan gives a quick plug to the RIMS app.
[19:19] How Morgan and Hilary feel about the word “mitigate.”
[20:46] Justin thanks Morgan and Hilary for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
Risk Management Magazine — Year In Risk 2022
Contribute to Risk Management Magazine
RIMS' Risk Management Magazine Wins American Society of Business Publications Editors Awards for Third Straight Year
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“2022: The Year in Risk (Part 1)”
“Live from the RIMS ERM Conference 2022”
“Travel Risk Management for the 2022 Holidays with Dr. Adrian Hyzler”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’Rourke”
“Introducing RIMS CEO Gary LaBranche”
“Emerging Risks and Board Reporting with Suzanne Christensen”
Upcoming Webinars:
RIMS External Affairs Presents: “How Cyber Insurance is Shaping the Insurance Industry” | Jan. 5, 2023
“Recertification: Keep Your RIMS-CRMP Active” | Complimentary to All | Jan. 9, 2023
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
Virtual Workshops:
Applying and Integrating ERM | January 10‒11 | 10:00 am‒4:00 pm ET
Registration closes Jan. 9
Captives as an Alternate Risk Financing Technique | January 18‒19 | 10:00 am‒5:00 pm ET Registration closes Jan. 17
Fundamentals of Insurance | January 25‒26, 2023 | 9:00 am‒4:30 pm ET
Registration closes Jan. 24
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Merline Barrington of the Port Authority of NY & NJ!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Morgan O’Rourke’s LinkedIn
Hilary Tuttle’s LinkedIn
Elise Farnham’s Profile
Tweetables (For Social Media Use):
“I think the key to where our coverage ends up working best is not just [in] talking about the risk — which is important — but talking about how to manage it.” — Morgan O’Rourke
“You can read about all of the risks in the pages of every other publication that exists in the world … but where [RIMS Risk Management Magazine is] trying to differentiate is [by answering the questions] … ‘What do we do about it? What does your company do about it? What does your risk manager do about it?’” — Morgan O’Rourke
“We’re also looking for new opportunities in terms of how to surface content. … Figuring out how to make [our publications] more reader-friendly and user-friendly is something that we’re looking at [for Risk Management Magazine].” — Hilary Tuttle
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
RIMS’s flagship publication, Risk Management Magazine, just released its 2022 edition of its Year in Risk! Joining Justin Smulison today to take a look back on 2022 are the RIMS publication team leaders, Morgan O’Rourke and Hilary Tuttle.
Responsible for the editorial direction of this award-winning publication, Morgan and Hilary discuss the process that went behind the “Year in Risk” issue, highlight the risk trends that have stood out to them, and the 2022 standout stories in cyber and ransomware. They discuss the trends they think are likely to permeate into 2023 and what they specifically look for when it comes to article submissions for Risk Management Magazine.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:34] About RIMScast.
[:46] About today’s episode.
[:57] All about upcoming RIMS webinars, workshops, events, and more!
[2:08] Justin revisits an interview with Fred Karlinksy on his upcoming webinar and how cyber and risk management trends overlapped in 2022.
[10:09] Justin thanks Fred for joining RIMScast and shares where to find Fred’s Jan. 5th webinar.
[10:39] Justin introduces and welcomes Morgan O’Rourke and Hilary Tuttle to RIMScast!
[11:26] Hilary and Morgan share about their roles at RIMS and the responsibilities that they oversee.
[13:16] Hilary speaks on the topics that they cover in Risk Management Magazine.
[13:43] Has Hilary always had a particular interest in cyber risk? What kickstarted this particular interest?
[14:27] Hilary’s experiences at various conventions that address risk.
[15:24] How Hilary finds the balance in addressing cyber risk and finding the risk management angle to ensure that the information published is actionable and applicable for risk managers.
[16:46] Standout cyber and ransomware stories from 2022.
[19:10] Are there companies (or agencies) that are adequately prepared for ransomware attacks that other organizations should emulate?
[20:37] The timeframe and process that went into the creation of The Year in Risk issue.
[21:51] Hilary and Morgan explain the criteria they used to determine what to include (and disclude) in “Year in Risk.”
[25:47] Comparing risk trends from the beginning of their careers vs. 2022.
[28:02] About the recent ASBPE awards Morgan and Hilary have been awarded.
[29:41] What do Morgan and Hilary look for in regard to submissions for RMM?
[31:48] Justin thanks Morgan and Hilary for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
Revisiting the interview with Fred Karlinsky about Cybersecurity Insurance and the related webinar — presented by the RIMS External Affairs Committee on Jan. 5, 2023
Risk Management Magazine — Year In Risk 2022
Contribute to Risk Management Magazine
American Society of Business Publication Editors (ASBPE)
RIMS Events, Education, and Services:
RIMS Risk Maturity Model®
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“Live from the RIMS ERM Conference 2022”
“Travel Risk Management for the 2022 Holidays with Dr. Adrian Hyzler”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’Rourke”
“Introducing RIMS CEO Gary LaBranche”
“Emerging Risks and Board Reporting with Suzanne Christensen”
Upcoming Webinars:
RIMS External Affairs Presents: “How Cyber Insurance is Shaping the Insurance Industry” | Jan. 5, 2023
“Recertification: Keep Your RIMS-CRMP Active” | Complimentary to All | Jan. 9, 2023
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
“Demystifying Business Continuity for Risk Managers” | Sponsored by Riskonnect | Feb. 16, 2023
Virtual Workshops:
Applying and Integrating ERM | January 10‒11 | 10:00 am‒4:00 pm ET
Registration closes Jan. 9
Captives as an Alternate Risk Financing Technique | January 18‒19 | 10:00 am‒5:00 pm ET Registration closes Jan. 17
Fundamentals of Insurance | January 25‒26, 2023 | 9:00 am‒4:30 pm ET
Registration closes Jan. 24
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual Workshops
RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Merline Barrington of the Port Authority of NY & NJ!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Fred Karlinsky’s LinkedIn
Morgan O’Rourke’s LinkedIn
Hilary Tuttle’s LinkedIn
Tweetables (For Social Media Use):
“Working in risk management, the general theme has been: we write a lot about a lot — so pretty much any topic within the corporate and enterprise wheelhouse. But cyber has become a particular area of specialty and interest for me.” — Hilary Tuttle
“I think it’s really important to understand risks and what is emerging. I think it’s important to have a high-level perspective of what your organization is going to see and that you might need to answer questions about.” — Hilary Tuttle
“The amount that a risk manager can do is sometimes kind of limited. And so, trying to limit some of the coverage to what is actionable and what is relevant to the specific audience is really where we draw that line [with Risk Management Magazine].” — Hilary Tuttle
“As ERM concepts … start becoming more standard, I think it expands both what risk managers have to do and, in turn, what we have to cover [in Risk Management Magazine.] Hilary used the word ‘more,’ and I think ‘more’ really is the defining trait of 2022.” — Morgan O’Rourke
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Everyone’s security is at risk when they travel — even when it’s for business. Today’s guest, Kelly Johnstone, has decades of risk experience, stemming from several years as a Federal Agent as well as the Chief Security Officer for a major global company. Now, with International SOS, Kelly helps keep business leaders safe when traveling to high-risk areas.
In this episode, Kelly discusses security measures organizations can take to protect employees and how they can be embedded into their ERM programs.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:33] About RIMScast.
[:46] About today’s episode.
[:58] All about upcoming RIMS webinars, workshops, events, and more!
[2:00] More about today’s episode with Kelly Johnstone.
[2:33] Justin welcomes Kelly to the podcast!
[2:48] Kelly shares about her career background and current role as a Risk Advisor at International SOS.
[5:10] Kelly elaborates on what it takes to institute a risk management framework regarding travel today.
[11:08] Is there a level of protection for the officers, decision-makers, and business leaders at International SOS as they travel?
[15:04] RIMS Plug time! All about upcoming workshops and webinars.
[15:50] Elise Farnham joins RIMScast to discuss her two upcoming RIMS virtual workshops!
[18:58] Be sure to check out the 2022 year-end issue of the Risk Management Magazine!
[19:46] How challenging is it to get buy-in from multiple departments regarding security risk?
[22:16] How Kelly is able to tie security risk to revenue generation or retention.
[23:55] How the practice of ERM could evolve to adapt to our current (COVID-19) climate.
[25:37] What are we overlooking in terms of risk? Where does ERM need to shift?
[28:00] Kelly discusses talent supply risks and shares her insights.
[29:22] What happens when there has to be an extraction? Kelly shares her advice.
[32:40] Kelly’s experience coming up in the field of security as a woman and her advice to other women considering a career in security.
[38:16] How did Kelly find her mentors?
[39:45] Has Kelly always been a natural speaker? How did she become a better speaker?
[40:48] Justin thanks Kelly for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
RIMS Virtual Workshops in 2023 — a Brief Dialogue with Instructor Elise Farnham
RIMS Events, Education, and Services:
RIMS Risk Maturity Model
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Related RIMScast Episodes:
“Checking In: Hotel Risk Management with AHLA President & CEO Chip Rogers”
“Travel Risk Management for the 2022 Holidays with Dr. Adrian Hyzler”
“Fleet Safety 2022 with Nets Executive Director Susan Gillies-Hipp”
Upcoming Webinars:
RIMS External Affairs Presents: “How Cyber Insurance is Shaping the Insurance Industry” | Jan. 5, 2023
“Recertification: Keep Your RIMS-CRMP Active” | Complimentary to All | Jan. 9, 2023
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
Virtual Workshops:
Applying and Integrating ERM | January 10‒11 | 10:00 am‒4:00 pm ET
Registration closes Jan. 9
Captives as an Alternate Risk Financing Technique | January 18‒19 | 10:00 am‒5:00 pm ET Registration closes Jan. 17
Fundamentals of Insurance | January 25‒26, 2023 | 9:00 am‒4:30 pm ET
Registration closes Jan. 24
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. (NEW!)
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual WorkshopsIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Merline Barrington of the Port Authority of NY & NJ!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Kelly Johnstone’s LinkedIn
Elise Farnham’s Profile
Tweetables (For Social Media Use):
“Risk has become … something that everybody understands. Before, it was this fuzzy thing, ‘Security just got in the way,’ ‘Oh, here she comes again.’ I think you have to learn how to talk to people about security so that … it’s business-enabling.” — Kelly Johnstone
“If you really think about it … almost everything comes back to a financial impact. So, if you’re not thinking about that as important as everything else you’re talking about [when it comes to] risk … you’re missing the boat.” — Kelly Johnstone
“If you’re a business to make money, [financial risk is] what you need to be looking at as you talk about [all] risks.” — Kelly Johnstone
“Companies that start thinking differently are going to be ready for the next threat and I think that’s where ERM needs to shift.” — Kelly Johnstone
"[At] the Chief Security Officer level, it’s about 90% white men over 60. … We need more women. We need more people of color — we need more everything. Because this is a field where you need to be a critical thinker and your background [plays a part in that].” — Kelly Johnstone
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast to usher in 2023 with hopeful and uplifting insights is Neeti Bhalla Johnson; the President of Global Risk Solutions of Liberty Mutual Insurance! Neeti was recently recognized by the Spencer Educational Foundation during their 2022 Funding Their Future Gala for her outstanding achievements in risk management and insurance and her commitment to the future of the industry. Some of these accomplishments include being the Executive Co-Sponsor of LEAAP@Liberty + Allies (Leading and Empowering Asian and Ally Professionals) and an active participant at WE@Liberty + Allies (which aims to empower and elevate women professionals and their allies.)
In this conversation, Neeti shares about her experience of being honored at the Spencer Gala, why access to education and DEI are close to her heart, her insights and wisdom from leading Liberty Mutual’s Global Risk Solutions, her philosophy on ESG, and her advice for students looking to join the risk profession.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:33] About RIMScast.
[:46] About today’s episode with Neeti Bhalla Johnson!
[:58] All about upcoming RIMS webinars, workshops, events, and more!
[1:51] More about today’s episode.
[2:46] Justin welcomes Neeti to the podcast!
[3:13] Neeti shares about her role at Liberty Mutual Insurance.
[4:27] Neeti speaks to what it means to her to have been honored at the Spencer Gala.
[6:44] Why ‘access to education’ was instrumental to Neeti’s career personally.
[8:46] Why Neeti is supportive of the Spencer Educational Foundation.
[10:45] Neeti has found Spencer Scholar recipients within Liberty Mutual. Neeti shares about the community they formed within the organization and what it means to her.
[12:50] Neeti’s background and why DE&I is important to her.
[15:03] RIMS Plug time! All about upcoming workshops and webinars.
[16:36] Why having a diverse group is important to what Neeti does at Liberty Mutual.
[18:08] Does Neeti find that customers/clients seek out DEI?
[18:27] Neeti’s thoughts on ESG becoming popularized and mainstream.
[21:53] Neeti’s advice to students wanting to join the risk profession.
[24:23] Bonus question! Has Neeti ever been bit by a snake?
[26:53] Justin thanks his guests for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
SpencerEd.org | Learn more and donate today.
Funding Their Future Gala 2022
RIMS Events, Education, and Services:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Public registration is now open!
RIMS Risk Maturity Model
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
“Royal Caribbean Group Creatively Uses RMIS to Boost Wellness” | Sponsored by Riskonnect | Dec. 13, 2022
RIMS External Affairs Presents: “How Cyber Insurance is Shaping the Insurance Industry” | Jan. 5, 2023
“Recertification: Keep Your RIMS-CRMP Active” | Complimentary to All | Jan. 9, 2023
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
Virtual Workshops:
Applying and Integrating ERM | January 10 – 11 | 10:00 am – 4:00 pm ET
Registration closes Jan. 9
Captives as an Alternate Risk Financing Technique | January 18 – 19 | 10:00 am – 5:00 pm ET Registration closes Jan. 17
Fundamentals of Insurance | January 25 – 26, 2023 | 9:00 am – 4:30 pm ET
Registration closes Jan. 24
See the full calendar of RIMS Virtual Workshops
Sponsored RIMScast Episodes:
“Zurich’s Construction Sustainability Outlook for 2023”
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual WorkshopsIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Neeti Bhalla Johnson’s LinkedIn
Liberty Mutual Insurance
Tweetables (For Social Media Use):
“Access to … education is probably one of the single most important gifts that we can pass on.” — Neeti Bhalla Johnson
“I am very much a champion of DE&I – I lean into it!” — Neeti Bhalla Johnson
“DEI is not a ‘nice-to-have.’ This isn’t a box you have to tick. … It is a business imperative. … At the end of the day, whether you think about the communities we operate in … the clients that we work with … [or] the risks … you need to bring a diversity of perspective … to the table. Because we operate in the gray.” — Neeti Bhalla Johnson
“DEI is just a business imperative. It is who we need to be, it is how we need to think about our culture, it is how we need to embrace that mindset. Because, at the end of the day, it’s critical to our business; It is our business.” — Neeti Bhalla Johnson
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In anticipation of Data Privacy week (January 25th‒28th, 2023), Justin Smulison is joined by Fred E. Karlinsky and Travis Wong to discuss all things cybersecurity and data privacy.
Joining in the first half of the podcast is Fred E. Karlinsky, a shareholder and Co-Chair of the Insurance Regulatory & Transactions Practice at the Florida law firm, Greenberg Traurig. Fred is also a member of the RIMS External Affairs Committee and will be one of the panelists joining the RIMS External Affairs webinar on January 5th titled, “How Cyber Insurance is Shaping the Insurance Industry.” In his conversation with Justin Smulison, he provides an overview of the webinar and discusses how cyber and risk management trends are overlapping this year and in 2023.
Travis Wong, the VP of Risk Engineering and Security Services at Resilience Insurance, joins the podcast in the second half to offer a deeper perspective on data privacy topics against the backdrop of current events. He lends his expertise on cyber security trends, the FTX collapse, and organizations that are at risk for data breaches, and shares his advice on what organizations can do to better protect their remote employees.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:33] About RIMScast.
[:50] About today’s episode!
[1:00] All about upcoming RIMS webinars, workshops, events, and more!
[1:53] About “RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop.”
[2:27] Justin introduces today’s first guest, Fred E. Karlinsky.
[3:11] Justin welcomes Fred to the podcast.
[3:36] What can risk managers learn from the FTX event?
[4:50] What “RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop” details and why it is important.
[6:15] Fred shares some updates from the RIMS External Affairs Committee.
[8:03] What to expect from RIMS External Affairs’ upcoming webinar, “How Cyber Insurance is Shaping the Insurance Industry.”
[10:27] Justin thanks Fred for joining the podcast!
[11:15] RIMS Plug time! All about upcoming workshops and webinars.
[12:10] One Hot Minute with Scott Fenstermaker to discuss the upcoming webinar: “Royal Caribbean Group Creatively Uses RMIS to Boost Wellness.”
[14:31] Justin introduces and welcomes Travis Wong to the podcast!
[15:19] About Travis’ career and his role as VP of Risk Engineering and Security Services.
[15:48] Trends in cyber security and privacy breaches that Travis has witnessed in 2021‒22.
[17:11] The industries that threat actors mainly target.
[18:34] Has the FTX collapse changed the way that threat actors view crypto?
[19:50] How did public or private organizations demonstrate cyber resiliency in 2022?
[22:04] How can businesses ensure that they have formal and efficient processes in place to comply with CCPA and GDPR transparency requests?
[24:40] Travis’ tips and advice for organizations on protecting remote employees.
[28:08] Justin thanks his guests for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop
From Risk Management Magazine:
“Insurance Coverage For Jackware Attacks,” by Daniel J. Healy & Robert M. Horkovich
“Preparing for New U.S. Data Privacy Laws,” by Ben Richmond
“4 Principles to Improve Your Data Privacy Program,” by Ray Pathak
RIMS Events, Education, and Services:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Member registration is now open!
RIMS Risk Maturity Model
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
“Protect Against Machinery Breakdown and Supply Chain Delays” | Sponsored by TÜV SÜD GRC | Dec. 8, 2022
“Royal Caribbean Group Creatively Uses RMIS to Boost Wellness” | Sponsored by Riskonnect | Dec. 13, 2022
RIMS External Affairs Presents: “How Cyber Insurance is Shaping the Insurance Industry” | Jan. 5, 2023
“Recertification: Keep Your RIMS-CRMP Active” | Complimentary to All | Jan. 9, 2023
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
Virtual Workshops:
“Contractual Risk Transfer” — Dec. 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec. 6th — Register Now!
“Managing Cognitive Bias Risk” — Dec. 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec 6th — SAVE $100! Use Code: MCBR100
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RIMS Advocacy — See You In September” (2022)
“CERT-In Cyber Details to Know with Jyoti Krishnan”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’ Rourke”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
“Cloud Security Risks with Google’s Monica Shokrai”
“Roadway Risks: AI, Autonomous Vehicles, & Automated Driving”
“Ransomware Risks and ‘Responding Gracefully’ with Masha Sedova”
“Cyber Breach Responses with Kate Fazzini, Flore Albo CEO”
“The World of Cybersecurity with NCSA’s Kelvin Coleman”
“Cybersecurity Frameworks with NIST Fellow, Ron Ross”
“Cyber Risk News & Trends with Tony Anscombe”
“Cyber Risk News & Trends with Tony Anscombe, Part 2”
“Cybersecurity in a COVID-19 World with Luke Wilson”
“Cybersecurity Tips for Small Businesses with Daniel Eliot”
“Cybersecurity with Christopher Loeber”
“The State of Cybersecurity and 5G Technology with Jason Ruger, Ruby Zefo, and Chris Novak”
Sponsored RIMScast Episodes:
“Zurich’s Construction Sustainability Outlook for 2023” (New)
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual WorkshopsIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Fred E. Karlinsky’s LinkedIn
Scott Fenstermaker’s Website
Travis Wong’s LinkedIn
Resilience Insurance
Tweetables (For Social Media Use):
“At the end of the day, the fundamentals stay the same. You need to prepare. If you fail to prepare, prepare to fail.” — Fred E. Karlinsky
“What I think is going on in the world we live in today when we think about risks [is that] cyber risks are probably the ones that are the most prevalent. They affect all of us.”
— Fred E. Karlinsky
“I would say … over the last year or so, government entities and technology companies in particular [are targets for cyberattacks]. Those companies with a lot of PII or Personally Identifiable Information … have been significantly hit.” — Travis Wong
“The first thing I would tell clients is: ‘Please understand what you have.’ You need to inventory your data; you need to manage it. You can’t protect what you don’t know exists. You can’t provide transparency to consumers if you don’t know you have it somewhere.” — Travis Wong
“Ensure you have a solid foundation. Know where your key data is, know who has access to it, and know what type of data that actually is. Inventorying it is one thing, classifying it is something else.” — Travis Wong
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Recently, the American Hotel & Lodging Association (AHLA) released its Hotel Booking Index Rating to Gauge Hotel Industry Outlook. Joining RIMScast today to discuss 2023 projections and risk management trends within the hotel industry is AHLA President and CEO Chip Rogers.
Chip originally joined the American Hotel & Lodging Association (AHLA) as President and CEO in January 2019. AHLA is America’s only national association dedicated to serving the interests of the entire hotel and lodging industry and was named “100 Associations That Will Save the World” by ASAE under Chip’s leadership.
In this episode, Chip shares AHLA’s findings in this episode such as the impact that COVID-19 has had on the hotel industry, short-term and long-term projections, and the opportunities that have emerged due to the pandemic.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:28] About RIMScast.
[:41] About today’s episode!
[:54] All about upcoming RIMS webinars, workshops, events, and more!
[2:04] More about today’s episode with Chip Rogers!
[2:42] Justin welcomes Chip to the podcast.
[2:50] Chip shares about the AHLA and what it is that they do.
[3:30] How many members are a part of the AHLA?
[4:15] Is COVID-19 still on the risk management radar of the hotel industry? Is it still a top concern?
[4:52] Preparedness methods and strategies that the hotel industry has adopted that will keep it prepared for the omnipresence of COVID-19 or the emergence of another public health risk.
[6:45] Opportunities and upside risks in the hotel industry that have turned up due to COVID-19.
[9:26] As the AHLA President and CEO, does Chip ever get recognized by hotel staff or employees?
[10:43] With the AHLA Hotel Booking Index indicating a “very good” short-term outlook for the hotel industry after three years of bleaker estimates, how are they advising its members and community to prepare for a surge in activity?
[14:55] Has it been difficult to attract new workers to the industry after they were the first to be let go early on during the pandemic?
[16:58] RIMS plug time and announcements!
[18:30] Two Hot Minutes with Scott Fenstermaker to discuss the upcoming webinar: “Royal Caribbean Group Creatively Uses RMIS to Boost Wellness.”
[21:04] Chip shares what his experience has been like with risk professionals throughout his career.
[21:27] Pre-COVID-19, was Chip presented with more downside risk than upside risk by risk professionals?
[23:00] The connection between travel and enterprise resilience.
[26:33] Will the AHLA be updating the Hotel Booking Index on a regular basis?
[27:39] How the AHLA advises its members on the critical issue of human trafficking.
[31:23] The current statistics on human trafficking and why it is becoming harder to identify.
[32:28] Justin gives a special thanks to his guests for joining the podcast and shares some links to check in today’s show notes!
Mentioned in this Episode:
American Hotel & Lodging Association (AHLA)
AHLA Hotel Booking Index Overview
No Room for Trafficking | AHLA Campaign
SAFE STAY | AHLA Campaign
RIMS Events, Education, and Services:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Member registration is now open!
RIMS Risk Maturity Model
RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
“Protect Against Machinery Breakdown and Supply Chain Delays” | Sponsored by TÜV SÜD GRC | Dec. 8, 2022
“Royal Caribbean Group Creatively Uses RMIS to Boost Wellness” | Sponsored by Riskonnect | Dec. 13, 2022
Virtual Workshops:
“Leveraging Data and Analytics for Continuous Risk Management” | Dec. 1 | 10:00 am‒
2:00 pm EST | Registration Closes November 30 — Save 30% on this workshop! Use discount code: DATA2022
“Applying and Integrating ERM” — Dec. 6‒7 | 9:00 am‒3:00 pm EST | Registration Closes Dec. 5th — Register Now!
“Contractual Risk Transfer” — Dec. 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec. 6th — Register Now!
“Managing Cognitive Bias Risk” — Dec. 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec 6th — SAVE $100! Use Code: MCBR100
See the full calendar of RIMS Virtual Workshops
From Risk Management Magazine:
“Mitigating Hospitality Risks as Travel Increases,” by Glen O’Connor
“Human Trafficking: How Businesses Can Combat the Modern Slavery Epidemic,” by Marisa A. Trasatti and Zachary A. Miller
“Human Trafficking and Supply Chains: Q&A with Tim Nelson of the Slave-Free Alliance,” by Justin Smulison
Related RIMScast Episodes:
“Travel Risk Management for the 2022 Holidays with Dr. Adrian Hyzler”
“Fleet Safety 2022 with Nets Executive Director Susan Gillies-Hipp”
“Human Trafficking and Supply Chains with Tim Nelson of the Slave-Free Alliance”
“Human Trafficking Risks with Kimberly Mehlman-Orozco, Ph.D.”
“Emerging Risks and Board Reporting with Suzanna Christensen” (2022)
“ERM and Employment Trends with Terry Lampropoulos” (2022)
“Safe Holiday Travel Tips with IIHS President David Harkey” (2020)
Sponsored RIMScast Episodes:
“Zurich’s Construction Sustainability Outlook for 2023” (New)
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual WorkshopsIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Chip Rogers’ LinkedIn
American Hotel & Lodging Association (AHLA)
Scott Fenstermaker’s Website
Tweetables (For Social Media Use):
“During the early stages [of the pandemic] there were a group of doctors that came out with a list of the 10 safest things that you can do during COVID-19. And one of them was going to a hotel. In fact, we were listed right along playing golf outdoors!” — Chip Rogers
“Now, across the US, 60% of the [hotel industry] revenue is being generated by leisure travel. … So, the next few months should be pretty stable and then we’re looking for a pretty significant uptick come May and June of 2023.” — Chip Rogers
“Good RMIS technology; really flexible technology can administrate so much more than just the very narrow claims, disposal, and policies that it was originally built for.” — Scott Fenstermaker
“You’re not going to find any other industry that’s more committed to stopping human trafficking and helping the victims of human trafficking [than the hotel industry].” — Chip Rogers
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s episode features live, in-person interviews from the 2022 RIMS ERM Conference that was held November 10th and 11th in Indianapolis, IN! Joining Justin are special guests, Merline Barrington, the ERM Manager for The Port Authority of NY & NJ; Jennifer Brown, the Executive Director for Integrated Risk and Strategy at Indiana Farm Bureau Insurance; and Mark Pfister, the CEO and Chief Board Consultant of M.A. Pfister Strategy Group and this year’s RIMS ERM Conference keynote speaker.
All three guests share about their careers, their experience at the conference, and their insights on ERM. Tune in and join the 275 professionals from around the world that were in attendance for the 2022 RIMS ERM Conference!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:30] About RIMScast.
[:42] About today’s episode!
[:50] All about upcoming RIMS webinars, workshops, events, and more!
[2:00] More about today’s special episode.
[2:25] Justin introduces his first guest of the podcast; Merline Barrington.
[3:03] What Merline loves about ERM and the RIMS ERM Conference.
[3:36] About Merline’s work at The Port Authority of NY and NJ.
[4:45] How many years has Merline been in risk management?
[5:07] As a RIMS-CRMP holder, Merline shares about her experience studying for the exam.
[6:16] Justin thanks Merline for joining the podcast!
[6:29] Justin introduces his next guest; Jennifer Brown.
[6:59] About Jennifer’s career in risk management and her current role as an Executive Director for Integrated Risk and Strategy.
[7:16] Jennifer speaks on the value of RIMS conferences.
[7:47] The sessions that Jennifer is most excited about at the RIMS ERM Conference 2022.
[8:22] Justin thanks Jennifer for joining RIMScast.
[8:30] Justin welcomes Mark Pfister to the podcast.
[9:17] Mark’s keynote speech focused on amorphic strategy. Mark explains what it is and why he believes we’re in the amorphic era.
[10:00] Mark explains the equation: Values = Culture = Organizational Risk.
[10:45] Mark’s experience interacting with attendees at the conference.
[11:40] Justin gives a special thanks to his guests for joining the podcast and shares some links to check in today’s show notes!
Mentioned in this Episode:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Member registration is now open!
RIMS Risk Maturity Model
RIMS Professional Report: “Navigating the Complexities of Emerging Risks”
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
“Protect Against Machinery Breakdown and Supply Chain Delays” | Sponsored by TÜV SÜD GRC | Dec. 8, 2022
“Royal Caribbean Group Creatively Uses RMIS to Boost Wellness” | Sponsored by Riskonnect | Dec. 13, 2022
Virtual Workshops:
“Leveraging Data and Analytics for Continuous Risk Management” | Dec. 1 | 10:00 am‒
2:00 pm ET | Registration Closes November 30 — Save 30% on this workshop! Use discount code: DATA2022
“Applying and Integrating ERM” — Dec 6‒7 | 9:00 am‒3:00 pm EST | Registration Closes Dec. 5th — Register Now!
“Contractual Risk Transfer” — Dec 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec. 6th — Register Now!
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)
“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)
“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)
“Emerging Risks and Board Reporting with Suzanna Christensen” (2022)
“ERM, ESG, and More Acronyms with Jana Utter” (2022)
“ERM at the Veterans Benefits Administration with Charles Tapp” (2022)
“ERM and Employment Trends with Terry Lampropoulos” (2022)
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Zurich’s Construction Sustainability Outlook for 2023” (New)
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS — Virtual WorkshopsIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Merline Barrington’s Profile
Jennifer Brown’s LinkedIn
Mark Pfister’s LinkedIn
Tweetables (For Social Media Use):
“What I love about ERM is [the] people. [For example], getting to understand what’s really driving their concerns … and … the opportunities that are hidden behind … our expertise that we can uncover by genuine and authentic conversation.” — Merline Barrington
“I continue to find value in the opportunities to connect with other risk practitioners and occasionally get together in person and really talk about some of the challenges that we all face.” — Jennifer Brown
“Strategies typically are working through and understanding and planning for both positive and negative risk — and we have to look at both of those aspects.” — Mark Pfister
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Friend of the show, Dr. Adrian Hyzler, is joining RIMScast once again to share his Q4 update on all the things you need to stay up to date on regarding travel risk management, COVID-19 variants, and flu shots this 2022 holiday season.
Dr. Hyzler gives his insights on the precautions that employers and employees should be taking when considering both their end-of-year travel and 2023 travel, how COVID-19 variants are impacting business travel, whether or not you should get your second booster shot, and much more!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:30] About RIMScast.
[:42] About today’s episode with Dr. Adrian Hyzler.
[:55] All about upcoming RIMS webinars, workshops, events, and more!
[1:35] More about today’s episode.
[2:12] Justin welcomes Dr. Adrian Hyzler back to RIMScast!
[2:28] An update on COVID-19 variants.
[5:55] Should we be getting a second booster shot?
[7:14] Why it is so critical to get your flu shot.
[9:30] How to distinguish COVID-19 from the flu.
[11:20] Health issues that emerge in the aftermath of a hurricane.
[11:42] RIMS plug time! All about upcoming awards and nominations, virtual workshops, and more!
[14:48] All about the new RIMScast segment: 1 Hot Minute!
[15:00] 1 Hot Minute with Dan Healy of Anderson Kill!
[16:50] How has the pandemic changed the way corporations think about their business travel policies?
[20:07] Dr. Hyzler’s take on wearing masks.
[21:50] How have business travelers’ expectations of their employers’ duties of care changed over the past couple of years?
[23:21] The connection between travel and enterprise resilience.
[27:36] Dr. Hyzler’s insights on how policies align with the emerging duty of care standards.
[30:44] Justin thanks Dr. Adrian Hyzler for joining the podcast and shares some links to check in today’s show notes!
Mentioned in this Episode:
RIMS Risk Maturity Model
RIMS Professional Report: “Navigating the Complexities of Emerging Risks”
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
"The Great Retaliation: Why Risk Managers Should Heed New Trends in Workforce Sentiment" | Sponsored by Constitution State Services | Nov. 15, 2022
“Protect Against Machinery Breakdown and Supply Chain Delays” | Sponsored by TÜV SÜD GRC | Dec. 8, 2022
Virtual Workshops:
“Managing Worker Compensation, Employer’s Liability and Employment Practices in the US” — Nov. 15‒16 | 12:00 pm‒7:30 pm EST | Registration closes Nov. 14 — Enroll Today!
“Leveraging Data and Analytics for Continuous Risk Management” | Dec. 1 | 10:00 am‒
2:00 pm ET | Registration Closes November 30 — Save 30% on this workshop! Use discount code: DATA2022
“Applying and Integrating ERM” — Dec 6‒7 | 9:00 am‒3:00 pm EST | Registration Closes Dec. 5th — Register Now!
“Contractual Risk Transfer” — Dec 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec. 6th — Register Now!
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)
“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)
“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)
“ERM, ESG, and More Acronyms with Jana Utter”
“ERM at the Veterans Benefits Administration with Charles Tapp”
“ERM and Employment Trends with Terry Lampropoulos”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Zurich’s Construction Sustainability Outlook for 2023” (New)
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RRIMS — Virtual WorkshopsIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler’s LinkedIn
Tweetables (For Social Media Use):
“I feel that now we’ve had almost a year of relative stability in regard to not having any other variants that could really put us on the back foot if they were completely resistant to the protection we already have from infection.” — Dr. Adrian Hyzler
“I think that if you are at risk for severe disease, I think [the second booster shot is] certainly something you should be taking.” — Dr. Adrian Hyzler
“[Employees] realize that the reason they’re being asked [to be screened for COVID-19] is that there’s a duty of care from their employer and that this is not to stop them from traveling but to put measures in place to make their travel safer.” — Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The RIMS ERM Conference 2022 is quickly approaching with just a few more days to go! Justin Smulison is joined once again by another fantastic speaker at the upcoming conference; SVP and Head of Enterprise Risk Management at Franklin Templeton, Suzanne Christensen! Previously, Suzanne was the CFO for Invesco Ltd. Suzanne has also co-authored the RIMS Professional Report, “Navigating the Complexities of Emerging Risks,” and will be co-presenting the session titled, “Delivering Risk Information (And Metrics) That Matter,” at the RIMS ERM Conference.
With Suzanne’s finger on the pulse of all things ERM, she shares why firms should only have one ERM framework, her favorite ERM framework, her thoughts on ERM and ESG becoming more mainstream, and more! She also gives a preview of her RIMS Professional Report as well as her upcoming RIMS ERM Conference session that you won’t want to miss.
Remember, you still have time to register for the upcoming event held November 11‒12th in Indianapolis, IN! Grab your ticket now!
Key Takeaways:
[:01] About the RIMS Membership.
[:15] Reminder to register early for the RIMS ERM Conference 2022!
[:30] About RIMScast.
[:42] About today’s episode with Suzanne Christensen.
[1:01] All about the upcoming RIMS ERM Conference 2022 and how to take advantage of an exclusive registration discount.
[1:47] Upcoming RIMS webinars, workshops, events, and more!
[2:20] More about today’s episode’s guest Suzanne Christensen.
[3:07] Justin welcomes Suzanne to RIMScast!
[3:21] Suzanne shares about her risk career and her current role as the SVP, Head of Enterprise Risk Management at Franklin Templeton.
[5:32] How risk management in finance is different than other sectors.
[6:55] Suzanne’s stance on why firms should only have one ERM framework.
[7:22] The ERM framework Suzanne has commonly used at the companies she has/is working for.
[7:51] What Suzanne loves about her job as SVP, Head of Enterprise Risk Management.
[9:37] How Suzanne feels about ERM and ESG becoming more mainstream.
[11:18] RIMS plug time! All about upcoming awards and nominations, virtual workshops, and more!
[12:54] What inspired Suzanne to co-write the RIMS Professional Report, “Navigating the Complexities of Emerging Risks”?
[17:00] How this professional report shines a light on the known unknowns and the unknown unknowns.
[19:00] Why is identifying emerging risks valuable?
[19:41] Justin and Suzanne highlight some key emerging risks from her professional report, “Navigating the Complexities of Emerging Risks.”
[22:33] Suzanne gives a preview of her Nov. 11th session at the upcoming 2022 RIMS ERM Conference titled, “Delivering Risk Information (And Metrics) That Matter — Board Level Reporting.”
[25:30] What Suzanne is excited about at the RIMS ERM Conference 2022.
[26:08] Justin thanks Suzanne for joining the RIMScast and shares some of the links to check in today’s show notes!
Mentioned in this Episode:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live! (Special registration discount for RIMScast listeners! Enter Code: RIMSCAST2022 on the “Payment” page — Note: Only for new registrations.)
The RIMS Strategic & Enterprise Risk Center
RIMS Risk Maturity Model
RIMS Professional Report: “Navigating the Complexities of Emerging Risks”
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
"The Great Retaliation: Why Risk Managers Should Heed New Trends in Workforce Sentiment" | Sponsored by Constitution State Services | Nov. 15, 2022
“Protect Against Machinery Breakdown and Supply Chain Delays” | Sponsored by TÜV SÜD GRC | Dec. 8, 2022
Virtual Workshops:
“Managing Worker Compensation, Employer’s Liability and Employment Practices in the US” — Nov. 15‒16 | 12:00 pm‒7:30 pm EST | Registration closes Nov. 14 — Enroll Today!
“Leveraging Data and Analytics for Continuous Risk Management” | Dec 1 | 10:00 am‒
2:00 pm ET | Registration Closes November 30 — Save 30% on this workshop! Use discount code: DATA2022
“Applying and Integrating ERM” — Dec 6‒7 | 9:00 am‒3:00 pm EST | Registration Closes Dec 5th — Register Now!
“Contractual Risk Transfer” — Dec 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec 6th — Register Now!
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)
“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)
“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)
“ERM, ESG, and More Acronyms with Jana Utter”
“ERM at the Veterans Benefits Administration with Charles Tapp”
“ERM and Employment Trends with Terry Lampropoulos”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Zurich’s 2023 Construction Sustainability Outlook” (New)
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Suzanne Christensen’s LinkedIn
Franklin Templeton
Tweetables (For Social Media Use):
“It’s important to volunteer because you’ll get new experiences.” — Suzanne Christensen
“I think if you’re curious and you like to learn, [ERM is] a great place to be.” — Suzanne Christensen
“Firms should have a single [ERM] framework. And the reason that’s important is really [because] you need a single language; you need a single way to get everybody — particularly at the enterprise level – [on the same page].” — Suzanne Christensen
“‘Risk’ is not in the current or the past tense; it’s in the future. A risk is [in the] future.” — Suzanne Christensen
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison is once again joined by a speaker at the upcoming RIMS ERM Conference 2022! Charles Tapp II is the Chief Financial Officer and Chief Risk Officer of the Veterans Benefits Administration (VBA); overseeing the delivery of over $150 billion in benefits to Veterans and their families.
In this episode, Charles shares how organizations and the risk community can observe Veterans Day in new and meaningful ways, how he has led the implementation of ERM at the VBA, and gives a preview of his upcoming session at the RIMS ERM Conference titled, “Stakeholder Buy-in: Connecting ERM to Budgeting and Investment!”
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About today’s episode and how to save $400 on the Pre-Conference Workshop for RIMS-CRMP Prep!
[:42] About RIMScast.
[:55] About today’s episode with Charles Tapp II.
[1:24] All about the upcoming RIMS ERM Conference 2022 and how to take advantage of an exclusive registration discount.
[2:00] Upcoming RIMS webinars, workshops, events, and more!
[2:57] More about today’s episode’s guests Nir Kossovsky and Carnell Jones.
[3:38] Justin welcomes Charles to RIMScast!
[3:52] Charles served as an officer in the U.S. Air Force for 10 years — specifically, a Career Financial Management Officer. Did this lead to his dual career in risk management?
[6:25] How Charles became the Chief Risk Officer at the Veterans Benefits Administration (VBA).
[8:24] Charles oversees the delivery of over $150 billion in benefits to Veterans and their families. He highlights some of the biggest risks and responsibilities in his role as CFO of the VBA.
[10:40] How many employees are a part of their risk staff?
[11:36] Why having staff liaisons (who are risk liaisons to the rest of the organization) is a key part of the Office of Financial Management.
[12:38] RIMS plug time! All about upcoming awards and nominations, virtual workshops, and more!
[14:18] Earlier this year, the VBA began its modernization efforts for benefits delivery through automated processes. Charles shares his insights on these efforts, having been on the ground floor of this effort.
[15:52] How Charles’ VBA group is being helped specifically with this new automation.
[16:16] Charles shares the most significant impact that ERM has had on the overall success of VBA.
[17:47] How Charles’ military training provides a unique perspective on his risk management career.
[20:04] Ways that Charles believes that organizations (and the risk community) can better observe Veterans Day on Nov. 11th, 2022.
[21:50] Justin thanks Charles Tapp II for joining the podcast and shares some of the links to check in today’s show notes!
Mentioned in this Episode:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live! (Special registration discount for RIMScast listeners! Enter Code: RIMSCAST2022 on the “Payment” page — Note: Only for new registrations)
Save $400 on the Pre-Conference Workshop: RIMS-CRMP Prep
Attend the in-person RIMS-CRMP Exam Prep Workshop, November 8‒9. Register for the ERM Conference and select the workshop on the “Additional Purchase Options” page. Your $400 savings will already be applied. Learn more!
The RIMS Strategic & Enterprise Risk Center
RIMS Risk Maturity Model
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
"The Great Retaliation: Why Risk Managers Should Heed New Trends in Workforce Sentiment" | Sponsored by Constitution State Services | Nov. 15, 2022
Virtual Workshops:
Captives as an Alternate Risk Financing Technique – Register by Nov 1! Course begins Nov 2‒3
Managing Worker Compensation, Employer’s Liability and Employment Practices in the US — Nov. 15‒16 | 12:00 pm‒7:30 pm EST | Registration closes Nov. 14 — Enroll Today!
Leveraging Data and Analytics for Continuous Risk Management | Dec 1 | 10:00 am‒
2:00 pm ET | Registration Closes November 30 — Save 30% on this workshop! Use discount code: DATA2022
Applying and Integrating ERM — Dec 6‒7 | 9:00 am‒3:00 pm EST Registration Closes Dec 5th — Register Now!
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)
“Navigating the Hazards of ESG-Linked ERM Risk with Nir Kossovsky and Carnell Jones” (2022)
“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)
“ERM, ESG, and More Acronyms with Jana Utter”
“ERM and Employment Trends with Terry Lampropoulos”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Charles Tapp II’s LinkedIn
Tweetables (For Social Media Use):
“One of the largest responsibilities that we have at VBA is delivering benefits … to veterans in a manner that honors their service. … But just as important … is protecting them and making sure that we prevent fraudsters from redirecting veteran benefits.” — Charles Tapp II
“One of the things that we pride ourselves on in the Office of Financial Management is working with people and doing things with them instead of to them.” — Charles Tapp II
“Moving forward with automation was certainly the next right evolution for how we reduce claims here in VBA.” — Charles Tapp II
“ERM … is a lifestyle. … We are very focused on risk every day. … We are watching the claims production process and making sure that we are progressing as expected. … Introducing ERM into the mix is allowing us to be more deliberate … about … risk.” — Charles Tapp II
“If there’s an organization in your community that’s Veteran-centric … spend some time to learn more about what Veterans’ experience is like and their contributions to [our] safety … security and … history.” — Charles Tapp II
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Only 2 ½ more weeks until the RIMS ERM Conference 2022! In this episode, Justin Smulison is joined by Chicago RIMS President Carnell Jones and return guest (and friend of the show), Nir Kossovsky of Steel City Re!
Carnell and Nir are two of the three speakers who will be delivering the general session titled, “Mitigating the Hazards of ESG-Linked ERM Risk,” at the RIMS ERM Conference on November 11th at 11:30 am. This session will explore the value proposition of how to manage ERM to mitigate ESG-linked reputation risk strategically. It will focus on the cultural aspects of rounding up the collaborators from legal and communications using the transparency of captives as a metric for tracking value creation and more. The session is then capped off with how to engineer the solution.
In this episode, Carnell and Nir share a preview of their general session and have a fascinating discussion about the overall state of ERM and reputation. Be sure to tune in!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About today’s episode and how to save $400 on the Pre-Conference Workshop for RIMS-CRMP Prep!
[:42] About RIMScast.
[:55] About today’s episode with Nir Kossovsky and Carnell Jones!
[1:18] All about the RIMS ERM Conference 2022 and how to take advantage of the special advance group rate.
[2:00] Upcoming RIMS webinars, workshops, events, and more!
[2:50] More about today’s episode’s guests Nir Kossovsky and Carnell Jones.
[4:05] Justin welcomes Nir and Carnell to RIMScast!
[4:50] Carnell Jones shares his thoughts on how the meaning of organizational “culture” has changed over time.
[6:00] Nir defines organizational culture and his views on how it has changed over time.
[6:35] Do Nir and Carnell feel that a company that can stay out of the news for negative reasons is considered to have a positive reputation?
[8:39] How much of having a positive reputation is crisis communication versus putting controls in place? Or is it all part of the same puzzle?
[9:52] RIMS plug time! All about upcoming awards and nominations, virtual workshops, and more!
[11:33] Is ESG becoming more mainstream a good thing for the risk profession?
[14:26] Nir and Carnell give a preview of their upcoming general session titled, “Mitigating the Hazards of ESG-Linked ERM Risk,” at the 2022 ERM Conference.
[16:15] About the third presenter that will be joining Nir and Carnell for the general session.
[16:29] Carnell shares how 2022 has been for the RIMS Chicago Chapter.
[17:40] Carnell plugs some upcoming events that the RIMS Chicago Chapter has coming up and where to learn more about the Chapter.
[19:10] Justin thanks Nir Kossovsky and Carnell Jones for joining the podcast and shares some of the links to check in today’s show notes!
Mentioned in this Episode:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live! (Special registration discount for RIMScast listeners! Enter Code: RIMSCAST2022 on the “Payment” page — Note: Only for new registrations)
Save $400 on the Pre-Conference Workshop: RIMS-CRMP Prep
Attend the in-person RIMS-CRMP Exam Prep Workshop, November 8‒9. Register for the ERM Conference and select the workshop on the “Additional Purchase Options” page. Your $400 savings will already be applied. Learn more!
The RIMS Strategic & Enterprise Risk Center
RIMS Risk Maturity Model
Chicago RIMS
RIMS Events, Education, and Services:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
Managing Worker Compensation, Employer’s Liability and Employment Practices in the US — Nov. 15‒16 | 12:00 pm‒7:30 pm EST | Registration closes Nov. 14 — Enroll Today!
Leveraging Data and Analytics for Continuous Risk Management | Dec 1 | 10:00 am‒
2:00 pm ET | Registration Closes November 30 — Save 30% on this workshop! Use discount code: DATA2022
Applying and Integrating ERM — Dec 6‒7 | 9:00 am‒3:00 pm EST Registration Closes Dec 5th — Register Now!
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote” (2022)
“A Glimpse of the ‘The Reputation Premium’ with Nir Kossovsky” (2021)
“The Power of Storytelling in ERM with Dr. Karen Hardy” (2022)
“ERM, ESG, and More Acronyms with Jana Utter”
“ERM and Employment Trends with Terry Lampropoulos”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Nir Kossovsky’s LinkedIn
Carnell Jones’ LinkedIn
Tweetables (For Social Media Use):
“I do believe the conversation [around organizational “culture”] is that much more broad across organizations. They want to have a similar place that they’re starting from.” — Carnell Jones
“We define ‘culture’ as the combination of ideas, beliefs, and practices. … The ideas of what constitutes culture … have … transformed … from a view of what is relevant to an organization internally, to a practice … consistent with … its place in society.” — Nir Kossovsky
“An organization that is held in high esteem by its many stakeholders … that runs across an adverse event … in the ESG space … can avoid adverse publicity if its reputation is such that its stakeholders forgive it on the first pass.” — Nir Kossovsky
“[Bringing ESG to the mainstream is] a good conversation. [Having] the peer pressure of your competitors using their ESG as a competitive advantage gives companies motivation to strengthen their practices — if they already have them — or put them in place.” — Carnell Jones
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In keeping with the tradition of having keynotes and panelists join the podcast that will be at the RIMS ERM Conference 2022, Justin Smulison is joined by risk professional and filmmaker, Dr. Karen Hardy!
Dr. Karen Hardy is a strategic advisor and founder of the Flip this Risk® book series, podcast, and academy and the Chief Risk Officer and Principal Consultant at Strategic Leadership Advisors LLC. She is also the producer of the Emmy Award-winning 2018 documentary, A New Leash On Life: The K9s for Warriors Story.
In this conversation, Dr. Hardy discusses her career in ERM, the valuable lessons she has learned, and practical advice for other risk professionals. She also tells about her Nov. 10th general session at the conference titled, “The Power of Storytelling.”
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About today’s episode and how to save $400 on the Pre-Conference Workshop for RIMS-CRMP Prep!
[:41] About RIMScast.
[:55] About today’s episode with Karen Hardy!
[1:21] All about the RIMS ERM Conference 2022 and how to take advantage of the special advance group rate.
[2:19] Upcoming RIMS webinars, workshops, events, and more!
[3:20] More about today’s episode with Dr. Karen Hardy.
[3:52] Justin welcomes Dr. Karen Hardy back to RIMScast!
[4:11] Dr. Karen Hardy shares what she has been up to since she was last on RIMScast.
[5:14] What it was like for Dr. Hardy to be at the ground level for the launch of the RIMS-CRMP-FED.
[6:23] About Dr. Hardy’s work in film.
[7:34] What Dr. Hardy’s award-winning documentary is about and where you can watch it.
[8:54] What draws Dr. Hardy to ERM in 2022 and why she feels it’s important for risk professionals and organizations, especially at a time like this.
[10:43] On a practical level, is there a threshold for the number of objections that one should listen to before writing someone off as a naysayer?
[12:21] How have ERM professionals risen to the occasion since the start of the pandemic?
[13:25] What can ERM professionals do to strengthen their contributions?
[14:09] Dr. Hardy gives a preview of her general session, “The Power of Storytelling” at the upcoming RIMS ERM Conference 2022.
[16:00] RIMS plug time! All about upcoming awards and nominations, virtual workshops, and more!
[17:43] About Dr. Karen Hardy’s very own podcast, Flip this Risk®, and what initially inspired her to launch it!
[19:44] Has hosting her own podcast helped her become a better presenter?
[20:39] What are some of the basics that you need before starting a podcast?
[21:58] About Dr. Hardy’s book, Flip this Risk® for Enterprise Security, which was a spin-off of her podcast.
[23:27] What Dr. Hardy is excited about at the fast-approaching RIMS ERM Conference 2022.
[24:29] Justin thanks Dr. Karen Hardy for joining the podcast and shares some of the links to check in today’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
Save $400 on the Pre-Conference Workshop: RIMS-CRMP Prep
Attend the in-person RIMS-CRMP Exam Prep Workshop, November 8‒9. Register for the ERM Conference and select the workshop on the “Additional Purchase Options” page. Your $400 savings will already be applied. Learn more!
The RIMS Strategic & Enterprise Risk Center
RIMS Risk Maturity Model
RIMS-CRMP-FED
In-Person Events:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
Managing Worker Compensation, Employer’s Liability and Employment Practices in the US — Nov. 15‒16 | 12:00 pm‒7:30 pm EST | Registration closes Nov. 14 — Enroll Today!
Applying and Integrating ERM — Dec 6‒7 | 9:00 am‒3:00 pm EST Registration Closes Dec 5th — Register Now!
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
“From Chaos to Clarity: GRC Trends for 2023” | Sponsored by Resolver | Oct. 20, 2022
Related RIMScast Episodes:
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote 2022”
“ERM, ESG, and More Acronyms with Jana Utter”
“ERM and Employment Trends with Terry Lampropoulos”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
”Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
More With Dr. Karen Hardy
Flip This Risk® Podcast
A New Leash On Life: The K9s for Warriors Story (Film, 2018)
Flip this Risk® for Enterprise Security: Industry Experts Share Their Insights About Enterprise Security Risk Management Risks for Organizations, by Dr. Karen Hardy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Karen Hardy’s LinkedIn
Tweetables (For Social Media Use):
“It’s not often that you have someone who’s a risk professional in film. But, it really leverages out because it’s all focusing on the same subject — it’s about managing risk.” — Dr. Karen Hardy
“The thing that draws me to ERM in 2022 is the thing that drew me to it years ago. … And the very thing is that at the core, it … is about bringing everyone together … to have … conversations within an organization. That’s the foundation for … change.” — Dr. Karen Hardy
“One of the things that I realized in the [ERM] profession is that I can’t craft or create a solution if I don’t know what the objections are. And that’s why having conversations is so important. Objections are a gift to any risk profession.” — Dr. Karen Hardy
“My whole reputation in government and risk management changed because I was able to put a creative spin on risk management.” — Dr. Karen Hardy
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
With the RIMS ERM Conference 2022 fast approaching on November 10th‒11th in Indianapolis, IN, Justin is once again joined by a fantastic guest that will be a presenter at the event — Jana Utter!
Jana Utter has made an appearance before on RIMScast in 2019 in an episode titled, “All Things ERM with SERMC Chair Jana Utter.” Jana served as the Vice Chair of the Strategic and Enterprise Risk Management Council from 2018‒2019, the Chair from 2020‒2021, and is now a member of the Annual Conference Planning Committee. For the last seven years, she has held the position of Vice President of Enterprise Risk Management at Centene Corporation, where she is responsible for Centene’s enterprise risk management program and the use of scenario- and metrics-based analysis to determine potential financial impacts.
In this episode, Jana will be sharing a preview of her session at the RIMS ERM Conference titled, “The Latest, Greatest, and Future of ERM in an ESG World and the Risk of Inaccurate Reporting.” She also speaks about what it was like to create the first Sustainability Accounting Standards Board index; her efforts in bringing the discussion of ESG to the mainstream; and many other high-level talking points on ESG, ERM, TCFD, GRC, and more!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About today’s episode and how to save $400 on the Pre-Conference Workshop for RIMS-CRMP Prep!
[:41] About RIMScast.
[1:00] More about today’s episode with Jana Utter!
[2:05] Upcoming RIMS webinars, workshops, events, and more!
[3:05] Justin welcomes Jana Utter back to the podcast.
[3:20] Jana shares her career background and current role at Centene.
[6:03] How Jana’s role at Centene has evolved over the years.
[7:10] What GRC is.
[7:42] Justin congratulates Jana on her accomplishment of making the RIMS Risk Management, Risk Manager of the Year, Honor Roll during this year’s RIMS RISKWORLD.
[8:00] Jana shares how she felt making the RIMS Risk Management Honor Roll.
[9:47] As detailed in Jana’s Risk Management Magazine profile, she is clearly ahead of the curve when it comes to ESG. What was it like for Jana to create the first Sustainability Accounting Standards Board index?
[12:40] All about TCFD and how it is related to ERM.
[16:40] RIMS plug time! All about upcoming awards and nominations, virtual workshops, and more!
[18:24] Jana and other risk managers alike have helped bring the discussion of ESG to the mainstream. Jana elaborates on why this is helping the practice of ERM.
[21:36] Is Jana finding that the next wave of risk professionals is more drawn toward ERM as opposed to traditional risk management?
[23:12] Why Jana is so excited for the RIMS ERM Conference 2022 to be in Indianapolis, IN.
[24:16] Jana gives a preview of her session at the upcoming RIMS ERM Conference 2022!
[25:53] Justin congratulates Jana once again for making the Honor Roll and shares some of the links to check in today’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
Save $400 on the Pre-Conference Workshop: RIMS-CRMP Prep
Attend the in-person RIMS-CRMP Exam Prep Workshop, November 8‒9. Register for the ERM Conference and select the workshop on the “Additional Purchase Options” page. Your $400 savings will already be applied. Learn more!
The RIMS Strategic & Enterprise Risk Center
RIMS Risk Maturity Model
Risk Management Magazine: Risk Manager of the Year Awards 2022
In-Person Events:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
Contractual Risk Transfer Canada — Oct. 19‒20 | 12:00 pm‒6:00 pm EST | Registration Closes Oct. 18th — Register Now!
Applying and Integrating ERM — Dec 6‒7 | 9:00 am‒3:00 pm EST Registration Closes Dec 5th — Register Now!
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
“Beware of Artificial Intelligence” | Sponsored by Nationwide | Oct. 11, 2022
“Understanding Bank-Fronted Surety Bonds” | Sponsored by Travelers | Oct. 13, 2022
“From Chaos to Clarity: GRC Trends for 2023” | Sponsored by Resolver | Oct. 20, 2022
Related RIMScast Episodes:
“All Things ERM with SERMC Chair Jana Utter”
“Strategizing with Mark A. Pfister, RIMS ERM Conference Keynote 2022”
“ERM and Employment Trends with Terry Lampropoulos”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Jana Utter’s LinkedIn
Tweetables (For Social Media Use):
“I truly feel honored. Especially after going through the process of being selected for the [RIMS] Risk Manager Honor Roll.” — Jana Utter
“[TCFD] is the task force on climate-related financial disclosures. … It’s a set of guidelines for completing a TCFD. … Part of the TCFD reporting involves a climate risk assessment.” — Jana Utter
“I have found that ERM is continually evolving and that — to me — is what makes it exciting.” — Jana Utter
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Only five more weeks until the RIMS ERM Conference 2022 (held November 10th‒11th in Indianapolis, IN!) Joining RIMScast today is the opening keynote speaker of the event, Mark A. Pfister!
Mark A. Pfister is the CEO and Chief Board Consultant of M.A. Pfister Strategy Group; an executive advisory firm that serves as a strategic advisory council for executives and Boards in the public, private, and nonprofit sectors. Mark’s popular book, Across The Board: The Modern Architecture Behind an Effective Board of Directors, is an Amazon best-seller with circulation in over 70 countries, influencing an entire new generation of Board Directors.
In this episode, Mark shares a preview of his upcoming keynote at the RIMS ERM Conference titled, “The Strategy of Risk: How Strategy Plays a Direct Role in Risk Realization,” and gives his insights into the evolving role of strategy in risk management.
Key Takeaways:
[:01] About the RIMS Membership.
[:27] About today’s episode and how to save $400 on the Pre-Conference Workshop for RIMS-CRMP Prep!
[:42] About RIMScast.
[:55] About today’s conversation with Mark A. Pfister.
[1:02] Upcoming RIMS webinars, workshops, events, and more!
[2:35] Justin introduces and welcomes Mark A. Pfister to RIMScast!
[3:40] About Mark’s educational and professional background.
[4:48] Why strategy is so important to Mark.
[6:52] How to view and apply strategy in a way that will change the way that you lead.
[8:10] Mark’s thoughts and experiences with the risk profession.
[9:08] How risk and insurance professionals can improve their risk strategies.
[11:35] RIMS plug time!
[13:12] What strategy actually is; Mark gives a preview of his upcoming keynote speech.
[14:53] Mark describes his presentation style.
[16:20] Will Mark be taking questions from the audience after his keynote?
[16:37] Has Mark returned to in-person events this year as an attendee or speaker?
[17:54] Justin thanks Mark for joining and shares some of the links to check in today’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
Save $400 on the Pre-Conference Workshop: RIMS-CRMP Prep
Attend the in-person RIMS-CRMP Exam Prep Workshop, November 8‒9. Register for the ERM Conference and select the workshop on the “Additional Purchase Options” page. Your $400 savings will already be applied. Learn more!
The RIMS Strategic & Enterprise Risk Center
RIMS Risk Maturity Model
In-Person Events:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
Managing Cognitive Bias Risk — Oct 11‒12 | 10:30 am‒4:30 pm EST | Registration Closes Oct 10th — Register Now!
Contractual Risk Transfer Canada — Oct. 19‒20 | 12:00 pm‒6:00 pm EST | Registration Closes Oct. 18th — Register Now!
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
“Climate Change Impacts and Opportunities” | Sponsored by AXA XL | Oct. 6, 2022
“Beware of Artificial Intelligence” | Sponsored by Nationwide | Oct. 11, 2022
Related RIMScast Episodes:
“ERM and Employment Trends with Terry Lampropoulos”
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Path to the Boardroom: Resolver CEO Will Anderson’s Journey”
“ESG and the Board with Luke Jacobs of Encamp”
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
M.A. Pfister Strategy Group
Mark A. Pfister’s LinkedIn
Across The Board: The Modern Architecture Behind an Effective Board of Directors, by Mark A. Pfister
Tweetables (For Social Media Use):
“If we fast-forward to today, I truly am laser-focused in the scene of leadership and board director areas. It’s really a way that I view as making the biggest impact relating to strategy, governance, and leadership.” — Mark A. Pfister
“We have to understand that strategy is inextricably linked to governance and risk. You can’t really be good in one and not really focus on the others; they kind of come in this package deal.” — Mark A. Pfister
“Strategy [can be applied] in such a way that it will change the way that you lead, it will change the way that you govern, [and] it will change your success in many cases in any position you are in your organization.” — Mark A. Pfister
“I think we’re in a period where [strategy is] looked at much differently. I think we have to view strategy as a set of guiding principles that generate a desired pattern of integrated decision making.” — Mark A. Pfister
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The Fred H. Bossons Award honors the risk management professional who earns the highest average mark on the three examinations required to obtain the Canadian Risk Management designation (or CRM). This year’s award recipient – and guest of today’s show – is Ana Lage; the marketing broker at Lloyd Sadd Insurance Brokers!
In this episode, Ana shares her tips and study advice regarding the CRM designation, personal experiences from her career, and what she thinks risk and insurance professionals should do to find success and adapt – especially when they’re just starting out in their careers!
(This podcast is being released on Sept. 30th, 2022 AKA #InternationalPodcastDay! Celebrate your favorite podcasts by tweeting with the hashtag or leaving a 5-star review wherever you catch your latest episodes!)
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode.
[:35] Upcoming RIMS webinars, workshops, events, and more!
[2:20] More about today’s episode with Ana Lage.
[3:02] Justin welcomes Ana Lage to RIMScast!
[3:18] Ana and Justin catch up (after seeing each other in person at the RIMS Canada Conference!)
[3:33] Ana is the marketing broker at Lloyd Sadd Insurance Brokers. She explains how a marketing broker is different from other broker positions and what her role involves at Lloyd Sadd.
[5:28] How did Ana come to enter the insurance industry? What motivated her to stay in it?
[7:48] How being multilingual enables Ana’s risk career.
[9:47] Ana shares how she felt when she learned she would receive the award.
[11:13] Ana’s experience studying for and taking the CRM exams.
[14:33] RIMS plug time! All about the RIMS mobile app,
[15:53] Ana’s unconventional study methods.
[16:50] Ana’s advice and study tips for other risk professionals.
[18:57] Ana shares her experience of giving birth at the height of COVID.
[20:51] Ana speaks about her professional philosophy.
[22:47] What Ana believes that rising risk and insurance professionals should/could do to find success and adapt – especially when they’re just starting out in their careers.
[25:00] Justin thanks Ana for joining and shares some of the links to check in today’s show notes!
Mentioned in this Episode:
International Podcast Day — Sept. 30th, 2022
RIMS Events, Education, and Services:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
More Coverage of the RIMS Canada Conference 2022:
“Turning Tides: Live from RIMS Canada 2022”
“RIMS Canada Conference Bounces Back with More Than 1,300 Attendees”
In-Person Events:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
Contractual Risk Transfer Canada — Oct. 19‒20 | 12:00‒6:00 pm EST | Registration Closes Oct. 18 — Register Now!
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
"Sanctions and Compliance Risk: Why You Shouldn't Overlook It Before Making A Ransomware Payment" | Sponsored by Beazley | Sept. 29, 2022
"Climate Change Impacts and Opportunities" | Sponsored by AXA XL | Oct. 6, 2022
“Beware of Artificial Intelligence” | Sponsored by Nationwide | Oct. 11, 2022
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Ana Lage’s LinkedIn
Tweetables (For Social Media Use):
“I found the [insurance] industry to be very dynamic because its different clients all the time, different industries; you’re always learning something new and doing different projects.” — Ana Lage
“As important as academics and hard knowledge is, having the right attitude is not something that can’t be taught. So surrounding yourself with those kinds of people brings you to a whole different level and you’re way more likely to succeed in anything you attempt.” — Ana Lage
“As brokers, we’re partnering [with our clients] to improve their business not just from an insurance perspective, but a risk perspective.” — Ana Lage
“The broker is there to help and to advocate for the client. At the end of the day you need to know who’s protecting your business.” — Ana Lage
“[Take] advantage of the fact that there are really experienced and good people that are willing to share their stories and willing to share tips.” — Ana Lage
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The RIMS Canada Conference 2022 was held last week from September 11‒14th in Halifax, Nova Scotia. Your host, Justin Smulison, had the chance to meet some of his old friends, make some new friends, and speak with some of the leaders in risk, insurance, education, and global policy; as well as some award-winners that have elevated or continued to advance the risk profession.
This episode was produced and recorded live, on-site, at the conference — so join in for the ambiance and fantastic interviews with keynote speaker Janice Gross Stein, award recipient Stéphane Cossette, and risk leader Bernard McNulty!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode.
[:37] Upcoming RIMS webinars, workshops, events, and more!
[2:50] More about today’s episode with Susan Gillies-Hipp.
[3:24] Today’s first live on-site interview with Janice Gross Stein.
[4:22] Janice shares what they spoke about in their keynote.
[5:13] Do catastrophes like wars and pandemics change the trajectory of where we’re going regarding how we think about risk?
[6:02] Janice’s experiences with risk managers and professionals.
[7:05] Is Janice in touch with any of their students that have gone on to be risk professionals?
[8:20] Janice’s words of advice for those who are just joining the risk profession.
[9:10] Justin thanks Janice for joining him!
[9:20] Justin introduces and welcomes Stéphane Cossette to RIMScast!
[10:03] Stéphane shares his experience of returning to the RIMS Canada Conference.
[10:31] Stéphane was awarded the Donald M. Stuart award at the RIMS Canada Conference. Stéphane shares his thoughts and feelings on being honored in such a way.
[12:00] What Stéphane thinks Canadian risk managers and professionals need to know to succeed in 2022 and beyond.
[13:02] About Stéphane’s session at the RIMS Canada Conference as well as his advice for the next generation of risk professionals.
[14:19] Justin congratulates Stéphane once again on his award and thanks him for joining RIMScast!
[14:38] About RIMS’s upcoming virtual workshop: “Contractual Risk Transfer Canada.” Be sure to register before the 19th! Links below!
[15:09] Today’s final guest, Bernard McNulty of Allianz Global Corporate & Specialty Americas.
[15:56] What Bernard and Allianz have done to attract and retain talent that is new in terms of process or initiatives.
[18:58] Bernard’s advice on what risk and insurance professions can do to attract and retain new talent?
[21:33] Bernard shares his excitement about returning to RIMS Canada Conference 2022.
[22:26] Justin thanks Bernard for joining!
[22:36] Justin thanks today’s guests and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
In-Person Events:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
Contractual Risk Transfer Canada — Oct. 19‒20 | 12:00‒6:00 pm EST | Registration Closes Oct. 18 — Register Now!
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
“Supply Chain Risk Management for Product Manufacturers: Production Risk Management in the Post-COVID Environment” | Presented by the RIMS International Council | Sept. 7, 2022
“Coverage Conversation: Economic Outlook and the P/C Marketplace” | Sponsored by Gallagher CORE 360 Insights | Sept. 8, 2022
“Reduce Your Risk of Electrical Fires” | Sponsored by TÜV SÜD Global Risk Consultants | Sept. 15, 2022
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Janice Gross Stein’s Profile
Stéphane Cossette’s LinkedIn
Bernard McNulty’s LinkedIn
Tweetables (For Social Media Use):
“We need to change the way we think about risk. The last 30 years are a very poor guide for the next 30. We are seeing convergent pressures here. We know where we’ve been, but we’re not sure about where we’re going.” — Janice Gross Stein
“We need to fuse our concept of risk rather than continue to think about risk in very siloed ways.” — Janice Gross Stein
“Risk management is mostly about networking. … It’s a business of good faith but how can you have good faith if you don’t know the people? Being back [at the RIMS Canada Conference] is — to me — worth the time. I recommend everyone come to … conferences.” — Stéphane Cossette
“Take any chance you can. It’s not about day-to-day work. …The bulk of your career will be built on relationships and the knowledge … and expertise you require. So RIMS is the perfect platform to get to that.” — Stéphane Cossette
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin is rejoined by Susan Gillies-Hipp, the Executive Director of NETS® (the Network of Employers for Traffic Safety), to discuss — you guessed it — fleets and traffic safety in 2022!
Susan shares how supply chain disruptions are impacting risk-based decision-making when it comes to fleets and fleet safety, important trends regarding fleet traffic (and how these trends have changed over the last several years), and how electric vehicles are changing the dialogue around fleet safety. Susan also plugs NETS’s upcoming annual event; the 2022 Annual Strength IN Numbers® Fleet Safety Benchmark Conference — happening October 5th‒6th in Ann Arbor, Michigan.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode.
[:39] Upcoming RIMS webinars, workshops, events, and more!
[2:32] More about today’s episode with Susan Gillies-Hipp.
[2:59] Justin welcomes Susan Gillies-Hipp back to RIMScast!
[3:17] NETS’s mission and the expanded role that NETS continues to play in American business culture.
[3:59] How has 2022 been going so far for NETS? What is coming up later in the year for NETS?
[8:57] Examples of “heavy goods” and why policies and procedures surrounding drivers of heavy goods impact your company.
[10:38] Trends that Susan is seeing regarding fleet traffic and how these trends have changed over the last several years.
[14:37] RIMS plug time! Upcoming events, webinars, and more!
[16:38] Were fleets impacted by supply chain disruption caused by the Russia-Ukraine war?
[20:37] How electric vehicles are changing the dialogue around fleet safety.
[25:51] About NETS’s upcoming conference; the 2022 Annual Strength IN Numbers® Fleet Safety Benchmark Conference.
[34:00] Justin thanks Susan for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
Network of Employers for Traffic Safety (NETS®)
2022 Annual Strength IN Numbers® Fleet Safety Benchmark Conference
National Highway Traffic Safety Administration (NHTSA)
RIMS Events, Education, and Services:
RIMS Legislative Summit 2022 — Sept. 20‒22nd in Washington, D.C.
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
In-Person Events:
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
“Supply Chain Risk Management for Product Manufacturers: Production Risk Management in the Post-COVID Environment” | Presented by the RIMS International Council | Sept. 7, 2022
“Coverage Conversation: Economic Outlook and the P/C Marketplace” | Sponsored by Gallagher CORE 360 Insights | Sept. 8, 2022
“Reduce Your Risk of Electrical Fires” | Sponsored by TÜV SÜD Global Risk Consultants | Sept. 15, 2022
"Unlocking the Power of Captives in Your Risk Management Strategy" | Sponsored by Zurich | Sept. 22, 2022
"Sanctions and Compliance Risk: Why You Shouldn't Overlook It Before Making A Ransomware Payment" | Sponsored by Beazley | Sept. 29, 2022
"Climate Change Impacts and Opportunities" | Sponsored by AXA XL | Oct. 6, 2022
Beware of Artificial Intelligence | Sponsored by Nationwide | Oct. 11, 2022
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
More Fleet and Workplace Safety on RIMScast:
“Fleet Safety with NETS Executive Director Susan Gillies” (2021)
“Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin”
“Public Violence and Workplace Safety with Lauris Freidenfelds”
“Travel Risk Management in Summer 2022 with Dr. Adrian Hyzler”
“Fatigue Risk Management with NSC’s Emily Whitcomb”
“International Codes and Standards with Chris Wieczorek”
“Navigating Shipping Risks in 2022 with Capt. Rahul Khanna”
“Mental Health in the Workplace with Darcy Gruttadaro”
“Active Threat Safety and Preparedness with Steve Smith and Dustin Miller of Guardian Defense”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Susan Gillies-Hipp’s LinkedIn
Susan Gillies-Hipp’s NETS Profile
Tweetables (For Social Media Use):
“Road safety — that’s our mission; trying to advance road safety and prevent crashes.” — Susan Gillies-Hipp
“Driving fatigued can be just as dangerous — if not more dangerous — than driving impaired. It’s really an essential issue that we need to make sure we’re addressing.” — Susan Gillies-Hipp
“NHTSA … put out their estimates for road traffic fatalities a couple of months ago. Their estimate is higher than it has ever been since 2005. About 42,915 lost their lives on U.S. roadways in 2021 — that’s an increase of 10.5% from the prior year in 2020.” — Susan Gillies-Hipp
“Address the issue now. Be proactive. … Because, if you wait, and then you are liable for something that happens, your company can … have a lawsuit on your hands because one of your drivers did something that could have injured or … killed another driver.” — Susan Gillies-Hipp
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The RIMS Legislative Summit is coming up on Sept. 20‒22nd in Washington, D.C. RIMS has several legislative priorities on its agenda for the two-day event that will be in person on Capitol Hill!
Rejoining RIMScast today is RIMS External Affairs Committee Chair, Lynn Haley Pilarski, to provide an overview of RIMS’ priorities and tell RIMS members why they should seize this opportunity to meet with their members of Congress live and in person!
Tune in to learn all about RIMS legislative priorities in 2022 and other initiatives coming up at the RIMS Legislative Summit 2022!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode.
[:41] Upcoming RIMS webinars, workshops, events, and more!
[2:17] More about today’s episode with Lynn Haley Pilarski.
[2:50] Justin welcomes Lynn Haley Pilarski back to RIMScast!
[4:02] What the RIMS Legislative Summit is.
[5:28] Why RIMS Legislative Summit 2022 stands out this year.
[6:51] About RIMS Legislative Summit’s working agenda.
[12:00] The value of attending the RIMS Legislative Summit.
[15:10] RIMS plug time! All about upcoming events, webinars, and more!
[17:15] Lynn highlights some of the high-level points about the National Flood Insurance Program (NFIP) that RIMS is working on and explains what the best possible outcomes would be.
[20:16] Lynn shares high-level points about the Pandemic Risk Insurance Act (PRIA) and what RIMS is trying to accomplish regarding it.
[23:22] Lynn explains what the ADPPA is and why it is one of RIMS’ legislative priorities in 2022.
[26:19] Why the Three Corners Bill should actually be called the Four Corners Bill.
[27:30] Lynn’s parting words of encouragement to join the RIMS Legislative Summit!
[28:38] Justin thanks Lynn for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Legislative Summit 2022 — Sept. 20‒22nd in Washington, D.C.
RIMS Advocacy
RISKPAC
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
RIMS Events App Apple | Google Play
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
Virtual Workshops:
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
“Supply Chain Risk Management for Product Manufacturers: Production Risk Management in the Post-COVID Environment” | Presented by the RIMS International Council | Sept. 7, 2022
“Coverage Conversation: Economic Outlook and the P/C Marketplace” | Sponsored by Gallagher CORE 360 Insights | Sept. 8, 2022
“Reduce Your Risk of Electrical Fires” | Sponsored by TÜV SÜD Global Risk Consultants | Sept. 15, 2022
Inflation in Sight – Asia: Impact on People, Pay and Risk | Presented by WTW and RIMS | Sept. 22, 2022
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Related RIMScast Episodes:
“Keeping Up With RISKPAC in 2022 with Greg McKenna”
“RIMS General Counsel Mark Prysock on the RIMS Legislative Summit 2022”
“Risk and Compliance Tips for Importers and Exporters in 2022”
“RIMS Advocacy Update 2022 with Lynn Haley Pilarski”
“Introducing RIMS CEO Gary LaBranche”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Lynn Haley Pilarski’s LinkedIn
Tweetables (For Social Media Use):
“The [RIMS] Legislative Summit is probably the best personal and professional experience that you can have as a risk manager.” — Lynn Haley Pilarski
“[At the RIMS Legislative Summit] you are going to learn all of the issues that are important to RIMS and that we’re going to be lobbying on, … each of the legislations … that we are focusing on, and … how to talk about these issues. ” — Lynn Haley Pilarski
“I encourage everyone to attend [the RIMS Legislative Summit] because — I’m telling you — there’s no better feeling than after that day [feeling more confident].” — Lynn Haley Pilarski
“I really encourage everyone to join us [at the RIMS Legislative Summit]. It’s two days … but it is so rewarding. I promise, … you will not be disappointed with the opportunities … you are going to be given as a RIMS member to lobby in Washington, D.C.” — Lynn Haley Pilarski
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Here to discuss the high-profile legislative issues that the RISKPAC is examining in 2022 is Trustee Greg McKenna!
As a Trustee of the only national political action committee representing risk managers nationwide before Congress, Greg takes listeners through what the RIMS Political Action Committee (RISKPAC) is all about, the big issues that RISKPAC is looking at (ahead of the RIMS Legislative Summit on Sept. 20th, 2022), and how RISKPAC is separate from — but works in conjunction with — the RIMS External Affairs Committee.
If you plan on attending the RIMS Legislative Summit in 2022 or want to learn more about what the RISKPAC Committee is all about, be sure to tune in!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode.
[:38] Upcoming RIMS webinars, workshops, events, and more!
[1:51] More about today’s episode.
[2:35] Justin welcomes Greg McKenna to RIMScast!
[3:00] Greg shares about his role at Gallagher Bassett.
[4:00] Greg’s involvement with RISKPAC and what RISKPAC is all about.
[6:00] The common thread of the RISKPAC Committee’s passion and dedication.
[8:03] High-profile issues and legislative priorities for RISKPAC in 2022 and how they align with the RIMS External Affairs Committee.
[12:00] RIMS plug time! Everything you need to know about upcoming events, webinars, and more!
[14:13] Greg explains the Three Corners federal privacy bill and why it is of particular interest to the risk management community.
[20:30] Greg highlights other initiatives that are coming up for the Legislative Summit that RIMScast listeners should know about and his general advice to listeners who plan on attending!
[24:30] Greg shares one of his favorite experiences that he has had on the Hill with RIMS.
[26:18] Justin thanks Greg McKenna for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Legislative Summit 2022 — Sept. 20‒20th in Washington, D.C.
RISKPAC
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Advocacy
In-Person Events:
RIMS Events App Apple | Google Play
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
Virtual Workshops:
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
Supply Chain Risk Management for Product Manufacturers: Production Risk Management in the Post-COVID Environment | Presented by the RIMS International Council | Sept. 7, 2022
Coverage Conversation: Economic Outlook and the P/C Marketplace | Sponsored by Gallagher CORE 360 Insights | Sept. 8, 2022
Reduce Your Risk of Electrical Fires | Sponsored by TÜV SÜD Global Risk Consultants | Sept. 15, 2022
Sponsored RIMScast Episodes:
“Aon’s 2022 Atlantic Hurricane Season Overview” (NEW)
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA LA
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Related RIMScast Episodes:
“RIMS General Counsel Mark Prysock on the RIMS Legislative Summit 2022”
“Risk and Compliance Tips for Importers and Exporters in 2022”
“RIMS Advocacy Update 2022 with Lynn Haley Pilarski”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Greg McKenna’s LinkedIn
Tweetables (For Social Media Use):
“You’ve got a broad spectrum of people across the entire value chain of risk and insurance [in RISKPAC] and there is a place for everybody. These committees are a great way to involve yourself with people like [yourself].” — Greg McKenna
“This Three Corners bill is of interest … to the risk management community [because] it falls to a family of bills that would be about setting a national standard that would help to alleviate individual state action on an important topic, … data privacy.” — Greg McKenna
“[The RIMS Legislative Summit is] an absolutely fantastic way to interact with your colleagues [and] network among folks who are taking interest in these federal issues.” — Greg McKenna
“[The Risk Legislative Summit is] a good way to show your commitment [and] to crystalize the RIMS position on these issues. … People come from all over the industry … but when you get there, you’re representing the interests of risk management … with one voice.” — Greg McKenna
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode of RIMScast, listeners are getting some exciting updates from the RIMS Canada Council and the Spencer Educational Foundation. You’re going to hear from two fantastic guests to learn more about what both groups have coming up in September 2022!
Today’s first guest is Jacqueline Toering, the Vice Chair of the RIMS Canada Council and the national conference committee co-chair. She’s going to share everything that you need to know about the upcoming RIMS 2022 Canada Conference and how you can prepare for this exciting event in Halifax from Sept. 11th‒14th!
Today’s second guest, Duncan Ellis, joins as a Spencer Board member to tell listeners all about the Spencer Educational Foundation’s Annual Gala coming up on Sept. 22, 2022, in New York City!
Now is your chance to join in on some fantastic in-person events hosted by RIMS! Don’t miss out on today’s conversation to learn more about how you can get involved and be in attendance!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode.
[:38] Upcoming RIMS webinars, workshops, events, and more!
[2:07] More about today’s first guest.
[2:50] Justin welcomes Jacqueline Toering to RIMScast!
[3:34] Where to learn more about RIMS Canada 2022.
[4:08] All about the stellar educational content that will be offered at the RIMS Canada Conference and where to view the full list.
[4:57] Features that make RIMS Canada Conference unique.
[5:22] Food and entertainment at RIMS Canada 2022.
[5:57] What to expect for the opening reception at this year’s RIMS Canada Conference.
[6:33] Tips and advice for new attendees of RIMS Canada.
[7:41] About the keynote speakers for RIMS Canada 2022.
[8:27] About the panel that Jacqueline is looking most forward to.
[9:06] Where to learn more about upcoming RIMS events.
[9:29] About the Spencer Educational Foundation’s upcoming gala!
[10:28] About today’s second guest.
[10:39] Justin welcomes Duncan Ellis to RIMScast.
[10:46] Duncan shares about his background in risk management and his current roles at AIG and Marsh & McLennan.
[11:35] Duncan’s history with Spencer Educational Foundation.
[12:40] Spencer Educational Foundation’s mission and vision.
[14:28] How the Spencer Educational Foundation has made an impact on Duncan Ellis as an industry professional.
[15:38] Duncan shares his excitement for the upcoming Spencer Educational Foundation Annual Gala returning on Sept. 22nd, 2022!
[18:01] Why 2022 Gala Honoree, Neeti Bhalla Johnson, stood out amongst other nominees.
[20:00] How to get involved with Spencer Educational Foundation.
[22:06] Where to learn more about Spencer Educational Foundation.
[22:30] Justin thanks Jacqueline Toering and Duncan Ellis for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Legislative Summit 2022 — Sept. 20‒20th in Washington, D.C.
RIMS Events App Apple | Google Play
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
RIMS ERM Conference 2022 — November 10‒11, 2022 | Indianapolis, IN — Agenda Now Live!
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
Virtual Workshops:
ORIMS Presents: Beyond The Spreadsheet: A Virtual Tech Day to Understand RMIS Solutions and Enhance Risk Management | Aug. 24, 2022 — Open Only to Professionals Based in Canada
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
Breaking the Barrier — Supply Chain Disruption in 2022 & Beyond | Sponsored by J.B. Boda Group | Aug 25, 2022
Supply Chain Risk Management for Product Manufacturers: Production Risk Management in the Post-COVID Environment | Presented by the RIMS International Council | Sept. 7, 2022
Sponsored RIMScast Episodes:
“ESG Through the Risk Lens” | Sponsored by Riskonnect (NEW)
“A Look at the Cyber Insurance Market” | Sponsored by AXA LA
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“RIMS Canada 2022 Keynote & Comedienne Kate Davis”
“A Fond Farewell to Mary Roth”
“Funding the Future with Former RIMS CEO Mary Roth” (2021)
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Jacqueline Toering’s LinkedIn
Duncan Ellis’s LinkedIn
Tweetables (For Social Media Use):
“There’s nothing like a live experience. You are going to love getting out there and connecting with all the folks you haven’t seen for a whole bunch of years [at the RIMS Canada Conference] and collectively sharing all of the knowledge you’ve learned over the last few years. Not the same on virtual.” — Jacqueline Toering
“The Spencer Educational Foundation was founded in 1979, so it’s been around a long time. … To this day, it really remains the premiere organization funding the education of tomorrow’s risk management and insurance leaders.” — Duncan Ellis
“This gala … is really the signature event fundraising event of the Spencer Educational Foundation. … It’s an opportunity for people to get together in the industry [and] it’s a great networking event for people who are already in the industry.” — Duncan Ellis
“It’s just so exciting to see people who are in the beginning of their careers and how we’ve been able to help them fund their futures [through the Spencer Educational Foundation’s Annual Gala].” — Duncan Ellis
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s podcast episode is one that will surely go down in RIMScast history! New RIMS CEO, Gary LaBranche, is taking the stage and making his debut.
Succeeding the previous longstanding RIMS CEO, Mary Roth, Gary knows he has big shoes to fill and is up for the challenge! In this conversation, Gary speaks about his experiences attending various RIMS events and getting more well-versed in risk management, the strategic changes that he has in mind for RIMS in the short-term and long-term, and his insights around nonprofits and the challenges they face (in light of National Nonprofit Day soon approaching in the U.S. on August 17th, 2022.)
Be sure to tune in and don’t miss out on catching Gary LaBranche’s RIMScast debut!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RISKWORLD 2023.
[:37] About RIMScast.
[:48] About today’s episode with Gary LaBranche.
[:55] Upcoming RIMS webinars, workshops, events, and more!
[2:40] More about today’s episode.
[3:07] Justin welcomes Gary LaBranche to RIMScast!
[3:23] About the previous podcasts that Gary has hosted.
[5:15] Gary shares his recent experience of attending the 46th annual RIMS Florida Educational Conference as the new RIMS CEO.
[9:43] Why Gary loves in-person meetings and thinks they’re especially valuable.
[11:02] Gary’s advice on how to decline or suggest another activity to a colleague who suggests going golfing.
[12:41] National Nonprofit Day is coming up on August 17th. What is the value of being involved with a nonprofit?
[17:17] RIMS plug time! Everything you need to know about upcoming events, webinars, and more!
[19:54] Is it more difficult to manage and operate a nonprofit in today’s political climate?
[22:19] How Gary has adapted during this remote era of working to introduce himself as the new CEO and get to know the RIMS members and teams.
[25:33] Strategic changes that Gary has in mind for RIMS in the near term and the long term.
[29:12] Get to know Gary! Here are five things to know about Gary.
[35:51] About various upcoming RIMS events and conferences!
[37:52] Justin thanks Gary LaBranche for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
“RIMS Announces Gary LaBranche as New CEO”
Democracy in America, by Alexis de Tocqueville
RIMS Events, Education, and Services:
RIMS Legislative Summit 2022 — Sept. 20‒20th in Washington, D.C.
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Riskworld 2023 — Session Submission — Deadline Aug 19, 2022
RIMS Advocacy
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
Virtual Workshops:
ORIMS Presents: Beyond The Spreadsheet: A Virtual Tech Day to Understand RMIS Solutions and Enhance Risk Management | Aug. 24, 2022 — Open Only to Professionals Based in Canada
See the full calendar of RIMS Virtual Workshops
Upcoming RIMS Webinars:
How To Drive Business Value with GRC | Sponsored by Resolver | Aug. 18, 2022
Breaking the Barrier — Supply Chain Disruption in 2022 & Beyond | Sponsored by J.B. Boda Group | Aug 25, 2022
Supply Chain Risk Management for Product Manufacturers: Production Risk Management in the Post-COVID Environment | Presented by the RIMS International Council | Sept. 7, 2022
Sponsored RIMScast Episodes:
“ESG Through the Risk Lens” | Sponsored by Riskonnect (NEW)
“A Look at the Cyber Insurance Market” | Sponsored by AXA LA
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“Producing a “Western” with LA RIMS Chapter President Scott Ritto”
“RIMS Canada 2022 Keynote & Comedienne Kate Davis”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’ Rourke”
“RIMS DE&I in June: Pride, Juneteenth, and National Indigenous History Month”
“A Fond Farewell to Mary Roth”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Gary LaBranche’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This episode of RIMScast is a two-for-one special! In the first half of the show, Justin is joined by Mark Prysock; RIMS General Counsel and Chief Legal Officer to discuss the fast-approaching RIMS Legislative Summit that will be held on Sept. 20th‒22nd 2022 in Washington, D.C. This exclusive in-person, members-only event will provide you with the unique opportunity to speak directly with members of Congress and their staff about issues impacting the risk management profession.
In the second half of the episode, Justin is joined by Deanna Clark, the founder of the Clark-Esposito Law Firm and the President Emeritus of the Organization of Women in International Trade in New York. Together, they delve deep into the topics of supply chains, import and export risks, and what risk professionals need to know about compliance, trade, and supply chain in 2022 and beyond.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RISKWORLD 2023.
[:37] About RIMScast.
[:49] About today’s episode with Scott Ritto.
[1:00] Upcoming RIMS webinars, workshops, events, and more!
[2:17] More about today’s episode.
[3:00] Justin welcomes Mark Prysock to RIMScast!
[3:30] When and where the RIMS Legislative Summit 2022 will be held.
[3:52] The overall agenda of the RIMS Legislative Summit.
[4:24] What the first day of the event will look like.
[5:38] What the second day of the event will hold.
[6:57] What is the dynamic like up on the Hill? How are the groups organized for discussion?
[7:59] What issues will be the focus of discussion on the Hill? What are RIMS’s top priorities to discuss?
[9:00] Mark shares his excitement for the event being in-person this year and why he believes it will be especially valuable.
[10:07] Where to register and learn more about RIMS Legislative Summit 2022!
[10:30] Mark shares why you should attend the RIMS Legislative Summit.
[11:14] Justin thanks Mark for joining the podcast.
[11:30] RIMS plug time! Everything you need to know about upcoming events, webinars, and more!
[13:08] About this episode’s next guest, Deanna Clark!
[13:54] Justin welcomes Deanna to RIMScast!
[14:08] Deanna shares about her law firm and where her specialties lie.
[16:28] Why should companies in the movement of freight take risk management seriously — especially in 2022?
[20:34] Deanna shares her top three areas of risk when it comes to importing/exporting, starting with #1.
[23:03] #2 top area of risk when it comes to importing/exporting.
[25:05] #3 top area of risk when it comes to importing/exporting.
[27:44] What risk professionals should do if they are under investigation by the Office of Foreign Assets Control (OFAC).
[31:49] Deanna’s advice on how risk professionals can think strategically when involved with importing and exporting.
[35:28] Justin thanks both guests for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Legislative Summit 2022 — Sept. 20–20th in Washington, D.C.
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Riskworld 2023 — Session Submission — Deadline Aug 19, 2022
RIMS Advocacy
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
Virtual Workshops:
“Fundamentals of Risk Management” — Aug 10‒11
Upcoming RIMS Webinars:
RIMS-CRMP Exam Updates in 2022 | Aug. 9, 2022
Assessing Risk at the Source: Automation to Gain Efficiencies and Business Engagement | Sponsored by OneTrust | Aug. 11, 2022
How To Drive Business Value with GRC | Sponsored by Resolver | Aug. 18, 2022
Supply Chain Risk Management for Product Manufacturers: Production Risk Management in the Post-Covid Environment | Presented by the RIMS International Council | Sept. 7, 2022
Sponsored RIMScast Episodes:
“ESG Through the Risk Lends” | Sponsored by Riskonnect (NEW)
“A Look at the Cyber Insurance Market” | Sponsored by AXA LA
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“Responsible Raw Materials, Mining, and ESG with Sarah Gordon of Satarla”
“Navigating Shipping Risks in 2022 with Capt. Rahul Khanna”
“RIMS Advocacy Update 2022 with Lynn Haley Pilarski”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Mark Prysock’s LinkedIn
Deanna Clark’s Profile
Clark-Esposito Law Firm, P.C.
Tweetables (For Social Media Use):
“Another [key issue] is the reauthorization of the Flood Insurance Program that is scheduled to expire Sept. 30th. So the timing for [the RIMS Legislative Summit] is great. We will be … talking to [Congress] members … a week before they need to reauthorize it.” — Mark Prysock
“Meeting face-to-face with staffers and maybe with members of Congress themselves … you just can’t replicate virtually. So, yes, I am very happy that we are back with a fully in-person event this year.” — Mark Prysock
“I really encourage everyone to consider going to [the RIMS Legislative Summit]. …The congressional staff members … want to hear from their constituents – and that’s all of you.” — Mark Prysock
“We should give a hoot about compliance … because of the … penalties. I have found that companies are generally not that concerned about compliance, … until the business has grown to a point where [they say], ‘We should really start paying attention … now.’” — Deanna Clark
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s episode of RIMScast is covering a lot of ground! From the biggest challenges facing the commercial real estate market to ESG and DEI to the RIMS Western Regional Conference 2022 and more!
Joining Justin to discuss these topics is Scott Ritto, LA RIMS Chapter President. Scott shares how the knowledge and skills he has acquired from the RIMS CRMP Certification play into his daily responsibilities, various lessons and insights from his career in risk management, and what to look forward to at the upcoming RIMS Western Regional Conference! Be sure to tune in!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RISKWORLD 2023.
[:38] About RIMScast.
[:50] About today’s episode with Scott Ritto.
[:58] Upcoming RIMS webinars, workshops, and events!
[3:10] More about today’s episode.
[3:50] Justin welcomes Scott Ritto to RIMScast!
[4:12] Scott tells about his risk career and his time with RIMS.
[6:05] Is the LA Chapter one of the bigger chapters of RIMS?
[7:00] How long has Scott been in the industry of commercial real estate and risk management?
[7:16] Through the risk lens, what are some of the biggest challenges in the commercial real estate sector?
[12:11] What was the last big earthquake that Scott experienced in the commercial real estate world, from a risk management perspective?
[14:09] How does Scott help drive ESG and DEI initiatives in commercial real estate?
[20:29] Is sustainability a big topic of discussion at the LA RIMS Chapter?
[24:14] RIMS plug time! Everything you need to know about upcoming events, webinars, and more!
[25:40] As a RIMS CRMP holder, how would Scott say that the knowledge and skills that he acquired from the certification aid him during his daily responsibilities?
[28:28] Scott shares about the RIMS Western Regional Conference 2022 and speaks about what he is looking forward to!
[31:30] Where to learn more about the RIMS Western Regional Conference.
[32:19] Scott’s recommendations for those attending the RIMS Western Regional Conference for the first time.
[34:29] Justin thanks Scott Ritto for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Riskworld 2023 — Session Submission — Deadline Aug 19, 2022
LARIMS — LARIMS.org
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
Virtual Workshops:
“RIMS-CRMP Exam Prep Virtual Workshop” co-hosted by St. John’s University — Aug 3‒4
“Fundamentals of Risk Management” — Aug 10‒11
Upcoming RIMS Webinars:
RIMS-CRMP Exam Updates in 2022 | Aug. 9, 2022
Assessing Risk at the Source: Automation to Gain Efficiencies and Business Engagement | Sponsored by OneTrust | Aug. 11, 2022
How To Drive Business Value with GRC | Sponsored by Resolver | Aug. 18, 2022
Sponsored RIMScast Episodes:
“ESG Through the Risk Lends” | Sponsored by Riskonnect (NEW)
“A Look at the Cyber Insurance Market” | Sponsored by AXA LA (NEW)
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’ Rourke”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
“A Fond Farewell to Mary Roth”
“RIMS 2022 Goodell Award Winner Lance Ewing”
“RIMS 2022 President Patrick Sterling: Insight into 2022 Risks and Looking Beyond the Pandemic”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Scott Ritto’s LinkedIn
Tweetables (For Social Media Use):
“I think trying to be that leader and example for others … is something that’s very important. And that culture [of DEI] that we have within the organization [has] really driven focus and people really appreciate that aspect of things.” — Scott Ritto
“I learn something new every day and that’s what keeps me very interested and passionate about risk management.” — Scott Ritto
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
With health risks continuing to impact travel risk management, risk professionals need to know how to protect their organizations and employees when it comes to traveling and in-person activities.
Joining RIMScast today is friend-of-the-podcast, Dr. Adrian Hyzler of Chief Medical Officer of HX Global. He shares his travel risk management tips, developments regarding the BA.4 and BA.5 Omicron variants of COVID-19, his insights on whether or not we should be concerned about monkeypox, and what we can all do to stay safe while we travel.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RISKWORLD 2023.
[:38] About RIMScast.
[:50] About today’s episode with Dr. Adrian Hyzler.
[:59] Upcoming RIMS webinars, workshops, and events!
[3:13] More about today’s episode.
[3:52] Justin welcomes Dr. Adrian Hyzler back to RIMScast!
[4:31] How do the BA.4 and BA.5 Omicron variants of COVID-19 stand out? What should the public and risk professionals know about these variants?
[9:00] Are the new variants and sub-variants one step ahead of the existing vaccines?
[10:22] Dr. Hyzler shares some of the best ways in which he’s seen travel/tourism industries adapting to COVID-19 variants and surges.
[13:51] Ontario expanded access to the fourth COVID-19 vaccine doses to all adults. How beneficial does Dr. Hylzer think that this fourth dose might be?
[17:51] Justin is joined by Scott Ritto to discuss the RIMS Western Regional Conference.
[21:01] Dr. Hyzler shares his predictions on what he thinks we’ll see and learn, looking back on COVID-19.
[23:13] How concerned should we be about monkeypox? How is it transmitted?
[28:11] Aside from monkeypox and COVID-19, Dr. Hyzler shares what should be on our risk radars when it comes to travel and health.
[29:44] Justin thanks Dr. Adrian Hyzler for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Buyers Guide
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
RIMS Riskworld 2023 — Session Submission — Deadline Aug 19, 2022
Contribute to RIMS Risk Management magazine
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
The 2022 Florida RIMS Educational Conference | Naples, FL | July 26‒July 30
Create a Contract that Effectively Transfers Risk | Naples, FL | July 30‒31 (Save $200 at checkout with code LEARNFL22 if you are also attending the Florida Educational Conference!)
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
Virtual Workshops:
“RIMS-CRMP Exam Prep Virtual Workshop” co-hosted by St. John’s University — Aug 3‒4
“Fundamentals of Risk Management” — Aug 10‒11
Sponsored RIMScast Episodes:
“ESG Through the Risk Lends” | Sponsored by Riskonnect (NEW)
“A Look at the Cyber Insurance Market” | Sponsored by AXA LA (NEW)
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“COVID, Public Health and Travel Safety with Dr. Adrian Hyzler” (March 2022)
“Travel Risk Management with Dr. Adrian Hyzler” — Nov. 22nd, 2021
“An Update on COVID-19 with Dr. Adrian Hyzler” – July 2021
COVID-19 Update with Dr. Adrian Hyzler of HX Global” – January 2021
“Safe Holiday Travel Tips with IIHS President David Harkey” — 2020
“An Update on COVID-19 with Dr. Adrian Hyzler Part 2” — Jun. 30th, 2020
“COVID-19 Update with Dr. Adrian Hyzler of HX Global” — Apr. 28th, 2020
“What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler” — Feb. 18th, 2020
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Dr. Adrian Hyzler’s LinkedIn
Scott Ritto’s LinkedIn
Tweetables (For Social Media Use):
“[COVID-19] is not going to go away. … It’ll probably be here for decades. But, our ability to deal with it is what certainly has changed over the last year and a half with all of the advances in vaccines and treatments … testing, and health measures.” — Dr. Adrian Hyzler
“There are a lot of advancements now in mask design and manufacturing. I think we’re going to see a whole slew of new style masks, cheaper masks, and masks that are more comfortable to wear.” — Dr. Adrian Hyzler
“In over-50-year-olds I can certainly see the benefit [of having a fourth vaccine].” — Dr. Adrian Hyzler
“I think, as always with travel, it’s really important that you make sure that you’re fully vaccinated … and have a look carefully at the websites to make sure that you’ve got your vaccines for that particular country.” — Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The government of India is demonstrating that it takes internet safety and cyber security very seriously. On April 28, 2022, the Ministry of Electronics and Information Technology (MeitY) issued directions to be followed in case of a cyberattack or cyber event.
Here to discuss these new directives and how they impact global risk professionals is Jyoti Krishnan, the Vice President of Liability Claims at Prudent Insurance Brokers Pvt. Ltd! Jyoti has her finger on the pulse of cyber claims and is uniquely qualified to fill listeners in on what they need to know if they operate a business in India or do business there and are a victim of a cyberattack.
Tune in to find out what you need to know as a risk professional about the new government-issued cyber security directives in India!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode with Jyoti Krishnan.
[:36] Upcoming RIMS webinars, workshops, and events!
[2:25] More about today’s episode.
[3:12] Justin welcomes Jyoti Krishnan to RIMScast!
[3:30] Is Cert-In similar to the Cybersecurity and Infrastructure Security Agency in the U.S.?
[4:10] Joyti explains how CERT-In is a part of MeitY.
[4:59] Why Joyti, as VP of Liability Claims at Prudent Insurance Brokers, has been closely following MeitY’s new directives.
[5:29] High-level directions from MeitY that businesses need to follow and that risk professionals in India should know.
[7:32] The guidelines state that you need to report a cyberattack within six hours of discovery. Why are these six hours so critical?
[9:03] Do the MeitY guidelines apply to businesses that are headquartered in India? Or do they apply to anyone who does business in India?
[10:52] RIMS plug time! Everything you need to know about upcoming events, webinars, and more!
[13:31] Are there certain centers in India that are equipped to handle cyber attacks?
[15:48] Has Jyoti worked directly with CERT-In?
[16:16] From Joyti’s experiences, how strong is the communication between CERT-In and business leaders when it comes to cyber reporting?
[18:56] Jotyi’s parting words of wisdom to the RIMScast audience.
[20:30] Justin thanks Jyoti Krishnan for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax! Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Buyers Guide
CERT-In Directions (June 27, 2022)
MeitY and CERT-In FAQ
Prudent Cyber Guidelines — Based on MeitY Directions (2022)
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
The 2022 Florida RIMS Educational Conference | Naples, FL | July 26‒July 30
Create a Contract that Effectively Transfers Risk | Naples, FL | July 30‒31 (Save $200 at checkout with code LEARNFL22 if you are also attending the Florida Educational Conference!)
RIMS Western Regional — Oct. 3‒5, 2022 — Long Beach, CA
RIMS South Asia Risk Forum — Dec. 2‒3, 2022 in Mumbai, India
Virtual Workshops:
“RIMS-CRMP Exam Prep Virtual Workshop” co-hosted by St. John’s University — Aug 3‒4
“Fundamentals of Risk Management” — Aug 10‒11
Sponsored RIMScast Episodes:
“A Look at the Cyber Insurance Market” | Sponsored by AXA LA (NEW)
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’ Rourke”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
“Ransomware Risks and “Responding Gracefully” with Masha Sedova”
“Managing and Measuring Resilience in India with Ashish Parakh of Marsh”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Jyoti Krishnan’s LinkedIn
Tweetables (For Social Media Use):
“MeitY … came out with these directions in April of this year. … What these guidelines intend to do is create a framework of mandatory actions that any organization operating in our country, India, needs to take care of in the event of a cyberattack.” — Jyoti Krishnan
“There was a clarification given by MeitY, along with Cert-In, that even those organizations who may not have a physical presence in India may need to comply with these guidelines as long as they’re offering services to Indian users.” — Jyoti Krishnan
“Traditionally, … when we think of risk we think of physical risk. … If you’re not physically operating in a particular country, we are … OK with not complying with local laws which apply to organizations in that country. [These MeitY directives] change that.” — Jyoti Krishnan
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
With it being July 2022, it is the perfect time for RIMScast to be catching up with RIMS Publication Director and third-time returning guest, Morgan O’Rourke! In this episode, Morgan gives his 2022 midyear update on the current news and trends of the risk profession. He also shares his philosophy on managing his employees as a team leader, his thoughts on how prominent ESG should be in the collective mindset of risk professionals today, and how he believes ransomware and cyber hygiene will shape the future of the risk profession.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:26] About today’s episode with Morgan O’Rourke.
[:36] Upcoming RIMS webinars and workshops.
[1:56] More about today’s episode.
[2:21] Justin welcomes Morgan O’Rourke back to the podcast!
[3:17] Morgan highlights some of the biggest topics that are currently impacting the risk profession.
[4:09] How jackware, ransomware, and cyber hygiene are impacting the risk profession and Morgan’s thoughts on how it will shape the future of the profession, going forward.
[7:38] How has inflation impacted the risk profession? And how does it bleed into employee retention?
[10:50] RIMS plug time! Everything you need to know about upcoming events, webinars, and more!
[13:30] As a team leader, how does Morgan celebrate his team’s small victories?
[17:39] How prominent does Morgan believe that ESG should be in the collective mindset of risk professionals today?
[21:22] Why you should check out the RIMS App!
[22:53] What topics and subtopics is Morgan hoping to cover in the Sept./Oct. edition of Risk Management Magazine?
[26:49] Justin thanks Morgan O’Rourke for joining the podcast and shares some of the links to check in today’s show notes — including how to submit your topic or contribute an article for Risk Management Magazine!
Mentioned in this Episode:
Risk Management Magazine: “4 Strategies to More Successfully Manage Remote Teams”
RIMS Events, Education, and Services:
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
The 2022 Florida RIMS Educational Conference | Naples, FL | July 26‒July 30
Create a Contract that Effectively Transfers Risk | Naples, FL | July 30‒31 (Save $200 at checkout with code LEARNFL22 if you are also attending the Florida Educational Conference!)
Virtual Workshops:
“RIMS-CRMP Exam Prep Virtual Workshop” co-hosted by St. John’s University — Aug 3‒4
“Fundamentals of Risk Management” — Aug 10‒11
Sponsored RIMScast Episodes:
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD (NEW)
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“2021 in Review with RIMS Publication Director Morgan O’Rourke”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Morgan O’Rourke’s LinkedIn
Tweetables (For Social Media Use):
“Inflation is a huge factor now and it’s going to probably impact a lot of stuff through the back half of the year as [the pandemic] continues to go on.” — Morgan O’Rourke
“A lot of headline news continues to impact a lot of companies and risk managers need to — and are — addressing them, I’m sure.” — Morgan O’Rourke
“Cyber security has been the #1 risk for years and years. … And ransomware has become, I would imagine, the #1 method of attack … that hits most companies. … Where risk management comes in, to me, is [in the] education and training of staff and personnel.” — Morgan O’Rourke
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today on RIMScast, Justin is joined by speaker, writer, comedian, actress, and mother of three, Kate Davis! Kate is a twelve-time nominee at the Canadian Comedy Awards and star of her own hour-long comedy special on CTV and the Comedy Network. She also has her own podcast, “So now you are dying, what are you doing to live?” Kate will also be the keynote at RIMS Canada Conference 2022 in Halifax from Sept. 11th‒14th!
In this episode, Kate shares a preview of her upcoming appearance at RIMS Canada, her philosophies on both life and humor, stories from her life as a comedian, and shares which ERM framework she prefers.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:26] About today’s episode with comedian, Kate Davis!
[:36] Upcoming RIMS webinars and workshops.
[1:38] About the upcoming RIMS Canada Conference in Halifax.
[2:01] More about today’s episode with comedian, Kate Davis!
[2:36] Justin welcomes Kate to the podcast!
[2:50] Kate shares the first thing many people say to her when they find out she’s a comedian.
[4:05] Shares her excitement for attending the RIMS Canada Conference in Halifax.
[4:31] What Kate will be speaking about for her keynote.
[5:52] Has Kate been doing live in-person addresses and sets in the last year?
[6:33] Kate shares how it felt to return to a live setting after being online for the last several years.
[8:27] What business professionals and risk professionals can take away from comedy.
[9:46] Is there a visual element to Kate’s addresses?
[11:03] RIMS plug time! Everything you need to know about upcoming events, webinars, and more!
[13:47] Does Kate find that the Canadian convention-goers are more relaxed than their American counterparts?
[15:31] About Kate’s podcast, “So now you are dying, what are you doing to live?”
[20:40] Kate shares some parting words of hope and wisdom.
[21:09] Does Kate prefer the COSO framework or ISO framework?
[21:44] Justin thanks Kate Davis once again for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
The 2022 Florida RIMS Educational Conference | Naples, FL | July 26‒July 30
Create a Contract that Effectively Transfers Risk | Naples, FL | July 30‒31 (Save $200 at checkout with code LEARNFL22 if you are also attending the Florida Educational Conference!)
Virtual Workshops:
“Captives as an Alternate Risk Financing Technique” — July 13‒14
“RIMS-CRMP Exam Prep Virtual Workshop,” co-hosted by St. John’s University — Aug 3-4
“Fundamentals of Risk Management” — Aug 10‒11
Sponsored RIMScast Episodes:
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD (NEW)
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“What the Future Holds with RISKWORLD Keynote Peter Leyden”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“City-Wide Risk Success with Betty Clarke, ORIMS Donald M. Stuart Award Winner” (2020)
“Live On-Site at the RIMS Canada Conference 2019!”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Kate Davis’s Website
Kate’s Podcast: “So now you are dying, what are you doing to live?”
Tweetables (For Social Media Use):
“Laughter is one of the easiest and most authentic ways to be mindful. It’s impossible to laugh and not be in the moment.” — Kate Davis
“Humor connects us. It can connect us to each other, it can connect us to ourselves, [and] it can connect us to our purpose.” — Kate Davis
“If we can lighten up we can live a more soul-driven life.” — Kate Davis
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The RIMS mission is to educate, engage, and advocate for the global risk community. In alignment with said mission, the annual Florida RIMS Educational Conference is coming back once again! With an incredible agenda and many familiar faces in attendance, this 2022 conference, held July 26th‒30th in Naples, Florida, is jampacked with fantastic sessions, fun after-hours events, and great accommodations.
Joining Justin today to share more about the upcoming conference, is long-time conference chair and Audio/Visual Coordinator, Jason Lynch! Jason shares about the focused events that attendees can look forward to, the special guest speakers that will be in attendance, and more!
In the second half of the podcast, Justin is joined by Dan Healy, a partner at the Anderson Kill law firm in the D.C. office. Dan is currently the co-chair of Anderson Kill’s Cyber Insurance Recovery Group, as well as a member of the firm’s Blockchain & Virtual Currency and Regulated Products groups. He has also co-authored many articles for RIMS Risk Management Magazine and is leading several sessions at the RIMS Florida Educational Conference!
In their conversation, Dan and Justin take a deep dive into Jackware; how it is different from ransomware, why it is an emerging risk that we all need to be aware of, where it emerged from, and how it works. Be sure to tune in to learn everything you need to know about this new, emerging cyber risk!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:26] About today’s episode with special guests, Jason Lynch and Dan Healy.
[:40] RIMscast sends their deepest sympathies to the friends and family of Jack Hampton.
[1:09] Upcoming RIMS webinars and workshops.
[1:38] About the upcoming RIMS Canada Conference in Halifax.
[2:01] Justin welcomes Jason Lynch to RIMScast to share about the 2022 RIMS Florida Educational Conference.
[2:36] How long Jason has been attending the RIMS Florida Conference?
[3:12] Is the RIMS Florida Conference members-only or open to anybody?
[3:53] A key highlight for the upcoming event: Florida’s Insurance Commissioner, David Altmaier, will be keynoting on July 27th.
[4:43] Is Jason overseeing the education sessions on the agenda?
[5:37] The benefit of “focused” events, especially with the backdrop of COVID-19.
[6:39] RIMS new CEO, Gary LaBranche will be making one of his first public appearances at the RIMS Florida Conference.
[7:34] Exciting after-hours events that coincide with the RIMS Florida Conference!
[9:35] Where to register for the conference and learn more about it online.
[10:17] Justin thanks Jason for joining the podcast and shares the save-the-date for the 2023 RIMS Florida Educational Conference.
[10:35] RIMS plug time! All about upcoming RIMS events, conferences, virtual workshops, and more!
[13:12] About today’s conversation with Dan Healy.
[14:05] Justin welcomes Dan Healy to RIMScast!
[14:33] What you need to know about Jackware; understanding the basics.
[16:09] As a sub-set of ransomware, should we be paying more attention to it over other areas of cybersecurity?
[17:23] Why Jackware is an emerging risk that we all need to be aware of.
[18:18] Where the hackers are coming from and the origin of Jackware.
[20:08] Why might Jackware attacks implicate a wider range of insurance policies than ransomware attacks?
[23:35] More information about the risks of Jackware and how it works.
[24:50] About Dan’s live, in-person workshops on the 30th and the 31st at the 2022 RIMS Florida Conference.
[27:11] Justin thanks Dan for joining RIMScast and Dan shares some final parting words of advice for risk professionals.
[27:51] Justin thanks Dan Healy once again for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
Florida.RIMS.org
RIMS Events, Education, and Services:
Risk Management Magazine Article, co-authored by today’s guest, Dan Healy of Anderson Kill: “Insurance Coverage For Jackware Attacks”
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax!
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS ERM Conference 2022: Call For Session Proposals — Due June 22!
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Dan Kugler Risk Manager on Campus Grant
RIMS Announces Gary LaBranche as New CEO
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
The 2022 Florida RIMS Educational Conference | Naples, FL | July 26‒July 30
Create a Contract that Effectively Transfers Risk | Naples, FL | July 30‒31 (Save $200 at checkout with code LEARNFL22 if you are also attending the Florida Educational Conference!)
Virtual Workshops:
“Managing Worker Compensation, Employer’s Liability and Employment Practices in the U.S.” — June 22‒23 | 10 a.m.‒5:30 p.m. EST
“Captives as an Alternate Risk Financing Technique” — July 13‒14
“Fundamentals of Risk Management” — Aug 10‒11
Webinars:
June 28, 2022 | “Your Greatest Asset: Smart Risk Management in the Age of Workforce Transformation” | Sponsored by Travelers
June 30, 2022 | “What Really Happens When You Negotiate with a Hacker?” | Sponsored by Gallagher Core Insights 360
Sponsored RIMScast Episodes:
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD (NEW)
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“Cloud Security Risks with Google’s Monica Shokrai”
“Roadway Risks: AI, Autonomous Vehicles, & Automated Driving”
“Ransomware Risks and “Responding Gracefully” with Masha Sedova”
“Cyber Breach Responses with Kate Fazzini, Flore Albo CEO”
“The World of Cybersecurity with NCSA’s Kelvin Coleman”
“Cybersecurity Frameworks with NIST Fellow, Ron Ross”
“Cyber Risk News & Trends with Tony Anscombe”
“Cyber Risk News & Trends with Tony Anscombe, Part 2”
“Cybersecurity in a COVID-19 World with Luke Wilson”
“Cybersecurity Tips for Small Businesses with Daniel Eliot”
“Cybersecurity with Christopher Loeber”
“The State of Cybersecurity and 5G Technology with Jason Ruger, Ruby Zefo, and Chris Novak”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Dan Healy’s LinkedIn
Tweetables (For Social Media Use):
“Once you go [to the RIMS Florida Educational Conference] once, you’re hooked for life. Anybody and everybody that I meet that comes for the first time … value that experience. … It’s something very special.” — Jason Lynch
“[Jackware is] almost a sub-category of ransomware. What Jackware focuses on is taking over a device or a piece of machinery … usually in the category of a smart device, smart car, or smart appliance … potentially hurting people or costing the owner a ton of money.” — Dan Healy
“The issue is that the prevalence of devices and equipment that can be attacked with Jackware is rising.” — Dan Healy
“We need to be ready because the past two years have seen ransomware — and now Jackware attacks — on the rise.” — Dan Healy
“Don’t forget to give notice and don’t take no for an answer.” — Dan Healy
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In celebration of Pride Month, Juneteenth, and National Indigenous History Month, Justin is joined by Denise Williamee, the Director and Vice President of Corporate Services at Steel City Re, and Tara Lessard-Webb, the Director of Corporate Governance at Intact. Both Denise and Tara are prominent members of the RIMS DE&I Council and are here to discuss why Indigenous People’s Heritage is so critical to them personally; how we, as a community, can better support the Indigenous population; and what organizations and associations can do to craft a successful DE&I campaign that can bring more awareness and support to underrepresented groups.
Awareness is the starting point. Tune in to learn more about what you can do to get more involved with these important dates, and better support and uplift as an ally.
Key Takeaways:
[:01] About the RIMS Membership.
[:16] About RIMScast.
[:27] About today’s episode with Denise Williamee and Tara Lessard-Webb.
[:50] Upcoming RIMS webinars and workshops.
[1:19] About the upcoming RIMS Canada Conference in Halifax.
[1:45] About the RIMS ERM Conference 2022.
[2:24] More about today’s episode!
[3:16] Justin welcomes Tara Lessard-Webb and Denise Williamee to RIMScast.
[3:33] About Denise’s role at Steel City Re and how she contributes to RIMS as a member of the RIMS DE&I Council.
[4:07] About Tara’s full-time role and how she contributes to RIMS alongside Denise.
[4:25] Tara shares about National Indigenous History Month and National Indigenous People's Day, why they are both so critical, and what we can do as a community to support our Indigenous population.
[7:20] Denise shares about her background and what inspired her to join the RIMS DE&I Council.
[8:18] How RIMS leaders and risk management professionals globally can support Indigenous communities.
[10:42] Denise’s thoughts on what we can do to make companies more sustainable and better support Indigenous communities.
[12:11] RIMS plug time! All about upcoming RIMS events, workshops, and more!
[14:54] Tara’s recommended summer solstice reading list in the spirit of Heritage Month.
[16:14] Tara shares her recommendations on how companies and associations can craft a successful DE&I campaign.
[20:20] Denise shares her advice on how to run a successful DE&I campaign and examples of what it might look like in practice.
[21:16] How do days like National Independence Day/Juneteenth, reverberate inside and outside the U.S.?
[22:54] How you can support as an ally during Juneteenth.
[24:21] About the resources in the links below.
[24:32] Tara highlights the importance of Pride Month.
[25:32] Denise shares her final thoughts on the importance of DE&I.
[26:25] Justin thanks Tara and Denise for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
Indigenous Services Canada
Indigenomics: Taking a Seat at the Economic Table, by Carol Anne Hilton
The Right to Be Cold: One Woman's Story of Protecting Her Culture, the Arctic and the Whole Planet, by Sheila Watt-Cloutier
RIMS Events, Education, and Services:
RIMS Diversity Equity & Inclusion Vision Statement
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax!
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS ERM Conference 2022: Call For Session Proposals — Due June 22!
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Dan Kugler Risk Manager on Campus Grant
RIMS Announces Gary LaBranche as New CEO
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
In-Person Events:
The 2022 Florida RIMS Educational Conference | Naples, FL | July 26‒July 30
Create a Contract that Effectively Transfers Risk | Naples, FL | July 30‒31
Virtual Workshops:
“Managing Worker Compensation, Employer’s Liability and Employment Practices in the U.S.” – June 22‒23 | 10 a.m.‒5:30 p.m. EST
“Captives as an Alternate Risk Financing Technique” – July 13‒14
“Fundamentals of Risk Management” – Aug 10‒11
Webinars:
June 14, 2022 | “Deadly Weapons and Risk Resilience” | Sponsored by Beazley
June 28, 2022 | “Your Greatest Asset: Smart Risk Management in the Age of Workforce Transformation” | Sponsored by Travelers
June 30, 2022 | “What Really Happens When You Negotiate with a Hacker?” | Sponsored by Gallagher Core Insights 360
Sponsored RIMScast Episodes:
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD (NEW)
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“Launching DEI Initiatives with Tara Lessard-Webb”
“Pride Month 2021: How Risk Pros Can Protect and Uplift LGBTQ+ Employees”
“Diversity as a Successful Business Division with Rodney Johnson”
“Asian Pacific American Heritage Month 2021”
“Discussing Black History Month and the Risk Profession with Tammy Franklin of Marsh”
“Pride Month with RIMS D&I Council Members, Kevin Thomas, and Victoria Nolan”
“Talking Diversity and ERM at the RIMS ERM Conference 2019”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Tara Lessard-Webb’s LinkedIn
Denise Williamee’s LinkedIn
Tweetables (For Social Media Use):
“Now is the time to reflect and recognize where we are in our present state and look forward to what we can do better in the future. First, we need to promote healing within the [Indigenous] community.” — Tara Lessard-Webb
“I think education is the foundation. It’s an important starting point to create more awareness. … Awareness is key.” — Tara Lessard-Webb
“Diversity is a constantly evolving, living issue that’s going on. [DE&I is] something that needs to be implemented.” — Denise Williamee
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin is catching up with RIMS’ longtime leader and outgoing CEO, Mary Roth! Mary Roth has been with RIMS for 37 years, with the last 17 of those years as Chief Executive Officer.
With this episode being released only shortly after her last day at RIMS, Mary shares all about her illustrious career and experiences, what she has learned from the risk profession, as well as her hopes for the practice of risk management and the future of RIMS.
This is an incredibly special episode and a fond farewell. Be sure to tune in to hear Mary’s parting words of wisdom as she settles into her retirement.
Key Takeaways:
[:01] About the RIMS App.
[:20] About RIMScast.
[:35] About today’s episode with Mary Roth.
[:37] Upcoming RIMS webinars and workshops and the RIMS membership.
[1:13] About the RIMS Membership.
[1:20] About the Spencer Educational Foundation’s Dan Kugler Risk Manager on Campus Grant.
[2:02] About the upcoming RIMS Canada Conference in Halifax.
[2:22] About the RIMS ERM Conference 2022.
[3:02] More about today’s episode with Mary Roth!
[3:29] Justin welcomes Mary Roth back to RIMScast.
[4:18] How long has Mary been at RIMS? And which department did she start in?
[4:55] How did she first find out about the available position at RIMS?
[5:35] About Mary’s roles in her following years at RIMS.
[6:37] Was a lot of the networking that Mary did throughout her career face-to-face or on the phone?
[8:07] Did Mary take the ARM?
[8:35] What was the risk profession like in 1986? Was it an exciting time for Mary personally and professionally?
[10:33] How many roles was Mary in before becoming CEO of RIMS?
[12:25] Elements of being a successful person in your career.
[13:02] Mary’s experience and feelings when she first became CEO.
[17:32] RIMS plug time! About the upcoming RIMS Legislative Summit, RIMS workshops, the RIMS Mobile App, and the Spencer Educational Foundation’s Annual Gala.
[19:55] Has Mary always been comfortable with public speaking? What has she done to feel comfortable and become a better speaker? Does she have a backstage ritual or mantra to prepare herself?
[24:10] Mary highlights an accomplishment that she is proud of from her time as CEO at RIMS.
[27:00] Challenges that Mary has overcome on the way to CEO.
[31:27] How many years has Mary been CEO? How does she feel now that she’s at the finish line, passing on the responsibilities to someone else?
[32:48] How does Mary plan on spending her golden years? #MaryRothIsFree
[35:35] What Mary would like to see happen for the risk profession generally and for RIMS as a global society.
[39:35] Mary’s message to the global risk management community.
[40:40] Justin thanks Mary Roth for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax!
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS ERM Conference 2022: Call For Session Proposals — Due June 22!
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Dan Kugler Risk Manager on Campus Grant
RIMS Announces Gary LaBranche as New CEO
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
June 9, 2022 | “Earn the RIMS Fundamentals of Risk Data, Analytics and AI Certificate”: Attend our new three-part, virtual workshop series to improve your knowledge and enrich your risk management program with the best practices in data management, analytics, and artificial intelligence.
“Part I: Leveraging Data and Analytics for Continuous Risk Management”: 10 am ‒ 2 pm EST
“Managing Worker Compensation, Employer’s Liability and Employment Practices in the U.S.” — June 22‒23rd | 10 am ‒ 5:30 pm EST
“Fundamentals of Risk Management” — Aug 10‒11th
Webinars:
June 14, 2022 | “Deadly Weapons and Risk Resilience” | Sponsored by Beazley
June 28, 2022 | “Your Greatest Asset: Smart Risk Management in the Age of Workforce Transformation” | Sponsored by Travelers
June 30, 2022 | “What Really Happens When You Negotiate with a Hacker?” | Sponsored by Gallagher Core Insights 360
Sponsored RIMScast Episodes:
How To Reduce Lithium-Ion Battery Fire Risks | Sponsored by TUV SUD GRC (NEW)
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL (NEW)
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“Funding the Future with RIMS CEO Mary Roth” (2021)
“RIMS 2022 President Patrick Sterling: Insight into 2022 Risks and Looking Beyond the Pandemic”
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Mary Roth’s LinkedIn
Tweetables (For Social Media Use):
“You learn so much by being engaged with an association within your field of work.” — Mary Roth
“It’s a constantly-evolving profession and role that the risk professional plays within an organization. It’s never the same any two days.” — Mary Roth
“This discipline is so critical to the global economy and to the world operating the way it operates. … It is a true profession and needs to be recognized as that.” — Mary Roth
“The one thing I will say about our [RIMS] members is [that] they are so open and willing to share. No one should be intimidated by trying to network at a RIMS event. … I’ve never met someone at one of our events … that hasn’t been so honored to help others.” — Mary Roth
“I would just like to say: thank you. Thank you for making my time at RIMS enjoyable [and] for helping me to be successful. … So many people that I’ve worked with … have made my career a success.” — Mary Roth
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast is Terry Lampropoulos, an instructor at Seneca College and York University! Terry teaches courses that students need to complete in order to earn the Canadian Risk Management (CRM) designation that is recognized by RIMS and awarded by the Global Risk Management Institute (GRMI). Through his experience in the Canadian financial industry, he has worked in consulting, fraud, insurance, business continuity management, and various risk management roles in capital markets, credit cards, model risk, technology risk, and operational risk.
With labor statistics hitting both ends of the spectrum seemingly every month, Justin and Terry are discussing the pertinent topic of employment trends and how ERM can help risk professionals and organizations retain and attract top talent and prepare for any future great resignations.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:28] About today’s episode with Lori Seidenberg.
[:36] Upcoming RIMS webinars and workshops and the RIMS membership.
[1:12] About the Spencer Educational Foundation’s grant.
[1:55] About the upcoming RIMS Canada Conference.
[2:16] More about today’s episode with Terry Lampropoulos!
[3:02] Justin welcomes Terry L. to RIMScast.
[3:36] About Terry’s background in risk management and his current role.
[7:02] Terry’s perspective and philosophy on risk management and ERM, and how he applies this knowledge in 2022 regarding jobs reports, employee retention, etc.
[14:10] RIMS plug time! About the upcoming RIMS Legislative Summit, RIMS workshops, the RIMS Mobile App, and the Spencer Educational Foundation’s Annual Gala.
[16:29] All about the registration course that Terry teaches at Seneca that enables students to earn their Canadian Risk Management (CRM) designation.
[18:27] Terry discusses the importance of work/life balance, ERM, and how organizations are and were responding to the pandemic.
[20:08] Terry’s insights into the Great Resignation, employee retention and attraction, and mitigating risk during this period.
[25:17] The shift in perspective around ERM has helped improve work/life balance and mitigate risk associated with employee retention and attraction.
[29:29] How ERM has been helping us all adapt during the pandemic.
[32:32] Justin thanks Terry for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Canada 2022 — Turning Tides — Sept. 11th‒14th in Halifax!
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
RIMS Buyers Guide
RIMS — Canadian Risk Management (CRM) Designation
NY RIMS Chapter: Check out the upcoming events mentioned in this episode!
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Responsible Raw Materials — Resources, Conference Videos, and Toolkits
Virtual Workshops:
June 9, 2022 | “Earn the RIMS Fundamentals of Risk Data, Analytics and AI Certificate” | Attend our new three-part, virtual workshop series to improve your knowledge and enrich your risk management program with the best practices in data management, analytics, and artificial intelligence.
“Part I: Leveraging Data and Analytics for Continuous Risk Management”: 10 am ‒ 2 pm EST
“Managing Worker Compensation, Employer’s Liability and Employment Practices in the U.S.” — June 22‒23rd | 10 am ‒ 5:30 pm EST
“Fundamentals of Risk Management” — Aug 10‒11th
Webinars:
June 14, 2022 | “Deadly Weapons and Risk Resilience” | Sponsored by Beazley
June 28, 2022 | “Your Greatest Asset: Smart Risk Management in the Age of Workforce Transformation” | Sponsored by Travelers
June 30, 2022 | “What Really Happens When You Negotiate with a Hacker?” | Sponsored by Gallagher Core Insights 360
Sponsored RIMScast Episodes:
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL (NEW)
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“Occupational Safety Risks in 2022 with Dave Ferro”
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Terry Lampropoulos’s LinkedIn
Tweetables (For Social Media Use):
“ERM has this unique capacity to support an organization in achieving its goals.” — Terry Lampropoulos
“You’re going to have ups and you’re going to have downs. The ups and the downs always will have some kind of risk associated with it. And the cool thing is: all these organizations have controls already in place — whether they know it or not.” — Terry Lampropoulos
“Seeing students succeed is a motivation of mine. It goes beyond anything else. When I see a student succeed, get the CRM, and then progress in their careers … it’s an emotional reaction.” — Terry Lampropoulos
“Seneca’s enrollments during the pandemic … spiked, because they made it available for students to learn on their own terms. I think organizations are following this now because they’re realizing we need people, … to be able to live on their own terms.” — Terry Lampropoulos
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Today, Justin is joined by 2022 Heart of RIMS Award Winner and New York RIMS Chapter President, Lori Seidenberg!
The 2021 Ron Judd “Heart of RIMS” Award pays tribute to the legacy of Ron Judd who served as the RIMS Executive Director for 22 years. The award recognizes the volunteerism contributions of a RIMS member who serves as a role model while keeping the chapter – hence the society – vibrate and resilient, thereby truly exemplifying the heart of RIMS.
In this episode, Lori shares what she has been up to since the last time she was on the podcast, how she’s been keeping the New York RIMS Chapter active as the New York RIMS Chapter 2022/23 President, and risk management philosophies and outlooks.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode with Lori Seidenberg
[:36] Upcoming RIMS webinars and workshops, RIMS membership, and RIMS Buyers Guide.
[1:33] About the Heart of RIMS award.
[1:50] About this year’s Heart of RIMS award winner, and today’s guest, Lori Seidenberg.
[2:22] Justin welcomes Lori back to RIMScast!
[2:53] Lori shares her experience receiving the Heart of RIMS award in person.
[4:00] Lori shares her passion for volunteering and staying involved.
[5:29] Lori’s title at the New York RIMS Chapter, current updates, and what it was like hosting their first in-person event in over 2 years.
[12:12] What’s coming up next for the New York RIMS Chapter!
[17:17] RIMS plug time! What to look forward to with all things RIMS.
[19:40] How to become a member of the New York RIMS Chapter.
[21:15] How long has Lori been a risk professional?
[21:25] Lori’s hopes for the greater risk management community and the future of the industry.
[27:00] Lori shares her thoughts on her Risk Management Magazine cover.
[29:08] Where to get in touch with Lori or the New York RIMS Chapter online.
[29:49] Justin thanks Lori for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
Spencer Educational Foundation | Annual Gala Returns Sept. 22, 2022
Risk Management Magazine: Awards Edition 2022
RIMS Buyers Guide
NY RIMS Chapter: Check out the upcoming events mentioned in this episode!
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Responsible Raw Materials — Resources, Conference Videos and Toolkits
Virtual Workshops:
June 9, 2022 | “Earn the RIMS Fundamentals of Risk Data, Analytics and AI Certificate” | Attend our new three-part, virtual workshop series to improve your knowledge and enrich your risk management program with the best practices in data management, analytics, and artificial intelligence.
“Part I: Leveraging Data and Analytics for Continuous Risk Management”: 10 am EST — 2 pm EST
“Fundamentals of Risk Management” — Aug 10‒11th
Webinars:
June 2, 2022 | “Cyber, and Data, and Regulatory Risks (to Avoid)—Oh My!” | Sponsored by Beazley
June 28, 2022 | “Your Greatest Asset: Smart Risk Management in the Age of Workforce Transformation” | Sponsored by Travelers
June 30, 2022 | “What Really Happens When You Negotiate with a Hacker?” | Sponsored by Gallagher Core Insights 360
Sponsored RIMScast Episodes:
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL (NEW)
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“RIMS 2022 Goodell Award Winner Lance Ewing”
“From the Office of ‘KNOW’: 2022 Risk Manager of the Year Courtney Davis Curtis”
“Live from RISKWORLD 2022”
“Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021”
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
RIMS 2021 Goodell Award Winner Pamela L. Popp
“Making the Grade: Cheryl Lloyd, 2021 Risk Manager of the Year Honor Roll Inductee”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
RIMS Coverage of Raw Materials and Mining:
Risk Management Magazine: “The Volatility of Raw Materials Markets”
Insurance Coverage for Supply Chain Interruptions
Managing Supply Chain Disruption
Contractual Ways to Deal with the Rising Costs of Lumber
The Political Risks of Mining
Mining for Disaster
Insurers Divest from Coal Over Climate Risks
Cryptojacking: How Hackers Steal Resources to Mine Digital Gold
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Lori Seidenberg’s LinkedIn
Tweetables (For Social Media Use):
“I started out volunteering because I wanted to be connected to other people and meet people and network. And it kind of blossomed into this whole thing. It’s really exciting.” — Lori Seidenberg
“You just don’t know the impact you have on people and what it means to them to see what you’re doing. … It’s very heartwarming [when] people come up to me and tell me that they’ve been following my career or I’ve inspired them to do certain things.” — Lori Seidenberg
“Networking is exhausting, don’t get me wrong. But you never know when you’re going to meet your next employer; you never know when you going to meet your next resource. … Relationships really matter. New York City is a lot smaller than people think.” — Lori Seidenberg
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Joining Justin today to discuss responsible raw materials, mining, and ESG with Chief Executive Officer and Co-Founder of Satarla, Sarah Gordon!
Sarah has worked in a number of fields including risk and assurance, safety, sustainability, R&D, business divestment, and mine and exploration geology. These roles have allowed her to live and work all over the world. Sarah is also a Trustee of the Geological Society of London and leads the group Responsible Raw Materials; a non-profit whose mission is to enable the responsible extraction and use of raw materials.
Sarah shares about the standards for ethics and sustainability for mining raw materials that risk professionals should know about; her insights into shared knowledge, sustainability, and the environmental impact of mining; the top three biggest ESG risks/trends that she feels risk managers need to be aware of in 2022 and beyond; and more.
Whether you are a risk management professional or a member of the general public, you will learn a lot from Sarah’s insight in today’s episode!
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode with Sarah Gordon.
[:37] Upcoming RIMS webinars and workshops, RIMS membership, and RIMS Buyers Guide.
[1:33] More about today’s episode with Sarah Gordon!
[2:33] Justin welcomes Sarah Gordon to RIMScast.
[3:07] Last week, Sarah hosted and organized the Responsible Raw Materials virtual conference. She shares what the event covered and how it went.
[3:54] About Sarah’s background in geology and how she found her way into risk management.
[6:18] More about the Responsible Raw Materials conference: what it is and what it sets out to do.
[10:21] Are there standards for ethics and sustainability for mining raw materials that risk professionals should know about?
[11:47] What the future of the Responsible Raw Materials conference holds.
[13:12] RIMS plugs time! All about the RIMS Legislative Summit, virtual workshops, and the RIMS Mobile App.
[14:40] The intersection that risk professionals should be aware of when it comes to ESG, mining, and raw materials.
[16:21] Sarah’s insights into shared knowledge, sustainability, and the environmental impact of mining.
[20:49] Is the global inflation that we’re seeing right now a part of the conversation with regards to mining?
[23:03] Sarah’s top three biggest ESG risks/trends that she feels risk managers need to be aware of in 2022 and beyond.
[29:30] Where to follow up with the Responsible Raw Materials conference and access free resources online.
[30:13] How to stay up-to-date on the upcoming Responsible Raw Materials virtual conference in May 2023.
[30:43] Justin thanks Sarah Gordon for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Responsible Raw Materials — Resources, Conference Videos and Toolkits
Virtual Workshops:
June 9, 2022 | “Earn the RIMS Fundamentals of Risk Data, Analytics and AI Certificate” | Attend our new three-part, virtual workshop series to improve your knowledge and enrich your risk management program with the best practices in data management, analytics, and artificial intelligence. “Part I: Leveraging Data and Analytics for Continuous Risk Management”: 10 am EST — 2 pm EST
“Fundamentals of Risk Management” — Aug 10‒11th
Webinars:
June 2, 2022 | “Cyber, and Data, and Regulatory Risks (to Avoid)—Oh My!” | Sponsored by Beazley
June 28, 2022 | “Your Greatest Asset: Smart Risk Management in the Age of Workforce Transformation” | Sponsored by Travelers
June 30, 2022 | “What Really Happens When You Negotiate with a Hacker?” | Sponsored by Gallagher Core Insights 360
Sponsored RIMScast Episodes:
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“World Water Day 2022 with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
“Earth Observations, Acronyms, and Risk with Dr. Shanna McClain of NASA” (2021)
“Combating Water Scarcity with AquaShares Founder James Workman” (2020)
“What the Future Holds with RISKWORLD Keynote Peter Leyden”
RIMS Coverage of Raw Materials and Mining:
Risk Management Magazine: “The Volatility of Raw Materials Markets”
Insurance Coverage for Supply Chain Interruptions
Managing Supply Chain Disruption
Contractual Ways to Deal with the Rising Costs of Lumber
The Political Risks of Mining
Mining for Disaster
Insurers Divest from Coal Over Climate Risks
Cryptojacking: How Hackers Steal Resources to Mine Digital Gold
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Sarah Gordon on Satarla
Tweetables (For Social Media Use):
“The thing that many risk managers don’t necessarily realize is that a degree in geology is actually a degree in risk management. No geologist really knows what’s under the ground so it’s all a bit of a guess which is actually what we do as risk managers.” — Sarah Gordon
“If you understand how to get true integrative risk management to work in an organization, that is the secret sauce to incorporating sustainability into how a business actually operates.” — Sarah Gordon
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on the podcast, Justin Smulison is joined by first-time podcast interviewee, Karen Agostinho! Karen is an experienced risk management and insurance professional, currently serving as the VP of Risk Management at Five Guy Enterprises. She’s here to discuss all things franchise-related, from the types of risks that franchises are faced with right now to the ERM processes she has implemented with her team.
Karen gives insight into her team’s role, overseeing enterprise-wide risk management and insurance program for over 500 corporate-owned stores; how Five Guys navigates the risks of potential labor shortages; and how they navigate transparency laws with regards to job postings and salary range.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] About RIMScast.
[:27] About today’s episode with Karen Agostinho.
[:34] Upcoming RIMS webinars and workshops.
[1:23] More about today’s episode.
[1:54] Justin welcomes Karen Agostinho to RIMScast.
[2:34] Karen’s career in risk and what led her to become the VP of Risk Management for Five Guys Enterprises.
[5:50] How many people are on Karen’s team?
[6:28] Karen shares more about her team’s role, overseeing risk management for over 500 corporate-owned stores.
[7:23] How many of their locations are franchisees?
[7:37] What are some of the traditional franchise/franchisor risks that Karen has experienced? And how have they evolved in the last couple of years?
[9:16] One thing that is unique to Five Guys are their barrels of shelled peanuts at every store. How will they continue to navigate the risks associated with this going forward?
[11:40] How is Five Guys navigating the risks of labor shortages, attracting workers, and attracting franchisees.
[14:05] How does Five Guys handle transparency laws with regards to job postings and salary range?
[16:40] RIMS plug time! All about the RIMS Legislative Summit 2022, RIMS Buyers Guide, and the RIMS App with Morgan O’ Rourke.
[17:43] About the ERM program/process that Karen and her team have implemented for Five Guys and whether it draws from ISO or COSO.
[19:25] As the VP of Risk Management, does Karen have the ear of the higher-ups, the CEOs, and the C-Suite?
[20:41] Did Karen always want to go into this sector? And does she find that being in food retail professionally rewarding as a risk professional?
[22:27] Which country surprised Karen the most that Five Guys expanded into?
[23:05] Is Five Guys in Australia?
[24:07] Are they making any special preparations for an influx of business as we approach the summer?
[25:00] Karen shares her appreciation and passion for franchising.
[25:32] Karen’s words of wisdom for those coming up in the risk management world, especially those looking to franchising.
[27:00] Karen shares her thoughts on her first podcast experience.
[27:38] Justin thanks Karen Agostinho for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
“Fundamentals of Risk Management” — May 24‒25th
Webinars:
May 19, 2022 | “How Successful Security Teams Manage Risk to Build Trust and Drive Growth” | Sponsored by OneTrust
June 2, 2022 | “Cyber, and Data, and Regulatory Risks (to Avoid)—Oh My!” | Sponsored by Beazley
Sponsored RIMScast Episodes:
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“RIMS 2022 President Patrick Sterling: Insight into 2022 Risks and Looking Beyond the Pandemic”
“How One Franchisee Navigated Restaurant & Food Retail Sector Risks in 2020”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Karen Agostinho’s LinkedIn
Tweetables (For Social Media Use):
“Our [team’s] role is to oversee that enterprise-wide risk management and insurance program for over 500 corporate-owned stores, located across the US and globally. And most importantly, support the health safety of approximately 10,000 employees.” — Karen Agostinho
“A successful franchise or franchisee relationship is like a marriage. It’s an interdependent relationship that requires mutual respect, trust, effort, and most importantly, communication from both parties. ” — Karen Agostinho
“[Our ERM process draws] from the ISO guidelines which may or may not already exist as part of the organization. We then adapt and/or improve for our efforts to ensure efficiency, effectiveness, and consistency.” — Karen Agostinho
“For me, risk management is all about answering this question: how much stress can an organization sustain and for how long?” — Karen Agostinho
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin Smulison is joined by 2022 Harry and Dorothy Goodell Award winner, Lance Ewing!
Lance is one of the most visible and vocal risk management advocates. He is the previous RIMS President from 2003 to 2004, was Risk Manager of the Year in 2007, and was the Risk Innovator of the Year in 2008. Currently, he is the Vice President of Enterprise Risk Management and Operations for the San Manuel Band of Mission Indians; a federally recognized tribe of Serrano people in San Bernardino County, California.
In this conversation, Lance Ewing shares about his illustrious career in risk management; the qualities he seeks when building and hiring his risk department; how he feels receiving the Harry and Dorothy Goodell Award, and all about his current team and work at the San Manuel Band of Mission Indians.
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:29] About today’s episode with Lance Ewing.
[:35] Upcoming RIMS webinars and workshops.
[1:36] More about today’s episode.
[2:46] Justin welcomes Lance Ewing to RIMScast.
[3:43] Lance speaks about his experience of being named the 2022 Goodell award winner.
[4:30] About Lance’s history as the former RIMS President, Risk Manager of the Year, and Risk Innovator of the Year.
[5:06] Lance gives his thanks in regards to being named the 2022 Goodell award winner.
[7:11] Lance shares about his incredible staff and his work at the San Manuel Band of Mission Indians.
[8:00] How big the risk group is that Lance is working with right now, his philosophy on risk, and job opportunities at his organization.
[9:19] Lance shares his experiences working in the gaming and entertainment sector of risk management and what he loves about it.
[13:53] Lance reflects on his RIMS presidency from 2003 to 2004.
[17:40] RIMS plug time! All about the RIMS Legislative Summit 2022, RIMS Buyers Guide, and the RIMS App with Morgan O’ Rourke.
[20:13] The Legislative Summit returns on September 20th, 2022! Lance highlights the significance of this year’s summit.
[21:57] Is Lance going to be attending the Legislative Summit this year?
[23:12] Lance speaks about his experience chairing the first Legislative Summit.
[25:40] Having taken a lot of folks under his wings over the years, what does Lance look for in a risk management professional job applicant?
[28:46] is their team currently remote, on-site, or flexible?
[30:14] Did Lance find it more difficult to follow up with potential applicants remotely?
[31:45] The process of building an ERM program and how ERM has evolved over the decades.
[35:48] What Lance would like to see happen to the risk management profession in the next 20 years.
[37:59] Lance’s outlook on the next wave of risk professionals.
[41:11] Justin thanks Lance Ewing for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy — Legislative Summit Returns on September 20th!
RIMS Buyers Guide
Risk Management Magazine: Awards Edition 2022
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
“Contractual Risk Transfer Canada” — May 18‒19th
“Fundamentals of Risk Management” — May 24‒25th
Webinars:
May 10, 2022 | “Administrator to Advisor: How to Build a Risk Function that Generates Broad Value” | Sponsored by Riskonnect
May 19, 2022 | “How Successful Security Teams Manage Risk to Build Trust and Drive Growth” | Sponsored by OneTrust
June 2, 2022 | “Cyber, and Data, and Regulatory Risks (to Avoid)—Oh My!” | Sponsored by Beazley
Sponsored RIMScast Episodes:
NEW: “Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“From the Office of ‘KNOW’: 2022 Risk Manager of the Year Courtney Davis Curtis”
“Live from RISKWORLD 2022”
“Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021”
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
“Making the Grade: Cheryl Lloyd, 2021 Risk Manager of the Year Honor Roll Inductee”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Lance Ewing’s LinkedIn
Tweetables (For Social Media Use):
“The thing I can tell you … about the Goodell Award that RIMS just recently bestowed on me … is [that] it’s the pinnacle of your career, if you will, to receive that award. And to have Mary Roth … present that award to me was just overwhelmingly heartfelt.” — Lance Ewing
“I have an amazing staff. … I couldn’t have received the Goodell award without my staff. They do such a phenomenal job in backing me up and, quite frankly, keeping the engines running.” — Lance Ewing
“My philosophy has always been, from a risk standpoint, the more safety, loss prevention, [and] risk control you have, the fewer claims you’re going to have.” — Lance Ewing
“I’m looking for competency … but I’m looking more for chemistry [when reviewing risk management professional job applicants.] Are you going to fit with the team? .. There’s go to be a competency and a chemistry [but] I think chemistry is most important.” — Lance Ewing
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison today to discuss workplace violence, public safety, and active shooter preparedness, is guest expert, Lauris Freidenfelds! Lauris Freidenfelds is the Vice President of Security Risk Consulting for Telgian Engineering & Consulting, responsible for the project management of complex projects, focusing on security and emergency management. His 40+ years of experience include extensive knowledge of operational security, technology, and emergency management programs.
In this episode, Lauris lends his knowledge and insights into what risk management professionals need to know about public violence and how it can impact their organization’s emergency preparedness programs. He shares examples of good practices regarding security plans and emergency preparedness, advice for risk managers, and key takeaways as we fast approach the middle of 2022.
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:27] About today’s episode with Lauris Freidenfelds!
[:35] Upcoming RIMS webinars and workshops.
[1:36] More about today’s episode.
[2:20] Justin welcomes Lauris Freidenfelds to RIMScast.
[2:26] A brief history of Lauris’ career in risk management and consulting.
[3:28] Recently, there was a high-profile incident where smoke grenades were set off in a crowded subway car. With people coming back to work and using public transportation, what does Lauris think that organizations and risk professionals should take away from an incident like this?
[5:20] When workplace violence occurs, is it a time for organizations and risk professionals to do some refresher exercises from prior training, or, is time to update?
[6:38] When you have public transportation close to your office or place of business, does that factor into emergency preparedness?
[7:52] The origin story of “Run, Hide, Fight.”
[8:23] Are you required to work with a risk manager to develop a workplace violence preparedness plan?
[9:56] RIMS plug time! About the RIMS Buyers Guide and the RIMS App!
[12:18] Lauris discusses security plans, how technology evolved, and what is commonly missing from technology assessments.
[15:17] How would we plan for a scenario where the shooter or attacker blends in with the crowd? (For example, what happened in the Parkland shooting in Florida.)
[16:52] Does Lauris feel that there is more of a spotlight on risk professionals as we approach the middle of 2022 now that businesses are reopening?
[18:22] What Lauris wishes every risk management professional knew.
[19:30] Lauris highlights an industry that he believes is doing a great job training its employees with regard to safety/security preparedness.
[20:52] Lauris’ parting words of wisdom to the global risk management community.
[21:35] Justin thanks Lauris Freidenfelds for joining the podcast and shares some of the links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
“Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” — May 9‒10th
“Contractual Risk Transfer Canada” — May 18‒19th
“Fundamentals of Risk Management” — May 24‒25th
Webinars:
May 5, 2022 | “Have You Unbundled Yet? How to Improve Your Supply Chain and Property Casualty Profile” | Sponsored by TÜV SÜD
May 10, 2022 | “Administrator to Advisor: How to Build a Risk Function that Generates Broad Value” | Sponsored by Riskonnect
Sponsored RIMScast Episodes:
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Related RIMScast Episodes:
“Occupational Safety Risks in 2022 with Dave Ferro”
“E-Commerce’s Impact on Fire Safety in Supply Chains with Leonard Ramo”
“Terrorism and Violence Risks with Dr. Marc H. Siegel Part 1”
“Terrorism and Violence Risks with Dr. Marc H. Siegel Part 2”
“Active Threat Safety and Preparedness with Steve Smith and Dustin Miller of Guardian Defense”
“California Wildfires: Risks, Preparedness, Business Continuity, and the Impact on Insurance Markets”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Lauris Freidenfelds’ LinkedIn
Tweetables (For Social Media Use):
“I appreciate the fact that [risk managers] are becoming more proactive and understand that we can protect against everything.” — Lauris Freidenfelds
“Healthcare focuses on training staff and is willing to take the time to … do that. Too often, I think people look at the security training … as non-productive time … [but] healthcare understands that this is continual education … [and] does it better.” — Lauris Freidenfelds
“Look at [safety prepardness] as a team approach. Look to your resources, security, legal — everybody — and bring it to the table of leadership as a team, as opposed to [individually]. I think that’s the most effective way to do it.” — Lauris Freidenfelds
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Produced live from the 2022 RISKWORLD, this special RIMScast episode brings you right to the showroom floor at the Moscone Center in San Francisco! Justin Smulison is your tour guide, bringing you up to speed with attendees and members of the events.
Justin speaks with the J.B. Boda Group Vice Chairman and Managing Partner, Gautam Boda who came all the way from India; first-time exhibitors, Rex Altman and Lee Blitstein of the law firm Altman & Blitstein; and the Director of the Master of Professional Studies in Insurance program at the Columbia School of Professional Studies, Teresa Chan.
This event was like catching lightning in a bottle — so don’t miss out on getting a taste of what RISKWORLD 2022 had to offer! And make sure to sign up for the RISKWORLD app (or through desktop) if you were a RISKWORLD registrant to access educational sessions on-demand!
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:27] About today’s episode.
[:39] Upcoming RIMS webinars and workshops.
[2:00] More about today’s episode with special guests, Gautam Boda, Rex Altman, Lee Blitstein, and Teresa Chan!
[2:20] Justin introduces his first guest, Gautam B. Boda.
[2:53] How many times Guatam has attended RISKWORLD.
[3:25] About Guatam’s presentation at RISKWORLD.
[3:38] India is becoming a more litigious country. Gautam shares his perspective on what is driving this change and how it is going to impact risk and insurance in India.
[4:42] Gautam gives a quick thank you to RIMS and the global risk management.
[5:14] Will we be seeing Gautam at RIMS India 2022?
[5:38] Justin introduces his next guests, Rex Altman and Lee Blitstein.
[6:34] Why worker’s compensation defense, arbitration, and mediation services are valuable to the risk management community.
[9:05] Whose brilliant idea was it to serve fudge and high-quality chocolates at the convention?
[10:20] Justin introduces Teresa Chan.
[10:48] About Teresa’s current role.
[10:56] Is this Teresa’s first RISKWORLD?
[11:20] About Teresa’s risk management and insurance career.
[12:33] Who put together the Master of Professional Studies in Insurance program with Teresa?
[13:18] How long has the program been in existence at Columbia SPS?
[13:43] Teresa shares her reaction to the types of students and applicants that she has been seeing.
[14:32] Teresa speaks about the passion she has for teaching and the industry as a whole.
[15:29] Does Teresa prefer in-person, virtual, or a hybrid of the two? Is the program virtual? Why or why not? Would they ever pivot to another format?
[17:05] Justin gives a special thanks to all of his guests and then shares some additional links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RIMS Buyers Guide
RISKWORLD registrants can still access educational sessions on-demand through the RISKWORLD app and through desktop here.
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Virtual Workshops:
“Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” — May 9‒10th
“Contractual Risk Transfer Canada” — May 18‒19th
Sponsored RIMScast Episodes:
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
April 26, 2022 | “5 Trending Cybersecurity Threats: Are Your Third Parties at Risk?” | Sponsored by OneTrust GRC
April 28, 2022 | “ZAP! The Electrification of Commercial Fleets — Opportunities & Risks” | Sponsored by Aviva
May 5, 2022 | “Have You Unbundled Yet? How to Improve Your Supply Chain and Property Casualty Profile” | Sponsored by TÜV SÜD
May 10, 2022 | “Administrator to Advisor: How to Build a Risk Function that Generates Broad Value” | Sponsored by Riskonnect
Related RIMScast Episodes:
“From the Office of ‘KNOW’: 2022 Risk Manager of the Year Courtney Davis Curtis”
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“What the Future Holds with RISKWORLD Keynote Peter Leyden”
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
“Making the Grade: Cheryl Lloyd, Risk Manager of the Year Honor Roll Inductee”
“Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guests:
Gautam B. Boda of J.B. Boda Group
Rex Altman of Altman & Blitstein
Lee Blitstein of Altman & Blitstein
Teresa Chan of Columbia SPS
Tweetables (For Social Media Use):
“We at J.B. Boda always do our best to support the global risk management society and [in] sharing our knowledge. … We … look forward to being part of the RIMS [Risk Management] Society as we progress further.” — Gautam B. Boda
“Meeting everybody at the RISKWORLD has been fantastic … to meet all of the different aspects of risk, which involve assessing risk [and] evaluating risk. And we fall into that category of … [helping] employers properly manage and assess their risk.” — Rex Altman or Lee Blitstein [6:16]
“We are all incredibly passionate about [teaching] and the industry that we’ve built our lives … and … careers around. … That really makes a difference. That’s why I think having professionals teaching … versus just academics, makes an incredible difference.” — Teresa Chan
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining the podcast to discuss the upcoming 2022 RIMS WTW Virtual Conference Risk Resilience Reimagined, is Luke Ware, the Head of Corporate Risk and Broking in Asia for Willis Towers Watson (WTW).
This inaugural conference, taking place April 26th‒28th, will examine key issues that have implications for organizations to succeed in two days, investigate current and future risks that organizations need to act on to build resilience and thrive in a pack, and provide actionable insights from top business strategists and risk professionals. Learn more and register via the link in this episode’s notes — attendance is complimentary!
In this episode, Luke Ware shares the agenda and goals of the conference, the panels he will be a speaker on, his insights into what makes the Asia-Pacific region vital to the global risk and insurance markets, and what he is most looking forward to at the 2022 RIMS WTW Virtual Conference!
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:27] About today’s episode with Luke Ware.
[:51] Upcoming RIMS webinars and workshops.
[1:43] More about today’s episode with Luke Ware!
[2:38] Justin welcomes Luke Ware to RIMScast!
[3:11] Luke shares about his risk management career and his current role at Willis Towers Watson.
[5:02] Luke shares about his recent move to Singapore.
[6:05] Luke’s insights into what makes the Asia-Pacific region so vital to the global risk and insurance markets.
[8:50] The key goals of the upcoming three-day virtual conference, 2022 RIMS WTW Virtual Conference: Risk Resilience Reimagined.
[10:54] RIMS plug time! About RIMS Buyers Guide, RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference 2022, and future content.
[11:53] How much of a focus will there be on supply chain during Risk Resilience Reimagined?
[15:28] The approach to ESG changed in the last two years in APAC in Luke’s opinion and how they plan on addressing it at the upcoming conference.
[17:34] Luke shares his excitement about the range of speakers that will be at the conference.
[19:28] Details about the conference and its complimentary admission.
[20:31] The sessions Luke will be hosting at the conference.
[21:10] Justin thanks Luke Ware for joining RIMScast and shares some additional links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference 2022 | April 26‒28th — Complimentary registration here!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RISKWORLD COVID-19 Policy (Updated 2/28/2022)
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
April 26, 2022 | “5 Trending Cybersecurity Threats: Are Your Third Parties at Risk?” | Sponsored by OneTrust GRC
April 28, 2022 | “ZAP! The Electrification of Commercial Fleets — Opportunities & Risks” | Sponsored by Aviva
May 5, 2022 | “Have You Unbundled Yet? How to Improve Your Supply Chain and Property Casualty Profile” | Sponsored by TÜV SÜD
May 10, 2022 | “Administrator to Advisor: How to Build a Risk Function that Generates Broad Value” | Sponsored by Riskonnect
Related RIMScast Episodes:
“Risk Management in Japan with Kirk Andersen”
“Asian Pacific American Heritage Month 2021”
“From the Office of “KNOW”: Risk Manager of the Year Courtney Davis Curtis”
“World Water Day 2022 with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
“Making the Grade: Cheryl Lloyd, Risk Manager of the Year Honor Roll Inductee”
“Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Luke Ware’s LinkedIn
Tweetables (For Social Media Use):
“Asia-Pacific is just such a dynamic and diverse region, and … one big change we’ve seen among the pandemic is the significant growth in companies who have … accelerated growth via non-traditional routes to gain bottom-line improvements via digital transformation.” — Luke Ware
“COVID-19 has really accelerated adoption and migration to digital platforms and that’s really impacted the growth of industries such as fintech and e-commerce.” — Luke Ware
“This year’s risk conference in APAC will offer insights and ideas that are innovative, bold, and … importantly, achievable for business leaders and risk professionals so that they can … enable their businesses to thrive in … a really complex and diverse region.” — Luke Ware
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin Smulison is joined by RIMS 2022 Risk Manager of the Year, Courtney Davis Curtis! Courtney Davis Curtis has been at the University of Chicago for nearly seven years. Currently serving as the Assistant Vice President for Risk Management and Resilience Planning for UChicago, she manages the enterprise-wide insurance programs; including related insurance procurement claims management, alternative risk financing self-insured programs, and more.
Courtney’s ability to resolve major enterprise-wide challenges, commitment to diversity and inclusiveness, and leadership among professionals in higher education in the past year-plus, earned her the title of RIMS 2022 Risk Manager of the Year. In this episode, Courtney shares how it felt to earn this title, highlights from her career thus far, challenges she has faced, and her advice to other rising risk professionals.
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:27] About today’s episode with Courtney Davis Curtis!
[:35] Upcoming RIMS webinars and workshops.
[2:05] More about today’s episode with Courtney Davis Curtis.
[2:50] Justin welcomes Courtney back to RIMScast!
[3:41] Justin congratulates Courtney on earning the title of RIMS 2022 Risk Manager of the Year.
[4:50] Courtney shares how it feels to be RIMS 2022 Risk Manager of the Year.
[6:00] Courtney shares highlights from her risk role at UChicago since 2020.
[9:15] Risk trends that are unique to higher education.
[12:31] Courtney highlights both the fun and the challenging parts of being the URMIA President.
[14:22] RIMS plug time! About RIMS Buyers Guide, RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference 2022, and future content.
[15:46] Does Courtney enjoy being the face of another organization on top of her role at UChicago?
[16:32] Does leading a group outside of her regular responsibilities improve the dynamic between Courtney and her colleagues at UChicago?
[19:50] Courtney’s personal philosophy regarding her career.
[21:14] Courtney’s risk philosophy and how it drives her.
[22:25] Courtney’s advice for her fellow rising risk professionals who are striving for success.
[23:44] When Courtney’s URMIA’s presidency ends and what she plans on pursuing next.
[25:23] Justin thanks Courtney Curtis for joining RIMScast once again and shares some additional links to check in today’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD™ | April 10‒13 in San Francisco! — Register now!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RISKWORLD COVID-19 Policy (Updated 2/28/2022)
RIMS Buyers Guide
RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference 2022 | April 26‒28th — Complimentary registration here!
RIMS Virtual Workshop: ORSA Assessment | April 25, 27 & 28, 5:00 pm — 7:00 pm ET |
Special Offer: SAVE 50% with code ORSA50 — Offer ends April 11 and applies to new registrants only. Register here!
Risk Management Magazine: Awards Edition 2022
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
April 21, 2022 | “Supply Chain Risk Management in 2022” | Presented by the RIMS International Council
April 26, 2022 | “5 Trending Cybersecurity Threats: Are Your Third Parties at Risk?” | Sponsored by OneTrust GRC
April 28, 2022 | “ZAP! The Electrification of Commercial Fleets — Opportunities & Risks” | Sponsored by Aviva
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
Virtual Workshops:
March 22, 23, 29 & 30 | “Enterprise Rise Management for ORSA Planning in Insurance Companies” | Enroll by March 21, 2022
Related RIMScast Episodes:
“Taking Notes on Higher Education and Risk with Incoming URMIA President Courtney Davis Curtis” (2021)
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“What the Future Holds with RISKWORLD Keynote Peter Leyden”
“Cloud Security Risks with Google’s Monica Shokrai” (RISKWORLD 2022)
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
“Making the Grade: Cheryl Lloyd, Risk Manager of the Year Honor Roll Inductee”
“Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Courtney Davis Curtis’ LinkedIn
Tweetables (For Social Media Use):
“‘How much time do you spend leading [and] managing vs. doing?’ … That was … a big … transition for me. I needed to be really leading and managing more, and doing less, … to make sure we have continuity of operations, … staffed appropriately.” — Courtney Davis Curtis
“I’m not a risk-averse person. I really try to take risks to create opportunities.” — Courtney Davis Curtis
“[My advice to … risk professionals is to] get involved, get involved, get involved. The best way to expand and create opportunities for yourself is to broaden your network. … Get involved in your professional associations, speak, moderate, and volunteer.” — Courtney Davis Curtis
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Talking Cloud security with the Head of Business Risk & Insurance at Google Cloud, Monica Shokrai! Monica will also be co-leading the session, “Cloud Computing and Cloud Security Risks,” at the upcoming RISKWORLD 2022 event. In this episode, listeners are going to get a glimpse of this session as well as learn about Monica’s unique career experiences and some of the heavy hitters that she works with daily!
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:27] About today’s episode with Monica Shokrai.
[:37] Upcoming RIMS webinars and workshops.
[1:54] About the live annual conference, RISKWORLD, which will be in San Francisco April 10-13.
[2:34] More about today’s episode with Monica Shokrai.
[3:10] Justin welcomes Monica to RIMScast!
[3:19] Monica shares about her position at Google Cloud and what she oversees.
[4:51] Why risk management is critical for Google.
[6:30] Monica shares her experience working under the leadership of Loren Nickel, the RIMS 2017 Risk Manager of the Year.
[9:45] About Monica’s sessions at RISKWORLD 2022, “Cloud Computing and Cloud Security Risks.”
[11:38] Who are Monica’s co-presenters joining her in the session?
[12:47] Plug time! All about the RIMS Buyers Guide, RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference, and RIMS RISKWORLD 2022.
[15:03] Monica shares how it feels as an employee at Google to be working for a company that is so deeply embedded in our culture.
[16:08] Monica shares how she and her team, as part of their risk strategy, incentivize their customers to be more cyber secure.
[17:42] Was Monica on the ground floor with Google’s Risk Protection program?
[18:38] Monica provides tips for women who are hoping to establish themselves and succeed in the risk profession.
[21:18] How being in or near Silicon Valley impacts DEI in the industry.
[22:10] When and where to catch Monica’s session, “Cloud Computing and Cloud Security Risks” at RISKWORLD 2022.
[22:25] Will Monica be taking questions at the end of her session?
[22:50] Justin thanks Monica Shokrai for joining RIMScast and shares some additional links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD™ | April 10‒13 in San Francisco! — Register now!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RISKWORLD COVID-19 Policy (Updated 2/28/2022)
RIMS Buyers Guide
RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference 2022 | April 26‒28th — Complimentary registration here!
RIMS Virtual Workshop: ORSA Assessment | April 25, 27 & 28, 5:00 pm — 7:00 pm ET |
Special Offer: SAVE 50% with code ORSA50 — Offer ends April 11 and applies to new registrants only. Register here!
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
April 21, 2022 | “Supply Chain Risk Management in 2022” | Presented by the RIMS International Council
April 26, 2022 | “5 Trending Cybersecurity Threats: Are Your Third Parties at Risk?” | Sponsored by OneTrust GRC
April 28, 2022 | "ZAP! The Electrification of Commercial Fleets — Opportunities & Risks" | Sponsored by Aviva
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
Virtual Workshops:
March 22, 23, 29 & 30 | “Enterprise Rise Management for ORSA Planning in Insurance Companies” | Enroll by March 21, 2022
Related RIMScast Episodes:
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“What the Future Holds with RISKWORLD Keynote Peter Leyden”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Monica Shokrai’s LinkedIn
Tweetables (For Social Media Use):
“Our users place a lot of trust in Google and we take that responsibility very seriously. You’ll see it in our Risk & Insurance team, but you’ll also see it integrated throughout the business and everything we do. Security is core to how we operate as a company.” — Monica Shokrai
“Our team has to … integrate with all the different businesses, understand all the different risks, and then bring it together in a unified insurance program. … The way that we structure our team mirrors the need for risk management within our business.” — Monica Shokrai
“The main focus of our session [at RISKWORLD 2022] will be on cyber risk and how the Cloud can help companies with risk management through reducing their risk and increasing their security.” — Monica Shokrai
“I think having a community of women … to go to when you’re facing something that might be specifically correlated with gender, is extremely helpful. [It’s] something that’s helped me navigate my career.” — Monica Shokrai
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin Smulison is excited to be joined by RISKWORLD 2022’s closing keynote speaker, Peter Leyden! Peter Leyden is a Senior Fellow for Strategic Foresight at Autodesk and the host of The Civilization Salons, a conversation series about the most consequential issues of our time that will impact the next 25 years and beyond. Peter has spent his entire career figuring out the future, explaining what’s most likely to come next, and helping envision how we could create a better world.
Together, they’re discussing why Peter believes we are entering an era known as the “Transformation Era,” how risk managers can be drivers of this transformative era and highlights some of the key components that are forcing a fundamental reorganization of how the world works. Peter also gives a preview of his RISKWORLD closing keynote speech and shares his positive outlook for the future.
Don’t miss out on this high-energy, highly informative conversation with keynote speaker, Peter Leyden! And be sure to be there for his RISKWORLD 2022 closing keynote presentation on April 13th!
Key Takeaways:
[:01] About the RIMS Membership.
[:15] About RIMScast.
[:27] About today’s episode with Peter Leyden.
[:34] Upcoming RIMS webinars and workshops.
[1:36] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[2:10] More about today’s episode.
[2:57] Justin welcomes Peter Leyden to RIMScast!
[3:16] Peter shares what it means to be a futurist, and how a futurist today is much different than a futurist from the 1980s.
[5:05] Why Peter believes we’re entering the “Transformation Era,” and how it is different from other eras in the past.
[8:18] Peter highlights key components that are forcing a fundamental reorganization of how the world works, as well as the countries and organizations that are setting an example for integrating climate (and other major ESG issues) into their publicly-facing activities.
[13:33] Does Peter find that some of the companies or organizations that he works with are very much aware of ESG issues and are moving towards building them into their operations?
[17:03] About RIMS Buyer’s Guide, RISKWORLD, workshops, webinars, and more!
[19:20] Peter’s experiences with risk professionals and his advice for them.
[22:36] Is Peter finding that folks are more negative with their future outlook or positive? Is it hard for him to “sell” his positive outlook on the future?
[24:04] Peter gives a preview of his closing keynote at RISKWORLD 2022 on April 13th.
[30:01] Justin thanks Peter Leyden for joining RIMScast and shares some additional links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD™ | April 10‒13 in San Francisco! — Register now!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RISKWORLD COVID-19 Policy (Updated 2/28/2022)
RIMS Buyers Guide
RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference 2022 | April 26-28th — Complimentary registration here!
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
March 29, 2022 | “Executive Risk in 2022: How to Prepare for the Shifting Sands of Liability” | Sponsored by Beazley
April 21, 2022 | “Supply Chain Risk Management in 2022” | Presented by the RIMS International Council
April 28, 2022 | "ZAP! The Electrification of Commercial Fleets — Opportunities & Risks" | Sponsored by Aviva
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
Virtual Workshops:
March 22, 23, 29 & 30 | “Enterprise Rise Management for ORSA Planning in Insurance Companies” | Enroll by March 21, 2022
Related RIMScast Episodes:
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness’”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Peter Leyden’s Website
Peter Leyden’s Twitter
Peter Leyden’s LinkedIn
Tweetables (For Social Media Use):
“One of the biggest differences [between a futurist today and a futurist from the 1980s] is in the amount of information [and] data that has been captured today … compared to what you really had in the ’80s. … It was a lot more speculative in the ’80s.” — Peter Leyden
“I do think we’re in a time that will be remembered for 50, 100 … 500, 1000 years from now and they’re going to say, ‘Wow. What the hell was going on in that early 21st century? What a time to be alive.” — Peter Leyden
“The world that’s going to operate in 30 years is going to be fundamentally different than the one that we came into 30 years ago.” — Peter Leyden
“When things start tipping, and when things start shifting, things can move fast. And I think we’re in that now.” — Peter Leyden
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Joining RIMScast today for the first time ever is RIMS 2022 President Patrick Sterling! Patrick is a longtime RIMS member and the Vice President of Legendary People at Texas Roadhouse in Louisville, Kentucky. There, he oversees executive and management staffing, benefits and compensation, human resource administration, risk management, asset protection, and employee relations.
In this episode, RIMS President Patrick Sterling and Justin Smulison discuss the continued importance placed on the risk management community, the return of live events such as RISKWORLD, and the changes that Patrick Sterling’s presidency will bring to RIMS.
Key Takeaways:
[:01] About the RIMS App.
[:21] About RIMScast.
[:35] About today’s episode with Patrick Sterling.
[:42] Upcoming RIMS webinars.
[1:22] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:57] More about today’s episode.
[2:40] Justin welcomes Patrick Sterling to RIMScast!
[3:18] Patrick shares about his career in risk management.
[4:21] When did Patrick first join RIMS? How did he find out about it?
[6:06] Patrick’s title is Vice President of Legendary People at Texas Roadhouse. What does this role entail?
[7:19] Texas Roadhouse is one of the more recognizable restaurant brands in the United States. Patrick shares some of the biggest risks that an organization of its size faces today.
[8:25] Is there a risk group or a risk department at Texas Roadhouse? If so, how many employees are in the department?
[9:05] Key risk philosophies that Patrick imparts on to his team.
[10:28] Patrick gives advice to risk professionals on how they can remain relevant in their organizations.
[12:24] About the RIMS Buyer’s Guide, upcoming RIMS workshops, events, the RIMS app, RIMS membership, and more!
[14:45] Did Patrick ever foresee becoming the President of RIMS?
[15:49] Why Patrick feels that it’s so important to get back to meeting in person at a conference like RISKWORLD.
[17:27] Patrick shares his platform for his presidency at RIMS.
[18:47] Patrick’s favorite sessions to sit in on at risk conferences.
[20:00] Patrick’s message to the global risk management community.
[21:04] Justin thanks Patrick Sterling for joining RIMScast and shares some additional links to check in today’s show notes.
Mentioned in this Episode:
Patrick Sterling: Leadership Corner Feb. 2022
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD™ | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RISKWORLD COVID-19 Policy (Updated 2/28/2022)
RIMS Buyers Guide
RIMS-Willis Towers Watson Asia Pacific Risk Virtual Conference 2022 | April 26-28th — Complimentary registration here!
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
March 17, 2022 | “Talent Risk: Get Ahead of Risk Management Succession Planning” | Sponsored by Gallagher
March 29, 2022 | “Executive Risk in 2022: How to Prepare for the Shifting Sands of Liability” | Sponsored by Beazley
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
March 22, 23, 29 & 30 | “Enterprise Rise Management for ORSA Planning in Insurance Companies” | Enroll by March 21, 2022
Related RIMScast Episodes:
“RISKWORLD Keynote Michael C. Bush On Risk and ‘Greatness”
“RISKWORLD Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout”
“Looking to 2022 with Spencer Educational Foundation Executive Director Megan Miller”
“RIMS DEI Council Chair Kevin Thomas and Vice-Chair Monica Merrifield”
“Funding the Future with RIMS CEO Mary Roth”
“How One Franchisee Navigated Restaurant & Food Retail Sector Risks in 2020”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Patrick Sterling’s LinkedIn
Tweetables (For Social Media Use):
“Our risks [at Texas Roadhouse] aren’t unlike most businesses in the U.S. right now. I think we’re all facing the supply chain risk … cyber security certainly, and … the talent risk.” — Patrick Sterling
“Just trying to be in front of risk instead of reactionary is one of [my philosophies].” — Patrick Sterling
“I’m still so shocked, honored, and humbled that [I’m the President of RIMS]. … It really is an honor. I just have so much respect for this organization and the folks that are in it. The work that the chapters do continues to amaze me.” — Patrick Sterling
“[My platform for my RIMS presidency is], #1) Helping RIMS emerge from the pandemic era.” — Patrick Sterling
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today, Justin is once again joined by Henk Ovink to discuss all things water-related! Henk is the Special Envoy for International Water Affairs for the Kingdom of the Netherlands, the Sherpa to the UN/WB High-Level Panel on Water, and is the world’s only water ambassador!
In this episode, Henk discusses the risks and opportunities of Groundwater in anticipation of this year’s World Water Day, a global event held annually on March 22nd. He explains the importance of groundwater, how it factors into the global practice of risk management, and what risk professionals can do to factor it in. He also shares the purification methods that have emerged during the pandemic, how current world events might disrupt international water safety efforts, and what risk professionals and organizational leaders can do to take their involvement with water risk management to the next level.
Key Takeaways:
[:01] About the RIMS App.
[:21] About RIMScast.
[:28] About today’s episode with Henk Ovink.
[:48] Upcoming RIMS webinars.
[1:32] About the upcoming live, in-person annual conference, RISKWORLD.
[2:07] More about today’s episode.
[2:58] Justin welcomes Henk Ovink back to RIMScast!
[3:07] Henk shares about his role as the Special Envoy for International Water Affairs for the Kingdom of the Netherlands.
[3:58] When World Water Day is and what this year’s theme is focusing on.
[4:38] What are some of the ways that organizations or risk professionals can keep Groundwater in mind?
[6:23] The National Oceanic and Atmospheric Administration (NOAA) released a report recently that found sea levels will rise as much in the next 30 years as it has over the last 100 years. How does that accelerated rate impact current water safety and protective measures?
[10:15] What Henk has learned about water risk management since he was last on the podcast in March 2020.
[13:35] Purification methods that have emerged during the pandemic that Henk finds inspiring.
[15:37] Amazing examples of purification within the food and agriculture sectors.
[17:06] What Henk finds amazing about water.
[18:00] About upcoming RIMS workshops, events, the RIMS app, RIMS membership, and more!
[20:23] Henk discusses the 9th World Water Forum 2022, some of the broader implications of how access to water can influence societies, and the important changes we have to make around water today to create a better future for the world.
[24:18] How does Russia invading Ukraine disrupt international water safety efforts?
[26:54] What risk professionals and organizational leaders can do to positively contribute to make World Water Day 2022 more than a once-a-year occurrence and take their involvement to a greater level (both internally and externally).
[31:38] Will World Water Day be publicly broadcasted?
[32:24] About the upcoming UN-Water Summit on Groundwater in December 2022.
[34:07] Justin thanks Henk Ovink for joining RIMScast and shares some additional links to check in today’s show notes.
Mentioned in this Episode:
World Water Day 2022
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD™ | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RISKWORLD COVID-19 Policy (Updated 2/28/2022)
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
March 17, 2022 | “Talent Risk: Get Ahead of Risk Management Succession Planning” | Sponsored by Gallagher
March 29, 2022 | “Executive Risk in 2022: How to Prepare for the Shifting Sands of Liability” | Sponsored by Beazley
April 21, 2022 | “Supply Chain Risk Management in 2022” | Presented by the RIMS International Council April 28, 2022 | "ZAP! The electrification of commercial fleets – opportunities & risks" | Sponsored by Aviva
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
March 22, 23, 29 & 30 | “Enterprise Rise Management for ORSA Planning in Insurance Companies” | Enroll by March 21, 2022
Related RIMScast Episodes:
“Water Risks with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands” (2020)
“Combating Water Scarcity with AquaShares Founder James Workman” (2020)
“Earth Observations, Acronyms, and Risk with Dr. Shanna McClain of NASA” (2021)
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Henk Ovink’s LinkedIn
Tweetables (For Social Media Use):
“The pandemic, in a sense, reminded us that we have to become … more aligned with nature. We have to deal with these challenges in a more comprehensive … collaborative [way].” — Henk Ovink
“Water [is] a resource that we can reuse and recycle in many ways. Right now, too often water is taken for granted by industry, agriculture, and our society. But … if we reuse it and reclean it, we can use it again and again … and … our water footprint goes down.” — Henk Ovink
“And that is what I find so amazing about water; it’s powerful and it can destroy and destruct – so you better be careful. You have to treat it well. … But if you use it well … understand its complexities … and you start to value it, it manages itself.” — Henk Ovink
“Water is not the only way to look at the world but water is a way to look at the world for sustainable development and climate action that presents us with a just, inclusive, and comprehensive alternative. It really helps us build resiliency … for a better future.” — Henk Ovink
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Michael C. Bush, the CEO of Great Place to Work and keynote speaker of RIMS RISKWORLD 2022, joins RIMScast to discuss workplace satisfaction and give a preview of his opening keynote, which will be sponsored by Hub International!
Michael C. Bush is a global chief executive with over 25 years of experience leading small and mid-sized organizations through transformational growth. Driven by a love of business and an unwavering commitment to fair and equitable treatment, in 2015 Michael acquired ownership and currently serves as global CEO of Great Place to Work® headquartered in Oakland, California with operations in more than 60 countries worldwide.
Michael shares how creating a more equitable work environment pays off, how the definition of happiness/satisfaction has changed in the workplace against the backdrop of the pandemic, and the critical things that risk professionals can do to increase equity and happiness in their organization.
Tune in and be sure to not miss RISKWORLD’s opening ceremony at 7:30 a.m. PT on April 11th, 2022!
Key Takeaways:
[:01] About the RIMS App.
[:21] About RIMScast.
[:35] About today’s episode with Michael C. Bush.
[:48] Upcoming RIMS webinars.
[1:20] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:51] More about today’s episode.
[2:25] Justin welcomes Michael C. Bush to RIMScast!
[3:04] Michael shares about his career and current role as the CEO of Great Place to Work.
[5:20] How has the definition of happiness/satisfaction in the workplace changed against the backdrop of the pandemic?
[7:32] How does the risk manager or risk professional factor into workplace satisfaction amid the pandemic?
[10:48] Michael’s definition of “listening,” why it is so important, and how it has evolved over the years.
[14:20] Upcoming RIMS workshops and courses.
[16:27] Michael’s insights into how the increased dependency/need for video conferences has enhanced the concept of “innovation by all.”
[20:13] Michael gives a preview of his keynote, shares about the importance of giving and receiving and support, and elaborates on the difference between “burned out” and “burnt out.”
[24:04] Justin thanks Michael C. Bush for joining RIMScast and shares some additional links to check in today’s show notes.
Mentioned in this Episode:
Hub International
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD™ | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RISKWORLD COVID-19 Policy (updated 2/28/2022)
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients”
| Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
March 10, 2022 | “Emerging Risks in Renewable Energy” | Sponsored by TÜV SÜD Global Risk Consultants
March 17, 2022 | “Talent Risk: Get Ahead of Risk Management Succession Planning” | Sponsored by Gallagher
March 29, 2022 | Executive Risk in 2022: How to Prepare for the Shifting Sands of Liability | Sponsored by Beazley
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
March 8-9 | “Contractual Risk Transfer Canada” | Enroll by March 7th, 2022
Related RIMScast Episodes:
“Riskworld Keynote Rachel Sheerin On How Risk Leaders Can Combat and Harness Burnout” — Feb 15th, 2022
“Looking to 2022 with Spencer Educational Foundation Executive Director Megan Miller” — Feb 1st, 2022
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Michael C. Bush’s LinkedIn
Great Place to Work
Tweetables (For Social Media Use):
“Everything I’ve tried to do, I’ve tried to do in a people-first way.” — Michael C. Bush
“This idea of connecting with our people in a way that drives outstanding business results is a global phenomenon.” — Michael C. Bush
“Everybody wants to know, [especially] now, that you care about their physical health — that’s surfaced the last couple of years. People [also] want to know now that you care about their mental health in the way that you’re interacting with them.” — Michael C. Bush
“People want to know … that they’re in a more caring environment and that they’re not alone … and it’s much more than a business transaction.” — Michael C. Bush
“[When someone is] taking a break to do something for their mental health like exercise [or] meditation … [and] they know you support them in relieving that pressure … That’s what eliminates burnout.” — Michael C. Bush
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
There are always developments in global health that affect the public and organizations in the way of safety and travel and that’s why RIMScast is joined once again by Dr. Adrian Hyzler, the HX Global Chief Medical Officer, to give his seasonal update on COVID-19, public health, travel safety, and more!
In this update with Dr. Hyzler, he discusses travel risk management, how lifting the COVID-19 restrictions in the UK could set a precedent for other nations, the differences between the variants Omicron 1 and 2, and the precautions you should still be taking when it comes to protecting yourself against COVID-19. Dr. Hyzler also touches on other health developments that can impact individuals and organizations and positive news in the treatment of other known viruses such as HIV and malaria.
Key Takeaways:
[:01] About the RIMS App.
[:22] About RIMScast.
[:35] About today’s episode with Dr. Adrian Hyzler.
[:50] Upcoming RIMS webinars.
[1:40] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[2:09] More about today’s episode.
[2:40] Justin welcomes Dr. Adrian Hyzler back to RIMScast!
[3:36] The UK has been prominently in the news with regards to COVID-19. Justin and Dr. Hyzler discuss how Queen Elizabeth recently tested positive for COVID-19 at 95 years old.
[4:37] Has Dr. Hyzler met the queen?
[5:00] UK Prime Minister Boris Johnson recently announced that the UK is going to be lifting COVID-19 restrictions. Dr. Hyzler shares his reaction and thoughts.
[6:40] Dr. Hyzler’s thoughts on the UK government’s “Living with COVID-19” plan and what individuals and organizations should know about it.
[12:00] The difference between Omicron 1 and Omicron 2, and the worrying potentials with 2.
[13:52] Dr. Hyzler’s insights on the new study that came regarding the role of Vitamin D in mitigating severe COVID-19 symptoms.
[19:58] Has Dr. Hyzler traveled by plane recently? What was the experience like?
[22:29] How Dr. Hyzler feels overall about his ability to travel safely.
[23:23] Dr. Hyzler’s advice and personal experiences with indoor and outdoor events.
[24:31] Have there been any more huge breakthroughs with vaccines? Have there been any developments with regard to the WHO giving the green light to give children in Africa the only approved malaria vaccine?
[26:37] The first reported cure of HIV was chronicled in the U.S. in February 2022. What can we learn from this breakthrough?
[33:20] Justin thanks Dr. Adrian Hyzler for joining RIMScast and shares some additional links to check in today’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD™ | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
March 10, 2022 | “Emerging Risks in Renewable Energy” | Sponsored by TÜV SÜD Global Risk Consultants
March 17, 2022 | “Talent Risk: Get Ahead of Risk Management Succession Planning” | Sponsored by Gallagher
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
March 8-9 | “Contractual Risk Transfer Canada” | Enroll by March 7th, 2022
Related RIMScast Episodes:
“Travel Risk Management with Dr. Adrian Hyzler” — Nov. 22nd, 2021
“COVID-19 Variants, Long Haul and Safe Returns with Dr. Adrian Hyzler” — July 6th, 2021
“COVID-19 Update with Dr. Adrian Hyzler of HX Global” – Jan. 26th, 2021
“Safe Holiday Travel Tips with IIHS President David Harkey” — Nov. 24th, 2020
“An Update on COVID-19 with Dr. Adrian Hyzler Part 2” — Jun. 30th, 2020
“An Update on COVID-19 with Dr. Adrian Hyzler” — Jun. 23rd, 2020
“COVID-19 Update with Dr. Adrian Hyzler of HX Global” — Apr. 28th, 2020
“What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler” — Feb. 18th, 2020
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler
Tweetables (For Social Media Use):
“I think, at the moment, we’re in a situation where we’re starting to look to this period where numbers are coming down [and] deaths are coming down.” — Dr. Adrian Hyzler
“Omicron 2 … is as different to Omicron 1 as Alpha is to the original Wuhan strain. They’re very different … and it could well be that Omicron 2 becomes its own Greek letter – but they’re still doing a lot of research.” — Dr. Adrian Hyzler
“[Research] found that Vitamin D alone did actually reduce the length of hospital stay and it did reduce the number of people who went into ITU.” — Dr. Adrian Hyzler
“Any talk around Vitamin D should be, yes, get yourself to healthy levels, but no, don’t think that this is a substitute for getting vaccinated because it absolutely isn’t.” — Dr. Adrian Hyzler
“The difference between a cloth mask and surgical masks, or N95s, is that those medical masks have an electrostatic charge that’s built into the fibers … that actually traps viral particles.” — Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Rejoining RIMScast once again is RIMS External Affairs Committee Chair, Lynn Haley Pilarski, to share all about the upcoming RIMS Advocacy initiatives in 2022. She highlights some of the key developments from the recent RIMS External Affairs Committee meetings so far in 2022, what’s brewing down the line, progress and updates regarding PRIA, RIMS initiatives regarding cyber security, and her position on autonomous vehicles as the Senior Risk Manager of General Motors.
There is a lot on the agenda to discuss today — so tune in to get your update on RIMS Advocacy 2022 with Lynn Pilarski!
Key Takeaways:
[:01] About the RIMS App.
[:22] About RIMScast.
[:35] About today’s episode with Lynn Haley Pilarski.
[:47] Upcoming RIMS offerings.
[1:17] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:47] More about today’s episode.
[2:12] Justin welcomes Lynn to RIMScast!
[2:22] Developments from the RIMS External Affairs Committee 2022 meetings.
[3:16] Lynn explains what PRIA is and why it has been her primary focus for the last several years.
[5:48] When does Lynn think we’ll hear news back about PRIA?
[6:54] 2022 RIMS initiatives regarding cyber security.
[11:18] Upcoming RIMS workshops and events.
[12:27] Megan Miller joins the podcast to share about the exciting events coming up for the Spencer Educational Foundation!
[12:47] Exciting news and events coming up in the first half of 2022 for the Spencer Educational Foundation.
[14:47] Justin thanks Megan for joining the podcast and shares where to learn more!
[15:06] Wearing her General Motors Senior Risk Manager hat, Lynn shares her position on autonomous vehicles.
[18:12] Putting on her RIMS hat, Lynn shares what is going to happen at RIMS regarding autonomous vehicles.
[19:00] About the upcoming, first-ever combined meeting with the RIMS External Affairs Committee and the RIMS RISK PAC.
[20:17] What Lynn can share about the possibility of a 2022 RIMS Legislative Summit.
[23:30] Lynn highlights the importance of attending a RIMS Legislative Summit.
[25:12] About Lynn’s upcoming session at RISKWORLDTM 2022 on April 12th.
[26:00] Justin thanks Lynn Haley Pilarski for joining RIMScast and shares some additional links to look out for in the show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLDTM | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Advocacy
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Feb 23, 2022 | “Free Preview of Managing Cognitive Bias Risk – Recognition & Avoidance Essentials” | Presented by RIMS
March 10, 2022 | “Emerging Risks in Renewable Energy” | Sponsored by TÜV SÜD Global Risk Consultants
March 17, 2022 | “Talent Risk: Get Ahead of Risk Management Succession Planning” | Sponsored by Gallagher
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
Claims Management: Build a world-class claims administration program for your organization. Feb. 23-24 – Enroll Now!
Related RIMScast Episodes:
“Advocacy Update from The Hill with Lynn Haley Pilarski” (Nov 2021)
“Driving Legislative Change: Advocacy Update with Bland Memorial Award Winner, Lynn Haley Pilarski”
“RIMS Advocacy in 2021”
“Post-Election Update with Whitney Craig”
“What TRIA’s Reauthorization Means for the Risk Management Community”
“Dr. Daniel Kaniewski on FEMA Resilience”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Lynn Haley Pilarski’s LinkedIn
Tweetables (For Social Media Use):
“The RIMS External Affairs Committee has focused on federal legislation important to members, such as the National Flood Insurance Program. … The last couple of years, our focus has been on pandemic-related risk issues, including … our big focus, PRIA. ” — Lynn Haley Pilarski
“We all have become very dependent on technology, and the bad actors are out there, so we need some rules. How do we protect our personal data? How do we protect our systems that are critical? … From a corporate … and … a federal government standpoint.” — Lynn Haley Pilarski
“If we had one standard [for the cyber insurance market], it would help with baseline rules for compliance and … let our underwriters become more comfortable with the exposures, and stabilize the insurance market – because we need all the help we can get.” — Lynn Haley Pilarski
“There’s no experience like [the RIMS Legislative Summit]. You will walk away just feeling empowered … [thinking], ‘I have the ability to make a change.’” — Lynn Haley Pilarski
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Every risk professional experiences burnout at some point — and the past two years have certainly pushed many of us to both our mental and physical limits.
In this episode, Rachel Sheerin joins Justin Smulison to offer her tips and advice to combat and harness workplace burnout. Rachel is an award-winning keynote speaker, trainer, and author with a focus on helping people thrive at work and home.
Known as the “Brené Brown of Burnout,” Rachel lends invaluable insights into what you need to know about maintaining happiness and avoiding burnout in all aspects of your life. She also offers her own philosophy on perseverance and shares a previous of her upcoming keynote at RISKWORLD on April 11th, 2022! Don’t miss out.
Key Takeaways:
[:01] About the RIMS App.
[:22] About RIMScast.
[:35] About today’s episode with Rachel Sheerin.
[:48] Upcoming RIMS offerings.
[1:11] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:42] More about today’s episode with Rachel Sheerin.
[2:14] Justin welcomes Rachel to RIMScast!
[2:48] Rachel shares the history of her career and what led her to RIMS and RISKWORLD.
[6:32] How COVID-19 has exasperated burnout.
[9:55] Is burnout more prevalent among professionals with hybrid work environments?
[14:20] Upcoming RIMS workshops and events.
[15:23] Megan Miller joins the podcast to share about the exciting events coming up for the Spencer Educational Foundation!
[17:57] What risk professionals should know about the common misconceptions around success and happiness.
[22:22] Megan’s tips for avoiding and recovering from burnout.
[25:55] Megan’s advice for those experiencing anxiety about returning to work.
[28:27] Megan gives a small preview of her April 11th keynote at RISKWORLD 2022.
[30:24] Justin thanks Rachel for joining RIMScast and shares some additional links to look out for in the show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
March 10, 2022 | “Emerging Risks in Renewable Energy” | Sponsored by TÜV SÜD Global Risk Consultants
RISKWORLD Live Workshops:
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register Now!
Related RIMScast Episodes:
“How Risk Professionals Can Avoid Digital and Remote Burnout with Dr. Gleb Tsipursky”
“Mental Health in the Workplace with Darcy Gruttadaro”
“Looking to 2022 with Spencer Educational Foundation Executive Director Megan Miller”
“RIMS 2021 Goodell Award Winner Pamela L. Popp”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Rachel Sheerin’s Website
Tweetables (For Social Media Use):
“What we have done previously is not going to work for what’s coming in tomorrow’s world.” — Rachel Sheerin
“Change is at the root of everything right now. We have all … gone through change together [with COVID-19].” — Rachel Sheerin
“Instead of saying, ‘Burnout is because of failure,’ [say], ‘Burnout is because I care so much. … I’m coming back from it time and time again. Burnout’s here to help me stay on track and make sure that all of this hard work is because I’m living a life I love.’” — Rachel Sheerin
“Acknowledging is power. We out tempted to keep on just racing past things, but if you let things fester, [that’s] no good.” — Rachel Sheerin
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Artificial intelligence, autonomous vehicles, and data gathering are all intersecting on roadways around the world. Here today to help navigate these emerging risks is Mike Nelson, the founder and CEO of Quantiv Risk! Mike has 40 years of legal, automotive, and insurance experience and is currently evaluating hundreds of accidents involving Advanced Driver Assistance Systems (ADAS).
Put your pedal to the metal and strap in for this week’s episode all about the technological, legal, and risk-related developments in the areas of AI, autonomous vehicles, and automated driving!
Key Takeaways:
[:01] About the RIMS App.
[:22] About RIMScast.
[:34] About today’s episode with Mike Nelson.
[:44] Upcoming RIMS offerings.
[1:05] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:38] More about today’s episode with Mike Nelson.
[2:15] Justin welcomes Mike to RIMScast!
[2:25] Mike Nelson shares about his career and his risk management history.
[3:08] Why AI is relevant to the insurance industry and the risk profession.
[4:48] Developments that have arisen in the area of automated driving and traffic/crash data.
[6:04] The first step to autonomous driving, ADAS, and what it means.
[7:00] The legislation that risk professionals should be aware of when it comes to automated driving.
[8:24] Mike shares his thoughts around the U.S. House panel that will be held on Feb. 3rd on self-driving vehicles.
[11:20] Upcoming RIMS webinars and the RIMS Buyers Guide.
[12:25] Megan Miller joins the podcast to share about the exciting events coming up for the Spencer Educational Foundation!
[15:08] Mike highlights the other information technologies (in addition to AI) that are making an impact on insurance.
[16:07] By the time autonomous vehicles are the norm, what does Mike forecast (in terms of auto insurance)?
[17:18] How Mike feels that AI will further enhance the future of the risk profession.
[19:19] Mike’s words of wisdom for the glocal risk management community.
[20:26] Justin thanks Mike Nelson for joining RIMScast and shares some additional links to look out for in the show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Feb. 8, 2022 | RIMS Virtual Workshop Preview: “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Feb. 9, 2022 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register Now!
More About AI, automated driving, and emerging technology on RIMScast and Risk Management Magazine:
RIMScast: “AI and Autonomous Vehicles with Stephen S. Wu”
Risk Management Magazine: “Robotic Process Automation for Risk and Compliance”
Risk Management Magazine: “Hacking Cars”
Risk Management Magazine: “Artificial Intelligence and Professional Liability”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Mike Nelson’s Profile
Quantiv Risk
Tweetables (For Social Media Use):
“A lot of people refer to this concept of autonomous vehicles [but] we’re really not anywhere near an autonomous vehicle world. We’re in — what a lot of people would call — automated driving.” — Mike Nelson
“The first step on this road to [automated driving] is called ADAS … Advanced Driver Assistance Systems.” — Mike Nelson
“I think the biggest part of [AI enhancing the future of the risk profession] is [that] … it’s [currently] hard to quantify the factors [of specific] events … without the use of AI.” — Mike Nelson
“The one thing … risk managers really need to be careful with … is … artificial intelligence is prone to bias; … it can overstate what [a] pattern represents. You really have to be careful that what you think is a pattern … is not being … overly relied upon.” — Mike Nelson
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. The Spencer Educational Foundation has a lot of exciting things planned for 2022 — from award scholarships to internship opportunities to the Risk Manager on Campus program (and more!)
Joining RIMScast today to discuss all that the Spencer Educational Foundation has coming up is the Executive Director, Megan Miller! Megan shares about Spencer Day (Feb. 28th), their in-person gala (Sept. 22nd), what she is personally looking most forward to with Spencer this year, and other exciting news that you’ll have to tune in for to find out about!
Key Takeaways:
[:01] About the RIMS App.
[:22] About RIMScast.
[:34] About today’s episode with Megan Miller.
[:45] Upcoming RIMS offerings.
[1:07] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:40] More about today’s episode with Megan Miller.
[2:03] Justin welcomes Megan to RIMScast!
[2:11] Megan shares about her role with Spencer.
[2:51] Megan highlights some of the exciting events and activities coming up for Spencer.
[5:21] Last year’s honorees of Spencer’s gala.
[5:55] Megan shares her excitement for hosting in-person events at this year’s RIMS RiskTech Forum.
[6:42] About Spencer and RIMS's strong partnership and what to look forward to this year.
[8:25] Upcoming RIMS webinars and the RIMS Buyers Guide.
[9:32] Exciting news for Spencer Educational Foundation.
[11:09] What Megan is personally most looking forward to for Spencer this year.
[12:04] Is Spencer’s Risk Manager on Campus program coming back in 2022? How do you apply?
[12:38] How and where to learn more about Spencer and all of its wonderful programs!
[13:32] Justin thanks Megan Miller for joining RIMScast and shares some additional links to look out for in the show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
Risk Findings for the Industrial & Manufacturing Industry | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Feb. 3, 2022 | “Are You Prepared for the Changing Environmental Risk Landscape?” | Sponsored by Beazley
Feb. 8, 2022 | RIMS Virtual Workshop Preview: “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Feb. 9, 2022 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
Virtual Workshops:
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register Now!
More About Spencer and Philanthropy on RIMScast:
“Funding the Future with RIMS CEO Mary Roth”
“All About the Spencer Educational Foundation with Marya Propis and Jeanna Madlener”
“Your LinkedIn Profile and the Path to the Boardroom”
“The Future of ERM with Dr. Andrea Bonime-Blanc”
“Women’s Advancement in the Risk Profession”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Megan Miller’s LinkedIn
Spencer Educational Foundation
Tweetables (For Social Media Use):
“[Spencer Day] is really … an awareness day. … It’s really to celebrate our Spencer Scholars and also acknowledge the companies that employ them. And so, we’re looking forward to that at the end of next month!” — Megan Miller
“Spencer really grew out of RIMS. We were formed by the Atlanta Chapter [and] we’ve been housed in the RIMS’ offices for decades.” — Megan Miller
“[Spencer’s Risk Manager on Campus is] a great program … where universities and colleges can apply for grants to have risk managers come … and teach the classes for a 1‒3 day residency. That application opens on April 1st and it’ll close on August 31st [2022].” — Megan Miller
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin is joined by the President of DF Safety, Dave Ferro, to discuss occupational safety and risk management in 2022.
Dave Ferro is an occupational health and safety expert with over 25 years of experience. He is a Canadian Registered Safety Professional, a Construction Safety Officer, and a member of the Canadian Society of Safety Engineering.
Dave shares his insights on the current state of safety risks in 2022; offers actionable tips to use against the backdrop of COVID-19, climate change, and the great resignation for risk management professionals; and speaks about the techniques, programs, and processes that he has found most effective.
Key Takeaways:
[:01] About the RIMS App.
[:23] About RIMScast.
[:35] About today’s episode.
[:41] Upcoming RIMS current offerings.
[1:27] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[2:09] More about today’s episode with Dave Ferro.
[2:35] Justin welcomes Dave Ferro to RIMScast!
[3:16] Winter safety tips for risk management professionals when it comes to the workforce.
[5:30] How the great resignation is impacting safety conditions and risks at work.
[8:26] How COVID-19 factors into the great resignation.
[9:27] How can companies safely reopen after initial and subsequent shutdowns due to COVID-19?
[11:13] Upcoming RIMS webinars.
[12:47] Techniques, programs, and processes that Dave has found most effective.
[14:53] Emerging safety risks that deserve more focus and Dave’s suggestions around addressing them against the backdrop of COVID-19.
[17:28] Dave’s words of advice for risk management professionals in 2022.
[20:10] Justin thanks Dave Ferro for joining RIMScast and shares some additional links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
TechRisk/RiskTech | RIMS Virtual Event Jan. 26‒27, 2022 — Register Today!
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
RIMS Report: Using Incident Management to Mitigate Risk
Sponsored RIMScast Episodes:
Risk Findings for the Industrial & Manufacturing Industry | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Feb. 3, 2022 | “Are You Prepared for the Changing Environmental Risk Landscape?” | Sponsored by Beazley
Feb. 8, 2022 | RIMS Virtual Workshop Preview: “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Feb. 9, 2022 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
Virtual Workshops:
“Applying and Integrating ERM” — This workshop prepares you to develop and integrate a practical ERM approach that creates and protects organizational value while improving efficiencies, Feb. 1‒2, 2022 — Register Now!
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register Now!
More Workplace Safety on RIMScast:
“Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin”
“Fatigue Risk Management with NSC’s Emily Whitcomb”
“International Codes and Standards with Chris Wieczorek”
“Navigating Shipping Risks in 2022 with Capt. Rahul Khanna”
“Fleet Safety with NETS Executive Director Susan Gillies”
“Mental Health in the Workplace with Darcy Gruttadaro”
“Active Threat Safety and Preparedness with Steve Smith and Dustin Miller of Guardian Defense”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
National Human Trafficking Prevention Month (U.S. Department of State)
Kimberly Mehlman-Orozco’s Website
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Dave Ferro’s LinkedIn
DF Safety
Tweetables (For Social Media Use):
“The winter thing that causes us the most injuries up here — at least on the job site — are simple slips, trips, and falls.” — Dave Ferro
“There’s a lot of ways the safety risks would be heightened [with the great resignation]. When we have fewer people, we have the one obvious problem of fatigue and extra hours. … Fatigue has really come to the forefront with safety.” — Dave Ferro
“Physical distancing [with COVID-19] is huge … [and] it doesn’t hurt to do extra cleanliness … like hand sanitizer.” — Dave Ferro
“Just like every other safety issue, the more planning you do, the better off you’re going to be when something happens.” — Dave Ferro
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
January is National Human Trafficking Prevention Month, the month dedicated to raising awareness about human trafficking, educating the public on how to identify and prevent this crime, and celebrating the efforts of organizations, governments, law enforcement, and advocates that are making an effort to raise awareness.
In this episode, Justin Smulison is joined by author and human trafficking expert, Kimberly Mehlman-Orozco, to shine a light on this global problem and share her insights on what risk professionals can do to identify and help victims of trafficking.
Dr. Kimberly Mehlman-Orozco is an accomplished survey methodologist, research scientist, and quantitative and qualitative consultant on issues related to human trafficking. She is also the CEO of Break the Chain, the Executive Director of Freedom Light, and the author of Hidden in Plain Sight: America's Slaves of the New Millennium, and was recently a guest speaker at RIMS Live 2021!
Kimberly shares how risk professionals can ensure their organizations know how to train their employees to spot the signs and properly report human trafficking, how the current remote-fueled world impacts modern slavery, the industries that are the highest risk for trafficking, and her insights on what we can all do to address this issue as a collective.
Key Takeaways:
[:01] Do you want to reach risk professionals around the world? Here’s how to sponsor RIMScast.
[:24] About RIMS’ Global Membership and RIMScast.
[:36] About today’s episode.
[:47] Upcoming RIMS current offerings.
[1:35] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[2:12] More about today’s episode with Kimberly Mehlman-Orozco.
[3:05] Justin welcomes Kimberly Mehlman-Orozco to RIMScast!
[3:21] Kimberly shares about her past appearances at RIMS events and her career background.
[5:28] About Kimberly’s book, Hidden in Plain Sight: America's Slaves of the New Millennium, and how it is used to train law enforcement.
[7:06] How does the current remote-fueled world impact modern slavery and human trafficking?
[10:17] How and why the detection training needs to change with an increasingly virtual world.
[11:09] Why trafficking is extremely hard to identify and what we can all do to identify it and address it together.
[13:44] Kimberly shares key takeaways from those who have unwittingly assisted or interacted with human traffickers.
[15:51] How Kimberly advises risk professionals and businesses (with training and reporting) regarding human trafficking.
[22:17] Upcoming RIMS webinars, the RIMS Buyers Guide, and the RIMS 2022 RISKWORLD.
[24:08] Why it is more challenging in the era of COVID-19 to help protect and identify victims of human trafficking and modern slavery, and Kimberly’s recommendations for businesses on preventative measures as well as what they can do if they encounter a situation.
[27:25] How does a high-profile case and verdict, such as the recent Ghislaine Maxwell sentencing, help shine a light on human trafficking during the National Human Trafficking Prevention Month?
[33:29] Tourism, travel, and hospitality are the major industries that may be susceptible to human trafficking. Outside of these, are there any other industries that are at high risk?
[37:22] Justin thanks Kimberly Mehlman-Orozco for joining RIMScast and shares some additional links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
TechRisk/RiskTech | RIMS Virtual Event Jan. 26‒27, 2022 — Register Today!
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsored RIMScast Episodes:
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Feb. 3, 2022 | “Are You Prepared for the Changing Environmental Risk Landscape?” | Sponsored by Beazley
Feb. 8, 2022 | RIMS Virtual Workshop Preview: “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Feb. 9, 2022 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
Virtual Workshops:
“Applying and Integrating ERM” — This workshop prepares you to develop and integrate a practical ERM approach that creates and protects organizational value while improving efficiencies, Feb. 1-2th — Register Now!
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register Now!
More About Human Trafficking and Modern Slavery on RIMScast:
“Human Trafficking and Supply Chain Risk with Tim Nelson of the Slave-Free Alliance”
“Navigating Shipping Risks in 2022 with Capt. Rahul Khanna”
More RIMS Resources on Human Trafficking and Modern Slavery:
“Human Trafficking and Supply Chains: Q&A with Tim Nelson of the Slave-Free Alliance”
“Human Trafficking: How Businesses Can Combat the Modern Slavery Epidemic”
“Human Rights and Corporate Wrongs”
“The Expanding Circle of Concern and Emerging Risks”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
RIMS Path to the Boardroom
National Human Trafficking Prevention Month (U.S. Department of State)
Kimberly Mehlman-Orozco’s Website
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Kimberly Mehlman-Orozco’s Website
Hidden in Plain Sight: America's Slaves of the New Millennium, by Kimberly Mehlman-Orozco
Break the Chain
Freedom Light
Tweetables (For Social Media Use):
“The reality is, the average person is thinking of trafficking like something out of the movie, Taken, where you have a clearly innocent victim and these gun-wielding mobsters. … In reality, trafficking is really [not that clear].” — Kimberly Mehlman-Orozco
“I really think that … instead of pointing fingers and putting the blame on various parties, it’s a collaborative effort. We actually do need to learn a lot more on how to … combat this issue [of human trafficking].” — Kimberly Mehlman-Orozco
“I want to help organizations and businesses protect victims of trafficking and prevent these crimes from happening … and facilitate the prosecution of offenders. Those are the goals of the TVPRA [Trafficking Victims Protection Reauthorization Act].” — Kimberly Mehlman-Orozco
“It’s really important to continually educate, evaluate, [and ask], ‘Are my employees retaining this information?’ … When you do see something, and … report it to law enforcement, keep a log of the efforts … to ensure that … your premises are safe.” — Kimberly Mehlman-Orozco
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In today’s first RIMScast episode of 2022, Justin Smulison is joined by the CEO of Resolver, Will Anderson, to discuss his path to the Boardroom.
Will shares his personal experience with pitching a risk management program to another board, offers helpful presentation tips and strategies that risk professionals can use as they prepare their own pitches, and shares his general experience and insights as a board member for other companies.
If you’re a risk professional on the path to the boardroom, this is a not-to-miss edition of RIMScast.
Key Takeaways:
[:01] Do you want to reach risk professionals around the world? Here’s how to sponsor RIMScast.
[:24] About RIMS’ Global Membership and RIMScast.
[:36] About today’s episode.
[:47] Upcoming RIMS current offerings.
[1:14] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:52] More about today’s episode with Will Anderson.
[2:14] Justin welcomes Will Anderson to RIMScast!
[2:22] Will tells about his risk management background leading up to becoming the CEO of Resolver.
[3:08] About the board that Will sits on.
[3:27] How Will successfully pitched a risk management program to the board he sits on.
[4:59] What Sarbanes-Oxley (SOX) is and how it guides risk managers on what they should vs. should not do.
[6:01] Before pitching a successful risk management program, did Will have previous experience pitching to other boards?
[6:38] Was pitching to a board a very formal process?
[7:11] How Will and the audit committee prepare for finding a risk consultancy to work with.
[7:44] Will outlines the next steps asking several consultancies to pitch to them.
[8:19] After helping match the company with a mature risk program, did Will take a backseat as a board member?
[9:19] How Will was able to establish that a risk program was mature.
[10:10] The final results of the risk program that the company went with.
[10:57] Is this process still ongoing? Will they be revisiting the risk program?
[11:45] Would Will say that this was an overall positive and rewarding experience?
[13:09] About the RIMS Mobile App, the RIMS Buyers Guide, and the RIMS 2022 RISKWORLD.
[15:17] Will’s advice to risk professionals who have a good idea/good method and need to pitch to a board.
[16:19] Will’s advice to risk professionals that have the right idea or right direction but struggle with “selling it.”
[17:06] Will shares how he has been seeing more risk professionals/managers who have achieved board-level status.
[17:44] Has Will met any CEOs with a risk background?
[18:20] Will’s advice for risk managers/professionals — particularly rising stars — who are trying to navigate the landscape in 2022 and beyond.
[19:49] Does Will rehearse his pitches beforehand? How does he prepare?
[20:47] Will’s advice for anybody pitching to a board member.
[24:05] Justin thanks Will Anderson for joining RIMScast and shares where to access the full interview, as well as some of the other links to look out for in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
TechRisk/RiskTech | RIMS Virtual Event Jan. 26‒27, 2022 — Register Today!
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Visit the RIMS Path to the Boardroom Page
Sponsored RIMScast Episodes:
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Feb. 3, 2022 | “Are You Prepared for the Changing Environmental Risk Landscape?” | Sponsored by Beazley
Virtual Workshops:
RIMS-CRMP Exam Prep (Date: January 11‒12, 2022) Start your RIMS-CRMP journey today at this interactive virtual prep workshop. You will learn about the exam domains, prepare with case studies and hands-on exercises, and tackle sample exam questions — Register here!
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register by Jan. 17 to save $200!
Risk Appetite Management: This senior-level, virtual workshop teaches you how to navigate the complex and critical area of risk appetite management and how to develop a risk appetite framework that clarifies your company’s position on risk-taking. January 18-19, 2022 — Register by Jan. 17!
More ESG on RIMScast:
“ESG and the Board with Luke Jacobs of Encamp”
“A Glimpse of the ‘The Reputation Premium’ with Nir Kossovsky”
“The Future of ERM with Dr. Andrea Bonime-Blanc”
“Joseph W. Mayo on ESG Events and How They Impact the Risk Management Community”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
“The Tragedy of the Commons with Les Williams”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Will Anderson’s LinkedIn
Resolver
Tweetables (For Social Media Use):
“The purpose of risk is to drive better results. So, SOX is certainly a component of a risk program and they interact. But a mature risk program is really thinking more about the objectives and the strategy of the business, and where you want to take it.” — Will Anderson
“I would say that risk and SOX are somewhat separate, although related, and should be integrated. ” — Will Anderson
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
With 2021 coming to a close, Justin Smulison is once again joined by the RIMS Director of Publications and Risk Management Magazine’s Editor-in-Chief, Morgan O’Rourke. Together, they discuss this year’s edition of Risk Management Magazine’s “Year in Risk.”
Morgan highlights key articles in the 2021 “Year in Risk” RM Magazine, discusses 2021’s risk timeline, some of the unexpected positives from 2021, key points on innovation, and insight into how Morgan chose which events to feature in this year’s recap.
For more information or to get your copy (available both digitally and in print), follow along at RMMagazine.com.
Key Takeaways:
[:01] Do you want to reach risk professionals around the world? Here’s how to sponsor RIMScast.
[:24] About RIMS’ Global Membership and RIMScast.
[:36] About today’s episode.
[:44] Upcoming RIMS current virtual offerings.
[1:28] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[2:07] More about today’s episode with RIMS Publications Director Morgan O’ Rourke.
[2:38] Justin welcomes Morgan O’Rourke back to RIMScast!
[3:16] Morgan shares about the RIMS Mobile App and what it took, behind-the-scenes, to launch it.
[7:05] Where to get your hands on the latest Risk Management Magazine’s “Year in Risk” 2021 edition.
[8:00] Morgan discusses vaccine mandates in NYC for private companies and what risk management professionals need to take away from this information.
[9:54] About the “Optimizing Politically-Exposed Persons Screening” article and why it is so critical to read.
[11:59] Key points on innovation from the articles within the “Year in Risk” 2021 edition.
[14:44] The timeline of creating the “Year in Risk” 2021.
[16:04] Morgan shares the struggles of having to choose which events and people to highlight within the “Year in Risk.”
[19:52] With businesses looking to expand their risk team(s) in order to handle the breadth of current-world calamities, is there an opportunity for risk managers more than ever before?
[21:04] Morgan highlights some of the positives from the past year.
[22:14] About the RIMS Mobile App, the RIMS Buyers Guide, and the RIMS 2022 RISKWORLD.
[24:11] Morgan shares how he deals with isolation professionally as a Publications Director, as well as personally.
[28:07] Morgan shares his excitement for the upcoming 2022 RISKWORLD event.
[30:17] Justin and Morgan talk stage fright, overcoming nerves, and presenting in front of others.
[34:55] As Morgan looks to 2022, what does he think the global risk management community should be thinking about?
[37:21] Justin thanks Morgan O’ Rourke for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
TechRisk/RiskTech | RIMS Virtual Event Jan. 26‒27, 2022 — Register Today!
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsored RIMScast Episodes:
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Jan. 20, 2022 | “The CISO’s Role in Driving Trust: Why it Matters, How to Define it, and What Success Looks Like” | Sponsored by OneTrust
Feb. 3, 2022 | “Are You Prepared for the Changing Environmental Risk Landscape?” | Sponsored by Beazley
Virtual Workshops:
RIMS-CRMP Exam Prep (Date: January 11‒12, 2022) Start your RIMS-CRMP journey today at this interactive virtual prep workshop. You will learn about the exam domains, prepare with case studies and hands-on exercises, and tackle sample exam questions — Register here!
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register by Jan. 17 to save $200!
Risk Appetite Management: This senior-level, virtual workshop teaches you how to navigate the complex and critical area of risk appetite management and how to develop a risk appetite framework that clarifies your company’s position on risk-taking. January 18-19, 2022 — Register by Jan. 17!
More About Major Risk Management Topics on RIMScast:
“2020 in Review with Risk Management Magazine Editor-in-Chief, Morgan O’Rourke”
“Climate Change, Business Interruption, and the 2021 Hurricane Season”
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
Recent Risk Management Magazine coverage of Shipping and Supply Chain Risk:
“Shipping Risks Strain Global Supply Chains”
“Managing Supply Chain Disruption”
“Managing Supply Chain Legal Risks”
“Going Lo-Fi At Sea To Reduce Cyberrisk”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Morgan O’Rourke’s LinkedIn
Tweetables (For Social Media Use):
“[Vaccine mandates in other areas is] one of those things that I think risk managers will do well to … pay attention to because you don’t know if it’s going to impact your specific operation at some point. And these days, everybody’s got operations all over.” — Morgan O’Rourke
“The flip side of the coin on a lot of the bad stuff that happens is that it makes us more resilient if we handle it, react to it, and are aware of it.” — Morgan O’Rourke
“Trying to stay in communication with everyone is the best way to … head off that isolation effect. It’s not going to be 100% perfect … but … trying to communicate — even if it’s not your style or comfort zone — … [is the most important thing]. ” — Morgan O’Rourke
“I think a lot of the things we need to look at when we’re looking at risks are going to be not just the event, but … the broader impact of the event.” — Morgan O’Rourke
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The international shipping industry is responsible for transporting around 90% of all international trade which has rebounded during the sharp falls we experienced during the pandemic. Capt. Rahul Khanna, the Global Head of Marine Risk Consulting at Allianz Global Corporate & Specialty in London, joins RIMScast today to discuss maritime, shipping risks, and the global supply chain.
In this episode, Capt. Rahul Khanna shares how the shippers are now busier than ever with the global nature of this sector and the lack of spare capacity within it. He speaks about the impact that COVID-19 has had on supply chains, the pros and cons of chartering your own container ship as a company, maritime risk advancements, and the biggest supply chain risks that he is seeing regarding vaccine distributions.
Be sure to tune in for this deeply fascinating conversation with the first captain to join the podcast, Capt. Rahul Khanna!
Key Takeaways:
[:01] Do you want to reach risk professionals around the world? Here’s how to sponsor RIMScast.
[:24] About RIMS’ Global Membership and RIMScast.
[:36] About today’s episode with Capt. Rahul Khanna.
[:47] Upcoming RIMS current virtual offerings.
[1:30] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[2:11] More about today’s episode with Capt. Rahul Khanna.
[2:45] Justin welcomes Capt. Rahul Khanna to the podcast!
[3:14] Capt. Rahul Khanna shares about his career and what has led him to becoming the Global Head of Marine Risk Consulting at Allianz Global Corporate & Specialty.
[5:06] How supply chain issues are making it harder for companies to keep shelves stocked.
[7:10] How does the news of new variants, like the Omicron variant, impact supply chains?
[10:10] When Capt. Rahul Khanna was piloting his own ship, how big was his crew?
[10:44] Was Capt. Rahul Khanna ever a captain of a cruise ship?
[10:55] Capt. Rahul Khanna describes how it felt to pilot a ship for the very first few times.
[11:42] Some companies are chartering their own container ships. What are the pros and cons of doing that in the current state of the world?
[14:30] About the RIMS Mobile App, the RIMS Buyers Guide, and the RIMS 2022 RISKWORLD.
[16:08] The biggest supply chain risks that Capt. Rahul Khanna is seeing, regarding vaccine distributions and where along the chain he is seeing these risks originate most frequently.
[19:14] When distributing vaccine shipping around the world, how is security a factor when the ship gets to more hostile areas or countries? How would you account for your crew and cargo?
[23:11] Aside from COVID-19, what are the biggest supply chain risks we should be expecting in 2022?
[27:51] Developments regarding maritime risk that Capt. Rahul Khanna is excited for.
[30:57] Capt. Rahul Khanna shares some parting words of advice to the global risk management community.
[32:44] Justin thanks Capt. Rahul Khanna for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
TechRisk/RiskTech | RIMS Virtual Event Jan. 26‒27, 2022 — Register Today!
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsored RIMScast Episodes:
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars & Virtual Workshops:
RIMS-CRMP Exam Prep (Date: January 11‒12, 2022) Start your RIMS-CRMP journey today at this interactive virtual prep workshop. You will learn about the exam domains, prepare with case studies and hands-on exercises, and tackle sample exam questions — Register here!
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register by Jan. 17 to save $200!
More About Shipping and Supply Chain Risk on RIMScast:
“E-Commerce’s Impact on Fire Safety in Supply Chains with Leonard Ramo”
“How COVID-19 Has Impacted the Global Supply Chain with Thomas Cook”
“Fleet Safety with NETS Executive Director Susan Gillies”
“Human Trafficking and Supply Chain Risk with Tim Nelson of the Slave-Free Alliance”
Recent Risk Management Magazine coverage of Shipping and Supply Chain Risk:
“Shipping Risks Strain Global Supply Chains”
“Managing Supply Chain Disruption”
“Managing Supply Chain Legal Risks”
“Going Lo-Fi At Sea To Reduce Cyberrisk”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Capt. Rahul Khanna’s LinkedIn
Capt. Rahul Khanna’s Twitter
Tweetables (For Social Media Use):
“Technology [provides] a lot of opportunities to make our supply chains … efficient, … fast, and safer. … Can we dial our focus from just maintaining them to looking [toward] the future … so that when we have another big problem, … we are … prepared?” — Capt. Rahul Khanna
“What the pandemic has shown us … [is] how intricately we are connected to each other. A problem in one part of the globe affects the other part of the globe … and this has been evident in the last year or so.” — Capt. Rahul Khanna
“To solve these problems, we cannot work in isolation. It has to be a coordinated effort, globally.” — Capt. Rahul Khanna
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on the podcast, Justin is joined by the co-founder and co-CEO of LOOP, Carey Anne Nadeau. Founded in 2020, LOOP is an auto insurance MGA that uses AI to provide a fair price to all.
In this conversation, Carey speaks about the future of risktech, how Loop is modernizing data analytics to reduce risk, her philosophies on data analysis, and how she uses AI to create equitable products. She also gives a preview of her keynote for the second day of the RIMS virtual event, TechRisk/RiskTech, which will be held January 26‒27th, 2022.
Key Takeaways:
[:01] About RIMS’ Global Membership and RIMScast.
[:26] About today’s episode.
[:43] Upcoming RIMS current virtual offerings.
[1:20] About the upcoming 2022 RIMS RiskTech Forum.
[1:59] More about today’s episode with Carey Anne Nadeau.
[2:32] Justin welcomes Carey to the podcast!
[2:39] Carey shares about her professional history in risk and how she came to be the co-founder and co-CEO of LOOP.
[5:06] Carey shares about her mission to modernize the measurement of risk and what she does to measure risk.
[7:05] How Loop uniquely examines measurements and risk methods (and which factors they view as outdated).
[10:25] About the RIMS Mobile App; RIMS Buyers Guide; and RIMS Annual Conference, RISKWORLD 2022.
[12:03] How Carey sees risk tech further enhancing the future of the risk profession.
[15:07] Carey highlights a key part of LOOP that uniquely separates them from others in the space.
[15:36] Carey provides a preview of her upcoming keynote at TechRisk/RiskTech.
[16:25] Justin thanks Carey for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
TechRisk/RiskTech | RIMS Virtual Event Jan. 26‒27, 2022 — Register Today!
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsored RIMScast Episodes:
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars & Virtual Workshops:
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register by Jan. 17 to save $200!
More Risktech on RIMScast:
“Risktech and Remote Control with Jacqueline Legrand, Founder of Maptycs”
“Risktech Talk with Drinks & Demos Pitch Winner, Josh Riley of Paladin Cyber!”
“Live From Risktech 2019: ‘It’s Not Just For IT Anymore!’”
“CEO and Co-founder of OnRamp Risk, Audrey Rampinelli, on the Risk Tech Space”
“The State of Cybersecurity and 5G Technology with Jason Ruger, Ruby Zefo, and Chris Novak”
“Talking ‘RIMS Tech, the Insurtech Competition,’ with Host, Audrey Rampinelli and Winner, Alex Schwarzkopf”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Carey Anne Nadeau
Tweetables (For Social Media Use):
“What sets [Loop] apart from other carriers or … MGAs in this space is that we are … on a mission … to provide more … equitable insurance. … Loop is taking a very fresh and modern approach to using data … to deliver a really lovely customer experience.” — Carey Anne Nadeau
“We’re … in a renaissance in the risk profession. Those of us who are innovating in this space, … I think of us as avant-garde. We’re creating things. … We’re finding opportunities to sell to markets … and solve … problems that … haven’t been addressed.” — Carey Anne Nadeau
“In this space, there’s also an opportunity to collaborate with your community. One thing that really drives Loop and is important to us is building deep relationships with our Loop drivers and finding opportunities for them to benefit and connect.” — Carey Anne Nadeau
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin is joined by Luke Jacobs, the CEO and co-founder of Encamp; a modern platform that simplifies the way you meet your environmental reporting obligations.
With ESG continuing to be a hot topic in risk management, Luke offers his insights and professional experiences as a risk professional, business leader, and board member steeply rooted in ESG. Additionally, he shares his perspective on how risk professionals can use the ESG functions to gain an audience with the board and C-suite, create and retain value based on their contributions, and even enhance their careers.
If you enjoyed this conversation and want to access the full interview, be sure to head on over to the RIMS Path To The Boardroom page for the entire dialogue with Luke Jacobs.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:13] About today’s episode.
[:19] Upcoming RIMS current virtual offerings.
[1:29] About the upcoming 2022 RIMS RiskTech Forum.
[2:07] More about today’s episode with Luke Jacobs.
[2:46] Justin welcomes Luke to the podcast!
[2:59] Luke shares about his background in risk.
[4:48] What can risk professionals do to create or retain value for their organizations with regards to the “E” in ESG?
[10:59] About the RIMS Mobile App; RIMS Buyers Guide; and RIMS Annual Conference, RISKWORLD 2022.
[12:26] If you want to check out this episode’s full interview, be sure to visit the RIMS Path To The Boardroom page.
[12:44] With COP26 in the rearview of 2021, what are business leaders, board members, and C-suites most tuned into?
[14:09] Luke shares how he thinks a risk professional should consider post-COP26 in both the short-term and long-term.
[16:46] Justin thanks Luke Jacobs for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
TechRisk/RiskTech | RIMS Virtual Event Jan. 26‒27, 2022 — Register Today!
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsored RIMScast Episodes:
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars & Virtual Workshops:
Applying and Integrating ERM: Dec 9‒10 — Registration closes Dec 8th
RIMS-CRMP Exam Prep with University of Hartford Dec. 14 & 16. — Register by Dec. 13th
Dec. 16th, 2021: “Are Business Leaders Fully Prepared for Growing Environmental Risks?” | Sponsored by Beazley
More ESG on RIMScast:
“A Glimpse of the ‘The Reputation Premium’ with Nir Kossovsky”
“The Future of ERM with Dr. Andrea Bonime-Blanc”
“Joseph W. Mayo on ESG Events and How They Impact the Risk Management Community”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
“The Tragedy of the Commons with Les Williams”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
RIMS DEI Council
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Luke Jacobs’ LinkedIn
Encamp
Tweetables (For Social Media Use):
“It is really critical to get an executive [in your organization] to understand the areas where you have operations going on that if you do not comply with the applicable environmental regulations … that is likely to get out.” — Luke Jacobs
“Consumers are really beginning to be aware of what companies are doing with their environmental and sustainability initiatives.” — Luke Jacobs
“A focus on net-zero planning is really coming to the forefront [as well as] thinking more broadly about decarbonization of organizations” — Luke Jacobs
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Diversity, equity, and inclusion is a continuous process at RIMS and among its members. The RIMS DE&I Council serves as both a resource and a collaborator with RIMS committees, councils, and members to implement DE&I goals and objectives.
To discuss more on this topic, Justin Smulison is joined today by RIMS DE&I Council Chair, Kevin Thomas, and Vice-Chair, Monica Merrifield! Together, they speak about the state of DE&I initiatives in the risk profession, the work that is still ahead of us, and updates on the progress of the RIMS DE&I Council over the past year.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About this episode’s topic.
[:33] Upcoming RIMS current virtual offerings.
[1:45] How to register for the 2021 RIMS India Forum and the 2022 RIMS RiskTech Forum.
[2:40] More about today’s episode with special guests, Kevin Thomas and Monica Merrifield.
[3:12] Justin welcomes Kevina and Monica back to the podcast!
[3:20] Kevin elaborates on how DE&I has evolved and the big shifts he has seen from a societal and organizational perspective in 2020‒21 compared to prior years.
[5:13] Monica shares her thoughts on how DE&I has evolved in 2020‒21 and how she sees the hybrid work model evolving in the future.
[7:33] Kevin highlights a key takeaway about DE&I as we move into a hybrid work model.
[8:36] How DE&I is categorized as a risk and why that matters.
[12:08] Kevin highlights an important takeaway on what leadership should do to be more diverse and inclusive.
[13:40] Monica shares her insights on what companies can do to become more diverse and inclusive.
[16:17] All about the RIMS Mobile App, RIMS Buyers Guide, and how to sit on a RIMS committee or council.
[17:44] Kevin shares what the RIMS DE&I Council has learned about executing a DE&I strategy and how this knowledge will information Council activity in the coming year (or two).
[20:50] Monica also shares how the knowledge that the RIMS DE&I has gained over the last year will impact their activity going forward.
[23:23] Kevin and Monica both share their parting words of advice and inspiration with regard to DE&I.
[27:07] Justin thanks Kevin and Monica for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS DE&I Council
“Excellence in Risk Management 2021 Report,” by RIMS & Marsh
Join a RIMS Committee: RIMS members are encouraged to submit an application to sit on a RIMS committee or council. Click on the link with descriptions on the volunteer submission form. The deadline to submit is December 3th.
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
TechRisk/RiskTech | RIMS Virtual Event Jan. 26-27, 2022 — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Sponsored RIMScast Episodes:
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars & Virtual Workshops:
Dec. 2, 2021 | “Addressing Today’s Risks and Preparing for the Risks of Tomorrow” | Sponsored by Aon
Contractual Risk Transfer: Dec. 7‒8 — Registration closes Dec. 3rd
Applying and Integrating ERM: Dec 9‒10 – Registration closes Dec 8th
RIMS-CRMP Exam Prep with University of Hartford Dec. 14 & 16. – Register by Dec. 13th
More DE&I on RIMScast:
“Launching DEI Initiatives with Tara Lessard-Webb”
“Pride Month 2021: How Risk Pros Can Protect and Uplift LGBTQ+ Employees”
“Diversity as a Successful Business Division with Rodney Johnson”
“Asian Pacific American Heritage Month 2021”
“Discussing Black History Month and the Risk Profession with Tammy Franklin of Marsh”
“Pride Month with RIMS D&I Council Members, Kevin Thomas, and Victoria Nolan”
“Talking Diversity and ERM at the RIMS ERM Conference 2019”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
Other:
The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation, and Growth, by Amy C. Edmonson
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
RIMS DE&I Council
Kevin Thomas’ LinkedIn
Monica Merrifield’s LinkedIn
Tweetables (For Social Media Use):
“It takes … some good, solid, inclusive leadership skills and techniques to help foster and create that space where people feel comfortable speaking up.” — Monica Merrifield
“Our [RIMS DE&I] Council members are just great … a collection of knowledge, deep insight, [and] lived experiences.” — Monica Merrifield
“This [DE&I] work truly does unite us all.” — Monica Merrifield
“You have to put passion into action. … Council members, risk management professionals … you’ve got to get involved [with DE&I].” — Kevin Thomas
“When people feel included, good things happen — simply put.” — Monica Merrifield
“You’ve got to bring your whole, full, authentic self [to work] no matter who you are [or] where you are … every day.” — Kevin Thomas
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining the podcast today to discuss travel risk management is return guest and RIMScast friend, Dr. Adrian Hyzler; the Chief Medical Officer of Healix International!
In this episode, Dr. Hyzler provides a well-rounded update on COVID-19, how travel risk management has changed in 2021, what risk professionals should keep top-of-mind as we all look to 2022, and what businesses and employers should be investing to protect their employees going forward. Additionally, Dr. Hyzler also shines a light on the development surrounding the malaria vaccine and the positive impact that it is having worldwide.
COVID-19 updates impact our health and our ability to travel and that is why RIMS loves having Dr. Adrian Hyzler return to RIMScast on a seasonal basis. Be sure to tune in to this episode to stay up-to-date on what you need to know as a risk professional about COVID-19 and its vaccines.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode with return guest, Dr. Adrian Hyzler.
[:34] Upcoming RIMS current virtual offerings.
[1:34] How to register now for the 2021 RIMS India Forum.
[1:50] More about today’s episode.
[2:15] Justin welcomes Dr. Adrian Hyzler back to RIMScast!
[2:35] How Dr. Adrian Hyzler’s perspective on travel risk management has changed in 2021.
[4:43] What should risk professionals be keeping top-of-mind as we look to 2022?
[6:47] The US is officially re-opening its borders to international travelers as of yesterday (2011/11/08). Does Dr. Hyzler see this as a risk or, rather, something that has been too long delayed?
[9:46] How Dr. Hyzler feels about vaccines being rolled out for children ages five-plus.
[11:12] All about the RIMS Mobile App, RIMS Buyers Guide, and how to sit on a RIMS committee or council.
[12:40] In October 2021, the World Health Organization gave the green light to give children in Africa the only approved malaria vaccine. Dr. Hyzler shares his insights on this topic and shares why it is such a huge breakthrough.
[19:52] Has Dr. Hyzler seen a case of malaria personally?
[20:51] The last time Dr. Hyzler was on the podcast, he highlighted the need for investing in better ventilation. Is it still as important? And what else, along those lines, should businesses and employers be considering in 2022?
[24:24] With potential long-haul COVID symptoms in mind, what can companies do to prepare or innovate?
[28:34] Justin thanks Dr. Adrian Hyzler for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Advocacy
Join a RIMS Committee: RIMS members are encouraged to submit an application to sit on a RIMS committee or council. Click on the link with descriptions on the volunteer submission form. The deadline to submit is December 3th.
Sponsored RIMScast Episodes:
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Virtual Workshops:
Contractual Risk Transfer: Dec. 7-8 — Registration Closes Dec. 3rd
Applying and Integrating ERM: Dec 9-10 – Registration closes Dec 8th
RIMS-CRMP Exam Prep with University of Hartford Dec. 14 & 16. – Register by Dec. 13th
Previous & Related RIMScast Episodes:
“COVID-19 Variants, Long Haul and Safe Returns with Dr. Adrian Hyzler” – July 2021
COVID-19 Update with Dr. Adrian Hyzler of HX Global” – January 2021
“Safe Holiday Travel Tips with IIHS President David Harkey” — 2020
“An Update on COVID-19 with Dr. Adrian Hyzler Part 2” — Jun. 30th, 2020
“An Update on COVID-19 with Dr. Adrian Hyzler” — Jun. 23rd, 2020
“COVID-19 Update with Dr. Adrian Hyzler of HX Global” — Apr. 28th, 2020
“What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler” — Feb. 18th, 2020
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison today to discuss fleet risk management is Susan Gillies, the new Executive Director of NETS, the Network of Employers for Traffic Safety.
Fleet safety is an international concern (and not just because we’re coming up on the 2021 year-end holiday season!) In this episode, Susan shares what risk professionals need to be aware of concerning fleet safety as we look to 2022 and beyond, the technology research and latest trends that could affect an employer’s fleet purchasing decisions, and key takeaways from their recent virtual conference, the Annual STRENGTH IN NUMBERS® Fleet Safety Benchmark Conference.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About today’s episode with Susan Gillies.
[:36] Upcoming RIMS current virtual offerings.
[1:32] About the upcoming 2021 RIMS India Forum.
[1:48] More about today’s episode with Susan Gillies.
[2:15] Justin welcomes Susan to the podcast!
[2:37] As the new Executive Director of NETS, Susan shares some of her goals.
[4:33] Susan shares about the success of their two international conferences and the issues they are aiming to address.
[6:42] What’s on the roadmap for NETS?
[7:11] Susan highlights key takeaways from NETS VIRTUAL Annual STRENGTH IN NUMBERS® Fleet Safety Benchmark Conference.
[11:20] New findings from their Fleet Safety Benchmark.
[14:49] All about RIMS’s new Mobile App and the RIMS Buyers Guide. Justin also extends an invite to all RIMS members to submit an application to sit on a RIMS committee or council.
[16:15] The top supply chain risks on the NETS risk radar.
[19:48] Susan discusses the latest technology research and trends that could affect an employer’s fleet purchasing decisions and shares what she is personally most interested in, in terms of upside and downside risk.
[24:22] The next six weeks see a major rise in traffic in most parts of the world. Susan shares what she believes risk professionals should be cognizant of in 2021 when it comes to fleet safety.
[26:14] Justin thanks Susan Gillies for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Advocacy
Upcoming Webinars:
November 18, 2021 | “Bermuda Captives — Turning Ideas into Reality” | Presented by the Bermuda Business Development Agency
Sponsored RIMScast Episodes:
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Virtual Workshops:
Contractual Risk Transfer: Dec. 7-8 — Registration Closes Dec. 3rd
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Previous & Related RIMScast Episodes:
“Safe Holiday Travel Tips with IIHS President David Harkey” — 2020
“Distracted Driving Awareness Month 2020 with NSC’s Lisa Robinson” — Sept. 29th, 2020
“RIMS Advocacy Update and Driver Safety During COVID-19” — April 7th, 2020
“Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin” — March 31st, 2020
“Fatigue Risk Management with NSC’s Emily Whitcomb” — March 19th, 2019
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring recent guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Susan Gillies’ LinkedIn
NETS links:
NETS Main Website:
Network of Employers for Traffic Safety
Conference and Sector Meeting Information:
Events — Network of Employers for Traffic Safety
Resources (including toolkits, websites, and guides [top half of the page is Members Only but the bottom half is available to the public]):
Road Safety Resources — Network of Employers for Traffic Safety
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on RIMScast, Justin is joined by guest Jana Utter to talk all things ERM!
Jana Utter is the Chair of the RIMS Strategic Enterprise Risk Management Council (SERMC) and the Vice President of Enterprise Risk Management at Centene Corporation; a diversified, multinational healthcare enterprise.
In anticipation of Jana’s session at the upcoming RIMS ERM Conference 2021 (on November 11th and 12th in New York City), she is sharing about her career in risk management, why this year’s theme (“ERM in an ESG World”) resonates with her, what she is excited about for this year’s conference, what she is going to be speaking about her session, and why she is so enthusiastic about risk management.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode with Jana Utter!
[:35] Upcoming RIMS current virtual offerings.
[:56] All about the upcoming RIMS ERM Conference.
[1:27] About the upcoming 2021 RIMS India Forum.
[1:44] Justin is first joined by Morgan O’Rourke to discuss the new RIMS Mobile App.
[2:20] Who can download the RIMS app? Where can you download it?
[2:40] What RIMS members will find on the RIMS app.
[3:16] Is the RIMS app constantly evolving? Will there be updates down the line?
[3:31] How to provide feedback on your RIMS app experience.
[3:55] All about today’s episode with Jana Utter!
[4:18] Justin welcomes Jana Utter to the podcast.
[4:34] Jana shares what she is excited about for the upcoming 2021 RIMS ERM Conference.
[4:58] How many ERM Conferences has Jana been to?
[5:35] How the theme of this year’s conference (“ERM in an ESG World”) resonates with Jana.
[6:16] Jana shares where her enthusiasm for risk management originated.
[8:13] How Jana’s career in risk began.
[8:47] Jana shares about her upcoming session at the 2021 RIMS ERM Conference.
[9:55] What Jana hopes attendees will take away from this year’s conference.
[10:42] Justin thanks Jana Utter for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC — Last call to register! (Use the code RIMScast2021 for a 10% discount)
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Advocacy
RIMS ERM Q&A Interview Series — Featuring SERMC Chair Jana Utter!
RIMS Strategic & Enterprise Risk Center
Upcoming Webinars:
November 18, 2021 | “Bermuda Captives — Turning Ideas into Reality” | Presented by the Bermuda Business Development Agency
Sponsored RIMScast Episodes:
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Previous & Related RIMScast Episodes:
“A Glimpse of the ‘The Reputation Premium’ with Nir Kossovsky”
“ORSA Reporting: It Seems to Be a Hot Topic with Lorie Graham”
“Autumn Advocacy Update from The Hill with Lynn Haley Pilarski” (2021)
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring recent guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Jana Utter’s LinkedIn
Tweetables (For Social Media Use):
“I’ve been seeing the rise of ESG for the past several years and I’m also fortunate to be directly involved in ESG strategy, reporting, and linking ESG topics with enterprise risk.” — Jana Utter
“[The 2021 RIMS ERM] Conference is perfect for me [in] marrying up ERM and ESG.” — Jana Utter
“I really believe ESG is a gamechanger for ERM. And I’m very glad to see that RIMS is devoting this year’s conference to this important and evolving topic.” — Jana Utter
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today, Justin is joined once again by return guest, Lynn Haley Pilarski! Lynn is the 2021 Bland Award winner and the Senior Risk Manager of General Motors. She is joining RIMScast today to speak about her recent experience at Capitol Hill in Washington, D.C. where she advocated on the behalf of RIMS members during the legislative summit on October 26th.
In this episode, she shares what she discussed during her meeting with members of Congress and their staffers, how this meeting has helped move the needle forward with RIMS Advocacy efforts, and offers insights on the legislation that RIMS members are hoping to get sponsored and passed.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode with return guest, Lynn Haley Pilarski!
[:36] Upcoming RIMS current virtual offerings.
[:58] All about the upcoming RIMS ERM Conference.
[1:30] About the upcoming 2021 RIMS India Forum.
[1:48] More about today’s episode with Lynn Haley Pilarski.
[2:18] Justin welcomes Lynn back to the podcast.
[2:33] Lynn shares about her recent trip to Capitol Hill in Washington, D.C. as part of the RIMS Autumn Advocacy week.
[4:13] What Autumn Advocacy week is all about.
[5:37] Lynn shares her experience speaking with members of Congress and staffers.
[7:13] How this year’s meeting was different from years past.
[10:02] About upcoming RIMS webinars!
[10:34] Justin is joined by Morgan O’Rourke for a quick discussion about the new RIMS app!
[10:55] Who can download the RIMS app? Where can you download it?
[11:18] What RIMS members will find on the RIMS app.
[11:58] Is the RIMS app constantly evolving? Will there be updates down the line?
[12:16] How to provide feedback on your RIMS app experience.
[12:30] Returning to the interview with Lynn Haley Pilarski.
[12:48] Lynn shares pertinent information for RIMS members and risk professionals as we all look forward to 2022 and beyond.
[14:44] Lynn shares about opportunities for volunteering!
[15:22] How Lynn prepares herself before getting ready to speak with Congress and staffers on The Hill.
[17:06] Justin thanks Lynn for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC — Register with the code RIMScast2021 for a 10% discount!
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
RIMS Risktech Forum 2021 — Virtual Two-Day Event! December 7th & 8th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Advocacy
Upcoming Webinars:
November 4, 2021 | “Using IoT Technology to Lower the Cost of Commercial Insurance Risk” | Sponsored by The Hartford
November 18, 2021 | “Bermuda Captives — Turning Ideas into Reality” | Presented by the Bermuda Business Development Agency
Sponsored RIMScast Episodes:
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Driving Legislative Change: Advocacy Update with Bland Memorial Award Winner, Lynn Haley Pilarski”
“RIMS Advocacy in 2021”
“Post-Election Update”
“What the Reauthorization of TRIA Means for the Risk Management Community”
“Dr. Daniel Kaniewski on FEMA Resilience”
“AI and Autonomous Vehicles with Stephen S. Wu”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Path To The Boardroom — Visit for past webinar presentations and interviews!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring recent guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Lynn Haley Pilarski’s LinkedIn
Tweetables (For Social Media Use):
“As part of the RIMS Autumn Advocacy week, we had the opportunity to meet with a handful of … staffers — both the Senate and Congress — to talk about the Pandemic Insurance Act that … RIMS has been supporting over the course of the last … two years.” — Lynn Haley Pilarski
“Hopefully next year everyone’s going to have that opportunity to … go to Washington, D.C., learn about what’s happening, and actually lobby. … It’s one of the most rewarding things that we can do as risk members.” — Lynn Haley Pilarski
“We really are trying to get as much support as we can to introduce [PRIA].” — Lynn Haley Pilarski
“You have to try and make a relationship. You need to say, ‘How can I sort of ease into it?’ when [you] start to lobby. … You need to know about the Senator or the representative that you’re going to meet. … You have to do a little bit of homework.” — Lynn Haley Pilarski
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
With Native American Heritage Month soon approaching in November (for the U.S.), Justin Smulison is joined by Tara Lessard Webb to discuss the importance of this month as well as DEI initiatives.
Tara Lessard Webb is the Director of Corporate Governance at Intact Insurance and a prominent member of the RIMS DEI Council. You may also remember her from her two fantastic sessions on diversity, equity, and inclusion at the 2021 RIMS Canada Conference!
In this conversation, Tara and Justin discuss Native American Heritage Month, her work with the RIMS DEI Council, what it would take for you to launch a DE&I initiative at your organization, how a more diverse culture leads to a more profitable one, and how you can do your part to support the BIPOC community.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode with Tara Lessard Webb.
[:35] Upcoming RIMS current virtual offerings.
[:58] How to register for the upcoming RIMS ERM Conference.
[1:30] Other upcoming RIMS virtual conferences.
[1:56] More about today’s episode with Tara Lessard Webb!
[3:43] Justin welcomes Tara to the podcast.
[3:55] Tara’s 2021 RIMS Canada Conference experience.
[4:27] How we can better support our Indigenous communities.
[6:40] How and why Tara became involved with the RIMS DEI Council to better support Indigenous communities.
[8:16] What the RIMS DEI Council has coming up in November.
[8:55] Awareness is the starting point for any campaign. How does Tara craft a successful DEI campaign? What are her recommendations for those looking to launch one within their organization?
[10:48] Upcoming RIMS webinars!
[11:41] Justin is joined by Morgan O’Rourke for a quick discussion about the new RIMS app!
[12:04] Who can download the RIMS app? Where can you download it?
[12:28] What the RIMS app provides.
[13:03] Is the RIMS app constantly evolving? Will there be updates down the line?
[13:23] How to provide feedback on your RIMS app experience.
[13:39] Returning to the interview with Tara Lessard Webb.
[13:47] Tara shares about the DEI campaign she launched at a previous employer.
[15:55] Tara’s insights on how to turn a more diverse culture into a profitable one.
[20:11] Tara’s parting words of wisdom for those looking to start a DEI initiative at their organizations.
[25:15] Justin thanks Tara for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS DEI Council
Climate Change RIMScast Video
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
RIMS Risktech Forum 2021 — Virtual Two-Day Event! December 7th & 8th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
United Nations Declaration on the Rights of Indigenous Peoples — Available in French, English & Spanish
Upcoming Webinars:
October 26, 2021 | “Cyberrisk and the C-Suite” | Presented by RIMS Path To The Boardroom
October 28, 2021 | “Risking it All? Taking the Leap into Enterprise Risk Management (ERM) from RMIS” | Sponsored by Origami Risk
November 1, 2021 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
November 4, 2021 | “Using IoT Technology to Lower the Cost of Commercial Insurance Risk” | Sponsored by The Hartford
November 18, 2021 | “Bermuda Captives — Turning Ideas into Reality” | Presented by the Bermuda Business Development Agency
Sponsored RIMScast Episodes:
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Pride Month 2021: How Risk Pros Can Protect and Uplift LGBTQ+ Employees”
“Diversity as a Successful Business Division with Rodney Johnson”
“Asian Pacific American Heritage Month 2021”
“Discussing Black History Month and the Risk Profession with Tammy Franklin of Marsh”
“Pride Month with RIMS D&I Council Members, Kevin Thomas, and Victoria Nolan”
“Talking Diversity and ERM at the RIMS ERM Conference 2019”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Path To The Boardroom — Visit for past webinar presentations and interviews!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Kirk Andersen!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Tara Lessard Webb’s LinkedIn
Tweetables (For Social Media Use):
“For the last 18 months, during the pandemic, we’ve had an opportunity to be mindful and to have discussions [about the] social injustices [of] the BIPOC community.” — Tara Lessard Webb
“I think that’s where [we] need to start — [creating] awareness. … Get people more engaged and understand how we need to better support each other.” — Tara Lessard Webb
“I truly believe [that] if you focus on how to be more inclusive then diversity will eventually follow.” — Tara Lessard Webb
“How do you make sure that everyone feels like they have a voice and that they’re being included; that they’re being considered? Well, it’s [in] getting that feedback.” — Tara Lessard Webb
“Getting that valuable feedback from members of the organization is the starting point [to better DEI].” — Tara Lessard Webb
“The more diversity you have, the more successful [your organization will be].” — Tara Lessard Webb
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin Smulison is joined by Kirk Andersen, the Global Risk Manager at Tsubakimoto Chain Co., a company based in Japan. He has over 13 years of experience working in a variety of translation, planning, and risk management roles; five years of experience working in Japanese local governments, and over 20 years of Japanese corporate/governmental experience. His career history is deeply fascinating and demonstrates how a love of linguistics and travel has brought him to the risk profession and Japan.
In this episode, Kirk shares all about his career experience with risk management in Japan. As the first risk professional based in Japan to earn the RIMS-CRMP, he also speaks about his inspiration to pursue the certification and how he believes it can positively impact professionals in the country.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode with Kirk Andersen.
[:32] Upcoming RIMS current virtual offerings.
[:56] How to register for the upcoming RIMS ERM Conference.
[1:14] Other upcoming RIMS virtual conferences.
[1:40] More about today’s episode.
[2:30] Justin welcomes Kirk Andersen to RIMScast!
[2:42] Justin congratulates Kirk as the first RIMS-CRMP holder in Japan.
[3:05] Kirk shares what originally brought him to both Japan and risk management.
[5:42] Did Kirk find that risk management came naturally to him?
[6:54] About the company Kirk works for, Tsubakimoto Chain Co., and what they produce.
[8:15] The Japanese culture’s approach to risk management.
[9:12] Kirk shares how he meets his Japanese counterparts halfway when it comes to risk.
[10:35] How did Kirk feel when he realized he would be staying in Japan for the long term?
[11:30] Does Kirk have dual citizenship?
[11:51] All about the upcoming RIMS webinars!
[12:43] Justin welcomes Morgan O’Rourke to the podcast for a quick chat about the RIMS app!
[13:09] Who can download the RIMS app? Where can you download it?
[13:30] What you will find on the RIMS app.
[14:06] Is the RIMS app constantly evolving? Will there be updates down the line?
[14:25] How to provide feedback on your RIMS app experience.
[14:41] Returning to the interview with Kirk Andersen.
[14:53] In Kirk’s RIMS-CRMP story (published on RIMS.org), he mentioned that part of his work involves “J-SOX” (also known as the Financial Instruments and Exchange Act). Kirk elaborates on what this is, his involvement with it, and why other risk professionals across the globe might need to know about it at some point.
[19:30] What led Kirk to pursue a RIMS-CRMP certification.
[20:05] How obtaining his CRMP certification has helped Kirk stay connected to risk management and risk professionals all around the world.
[20:57] Has Kirk run into other risk professionals such as himself in Japan?
[21:32] Kirk shares some final words of wisdom for risk professionals around the world.
[22:51] About Kirk’s virtual presentation at the upcoming Annual Fall Conference for the Association of Risk Management.
[23:25] Justin thanks Kirk for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
RIMS Risktech Forum 2021 — Virtual Two-Day Event! December 7th & 8th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Kirk Andersen’s RIMS-CRMP Story: First CRMP in Japan
Upcoming Webinars:
October 21, 2021 | “Community-Sourced Risk Research & Best Practices” | Sponsored by Vector LiveSafe
October 26, 2021 | “Cyber Risk and the C-Suite” | Presented by RIMS Path To The Boardroom
October 28, 2021 | “Risking it All? Taking the Leap into Enterprise Risk Management (ERM) from RMIS” | Sponsored by Origami Risk
November 1, 2021 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
November 4, 2021 | “Using IoT Technology to Lower the Cost of Commercial Insurance Risk” | Sponsored by The Hartford
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Debt and Economic Risk with Marco Dondi”
“Asian Pacific American Heritage Month 2021”
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“Managing and Measuring Resilience in India with Ashish Parakh of Marsh”
“Deepak Padaki and the RIMS Award-Winning ERM Program at Infosys”
“ERM in Shanghai, China with Robert Zhang, IKEA China Risk Management & Compliance Director”
“Water Risks with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Path To The Boardroom — Visit for past webinar presentations and interviews!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Kirk Andersen!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Kirk Andersen’s LinkedIn
Morgan O’Rourke’s LinkedIn
Tweetables (For Social Media Use):
“There are different theories of language. One I like is the idea that language is innate; that we … are born understanding language. … To the same extent, there’s a lot of innateness to risk management. … We innately understand what our risk tolerance is.” — Kirk Andersen
“There’s more to risk than just the negative side. [There’s] the proactive side that you can take advantage of.” — Kirk Andersen
“Japanese companies are like a cruise ship. It takes a long time and many minor course corrections to change course, but once you’re on a new course, you’re on there for a long time.” — Kirk Andersen
“It’s important to be able to take a step back and reformulate how you approach [risk].” — Kirk Andersen
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today, Justin is rejoined by one of his favorite guests, Nir Kossovsky, the CEO of Steel City Re! Nir is an authority on business, process risk, and reputational value. He’s been an industry-wide leader in the development of index measures of reputational value and actuarially sound underwriting methods that deter reputational attacks and protect companies and their leadership.
In their conversation together, Nir is talking all about reputation risk. He provides a preview of his upcoming session on reputation risk at the 2021 RIMS ERM Conference, shares his perspective on reputation and how it has changed since COVID-19 and the key ESG Commitments that boards can make (and shouldn’t make) both in the long term and short term.
Also, stay tuned for a quick conversation in the middle of the episode with Morgan O’Rourke to discuss the new RIMS app!
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:12] About the RIMS Buyers Guide.
[:46] About today’s episode with Nir Kossovsky.
[:54] Upcoming RIMS current virtual offerings.
[1:17] How to register for the upcoming RIMS ERM Conference.
[1:33] Other upcoming RIMS virtual conferences.
[2:00] More about today’s episode.
[2:25] Justin welcomes Nir Kossovsky back to RIMScast!
[2:31] How Nir’s perception and perspective on reputation changed since COVID-19.
[6:01] Would Nir agree that reputation makes up a large part of any organization’s ERM program?
[7:18] Does Nir often see that the line between Chief Legal Officer and Chief Risk Officer starts to blur after a while? Are these roles starting to be condensed into one?
[9:15] What does Nir think about “T” (standing for “Technology”) being added at the end of ESG?
[10:54] Upcoming RIMS webinars!
[11:50] Justin introduces a quick conversation with RIMS Publication Director Morgan O’Rourke to discuss the new RIMS app.
[12:02] Justin welcomes Morgan to the podcast!
[12:15] Who can download the RIMS app? Where can you download it?
[12:40] What you will find on the RIMS app.
[13:15] Is the RIMS app constantly evolving? Will there be updates down the line?
[13:31] How to provide feedback on your RIMS app experience.
[13:51] Returning to the interview with Nir Kossovsky.
[14:01] The key ESG Commitments that boards can make (and shouldn’t make), both long-term and short-term.
[20:08] Nir shares a sneak preview of what he will be presenting at the ERM Conference on Nov. 11th on the topic of reputation.
[22:17] Looking ahead, what does Nir believe will be the next event (equal in magnitude to COVID-19) that will affect the practice of risk management and reputational risk?
[24:59] Justin thanks Nir Kossovsky for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS India 2021 — Virtual Two-Day Event! December 3rd & 4th — Register Today!
RIMS Risktech Forum 2021 — Virtual Two-Day Event! December 7th & 8th — Register Today!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Upcoming Webinars:
October 13, 2021 | “Board Dynamics: Confidence, Communication and Clarity” | Presented by RIMS Path To The Boardroom
October 21, 2021 | “Community-Sourced Risk Research & Best Practices” | Sponsored by Vector LiveSafe
October 26, 2021 | “Cyber Risk and the C-Suite” | Presented by RIMS Path To The Boardroom
October 28, 2021 | “Risking it All? Taking the Leap into Enterprise Risk Management (ERM) from RMIS” | Sponsored by Origami Risk
November 1, 2021 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
November 4, 2021 | “Using IoT Technology to Lower the Cost of Commercial Insurance Risk” | Sponsored by The Hartford
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Reputational Risk with Nir Kossovsky” (2018)
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Measuring Reputation Risk with Kasper Nielsen”
“Mastering Intelligence Risk Management with Dr. Jay Grusin and Steve Lindo”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Nit Kossovsky’s LinkedIn
Morgan O’Rourke’s LinkedIn
Tweetables (For Social Media Use):
“COVID removed the blinders for most individuals. … For some, the world slowed down … and it began to allow people to ask the question, ‘What is important to me?’ … I think that … gave rise to the surge in the ESG movement.” — Nir Kossovsky
“The capital markets also think that is true now; that reputation is a major component of [an] organization’s ERM program. And that capital’s view is focused on … three … reputational issues that have become mission-critical from almost every company … — ESG.” — Nir Kossovsky
“40% of Chief Legal Officers are reporting now that reputation risk is on their agenda.” — Nir Kossovsky
“What boards should do in the context of protecting the assets of a firm is to commit to process … that, today, involves general counsel … the enterprise risk manager … [and] risk management … with governance, leadership broadly, controls, and insurances.” — Nir Kossovsky
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin Smulison is joined by author and management consultant, Marco Dondi! Since his humble beginnings on the outskirts of Milan, Marco has established his career and expertise as a strategy consultant with over a decade of experience in advising CEOs and government officials on economics, economic development, banking, education, adult training, and people development. Most recently, he wrote his book, Outgrowing Capitalism: Rethinking Money to Reshape Society and Pursue Purpose, which sheds light on the fact that most people do not have the economic security to focus on purpose and life fulfillment.
In this episode, Marco speaks about outgrowing capitalism from the lens of risk. He speaks about the ongoing risk that COVID-19 is causing the global economy, what the role of central banks should be in the next major crisis, and why debt and inflation are major economic and political risks that risk professionals need to be paying attention to.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About today’s episode with Marco Dondi.
[:32] How to register for this year’s RIMS ERM Conference.
[:49] Other upcoming RIMS current virtual offerings.
[2:12] More about today’s episode.
[2:24] Justin welcomes Marco Dondi to RIMScast!
[2:40] Marco shares his career history.
[3:22] What is the risk of the U.S. defaulting from an economic perspective (similarly to 2008)? Would the fallout be different now than in 2008?
[5:59] Marco’s insights on the ongoing risk of COVID-19 to the global economy and what the role of central banks should be in the next major crisis that will shake up the economic markets.
[8:15] How frequently does Marco watch the actual global economic models? How does he feel that they could become further strained?
[9:42] All about the RIMS Mobile App and the RIMS Buyers Guide!
[10:50] What is hyperinflation? And how is it different from regular inflation?
[13:25] Is hyperinflation an economic risk or a political risk? Or both?
[14:59] Having traveled to more than 60 countries, Marco shares what he has learned about the magnitudes of some of the global risks from an economic perspective.
[20:50] Justin thanks Marco Dondi for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
Outgrowing Capitalism: Rethinking Money to Reshape Society and Pursue Purpose, by Marco Dondi
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS Path To The Boardroom — Visit for past webinar presentations and interviews!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Upcoming Webinars:
October 7, 2021 | “Surety Bonds: Understanding the Benefits” | Sponsored by Travelers
October 13, 2021 | “Board Dynamics: Confidence, Communication and Clarity” | Presented by RIMS Path To The Boardroom
October 21, 2021 | “Community-Sourced Risk Research & Best Practices” | Sponsored by Vector LiveSafe
October 26, 2021 | “Cyber Risk and the C-Suite” | Presented by RIMS Path To The Boardroom
October 28, 2021 | “Risking it All? Taking the Leap into Enterprise Risk Management (ERM) from RMIS” | Sponsored by Origami Risk
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“The Tragedy of the Commons with Les Williams”
“Speaking with Leaders in Risk Management at the RIMS Risk Forum India 2018 (Part 2)”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Marco Dondi’s LinkedIn
Marco Dondi’s Website
Outgrowing Capitalism: Rethinking Money to Reshape Society and Pursue Purpose, by Marco Dondi
Tweetables (For Social Media Use):
“The major risk of [COVID-19]” — Marco Dondi
“The role of central banks needs to become much more direct. Or, at least, it can become if we want it.” — Marco Dondi
“Risk is one thing. Managing significant uncertainty is very different. It’s unpredictable.” — Marco Dondi
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on RIMScast, Justin Smulison is addressing two hot topics with two fantastic guests! The first being the RIMS Canada Conference (held Oct. 5th‒6th, 2021) with Jacqueline Toering and then “your path to the boardroom” with Craig Rowe of ClearRisk.
Jacqueline Toering is a RIMS Canada Council Executive Member, Chair of the RCC Sub Committee and National Conference Committee, and the Director of Risk and Safety at the University of the Fraser Valley. In her conversation with Justin, she speaks about all of the great things happening with (and around) the RIMS Canada Conference 2021, her experience in planning and coordinating a virtual conference, and her insights on this year’s theme of “Revision.”
In the second half of the episode, Justin speaks with Craig Rowe. Craig is the President, CEO, and Co-founder of ClearRisk Inc. He originally founded ClearRisk in 2006 after 15 years in the risk and insurance business, in order to create modern software solutions for medium to large organizations. Craig also actively works as a mentor and advisor with tech startups and entrepreneurs and is the Chair of techNL.
In his conversation with Justin, they speak about Craig’s experiences in the boardroom, his insights for risk professionals who want to establish a presence among their boards, and actionable advice for risk professionals. This conversation also doubles as a preview for Craig’s upcoming Path to the Boardroom webinar session called, “Board Dynamics: Confidence, Communication, and Clarity,” that he will moderate on October 13th, 2021! Listen in to hear all of Craig’s invaluable insights for risk professionals of all levels of experience.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About today’s episode with Jacqueline Toering and Craig Rowe.
[:45] Upcoming RIMS current virtual offerings.
[1:53] More about today’s episode.
[2:33] Justin welcomes Jacqueline Toering back to RIMScast!
[2:48] Jacqueline highlights the sessions and features that she is excited about at the 2021 RIMS Canada Conference.
[3:35] Discussing the power of a live performance (over a pre-recorded one).
[4:28] What the theme of “Revision” means to Jacqueline.
[5:05] Jacqueline’s experience in planning and coordinating a virtual RIMS Canada Conference.
[5:47] Looking ahead, does Jacqueline predict that future RIMS Canada Conference will be able to resume their in-person events?
[6:55] Where to find the 2021 RIMS Canada Conference schedule and register online!
[7:14] Jacqueline shares her parting message with listeners!
[7:24] RIMS plug time! All about the RIMS Mobile App, RIMS Buyers Guide.
[8:25] About today’s next guest, Craig Rowe!
[9:01] Justin welcomes Craig to the podcast!
[9:06] Craig shares about his career and his time on boards.
[9:45] How risk and boardroom experience interconnect for Craig.
[12:03] Would Craig recommend getting on nonprofit boards?
[13:17] How risk professionals can get on the radar of their boards.
[15:48] Craig’s advice to risk professionals who want to rise in the organization quickly.
[17:07] When Craig first became a risk professional, did he realize he had always been wearing a risk hat?
[18:56] On October 13th, 2021, Craig will lead the RIMS webinar, “Board Dynamics: Confidence, Communication, and Clarity.” Craig shares his excitement and what to look forward to with this webinar.
[20:40] Where, when, and how to find the webinar.
[20:50] Craig shares some parting thoughts for the global risk management community as well as a teaser for his upcoming webinar.
[23:37] Justin thanks Jacqueline Toering and Craig Rowe for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Last call! Register now!
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS Path To The Boardroom – Visit for past webinar presentations and interviews!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Upcoming Webinars:
September 30, 2021 | “Prepare to Plug into a High-Powered Opportunity” | Sponsored by Travelers
October 7, 2021 | “Surety Bonds: Understanding the Benefits” | Sponsored by Travelers
October 13, 2021 | “Board Dynamics: Confidence, Communication and Clarity” | Presented by RIMS Path To The Boardroom
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“RIMS Canada 2021 Keynote Séan McCann Unravels The ‘Why’”
“Talking RIMS Canada and Risk Management with Steve Pottle and Jacqueline Toering”
“Your LinkedIn Profile and the Path to the Boardroom”
“Risk Quantification and Constructive Criticism with James Lam”
“Craig Rowe, ICD.D: Clear Communication with the Board”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Jacqueline Toering’s LinkedIn
Craig Rowe’s LinkedIn
Tweetables (For Social Media Use):
“I think [your path to the boardroom] is something that risk managers should be talking about and thinking about because, unless you’re relevant in the boardroom, then you’re not really doing everything you can for your organization.” — Craig Rowe
“I encourage young people all the time … [to] get on boards. If you want to build your career, build your network, [and] build your experience much, much more quickly … get on boards.” — Craig Rowe
“The better job we do of managing risk, the better the organizations that we work for are. We make companies more successful. I think we can’t lose sight of the impact that risk management has on organizations.” — Craig Rowe
“Risk management for any organization — for profit or not — is about maximizing the upside of risk and minimizing the downside of risk. … You want to be able to make good decisions that result in better outcomes.” — Craig Rowe
“If you want to rise in your organization quickly, don’t wait for someone to ask you for a report. Create it for them. Anticipate what they need and … deliver it to them in meaningful ways.” — Craig Rowe
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In looking forward to National Cyber Security Awareness Month in October, Justin has invited on a special guest, Craig Gillespie, to discuss the state of the hybrid and remote workforce!
Craig Gillespie is the Vice President of MRI Software’s Occupier Division. He advises Fortune 500 companies on best practices for rolling out technologies like space planning and room/desk booking (both of which most commonly integrate into HRIS systems and collect data through WiFi or sensors.)
Together, Justin and Craig discuss what risk professionals should consider as they assess or reassess their floorplans, how data privacy can influence decision-making against the backdrop of COVID-19, and what risk professionals should know when it comes to privacy standards.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About today’s episode with Craig Gillespie.
[:33] Last call to register for the upcoming RIMS ERM Conference!
[:48] Upcoming RIMS current virtual offerings.
[1:59] More about today’s episode with Craig Gillespie.
[2:25] Justin welcomes Craig Gillespie to RIMScast!
[2:31] Craig provides some background on the intersection of the workplace and workforce technologies, why these integrations are necessary for companies that want to adopt the hybrid work model, and the role that data collection plays in these technologies.
[5:59] Craig elaborates on how data collection and privacy have become a top concern and a huge priority for a lot of companies against the backdrop of COVID-19.
[7:02] What risk professionals should be looking to collect or use in addition to privacy standards.
[8:22] The penalties for non-compliance from a legal perspective.
[9:29] Currently, people seem to be more concerned about health and safety than privacy. Does Craig believe that this will change in the upcoming months?
[10:55] About the RIMS Mobile App, the RIMS Buyers Guide, and Spencer’s Risk Management on Campus Program.
[12:40] Do multinational companies face additional risks? If so, what are they and how should companies navigate these risks?
[15:05] Craig shares about the types of features that his clients are seeking currently, and the advice he shares with them with regards to risk avoidance.
[18:54] Craig’s experiences with risk professionals in this area in the last year.
[20:54] The opportunities that are available for risk professionals to be their organization’s ambassadors to employees.
[22:27] Justin thanks Craig Gillespie for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Register now!
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Upcoming Webinars:
September 21, 2021 | “10 Essential Steps to Rethinking Risk Assessment” | Sponsored by OneTrust GRC
September 23, 2021 | “Alternative Risk Transfer: How Bermuda’s Regulation Keeps Pace with the Developing Risk Landscape” | Sponsored by BDA
September 30, 2021 | “Prepare to Plug into a High-Powered Opportunity” | Sponsored by Travelers
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Mental Health in the Workplace with Darcy Gruttadaro”
“SRM as a Design Tool for Smart Buildings with Val Loh”
“Future Workers Comp Scenarios with Dr. Richard A. Victor”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Craig Gillespie’s LinkedIn
Tweetables (For Social Media Use):
“Sadly, I think the Delta variant is just one in the continuum of the kind of disruptions we’re going to see for the foreseeable future. I think the health and safety concerns will be paramount for the individuals over the privacy concerns.” — Craig Gillespie
“This pandemic is not just in any one country; this is a global situation that we’re all dealing with.” — Craig Gillespie
“We do see risk managers getting very heavily involved to understand what is going to be done with their data.” — Craig Gillespie
“I think the risk professionals are prevalent in all these evaluations much more … than they were 5—10 years ago.” — Craig Gillespie
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin in today’s episode is a very exciting guest; 2021 RIMS Canada Conference keynote speaker, Séan McCann!
Séan is an Order of Canada recipient and a co-founder of the renowned Canadian folk band, Great Big Sea. He has spent the past seven years touring the country as a musical keynote speaker, singing and sharing his story with front-line workers, teachers, students, patients, inmates, veterans, and anyone who has been affected by addiction or abuse. After 20 years with Great Big Sea, Séan embarked on a solo career that has furthered his professional voyage. In addition, Séan has also co-authored a powerful book with his wife, Andrea Aragon, called, One Good Reason: A Memoir of Addiction and Recovery, Music and Love.
In this episode, Séan shares what he has in store for his 2021 RIMS Canada Conference keynote performance, his experiences performing as a solo act vs. a group act, his insights on how risk and music are related, and his key takeaways and words of hope regarding addiction and recovery.
Be sure to catch his live performance on Oct. 5th at 12 p.m. EST at RIMS Canada 2021!
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:12] About the RIMS buyer’s guide.
[:49] About today’s episode with Séan McCann.
[:57] Register now for the upcoming RIMS ERM Conference!
[1:11] Upcoming RIMS current virtual offerings.
[2:12] More about today’s episode with Séan McCann.
[3:01] Justin welcomes Séan McCann to RIMScast!
[3:09] What does Séan have planned for his keynote performance at the 2021 RIMS Canada Conference?
[4:24] Is it difficult to gauge the vibe and the feedback in a virtual space vs. a physical space as a performing artist?
[5:40] Will Séan be appearing as a solo act at the RIMS Canada Conference?
[6:22] Parallels between risk management and music.
[8:54] About Séan‘s book, One Good Reason: A Memoir of Addiction and Recovery, Music and Love, that he co-authored with his wife, Andrea Aragon; and the risks he was exposed to in being part of a hugely successful band.
[11:58] Séan’s reflections on this year’s theme of the RIMS Canada Conference, Revision, and how it relates to his experiences personally and professionally.
[15:57] About the RIMS Mobile App and Spencer’s Risk Manager on Campus program.
[17:19] Will Séan be telling stories and sharing insights in between his musical performances for his keynote at RIMS Canada Conference?
[19:22] Did Séan ever have a second choice for a career if he hadn’t pursued music?
[22:12] Séan’s favorite guitar to write music on.
[25:07] Séan and Justin reflect on the Anthony Kiedis quote, “Just because you’re out of rehab doesn’t mean the party is over for everybody else.”
[28:06] Séan shares an impactful experience he had with a fan.
[32:00] A sample of Séan’s music.
[32:32] Justin thanks Séan McCann for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Register now!
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Upcoming Webinars:
September 15, 2021 | “Thrive Through COVID in a Delta Variant World” | Sponsored by Aon
September 21, 2021 | “10 Essential Steps to Rethinking Risk Assessment” | Sponsored by OneTrust GRC
September 30, 2021 | “Prepare to Plug into a High-Powered Opportunity” | Sponsored by Travelers
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Talking RIMS Canada 2021 and Risk Management with Steve Pottle and Jacqueline Toering”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“City-Wide Risk Success with Betty Clarke, ORIMS Donald M. Stuart Award Winner (2020)”
“Live On-Site at the RIMS Canada Conference 2019!”
“The State of Risk Management in Canada with Christine Maligec and Nicole Cebuliak”
“Risk in the Context of Music with Kai Kight”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
SéanMcCannSings.com
One Good Reason: A Memoir of Addiction and Recovery, Music and Love, by Séan McCann and Andrea Aragon
Tweetables (For Social Media Use):
“What I’ve learned as a person in recovery is that it really helps to hear the truth of others who have been successful because it proves that you can be successful.” — Séan McCann
“If the guy from Great Big Sea can quit drinking, anyone can.” — Séan McCann
“We might not have the reach of 2 or 5 years because we don’t know where the economy is going to go right now, but we do know what just happened [with the pandemic]. And we can take those lessons and practically apply them.” — Séan McCann
“A good father is a good risk manager.” — Séan McCann
“You won’t be successful as an artist unless you abandon ‘plan B.’” — Séan McCann
“In order to be, in my opinion, a true artist and a songwriter, you need to be fearless of the unknown. You need to be able to go places and be in a situation where you really don’t know what the answer really is.” — Séan McCann
“I know what it’s like to live in darkness, to carry a secret, and to suffer through addiction. I would spare anyone that. … Having lived through that, I don’t wish that on anyone.” — Séan McCann
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Named in honor of RIMS’ first president, the Harry & Dorothy Goodell Award pays tribute to an individual who has furthered the goals of the Society and the risk management discipline through outstanding service and achievement.
RIMScast’s guest today is the 2021 recipient of the Goodell Award, Pamela L. Popp! Pamela is the Chief Risk Officer and Executive Vice President at Gallagher Bassett. She has been a risk practitioner for decades and has had a tremendous influence in risk management, healthcare, and health law.
In this episode, they discuss Pamela’s impressive career, her achievements and highlights, key lessons she has learned that have helped guide her career and fuel her passion, and the many ways in which she has contributed to the profession during COVID-19.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:12] About the RIMS buyer’s guide.
[:49] About today’s episode with Pamela Popp.
[:54] Register now for the upcoming RIMS ERM Conference!
[1:05] Upcoming RIMS current virtual offerings.
[2:15] More about today’s episode with Pamela Popp.
[3:01] Justin welcomes Pamela to RIMScast!
[3:10] Justin congratulates Pamela on winning the 2021 Goodell Award and she shares how it felt to receive it.
[3:57] Pamela shares an abridged version of her career history.
[5:13] How Pamela’s primary passion, healthcare, intersected with risk management over the course of her career.
[7:04] Pamela reflects on the first time that she heard the term “risk management” and what she originally thought of it.
[8:06] Pamela highlights some of the professional challenges that she has had to overcome in her career.
[9:35] When did Pamela learn about RIMS? How and why did she first become involved? And how has RIMS helped her career over the years?
[10:32] Key lessons that Pamela has learned in risk management.
[13:31] About the RIMS Mobile App, registration for the RIMS Canada Conference 2021, Spencer’s Risk Manager on Campus program.
[15:06] When did Pamela join Gallagher Bassett?
[15:16] What was Pamela’s original role when she first joined Gallagher Bassett? When and why did Pamela become the Chief Risk Officer?
[16:23] About Pamela’s responsibilities as the Chief Risk Officer at Gallagher Bassett.
[17:45] How the department has grown under Pamela’s supervision.
[18:43] Why Pamela loves her role as Chief Risk Officer and the opportunity that it provides.
[19:40] Pamela has previously helped launch the Certified Professional in Health Care Risk Management (CPHRM). What is it? When did it launch? And what inspired Pamela to help launch it?
[22:31] How did Pamela feel when CPHRM first launched? What were some of the challenges prior to launching it?
[24:00] What did Pamela learn during the COVID-19 pandemic? What did she implement? And what inspired her to write her article, “Standard of Care in Flux: Patient Safety and COVID-19”?
[28:47] Pamela shares where she personally sees the future of risk management headed.
[30:20] Pamela’s advice for new or rising risk professionals to strengthen their careers against the backdrop of COVID-19.
[31:57] Justin thanks Pamela Popp for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS Canada Conference 2021: Register now!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS 2021 Awards Issue of Risk Management
Upcoming Webinars:
September 9, 2021 | “Your Go-To-Market Strategy in a Nuanced Market: Maximize Outcomes and Build Stronger Relationships at Renewal” | Sponsored by Gallagher Core360
September 15, 2021 | “Thrive Through COVID in a Delta Variant World” | Sponsored by Aon
September 21, 2021 | “10 Essential Steps to Rethinking Risk Assessment” | Sponsored by OneTrust GRC
September 30, 2021 | “Prepare to Plug into a High-Powered Opportunity” | Sponsored by Travelers
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“Making the Grade: Cheryl Lloyd, Risk Manager of the Year Honor Roll Inductee 2021”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
“Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021”
“Driving Legislative Change: Advocacy Update with 2021 Bland Memorial Award Winner, Lynn Haley Pilarski”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
Download any episode of RIMScast. RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Pamela Popp’s LinkedIn
“Standard of Care in Flux: Patient Safety and COVID-19,” by Pamela L. Popp
Tweetables (For Social Media Use):
“[Winning the Goodell Award] was both an honor and a moment of self-reflection to just say, ‘Well, I honestly didn’t think I was old enough to get a lifetime achievement award!’ But obviously, it’s great.” — Pamela Popp
“Risk management is as important, if not more important, than the management of the claims and litigation side of [your] business.” — Pamela Popp
“I would love to see risk management heading in a way that it continues to be given more and more credibility for the knowledge and experience that’s necessary for someone to do well in their job.” — Pamela Popp
‘’There’s a tremendous amount of wonderful, proactive, … beneficial work that comes out of risk management. And I would love to see the industry really be recognized for that work as much as for what we do in a reactive way.” — Pamela Popp
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Colleges and universities worldwide are resuming their educational offerings — some virtual, some live, some hybrid. Navigating the safest and most effective way to deliver this education is a continuous and evolving challenge for risk professionals in higher education.
Joining Justin today to discuss this topic is Courtney Davis Curtis! Courtney is the Assistant Vice President for Risk Management and Resilience Planning at the University of Chicago and the incoming President of URMIA, the University Risk Management & Insurance Association.
In their conversation, Courtney shares how URMIA is advising and engaging its audience, insights around higher education and risk management for the 2021/22 school year, and some of her own personal reflections since graduating college.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:48] About today’s episode with Courtney Davis Curtis.
[:54] Register now for the upcoming RIMS ERM Conference!
[1:05] Upcoming RIMS current virtual offerings.
[1:56] More about today’s episode with Courtney Davis Curtis.
[2:49] Justin welcomes Courtney to RIMScast!
[3:02] When will Courtney be the President of URMIA?
[3:20] Courtney’s risk career and what originally brought her to risk management.
[5:59] Courtney shares her unique perspective, as a recent college graduate, on the current landscape of higher education and risk management.
[6:52] As incoming URMIA President, what is Courtney’s risk management philosophy on higher education in the United States?
[8:16] Courtney’s insights on navigating higher education risk when the outlook is changing at a daily or weekly rate.
[10:15] How Courtney’s title at the University of Chicago changed as a result of COVID-19.
[11:01] Current and upcoming RIMS offerings!
[12:37] As a result of COVID-19, is Courtney seeing an uptick in interest in risk management offerings?
[13:27] Are there frameworks or matrices that Courtney uses in her own work that influence work at the University of Chicago as well as her incoming URMIA Presidency?
[15:35] Important lessons that Courtney has learned as a risk professional.
[16:49] Does Courtney have a Presidential slogan?
[17:25] Justin thanks Courtney Davis Curtis for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS Canada Conference 2021: Register now!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Upcoming Webinars:
September 9, 2021 | “Your Go-To-Market Strategy in a Nuanced Market: Maximize Outcomes and Build Stronger Relationships at Renewal” | Sponsored by Gallagher Core360
September 21, 2021 | “10 Essential Steps to Rethinking Risk Assessment” | Sponsored by OneTrust GRC
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (October 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Making the Grade: Cheryl Lloyd, Risk Manager of the Year Honor Roll Inductee”
“Talking RIMS Canada and Risk Management with Steve Pottle and Jacqueline Toering”
Download any episode of RIMScast. RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Courtney Davis Curtis’ LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison today is Lorie Graham, Senior Vice President and Chief Risk Officer at AmericanAg and Vice Chair of the RIMS Strategic & Enterprise Risk Management Council (SERMC). Lorie will be presenting at the upcoming 2021 RIMS ERM Conference and leading the upcoming virtual workshops for ORSA and the Enterprise Risk Management for ORSA and Planning and Insurance Companies.
In this episode, Lorie discusses the basics of ORSA (Own Risk and Solvency Assessment), the internal value that it can offer an organization, and how you can effectively leverage its information for your company. ORSA is a critical risk reporting process. If you want to present critical information to the board in an impactful way, solid ORSA reporting is a must.
Don’t miss out on this exciting dialogue with ERM Leaders!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:47] About today’s episode with Lorie Graham.
[:55] Register now for the upcoming RIMS ERM Conference!
[1:05] Upcoming RIMS current virtual offerings.
[2:10] More about today’s episode with Lorie Graham.
[2:42] Justin welcomes Lorie to RIMScast!
[2:50] Lorie defines ORSA — what it is and what it can do.
[3:33] What are the purposes and goals of ORSA?
[4:52] What entities are required to conduct an ORSA?
[5:40] The many benefits of conducting an ORSA beyond regulatory requirements.
[9:07] Lorie shares a high-level overview of what is included in an ORSA report.
[10:46] How to determine your company’s readiness for ORSA.
[11:47] Lorie reflects on the daunting task that was her first ORSA and what she learned from the experience.
[13:08] Upcoming RIMS ORSA workshops will offer step-by-step guidance for preparing a 50-plus-page ORSA report.
[14:52] Justin thanks Lori Graham for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Executive Report: “Rethinking the Impact of Disruption on Enterprise Risk Management Tools and Processes”
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS Canada Conference 2021: Register for early bird rates!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dr. Shanna McClain’s July 29th, 2021 Address — RIMS Webinar
Upcoming Webinars:
August 26, 2021 | “Increased Dependencies on Third Parties: Addressing Cloud, Vendor, and Business Partner Relationships and Risk” | Sponsored by HITRUST
September 21, 2021 | “10 Essential Steps to Rethinking Risk Assessment” | Sponsored by OneTrust GRC
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
ORSA Workshop — Register now for Sept. 22‒23rd or Nov. 17‒18th.
Enterprise Risk Management for ORSA Planning in Insurance Companies — Register now for Oct. 4‒6th.
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Rethinking the Impact of Disruption on ERM Tools and Processes with Ward Ching and Dr. Paul Walker”
“Advocacy Talk with Florida Insurance Commissioner David Altmaier”
“The State of ERM with Carol Fox, Former RIMS VP of Strategic Initiatives”
“Risk Quantification and Constructive Criticism with James Lam”
“The Future of ERM with ERM Conference 2020 Keynote Speaker, Dr. Andrea Bonime-Blanc”
Download any episode of RIMScast. RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On RIMS.org: Strategic & Enterprise Risk Center
ERM Q&A Interviews
ERM Q&A Interview: Lorie Graham
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Dr. Shanna McClain’s LinkedIn
Tweetables (For Social Media Use):
“A lot of people think that they do ORSA because it is a regulatory requirement, and it is for some insurers, but most importantly, it gives you insights about your organization.” — Lorie Graham
“ORSA helps you manage your risk both strategically and technically. Risk is aligned with strategy, and the ORSA process gives you a technical framework to look at those things.” — Lorie Graham
“ORSA provides a tool for your organization to look at and act more proactively about risk.” — Lorie Graham
“I always value ORSA as an internal value for our organization, and not just a regulatory requirement.” — Lorie Graham
“When that first ORSA was done and I could see all of the workings of the organization in one place for risk management, it was an amazing report. The output was definitely worth the effort.” — Lorie Graham
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison today are Ward Ching and Dr. Paul Walker. Ward Ching is a Managing Director at Aon, an Adjunct Professor at the USC Marshall School of Business, the RIMS-CRMP Chairman, and the recipient of the 2018 Harry and Dorothy Goodell Award. Dr. Paul Walker is the James J. Schiro/Zurich Chair in Enterprise Risk Management at St. John’s University and a member of the RIMS Strategic and Enterprise Risk Management Council.
Together, they jointly authored the new RIMS executive report, “Rethinking the Impact of Disruption on Enterprise Risk Management Tools and Processes.” They will also be presenting at the upcoming 2021 RIMS ERM Conference.
In this episode, Ward Ching and Dr. Paul Walker will be discussing their new executive report, the specific drivers of disruption that are unique to 2021, the role that an ERM practitioner should play in managing corporate disruption, and how the disruptive events of the last 18 months have changed the way that they think about conceptualizing risk reports.
Don’t miss out on this exciting dialogue with ERM Leaders!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:47] About today’s episode with Ward Ching and Dr. Paul Walker.
[:55] Register now for the upcoming RIMS ERM Conference!
[1:07] Upcoming RIMS current virtual offerings.
[2:12] More about today’s episode with Ward Ching and Dr. Paul Walker.
[3:01] Justin welcomes Ward and Dr. Walker to RIMScast!
[3:08] Ward explains what prompted this new professional report.
[4:18] About the paper that Paul originally wrote, prior to the report.
[5:40] The drivers of disruption that are unique to 2021 (that are highlighted in this new paper).
[10:30] What role can an ERM practitioner play in managing corporate disruption?
[16:18] RIMS announcements: events, opportunities, webinars, and more.
[18:25] How did a disruption like COVID-19 change the way that Ward and Dr. Walker approach authoring or conceptualizing a report? Are they now more mindful of major crises when writing a risk report?
[25:29] Ward and Dr. Walker share what they’re excited about at the upcoming RIMS ERM Conference 2021!
[29:00] Justin thanks Ward Ching and Dr. Paul Walker for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Executive Report: “Rethinking the Impact of Disruption on Enterprise Risk Management Tools and Processes”
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS Canada Conference 2021: Register for early bird rates!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
Dr. Shanna McClain’s July 29th, 2021 Address — RIMS Webinar
Upcoming Webinars:
August 19, 2021 | “Risk Management Technology: Innovations to Get More Out of What You've Got” | Sponsored by Riskonnect
August 26, 2021 | “Increased Dependencies on Third Parties: Addressing Cloud, Vendor, and Business Partner Relationships and Risk” | Sponsored by HITRUST
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Aug. 23‒24th or Nov. 8‒9th
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Disruption and the Digital Age with Ward Ching” (2021)
“Trends and Critical Components to the Risk Management Profession with Ward Ching of Aon”
“Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication”
“The State of ERM with Carol Fox, Former RIMS VP of Strategic Initiatives”
“Risk Quantification and Constructive Criticism with James Lam”
“The Future of ERM with ERM Conference 2020 Keynote Speaker, Dr. Andrea Bonime-Blanc”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
On RIMS.org: Strategic & Enterprise Risk Center
ERM Q&A Interviews
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
RIMS Advocacy
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Dr. Shanna McClain’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison today is Dr. Shanna McClain, the Global Partnerships Manager and Resilience Advisor for NASA Earth Sciences Division. Her work involves defining NASA’s role in resilience through the development of EO-focused approaches in fragile and crisis-affected areas and identifying strategic partnerships that can improve linkages between science and policy. Dr. McClain also serves as a Visiting Scientist with the Environmental Law Institute, where she helps lead programming on migration and displacement and performs research and policy analysis on issues related to environmental conflict and peacebuilding.
In this conversation, Dr. McClain discusses her risk work with NASA; the interconnection between climate risk and COVID-19; how they are moving the needle with equity, diversity, and inclusion; how her risk lens has developed over the last two years; social and environmental responsibility; earth science; water shortages; and more.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:47] About today’s episode with Dr. Shanna McClain.
[1:02] Is your ERM program award-worthy? RIMS is accepting nominations for the ERM Global Award of Distinction!
[1:36] RIMS current virtual offerings.
[2:48] More about today’s episode with Dr. Shanna McClain!
[3:20] Justin welcomes Dr. Shanna McClain to RIMScast.
[3:35] Dr. McClain speaks about her work and what she does in her various roles at NASA.
[7:55] What brought Dr. McClain to work at NASA? And what were some of the challenges that she encountered along the way as a female scientist?
[11:06] Dr. McClain speaks about the committee at NASA she is involved in that is helping to promote equity, diversity, inclusion, and ability.
[12:40] How COVID-19 and climate change are interconnected and how they impact Dr. McClain’s work at NASA.
[16:11] How McClain’s risk lens has evolved over the last two years.
[19:03] About upcoming RIMS virtual workshops, the RIMS mobile app, Spencer’s Risk Manager on Campus Program, and the RIMS Canada Conference 2021.
[21:09] Dr. McClain explains her role as the Co-chair to the IFRC/GRC/RCCC Anticipation Hub’s Working Group on Earth Observations and as Co-Chair to the Environmental Peacebuilding Association’s Interest Group on Water.
[23:32] About the Anticipation Hub’s mission and vision.
[24:12] If there are terrible droughts and water shortages, could they potentially lead to conflict and wars?
[28:00] In your experience, how important is social and environmental responsibility for organizations?
[32:01] Do new companies have an easier time weaving in environmental responsibility into their startup funding?
[34:32] If Dr. McClain had to team up with one of these two fictional characters, which would she choose?
[35:17] Who’s cooler: Hans Solo or Buzz Lightyear?
[35:51] Goals that Dr. Shanna McClain wants to reach as a risk manager.
[38:23] Justin thanks Dr. Shanna McClain for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Register for early bird rates!
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC
RIMS ERM Global Award of Distinction 2021 — Nominate a program by Aug. 13th!
NEW FOR MEMBERS! RIMS Mobile App
RIMS Buyers Guide
RIMS Advocacy
Dr. Shanna McClain’s July 29th, 2021 Address — RIMS Webinar
Upcoming Webinars:
Aug. 12, 2021 | “One Year Later: Developing, Defining and Quantifying Your Risk Appetite” | Sponsored by Resolver
August 26, 2021 | “Increased Dependencies on Third Parties: Addressing Cloud, Vendor, and Business Partner Relationships and Risk” | Sponsored by HITRUST
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” — Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Aug. 23‒24th or Nov. 8‒9th
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Related RIMScast Episodes:
“Water Risks with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
“Climate Change, Business Interruption, and the 2021 Hurricane Season”
“Combating Water Scarcity with AquaShares Founder James Workman”
“Sustainability, ERM, and Construction with Kyle Van Hoeven”
“Severe Weather and Insurance Strategies with Vince Morgan”
“Dr. Daniel Kaniewski on FEMA Resilience”
“Climate Risk with Author, Jeff Nesbit”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Shanna McClain’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on RIMScast, Justin Smulison is joined by the 2021 Richard W. Bland Memorial Award recipient, Lynn Haley Pilarski.
Lynn Pilarski is the Senior Risk Manager of General Motors. She’s also one of the most enthusiastic members of the RIMS External Affairs Committee! As the recipient of the Bland Award, Lynn has been recognized for her outstanding performance and effort as a RIMS member in the area of legislation and/or regulation related to risk.
In this episode, Lynn speaks about the legislative developments impacting the risk management community, shares some RIMS Advocacy updates around autonomous vehicle legislation, updates about PRIA (and what RIMS members and risk professionals need to know regarding it), the opportunities available through the RIMS Legislative Summit, and more.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:47] About today’s episode.
[:59] Is your ERM program award-worthy? RIMS is currently accepting nominations for the 2021 ERM Global Award of Distinction.
[1:29] Upcoming RIMS virtual offerings!
[2:45] More about today’s episode with Lynn Haley Pilarski.
[3:18] Justin welcomes Lynn Haley Pilarski to RIMScast!
[3:45] Lynn shares about her role on the RIMS External Affairs Committee as well as her history with RIMS.
[7:38] Lynn shares her enthusiasm for RIMS Advocacy and the RIMS Legislative Summit.
[9:43] Justin congratulates Lynn on winning the Richard W. Bland Memorial Award and Lynn speaks about why receiving this award meant so much to her.
[10:41] What led Lynn to become the Senior Risk Manager at General Motors.
[13:22] Lynn provides a RIMS Advocacy update on what’s new in the way of autonomous vehicle legislation.
[18:02] Upcoming RIMS virtual workshops, volunteer opportunities, programs, and the RIMS Canada Conference.
[20:04] Lynn gives an update on PRIA and what RIMS members and risk professionals need to know regarding it.
[25:14] Lynn highlights some of the opportunities that are available through the RIMS Legislative Summit.
[26:35] Justin thanks Lynn Haley Pilarski for joining RIMScast and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Register for early bird rates!
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC — Submit a session today!
RIMS ERM Global Award of Distinction 2021 – Nominate a program today!
RIMS Buyers Guide
RIMS Advocacy
Upcoming Webinars:
Aug. 5, 2021 | “COVID-19: The Long Haul and the Short of It” | Sponsored by Mitchell
Aug. 12, 2021 | “One Year Later: Developing, Defining and Quantifying Your Risk Appetite” | Sponsored by Resolver
August 26, 2021 | “Increased Dependencies on Third Parties: Addressing Cloud, Vendor, and Business Partner Relationships and Risk” | Sponsored by HITRUST
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” – Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (July & August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Aug. 23‒24th or Nov. 8‒9th
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Previous RIMScast Episodes:
“RIMS Advocacy in 2021”
“Post-Election Update”
“What the Reauthorization of TRIA Means for the Risk Management Community”
“Dr. Daniel Kaniewski on FEMA Resilience”
“AI and Autonomous Vehicles with Stephen S. Wu”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Lynn Haley Pilarski’s LinkedIn
Tweetables (For Social Media Use):
“[Autonomous vehicle legislation] is a really important topic for the auto industry. … All of the auto industry is committed to an all-electric future.” — Lynn Haley Pilarski
“We need to move from that internal combustion engine to electric vehicles and autonomous [vehicles]. But to do that we need some support. It is a whole new world when it comes to automobiles.” — Lynn Haley Pilarski
“[The RIMS Legislative Summit] is open to all [RIMS] members. … The more broadly that we can get people involved, the better. … We also have opportunities for students.” — Lynn Haley Pilarski
“[PRIA] is really exciting for us because it’s an opportunity that we, as risk managers and RIMS as an organization, can actually give our input and … have a say into what that proposed legislation is.” — Lynn Haley Pilarski
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Many organizations around the globe are instituting and implementing their return-to-work policies so that workers can return to their worksite. However, with the COVID-19 Delta variant now a threat and rising COVID-19 rates in certain areas of the world, risk professionals need to make critical decisions on how to advise on the best ways to reopen.
Rejoining the podcast to discuss the topic is RIMScast friend, Dr. Gleb Tsipursky! Dr. Tsipursky is the CEO of Disaster Avoidance Experts, LLC. — a boutique consulting, coaching, and training firm empowering leaders and organizations to avoid business disasters.
In this episode, Dr. Tsipursky discusses how business leaders can make wise decisions when implementing their organization’s return-to-work policies, return-to-work risks, and the cognitive biases that are holding leaders back in becoming more flexible — a trait that is incredibly needed in today’s world.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:47] About today’s episode.
[1:00] Is your ERM program award-worthy? RIMS is currently accepting nominations for the 2021 ERM Global Award of Distinction.
[1:30] Upcoming RIMS virtual offerings!
[3:00] More about today’s episode with Dr. Gleb Tsipursky.
[3:46] Justin welcomes Dr. Gleb Tsipursky back to RIMScast!
[4:03] The top three cognitive bias risks that leaders face in returning to the office that Dr. Gleb Tsipursky is currently witnessing.
[10:27] The risks that are unique to general offices as opposed to warehouses or schools.
[13:53] Upcoming RIMS Virtual Workshops, volunteer opportunities, and the RIMS Canada Conference.
[16:01] Why it is better for leaders to institute a return-to-work policy with flexibility built-in, how to become more flexible as a leader, and the biases that are holding leaders back from becoming more flexible.
[21:37] About Dr. Gleb Tsipursky’s new professional report, “Returning to the Office: Benchmarking to Best Practices for Competitive Advantage.”
[24:56] Justin thanks Dr. Gleb Tsipursky for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Register for early bird rates!
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC — Submit a session today!
RIMS ERM Global Award of Distinction 2021 – Nominate a program today!
RIMS Buyers Guide
Upcoming Webinars:
July 29, 2021 | “How Better Data Is Transforming Risk Management & The Commercial Property Insurance Industry” | Sponsored by Archipelago
July 29, 2021 | “Living on the Edge: Navigating Climate Risks” | Sponsored by J.B. Boda
Aug. 5, 2021 | “COVID-19: The Long Haul and the Short of It” | Sponsored by Mitchell
Aug. 12, 2021 | “One Year Later: Developing, Defining and Quantifying Your Risk Appetite” | Sponsored by Resolver
August 26, 2021 | “Increased Dependencies on Third Parties: Addressing Cloud, Vendor, and Business Partner Relationships and Risk” | Sponsored by HITRUST
Sponsored RIMScast Episodes:
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” – Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (July & August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Aug. 23‒24th or Nov. 8‒9th
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Previous RIMScast Episodes:
“Mental Health in the Workplace with Darcy Gruttadaro”
“COVID-19 Variants, Long Haul and Safe Returns with Dr. Adrian Hyzler”
“How Risk Professionals Can Avoid Digital and Remote Burnout with Dr. Gleb Tsipursky”
“Leadership, Neuroscience & Realistic Pessimism During COVID-19 with Dr. Gleb Tsipursky”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Gleb Tsipursky’s LinkedIn
Disaster Avoidance Experts
“How to Defeat Work-From-Home Burnout and Zoom Fatigue,” by Dr. Gleb Tsipursky
Resilience: Adapt and Plan for the New Abnormal of the COVID-19 Coronavirus Pandemic, by Dr. Gleb Tsipursky
Dr. Gleb Tsipursky’s Newest Professional Report: “Returning to the Office: Benchmarking to Best Practices for Competitive Advantage,” by Dr. Gleb Tsipursky
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The pandemic has accelerated retailers’ e-commerce strategies, and both warehouse and store infrastructure are radically changing to support this. However, during these infrastructure upgrades, fire protection is frequently one of the last items on the construction checklist. The failure to address proper fire protection can have a dramatic impact on final renovation/construction project cost, daily fulfillment operations, and business continuity should a fire occur.
Addressing this topic today along with Justin Smulison is Leonard Ramo, the President of Telgian Engineering & Consulting and a globally recognized fire protection industry professional with a distinguished career spanning more than 25 years. His expertise includes effective corporate executive, practicing fire protection engineer, and consultant to international organizations.
In this conversation, Leonard offers invaluable insights on how you can reassess fire risk as your e-commerce business grows and evolves. He speaks about proactive full-scale fire tests, the fire and life safety risks associated with infrastructure changes, and how addressing fire safety early in the process can result in millions of dollars saved for clients.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:46] About today’s episode.
[:52] Would you like to lead a session at the RIMS Canada Conference? Submit your session proposal by July 23rd!
[1:16] Upcoming RIMS virtual offerings!
[2:17] More about today’s episode with Leonard Ramo.
[2:56] Justin welcomes Leonard Ramo to RIMScast!
[3:04] Leonard shares how he has seen the supply chain pivot since the pandemic.
[4:21] What automation has done to the level of risk in warehouses.
[6:39] Leonard expands on how fire safety’s position on organizations’ risk registers has changed.
[8:39] Why fire safety is incredibly important and various fire hazards that organizations should be aware of.
[10:45] Best methods of testing for fire protection and safety.
[14:04] About upcoming RIMS Workshops, programs, and volunteer opportunities!
[15:40] About the early bird rates for the RIMS Canada Conference and where to register!
[16:10] The differences between a building code and a safety code.
[17:40] The most effective ways that risk professionals can enforce their practices in countries or areas with weak building codes.
[22:02] Justin thanks Lenoard Ramo for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Register for early bird rates!
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC — Submit a session by July 23rd
RIMS Buyers Guide
Upcoming Webinars:
July 26, 2021 | “RIMS and the RIMS Rocky Mountain Chapter Present: ‘A Discussion of Lloyd’s of London’s ESG Report 2020’” — Open Exclusively to RIMS Members!
July 29, 2021 | “How Better Data Is Transforming Risk Management & The Commercial Property Insurance Industry” | Sponsored by Archipelago
August 26, 2021 | “Increased Dependencies on Third Parties: Addressing Cloud, Vendor, and Business Partner Relationships and Risk” | Sponsored by HITRUST
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (July & August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for Aug. 23‒24th or Nov. 8‒9th
RIMS Risk Appetite Management Virtual Workshop — July 21‒22nd
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Previous RIMScast Episodes:
“California Wildfires: Risks, Preparedness, Business Continuity, and the Impact on Insurance Markets”
“Sustainability, ERM, and Construction with Kyle Van Hoeven”
“International Codes and Standards with Chris Wieczorek”
“Climate Change, Business Interruption, and the 2021 Hurricane Season”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year, Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring guests, Charles Vu and Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Leonard Ramo’s LinkedIn
Leonard Ramo’s Profile on Telgian
Tweetables (For Social Media Use):
“‘Why would I follow the code or do testing?’ Well, it’s easy; with all the changes that are out there … it actually gets down to not only a risk standpoint but a dollars and cents standpoint.” — Leonard Ramo
“The ROI — Return on Investment — for doing fire testing for these ASRF structures is dramatic. We see that in one building, one array, you will recover the costs of all your testing and put you in a much better position from a risk standpoint.” — Leonard Ramo
“Of all of the places I’ve been internationally, no one has ever not wanted to do the right thing. It’s just that they didn’t know what the ‘right thing’ was.” — Leonard Ramo
“It’s one thing to go out there and publish a safety document and train anyone on how to do it but if you don’t go out there and do a follow-up to make sure that they do it — … that’s where we really have to … make sure that practices are enforced. ” — Leonard Ramo
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
There is a lot of activity coming from the risk management community in Canada. The RIMS Canada Council recently released a statement in support of the Insurance Bureau of Canada’s call for advancing risk management knowledge and practices.
Joining Justin today are Steve Pottle and Jacqueline Toering to discuss risk management development in Canada, its broader impact, and updates from the RIMS Canada Council. They also discuss the RIMS Canada Conference 2021 which will be held virtually on October 5th and 6th!
Steve Pottle is the RIMS VP and Director of Risk Management Services at Thompson Rivers University and Jacqueline Toering is a RIMS Canada Council Executive Member, Chair of the RCC Sub Committee and National Conference Committee, and the Director of Risk and Safety at the University of the Fraser Valley.
Don’t miss out on today’s fascinating discussion!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:12] About the RIMS buyer’s guide.
[:47] About today’s episode.
[1:03] Would you like to speak at the RIMS Canada Conference? Submit your session proposal by July 23rd!
[1:27] Upcoming RIMS Virtual Workshops and Webinars.
[3:02] More about today’s episode with Steve Pottle and Jacqueline Toering.
[3:50] Justin welcomes Steve and Jacqueline to RIMScast!
[4:00] About the RIMS Canada Council.
[5:27] How long has Jacqueline been a part of the RIMS Canada Council?
[5:52] What Jacqueline’s experience has been like in the pre-production of the 2021 RIMS Canada Conference.
[7:05] Where to learn more about the RIMS Canada Conference 2021.
[7:16] What is the Insurance Bureau of Canada (IBC) and its National Commercial Insurance Task Force?
[10:11] Why having a shared vision with the IBC is critical for RIMS, RIMS Canada, and global members.
[11:32] Steve shares how the IBC has hired a risk manager to help support their partners.
[13:30] About upcoming RIMS Workshops, programs, and volunteer opportunities!
[15:16] About the early bird rates for the RIMS Canada Conference and where to register!
[15:50] Jacqueline shares what drives her forward in her mission of advancing the risk profession.
[16:40] Jacqueline speaks about how her risk career has been fulfilling.
[16:58] Will Jacqueline be presenting at RIMS Canada Conference 2021?
[17:11] Justin shares his gratitude for Steve.
[17:52] Steve shares what drives him forward in wanting to continue to work in risk.
[20:25] Jacqueline shares her point of view on how live conferences (both virtual or in-person) are a great place to make connections.
[20:51] What Steve learned from RIMS Live 2021.
[21:42] Jacqueline shares why she sees virtual conferences as being particularly valuable.
[21:57] What Jacqueline learned about herself due to the COVID-19 pandemic.
[22:24] What COVID-19 taught Steve.
[23:44] Justin thanks Steve Pottle and Jacqueline Toering for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS Canada Conference 2021: Register for early bird rates!
News Release: “RIMS Canada Council Backs Insurance Bureau of Canada's Call for Advancing Risk Management Knowledge and Practices”
RIMS ERM Conference 2021 will be held Nov. 11th & 12th in NYC — Submit a session by July 23rd
RIMS Buyers Guide
Upcoming Webinars:
July 15, 2021 | “10 Essential Steps to Streamline Vendor Risk Assessments” | Sponsored by OneTrust
July 26, 2021 | “RIMS and the RIMS Rocky Mountain Chapter Present: ‘A Discussion of Lloyd’s of London’s ESG Report 2020’” — Open Exclusively to RIMS Members!
July 29, 2021 | “How Better Data Is Transforming Risk Management & The Commercial Property Insurance Industry” | Sponsored by Archipelago
Virtual Workshops:
RIMS-CRMP Exam Prep Virtual Workshops (July & August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for July 15‒16th, Aug. 23‒24th, or Nov. 8‒9th
RIMS Risk Appetite Management Virtual Workshop — July 21‒22nd
Save 15% off July and August Workshops! Use discount code LEARNRISK15 — Offer ends July 9th, 2021 (See the offer details below!)
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Previous RIMScast Episodes:
“City-Wide Risk Success with Betty Clarke, ORIMS Donald M. Stuart Award Winner (2020)”
“Live On-Site at the RIMS Canada Conference 2019!”
“The State of Risk Management in Canada with Christine Maligec and Nicole Cebuliak”
“Key Takeaways from RIMS NeXt Gen Forum 2019” (featuring Steve Pottle)
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — In-depth interviews with Steve Pottle, Carol Fox, Robert Cartwright, Jr., Val Fox, and Nowell Seaman!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring today’s guest, Steve Pottle!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Steve Pottle’s LinkedIn
Jacqueline Toering’s LinkedIn
Tweetables (For Social Media Use):
“The RCC recognizes that the Insurance Bureau of Canada is an important partner for [RIMS] to always liaise with.” — Steve Pottle
“I don’t think there’s another profession [like risk] where you are always challenged to do your best and do your best for others.” — Steve Pottle
“If there’s anything that COVID-19 has taught me, it’s the fact that it’s important to work through your problems with others — be it personal or professional.” — Steve Pottle
“If there’s anything that COVID-19 did [teach] me, it’s that I always need to be resilient in my thoughts and appreciate the fact that not everyone’s going to think the same way I think.” — Steve Pottle
“The RIMS Canada Conference [is] the second largest risk management conference in North America. It’s an amazing, in-person, live event. … And this year, we’re going virtual.” — Jacqueline Toering
“[RIMS is] about community, connection, and content. RIMS for me is the Canadian community. … Making those connections really is what brings me value out of RIMS.” — Jacqueline Toering
“[My RIMS career] has only [been] made more fulfilling by my membership and the camaraderie that I find in RIMS, the RCC, and the local chapters.” — Jacqueline Toering
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
COVID-19 remains a serious threat. On June 29th, 2021, the World Health Organization (WHO) reported that there have been 181,007,816 confirmed cases of COVID-19 globally, including 3,927,222 deaths. As of June 28th, 2021, a total of 2,660,756,547 vaccine doses have been administered.
This week, Dr. Adrian Hyzler, the Chief Medical Officer of Healix International, joins RIMScast once again to provide an update on current COVID-19 developments. He discusses the current WHO data; the new Delta variant that is causing major disruption in India, South Africa, the UK, and Australia; his outlook on herd immunity; and information around vaccine boosters in development. He also shares some insights around the long-haul symptoms of COVID-19, how these symptoms manifest both physically and mentally, and what risk professionals can continue to do to safely drive their organization’s reopenings.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode with Dr. Adrian Hyzler.
[:35] Upcoming RIMS Virtual Workshops and Webinars.
[2:05] More about today’s episode with Dr. Adrian Hyzler.
[2:55] Justin welcomes Dr. Hyzler back to RIMScast!
[3:01] What we need to know about the COVID-19 Delta variant and how it differs from the Alpha variant.
[5:25] How concerned should we be about the Delta Plus variant?
[6:54] Why boosters of the vaccines are in development.
[10:16] Dr. Hyzler’s outlook on herd immunity.
[13:24] Upcoming RIMS Virtual Workshops, volunteering opportunities, and resources.
[15:45] The long-haul symptoms of COVID-19 and what organizations can do for their employees that are impacted by this.
[21:57] Dr. Hyzler shares his thoughts on how he thinks the long-haul symptoms will impact long-term disability claims and whether insurance companies will accept or deny these claims. He also shares his thoughts on whether or not companies will extend the length of coverage for mental health disabilities in an effort to attract, retain, or accommodate their employees.
[22:53] What Dr. Hyzler feels are some of the best ways to re-emerge from the pandemic, from what companies have done correctly to what we can do as individuals.
[25:45] Has any science changed (around how COVID-19 spreads) since Dr. Hyzler’s last update?
[28:16] How long does Dr. Hyzler predict that we’ll be living our lives against the backdrop of COVID-19?
[30:24] Justin thanks Dr. Adrian Hyzler for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Upcoming Webinars:
July 15, 2021 | “10 Essential Steps to Streamline Vendor Risk Assessments” | Sponsored by OneTrust
July 26, 2021 | RIMS and the RIMS Rocky Mountain Chapter Present: “A Discussion of Lloyd’s of London’s ESG Report 2020” — Open Exclusively to RIMS Members!
July 29, 2021 | How Better Data Is Transforming Risk Management & The Commercial Property Insurance Industry | Sponsored by Archipelago
Virtual Workshops:
Upcoming RIMS-CRMP Exam Prep Virtual Workshops (July & August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
RIMS Virtual Workshops: Claims Management — Register now for July 15‒16th, Aug. 23‒24th, or Nov. 8‒9th
RIMS Risk Appetite Management Virtual Workshop — July 21‒22nd
Save 15% off July and August Workshops! Use discount code LEARNRISK15 — Offer ends July 9th, 2021 (See the offer details below!)
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
Previous Episodes with Dr. Adrian Hyzler:
COVID-19 Update with Dr. Adrian Hyzler of HX Global – January 2021
“An Update on COVID-19 with Dr. Adrian Hyzler Part 2” — Jun. 30th, 2020
“An Update on COVID-19 with Dr. Adrian Hyzler” — Jun. 23rd, 2020
“COVID-19 Update with Dr. Adrian Hyzler of HX Global” — Apr. 28th, 2020
“What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler” — Feb. 18th, 2020
Download any episode of RIM cast.
RIMS Publications, Content, and Links:
RIMS Coronavirus Information Center
Risk Management Magazine
Risk Management Monitor
RIMS Risk Leaders Series — New episode with Cheryl Lloyd now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring former RIMS Vice President Steve Pottle
Spencer Educational Foundation
RIMS Diversity, Equity & Inclusion Council
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler
Tweetables (For Social Media Use):
“The message is: get your vaccine and get the full course. And then you’re in a good position if the Delta takes over in your community, which it may well do.” — Dr. Adrian Hyzler
“Bear in mind, it’s not just Delta and Delta Plus; there’s Eta, and Theta, and Kappa, and Lambda — all these variants under investigation that are waiting in the wings. In all likelihood, we’ll go right through the alphabet before this is over.” — Dr. Adrian Hyzler
“I think there’s more confidence that immunity is going to last and that we’re not going to be doing this every year.” — Dr. Adrian Hyzler
“We’re now trying to move to a point where, instead of lots of trials going on everywhere, there’s more centralization of trials and … use of medication that we’ve proven. … [It’s] very important that next time we do use medication that we know works.” — Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin is joined by Masha Sedova, the Co-Founder and President of Elevate Security; the leader in human attack surface management.
Recently, the risk and RIMS community have been seeing an influx of high-profile ransomware attacks in the news, from the Colonial pipeline to the world’s largest meat supplier. The fallout, disruption to operations, and the costs involved in addressing these attacks are enormous.
Luckily for RIMScast listeners, Masha addresses these concerns and shares how risk professionals can actually learn from these attacks and take steps to better protect their organizations. She also discusses the various attacks currently making headlines as well as a variety of other topics on the themes of ransomware and business interruption.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode with Masha Sedova.
[:38] Upcoming RIMS Virtual Workshops and Workshops!
[1:44] More about today’s episode with Masha Sedova.
[2:06] Justin welcomes Masha to RIMScast!
[2:21] Masha shares why and how she originally began a career in cybersecurity.
[3:50] Is Masha finding that risk professionals and risk managers are adapting more easily to the ever-evolving cyber risk landscape?
[5:14] Masha shares her insights on the current high-profile ransomware attacks that are currently in the news.
[7:50] What role the human element plays in the overall idea of cybersecurity risk.
[9:24] How Masha defines human risk.
[11:28] How an organization can measure and quantify human risk.
[14:09] Masha’s advice for mitigating human risk and how your organization can implement employee security controls.
[16:11] Upcoming RIMS workshops, Spencer’s Risk Manager on Campus Program, and more!
[18:33] The current state of measuring and understanding employee risk in organizations today and what the best-in-class companies are doing right now in relation to this.
[22:00] Why falling victim to a ransomware attack is often inevitable (and what we can do as risk professionals to respond gracefully).
[23:47] Why are frontline workers more susceptible to phishing?
[26:13] Are there acceptable levels of human risk? How do you gauge that?
[29:56] What elements of human risk should insurance companies start considering in their policies and coverage as it relates to ransomware?
[36:09] Justin thanks Masha Sedova for joining RIMScast and shares some of the links to look out for in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Webinars, and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
If you did not attend RIMS Live 2021 but want to access on-demand content, purchase the “Post Event Virtual Pass” for $499 to access the sessions, keynotes, and marketplace until June 30th. Visit: RIMS.org/RIMS2021
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Upcoming Webinars:
July 15th, 2021 | “10 Essential Steps to Streamline Vendor Risk Assessments” | Sponsored by OneTrust
July 26, 2021 | RIMS and the RIMS Rocky Mountain Chapter Present: “A Discussion of Lloyd’s of London’s ESG Report 2020” — Open Exclusively to RIMS Members!
July 29, 2021 | How Better Data Is Transforming Risk Management & The Commercial Property Insurance Industry | Sponsored by Archipelago
Upcoming RIMS-CRMP Exam Prep Virtual Workshops (July & August 2021) — Gain an edge with the RIMS-CRMP; the only internationally accredited risk management certification!
Mentioned in this Episode:
Elevate Security Professional Report: “Elevating Human Attack Surface Management”
RIMS Diversity, Equity & Inclusion Council
RIMS Virtual Workshops: Claims Management — Register now for July 15‒16th, Aug. 23‒24th, or Nov. 8‒9th
RIMS Risk Appetite Management Virtual Workshop — July 21‒22nd
Save 15% off July and August Workshops! Use discount code LEARNRISK15 — Offer ends July 9th, 2021 (See the offer details below!)
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Related RIMScast Episodes:
“Cyber Breach Responses with Kate Fazzini, Flore Albo CEO”
“The World of Cybersecurity with NCSA’s Kelvin Coleman”
“Cybersecurity Frameworks with NIST Fellow, Ron Ross”
“Cyber Risk News & Trends with Tony Anscombe”
“Cyberrisk News & Trends with Tony Anscombe, Part 2”
“Cybersecurity in a COVID-19 World with Luke Wilson”
“Cybersecurity Tips for Small Businesses with Daniel Eliot”
“Cybersecurity with Christopher Loeber”
“The State of Cybersecurity and 5G Technology with Jason Ruger, Ruby Zefo, and Chris Novak”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New episode with Cheryl Lloyd now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New Interview featuring former RIMS Vice President Steve Pottle
Spencer Educational Foundation
Elevate Security
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Masha Sedova’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Rejoining RIMScast this week is special guest, Victoria Nolan! Victoria is a member of the RIMS Diversity, Equity, and Inclusion (DEI) Council and the owner of Victoria Nolan Enterprises. Previously, she was the Risk Manager at Clean Water Services in Oregon for 30‒½ years.
This month, June 2021, marks the annual Pride Month. In Justin and Victoria’s conversation today, they discuss the new legislation that protects those in the LGBTQ+ community, the anti-LGBTQ+ bills that have been enacted into law this year, how these both impact the risk profession, and what risk leaders can do to influence their organizations to protect their LGBTQ+ employees. Victoria also shares what the RIMS DEI Council is doing to help provide safety and opportunity for LGBTQ+ risk professionals, her own personal and professional experiences over the last year as a member of the LGBTQ+ community, and her advice to other risk leaders on improving DEI in their workplace.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:27] About today’s episode with Victoria Nolan.
[:35] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:15] Upcoming RIMS Virtual Workshops.
[1:46] More about today’s episode with Victoria Nolan.
[2:24] Justin welcomes Victoria back to RIMScast!
[2:31] Victoria shares her insights on how Pride Month last year was much more than just Pride Month.
[3:12] How this last year has been challenging for Victoria as a member of the LGBTQ+ community.
[4:47] As a risk professional, Victoria comments on what she saw as some of the more major changes over the last year.
[6:29] Victoria shares her experience over the last year from the lens of a RIMS DEI leader.
[8:07] Discussing legislation and advocacy, Victoria shares her thoughts and feelings on the executive order signed by Biden in January that expands LGBTQ+ non-discriminatory protections and the recent press release by the Human Rights Campaign that stated 17 anti-LGBTQ+ bills have been enacted into law in the U.S. this year, surpassing 2015 as the worst year in recent history for LGBTQ+.
[14:45] Upcoming RIMS webinars!
[15:41] If you’re looking to give back, consider volunteering for Spencer’s Risk Manager on Campus Program.
[15:58] Be sure to visit the RIMS DEI Council page!
[16:32] What risks should companies consider when it comes to the protection of their LGBTQ+ employees?
[20:11] The topic of pronouns has become more prominent in the past couple of years. Why are pronouns so important and how can including your pronouns in the business world have a positive effect?
[23:21] How the RIMS DEI Council is helping to provide safety and opportunity for LGBTQ+ risk professionals.
[27:31] Justin thanks Victoria for joining RIMScast once again and shares some of the links to look out for in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Webinars, and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
If you did not attend RIMS Live 2021 but want to access on-demand content, purchase the “Post Event Virtual Pass” for $499 to access the sessions, keynotes, and marketplace until June 30th. Visit: RIMS.org/RIMS2021
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Upcoming Webinars:
June 23, 2021 | “Bermuda and the Changing Landscape of Climate Risk” | Sponsored by Bermuda Business Development Agency
Mentioned in this Episode:
“Biden issues executive order expanding LGBTQ nondiscrimination protections,” NBC News
“2021 Officially Becomes Worst Year in Recent History for LGBTQ State Legislative Attacks as Unprecedented Number of States Enact Record-Shattering Number of Anti-LGBTQ Measures Into Law,” by Wyatt Ronan | Human Rights Campaign
RIMS Diversity, Equity & Inclusion Council
RIMS Virtual Workshops: Claims Management — Register now for July 15‒16th, Aug. 23‒24th, or Nov. 8‒9th
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Related RIMScast Episodes:
“Diversity Lessons and Looking Forward to 2021 with RIMS D&I Council”
“Diversity as a Successful Business Division with Rodney Johnson”
“Discussing Black History Month and the Risk Profession with Tammy Franklin of Marsh”
“Talking Diversity and ERM at the RIMS ERM Conference 2019”
“Pride Month 2020 with RIMS D&I Council Members, Kevin Thomas and Victoria Nolan”
“Asian Pacific American Heritage Month 2021”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
“Women’s Advancement in the Risk Profession”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New episode with Cheryl Lloyd now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New Interviews featuring former RIMS Vice President Steve Pottle and 2021 Rising Star Elliot Long
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Victoria Nolan’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The Spencer Educational Foundation has launched its 2nd annual comprehensive fundraising campaign, “Funding Their Future Campaign.” This campaign, which aims to raise $1 million, is being held in lieu of Spencer’s Annual Gala; one of the industry’s most successful fundraisers. Through September 15th, 2021, Spencer will recognize longtime industry supporters and those who helped pave the way for Spencer’s success, highlight the growth Spencer has achieved since its founding in 1979, and celebrate the diverse and talented students who have benefited from Spencer’s programming and are starting careers in risk management and insurance.
During this year’s campaign, Spencer will be honoring RIMS CEO, Mary Roth, and Peter Garvey of EPIC Insurance Brokers and Consultants. And lucky for RIMScast listeners, Justin Smulison just so happens to have a direct line of communication to Mary Roth!
In today’s episode, Mary shares about all of the wonderful things that Spencer Ed is doing, her 35-year career with RIMS, how she has seen the risk management space evolve over these years, how RIMS has adapted during the pandemic, and how she sees the Spencer Ed Foundation continuing to advance the future of risk management.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:27] About today’s episode!
[:34] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:12] More about today’s episode with Mary Roth.
[2:08] Justin welcomes Mary Roth back to RIMScast!
[2:20] The past 16th months have been unlike any other. How does Mary feel that the RIMS society prepared and adapted during this time?
[3:13] Having been in the risk management profession for over 35 years, how has Mary seen it evolve for the better?
[4:13] Mary shares her initial reaction from when she first received the news that she was going to be honored during Spencer’s Funding Their Future Campaign.
[5:00] Mary comments on being honored alongside Peter Garvey of EPIC Insurance Brokers and Consultants.
[5:38] How Mary sees Spencer continuing to advance the future of risk management.
[6:40] Why Spencer’s mission and professional education development are important to both RIMS and Mary.
[7:27] Mary shares what she is most proud of in her professional career.
[8:41] About upcoming RIMS webinars, events, and programs.
[10:20] Mary shares words of wisdom and advice for future risk leaders.
[11:50] Justin Mary Roth for joining RIMScast and highlights some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS Events, Webinars, and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
If you did not attend RIMS Live 2021 but want to access on-demand content, purchase the “Post Event Virtual Pass” for $499 to access the sessions, keynotes, and marketplace until June 30th. Visit: RIMS.org/RIMS2021
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Upcoming Webinars:
June 16, 2021 | NARIMS Presents “State of the Market” | Free For All RIMS Members
June 17, 2021 | “How Ransomware Trends Impact Your Bottom Line” | Sponsored by Beazley
June 23, 2021 | “Bermuda and the Changing Landscape of Climate Risk” | Sponsored by BDA
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Mentioned in this Episode:
RIMS Path To The Boardroom
RIMS Professional Growth Model
Related RIMScast Episodes:
“All About the Spencer Educational Foundation with Marya Propis and Jeanna Madlener”
“Your LinkedIn Profile and the Path to the Boardroom”
“The Future of ERM with Dr. Andrea Bonime-Blanc”
“Monica Merrifield on Innovation and Strategic Risk Management”
“Women’s Advancement in the Risk Profession”
“The Intersection of ERM and Corporate Culture with Gretchen Anderson”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New episode with Cheryl Lloyd now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New Interviews featuring former RIMS Vice President Steve Pottle and 2021 Rising Star Elliot Long
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Mary Roths’ LinkedIn
Tweetables (For Social Media Use):
“I am honored and proud that our staff was able to shift and pivot as seamlessly as they did [through the pandemic]. … I believe that we fared quite well.” — Mary Roth
“Risk management has really broadened its scope. It’s gotten the recognition that it needs to get within the business community and it’s become an integral business discipline within any organization.” — Mary Roth
“To be honored by Spencer and to be able to give back to Spencer alongside Peter [Garvey] is a pleasure.” — Mary Roth
“Spencer is an important component to the advancement of the discipline of risk management. The foundation is part of the infrastructure of educating future professionals.” — Mary Roth
“Join RIMS and be an active participant in the [risk] discipline. Create a future [and] contribute to that future. … And continue to learn. This journey is a lifelong learning experience.” — Mary Roth
“Make … connections. Find individuals to challenge you, to assist you, [and] to make sure that [you’re on the right] track.” — Mary Roth
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In the aftermath of the financial crisis, the COVID-19 pandemic has caused boards to rethink their risk oversight. As a result, managing risk has become more top-of-mind as a skill set for board recruitment. And these days, what better site to use than LinkedIn to network if you want to find yourself in a boardroom? Networking virtually is becoming an absolute necessity as more and more professionals go remote.
In this episode of RIMScast, Whitney Craig, RIMS Government Relations Director, rejoins the podcast to conduct a special interview with career coach, Richard Dodson! Richard is an award-winning author, speaker, career consultant, and — most importantly for this conversation — a LinkedIn expert! Currently, he is an Executive Consultant and the LinkedIn Practice Lead at Navigate Forward; the premier provider of Executive Transition Services. To say Richard is knowledgeable in the space of self-promoting and catalyzing careers is an understatement. His book, Power Your Career: The Art of Tactful Self-Promotion, won five national awards as the best career book of the year; and he has coached more than one thousand people through challenging career transitions.
Richard and Whitney speak about the RIMS Path to the Boardroom initiative, the skill sets and personal branding updates you need on your LinkedIn profile to either sit on a board or rise to a high position in leadership, the most important first steps to take in order to be considered for a board, how to leverage virtual networking, and what you can do to use LinkedIn to procure a board seat.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode!
[:38] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:12] More about today’s episode.
[2:00] Justin welcomes Whitney Craig back to RIMScast!
[2:05] Whitney shares about the RIMS Path to the Boardroom initiative.
[2:37] Why did Whitney choose to interview Richard Dodson in this episode?
[3:20] As the guest host of the podcast, Whitney welcomes Richard Dodson to the podcast and shares what they will be discussing in their interview.
[3:41] What is a LinkedIn expert?
[4:26] The most important aspects of your LinkedIn profile that you need to focus on to get it to that next level.
[5:45] How important is it to have good photographs on LinkedIn?
[6:19] How to write a good headline (under your name and photo) on LinkedIn.
[6:59] Should you clear out old or irrelevant information on your LinkedIn when you’re setting your sights on a board seat?
[8:10] How similar is a LinkedIn profile to a CV or resume?
[9:14] How important are endorsements on LinkedIn to a recruiter?
[11:17] LinkedIn influencers: does your follower count matter to a recruiter?
[13:20] Should you reach out to board members on LinkedIn?
[15:02] How important is your LinkedIn profile activity when someone is vetting you for a board seat? What are they looking for in potential board candidates?
[17:54] Upcoming RIMS webinars, events, and initiatives.
[19:15] Why Richard wrote his book, Power Your Career: The Art of Tactful Self-Promotion at Work.
[20:19] Richard shares some tactful, self-promoting tips for risk professionals that are more reserved.
[23:15] About Navigate Forward and how they help professionals with board readiness.
[26:40] When should someone start analyzing, tailoring, and building their LinkedIn brand?
[29:47] Whitney thanks Richard Dodson for joining this episode of RIMScast.
[30:15] Justin gives his thanks to Whitney and Richard, and highlights some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Webinars, and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
If you did not attend RIMS Live 2021 but want to access on-demand content, purchase the “Post Event Virtual Pass” for $499 to access the sessions, keynotes, and marketplace until June 30th. Visit: RIMS.org/RIMS2021
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Upcoming Webinars:
June 9, 2021 | RIMS Advocacy Presents: The Legislative Landscape for Autonomous Vehicles for 2021 and Beyond — FREE FOR MEMBERS ONLY. REGISTRATION REQUIRED.
June 10, 2021 | “Mission Critical — Actionable Insights to Strengthen DEI Strategies for the Insurance Industry” | Sponsored by Gallagher CORE360 Insights
June 16, 2021 | NARIMS Presents “State of the Market” | Free For All RIMS Members
June 23, 2021 | “Bermuda and the Changing Landscape of Climate Risk” | Sponsored by BDA
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Mentioned in this Episode:
RIMS: Path To The Boardroom
Navigate Forward’s Board Readiness Page (Includes Free Resources)
Power Your Career: The Art of Tactful Self-Promotion at Work, by Richard Dodson and Nancy Burke
Related RIMScast Episodes:
“Risk Quantification and Constructive Criticism with James Lam”
“The Future of ERM with Dr. Andrea Bonime-Blanc”
“Monica Merrifield on Innovation and Strategic Risk Management”
“Women’s Advancement in the Risk Profession”
“The Intersection of ERM and Corporate Culture with Gretchen Anderson”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New episode with Cheryl Lloyd now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New Interview features 2021 Rising Star, Elliot Long
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Whitney Craig’s LinkedIn
Richard Dodson’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Considering hurricane activity alone, 2020 was a tumultuous year with a record of 30+ named storms. Now, we are at the start of 2021’s hurricane season in North America and the National Oceanic and Atmospheric Administration is predicting another above-normal Atlantic hurricane season.
To discuss 2021 weather predictions and the connection between climate change and severe storms are two leaders from Swiss Re — Scott Carpinteri and Megan Linkin. Scott is the Senior Vice President and specializes in innovative risk solutions and corporate solutions. Prior to his current role, he was responsible for Treaty Reinsurance at Swiss Re as a Reinsurance Structurer, Treaty Underwriter, and Pricing Actuary. Megan Linkin is a Senior Parametric Nat Cat Underwriter at Swiss Re Corporate Solutions and has a Ph.D. in Atmospheric and Oceanic Science.
In this conversation, Scott and Megan give their forecasts on the 2021 hurricane season, climate change, and business interruption, and how parametric insurance might be useful for more companies moving forward.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:27] About today’s episode!
[:42] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:17] Upcoming RIMS webinars.
[1:58] More about today’s episode with Swiss Re leaders.
[2:25] Justin welcomes Scott Carpinteri and Megan Linkin to RIMScast!
[2:42] Scott and Megan introduce themselves, speak about their careers, and share how long they have been in the risk and insurance industry.
[4:54] The unique challenges for natural catastrophe preparedness in 2021.
[8:12] Megan shares how she is seeing climate change impacting hurricanes.
[11:24] Scott explains what parametric insurance is and shares how businesses are leveraging parametrics for the hurricane season in 2021.
[15:35] About the Spencer Educational Foundation.
[16:33] How to sponsor a RIMScast episode!
[17:04] Megan shares some of the lessons learned as a result of the Texas winter weather crisis that happened earlier in 2021 from a meteorological lens.
[22:20] Scott shares his perspective on the lessons learned as a result of the Texas winter weather crisis from an insurance point of view.
[26:02] Scott highlights key differentiators between companies that handled disaster well in 2020-2021 vs. those that handled disaster poorly or struggled.
[28:18] Megan elaborates on the speed of payout.
[29:11] Justin thanks both guests for joining RIMScast and highlights some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Webinars, and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
If you did not attend RIMS Live 2021 but want to access on-demand content, purchase the “Post Event Virtual Pass” for $499 to access the sessions, keynotes, and marketplace until June 30th. Visit: RIMS.org/RIMS2021
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Upcoming Webinars:
June 3, 2021 | “Building a Framework for Managing Climate-Related Damage Potential” | Sponsored by Beazley
June 9, 2021 | RIMS Advocacy Presents: The Legislative Landscape for Autonomous Vehicles for 2021 and Beyond — FREE FOR MEMBERS ONLY. REGISTRATION REQUIRED.
June 10, 2021 | “Mission Critical — Actionable Insights to Strengthen DEI Strategies for the Insurance Industry” | Sponsored by Gallagher CORE360 Insights
June 23, 2021 | “Bermuda and the Changing Landscape of Climate Risk” | Sponsored by BDA
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Mentioned in this Episode:
Swiss Re
Related RIMScast Episodes:
“Severe Weather and Insurance Strategies with Vince Morgan” March 23, 2021
“California Wildfires: Risks, Preparedness, Business Continuity, and the Impact on Insurance Markets” Nov 2, 2020
“Dr. Daniel Kaniewski on FEMA Resilience” Aug. 13, 2019
“Climate Risk with Author, Jeff Nesbit” Dec. 11, 2018
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New episode with Cheryl Lloyd now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New Interview features 2021 Rising Star, Elliot Long
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Scott Carpinteri’s LinkedIn
Megan Linkin’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on RIMScast, Justin Smulison is joined by the 2021 Heart of RIMS Award recipient and longtime RIMS Nevada Chapter Leader, Mark Habersack!
Mark Habersack is the Director of Risk Management for MGM Grand and has been a mainstay of the RIMS Nevada Chapter for decades — having helped build it from the ground up!
The 2021 Ron Judd “Heart of RIMS” Award pays tribute to the legacy of Ron Judd who served as the RIMS Executive Director for 22 years. Individuals are nominated by chapters for outstanding performance in advancing RIMS at the chapter level.
Justin and Mark discuss Mark’s illustrious career, the unexpected challenges and risks involved with keeping a temporarily closed casino functional, how the RIMS Nevada Chapter has evolved over the years, and his experience in being the recipient of the 2021 Heart of RIMS Award.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode!
[:33] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:09] Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open!
[1:25] About today’s first guest, Mark Habersack.
[1:45] Justin welcomes Mark Habersack to RIMScast.
[2:30] Mark shares about his rich career history.
[3:25] Mark speaks about his transition into the gaming industry in Las Vegas.
[5:35] How and why Mark became one of the co-founders of the RIMS Nevada Chapter, what it has meant to him, and what it introduced him to.
[8:46] How did Mark build up enthusiasm in membership in the late ’80s, early ’90s without the presence of the internet like we have today?
[11:00] How big is the department Mark is a part of?
[11:50] How COVID-19 impacted Mark’s professional work as well as RIMS Nevada Chapter.
[18:07] About upcoming RIMS webinars and workshops.
[19:44] Mark shares what it is like to be the Heart of RIMS Award Recipient 2021.
[22:39] Mark’s advice for rising risk professionals who might be interested in creating a RIMS chapter of their own.
[26:33] Justin thanks Mark Habersack for joining RIMScast and highlights some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Webinars, and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
If you did not attend RIMS Live 2021 but want to access on-demand content, purchase the ‘Post Event Virtual Pass’ for $499 to access the sessions, keynotes, and marketplace until June 30th. Visit: RIMS.org/RIMS2021
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Upcoming Webinars:
May 27, 2021 | “The Dark Side of Human Nature: Preparing for Impact After a Year of Growing Tensions” | Sponsored by Beazley
June 3, 2021 | “Building a Framework for Managing Climate-Related Damage Potential” | Sponsored by Beazley
June 10, 2021 | “Mission Critical — Actionable Insights to Strengthen DEI Strategies for the Insurance Industry” | Sponsored by Gallagher CORE360 Insights
June 3-4, 2021 | Virtual Workshop: Contractual Risk Transfer | Registration closes May 27th
RIMS Virtual Workshops
RIMS-CRMP-FED Virtual Prep Course — May 24-26th, 2021
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Mentioned in this Episode:
Risk Management Magazine’s 2021 Awards Issue
Related RIMScast Episodes:
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
“Making the Grade: Cheryl Lloyd, Risk Manager of the Year Honor Roll Inductee”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New episode with Carol Fox now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New Interview features 2021 Rising Star, Elliot Long
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Spencer Educational Foundation
RIMS Awards Press Release: “RIMS Risk Manager of the Year Awarded to Lockheed Martin Corporation’s Michael Harrington”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Mark Habersack’s LinkedIn
Tweetables (For Social Media Use):
“Any claim you … think of, we’ve probably seen in Las Vegas. Every one of the properties … is basically a small city unto itself. So, the exposures are huge and the mitigation is something that takes a lot of effort and cooperation among all our departments.” — Mark Habersack
“People don’t realize that even if a casino closes — which is extremely rare — risk is still busy. Risk still doesn’t go away. It also takes quite a bit to maintain a closed building.” — Mark Habersack
“The [Heart of RIMS] award should actually be [awarded to] all our founders that started the [RIMS Nevada] chapter. … Right now we have such a successful and proactive board of directors … that have really propelled our chapter forward … at a national level.” — Mark Habersack
“Students and young rising [risk] professionals: take the tools [and] take the lessons that we’ve forged from 20-30 years ago.” — Mark Habersack
“Even [through] the pandemic, our chapter remained viable and continued doing educational sessions monthly. And, again, that wouldn’t be possible without the help of the [RIMS] society as a whole.” — Mark Habersack
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In honor of Asian Pacific American Heritage Month 2021, this episode of RIMScast is featuring interviews with two prominent RIMS members to discuss their unique career experiences in the profession as well as some current key issues.
Today’s first guest, Charles Vu, manages the Enterprise Risk Management and Business Continuity efforts at the State Compensation Insurance Fund in California. He is also the Chapter President for the Orange County Chapter of RIMS. In their conversation, Charles speaks about what inspired him to get into risk management, how he celebrates Asian Pacific American Heritage Month and his advice to young Asian-American risk professionals.
Justin also speaks with Deyna Feng, the Director of Captive Programs with Cummins Inc. Before joining Cummins, Deyna was one of the lead loss adjusters with Crawford China for four years, working with domestic and international insurance companies for large and Catastrophic claims. Together, Justin and Deyna speak about her experience as an Asian-American in the risk profession and insurance industry, her views on the increase of anti-Asian sentiment over the last year, and her suggestions on what we can all do to celebrate and promote Asian Pacific American Heritage Month.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:37] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:11] About upcoming RIMS webinars.
[1:54] About today’s first guest, Charles Vu.
[2:14] Justin welcomes Charles Vu to RIMScast.
[2:23] Charles speaks about the work he is currently doing as the Chapter President of OCRIMS.
[3:14] What inspired Charles to get into risk management.
[6:24] Charles speaks about the people and mentors that have helped to succeed in his career.
[7:22] How the previous President of OCRIMS introduced Charles to RIMS, eventually leading to him becoming the President.
[8:27] How Charles celebrates and promotes Asian Pacific American Heritage Month, and what he recommends others do to also promote and celebrate this special month.
[11:47] Charles shares his views on the increase of anti-Asian sentiment over the last year and how it compares to other acts of Asian bias in years past.
[14:34] How long has Charles been a risk practitioner?
[14:59] Charles gives advice to young Asian risk professionals as well as students looking to get into the risk profession.
[16:36] Charles plugs OCRIMS.
[17:17] Justin thanks Charles for joining RIMScast.
[17:27] About upcoming RIMS virtual workshops and Spencer’s Risk Manager on Campus Program.
[18:27] About this episode’s second guest, Deyna Feng.
[18:41] Justin welcomes Deyna Feng to RIMScast.
[18:51] What inspired Deyna to get into risk management, and her career journey as an Asian-American in the field of risk management.
[21:02] Deyna’s mentors and how they’ve helped her succeed.
[24:00] Deyna shares some ways that we can all celebrate Asian Pacific American Heritage Month.
[26:21] Deyna shares her views on the increase of anti-Asian sentiment over the last year and how it compares to other acts of Asian bias in years past.
[28:01] Deyna shares her experience as an Asian-American in the risk profession and insurance industry, and what she feels can be done to improve the experience.
[29:32] Deyna’s advice to Asian professionals just starting out as well as students looking to get into the risk management industry.
[30:24] Justin thanks Deyna for joining RIMScast.
[30:31] Justin thanks both Charles Vu and Deyna Feng for joining RIMScast and highlights some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Events, Webinars, and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
If you did not attend RIMS Live 2021 but want to access on-demand content, purchase the ‘Post Event Virtual Pass’ for $499 to access the sessions, keynotes, and marketplace until June 30th. Visit: RIMS.org/RIMS2021
Spencer’s Risk Manager on Campus Program — Volunteer Today!
Registration for the VIRTUAL Spencer & Gallagher Golf Tournament is now open! Visit SpencerEd.org for more information and to register through August 15th, 2021 (You choose the golf course and team all while continuing to support the Spencer Educational Foundation!)
Upcoming Webinars:
May 20, 2021 | “Demystifying How Your Property Data Drives Insurance Outcomes” | Sponsored by Archipelago
May 27, 2021 | “The Dark Side of Human Nature: Preparing for Impact After a Year of Growing Tensions” | Sponsored by Beazley
June 3, 2021 | “Building a Framework for Managing Climate-Related Damage Potential” | Sponsored by Beazley
June 10, 2021 | “Mission Critical — Actionable Insights to Strengthen DEI Strategies for the Insurance Industry” | Sponsored by Gallagher CORE360 Insights
Virtual Workshop: Contractual Risk Transfer | June 3-4 | Registration closes May 27
RIMS Virtual Workshops
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
Mentioned in this Episode:
RIMS Diversity Equity & Inclusion Page
Orange County RIMS Chapter
RIMS International Council
Related RIMScast Episodes:
“Diversity as a Successful Business Division with Rodney Johnson”
“Diversity Lessons and Looking Forward with RIMS DE&I Council”
“Pride Month 2020 with RIMS DE&I Council Members, Kevin Thomas, and Victoria Nolan”
“Talking Diversity at the RIMS ERM Conference 2019”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
Download any episode of RIMScast.
Related Content:
RIMS Diversity & Inclusion Vision Statement
RIMS D&I Three-Year Strategy
RIMS Professional Report: “Understanding and Adapting to Your Remote Workforce,” by Chair Teressa Betty
RIMS Risk Management Talent 2025 Report
Asian Pacific American Heritage Month
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New episode with Carol Fox now available!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories —New Interview features 2021 Rising Star, Elliot Long
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Spencer Educational Foundational
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Charles Vu on OCRIMS
Deyna Feng LinkedIn
Tweetables (For Social Media Use):
“A lot of people are not aware of Asian Pacific American Heritage Month and really, having a simple Zoom background is [one way] to start the conversation.” — Charles Vu
“Another way I’m able to really share about the importance of [Asian Pacific American Heritage Month] is really just talking to others about my own history [and] how I grew up and was raised here and [why] that experience matters.” — Charles Vu
“It’s not just an Asian issue. I would say … it’s really about a diversity and inclusion issue. And I think that’s something that RIMS has already started to address through a lot of the initiatives.” — Charles Vu
“There are lots of ways to celebrate Asian Pacific American Heritage Month. … Join the community and celebrate with … groups.” — Deyna Feng
“Asian-Americans in risk management and the insurance industry have a smaller population. We do not see Asian faces in … large conference[s] quite often to be frank.” — Deyna Feng
“It is important for young talents to develop their skills. The knowledge of risk management and insurance is fundamental. It requires many soft skills, as well.” — Deyna Feng
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast today is the 2021 Risk Management Honor Roll recipient, Cheryl Lloyd!
Cheryl Lloyd is the Associate Vice President, Chief Risk Officer, and Interim Vice President Systemwide Human Resources for the University of California. Cheryl oversees a massive risk portfolio for the University of California made up of ten campuses! She has successfully inculcated a corporate culture where everyone is a risk manager who plays a role in identifying and reducing risk across UC’s entire system.
Cheryl shares about her wild last year at UC, the various roles she has held within UC and her insights and predictions on what the next 20 years (and beyond) will hold for risk professionals.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:38] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:00] About upcoming RIMS webinars.
[1:26] About today’s guest, Cheryl Lloyd.
[1:55] Justin welcomes Cheryl Lloyd to RIMScast!
[2:08] Justin congratulates Cheryl for making it on the Risk Management Honor Roll.
[3:03] How Cheryl began in risk management and what originally drew her into it.
[5:46] When did Cheryl get into risk management?
[6:09] Cheryl shares how she first came to work for the University of California, what her journey over the last 12 years has been like, and the various roles she has held.
[11:29] What it has been like in Cheryl’s position in the last year with COVID-19.
[19:30] Upcoming RIMS webinars.
[20:46] Risk management is not just about insurance; it’s also about addressing ERM issues, operational issues, and more. Has wearing multiple hats always come naturally to Cheryl?
[24:46] Does Cheryl ever reach out to other risk professionals or people in her network to share ideas?
[26:55] What are Cheryl’s hopes for the risk profession generally? What would she like to see happen in the next 20 years and beyond?
[28:41] Justin thanks Cheryl for joining the podcast and highlights some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
Risk Management magazine’s 2021 Awards Issue
RIMS Webinars and Services:
Did you attend RIMS Live 2021? Sessions are accessible through June 30th, 2021. Log in with your badge number: RIMS LIVE 2021
Spencer’s Risk Manager on Campus Program — Volunteer Today!
May 13, 2021 | “The Risks and Rewards of Virtual Services” | Sponsored by Beazley
May 20, 2021 | “Demystifying How Your Property Data Drives Insurance Outcomes” | Sponsored by Archipelago
May 27, 2021 | “The Dark Side of Human Nature: Preparing for Impact After a Year of Growing Tensions” | Sponsored by Beazley
June 3, 2021 | “Building a Framework for Managing Climate-Related Damage Potential” — Sponsored by Beazley
Virtual Workshop: Risk Appetite Management | May 24-25 | Registration closes May 17
Virtual Workshop: Contractual Risk Transfer | June 3-4 | Registration closes May 27
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“RIMS 2021 Award Winners: Elliott Long and Sue Mepham”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady”
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine’s 2021 Awards Issue
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Spencer Educational Foundational
RIMS Awards Press Release: “RIMS Risk Manager of the Year Awarded to Lockheed Martin Corporation’s Michael Harrington”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Cheryl Lloyd’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In celebration of National Nurses Day (May 12th, 2021) and National Nurses Week (May 6th-12th, 2021), this entire episode of RIMScast is dedicated to nursing professionals all around the globe who have set a dynamic example of how to act professionally while innovating —all during an incredibly unique and tumultuous year!
Joining Justin Smulison to discuss nursing and healthcare, are current and former leaders of renowned nursing associations, Dr. Sophia Thomas and Vicki Good.
Dr. Sophia Thomas is the President of the American Association of Nurse Practitioners, the host of the AANP podcast, NP Pulse: The Voice of the Nurse Practitioner, and is also a certified family and pediatric nurse practitioner. Dr. Sophia is dedicated to providing care to medically underserved families, and, in 2020, she was recognized as one of modern healthcare’s 100 Most Influential People in Healthcare. In Justin’s and her conversation today, Dr. Sophia speaks about the changes she has seen in the nursing profession in the last year due to COVID-19, her insights and predictions around telehealth, how to address stress and burnout as a healthcare provider, and the current risks that nurses face.
Vicki Good is the former President of the American Association of Critical-Care Nurses. She is a national nursing leader with executive-level experience in nursing, quality and safety, and education. In her current role as Executive Director of Nursing for Mercy Hospital in Springfield, Missouri, Vicki is responsible for a Level 1 emergency trauma center with over 73,000 visits per year. She was also recently named one of Becker’s Hospital Review’s 50 Experts Leading in the Field of Patient Safety. In this episode, Vicki shares some insights on nurse burnout and fatigue, how she has seen the nursing profession’s risk management protocols change due to COVID-19, and the benefits of virtual services in telehealth.
Don’t miss out on Vicki Good and Dr. Sophia Thomas’s insights into how the nursing profession has changed within the last year!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:45] How to access RIMS LIVE 2021 sessions and keynotes online!
[1:07] About upcoming RIMS webinars.
[1:34] Justin introduces today’s first guest, Dr. Sophia Thomas.
[2:15] Justin welcomes Dr. Sophia Thomas to the podcast!
[2:32] Dr. Sophia Thomas speaks about her role as the President of AANP, how she ended up in the role, and her career journey thus far.
[3:27] Sophia reflects on how COVID-19 has changed the nursing profession’s risk management protocols.
[5:03] Does Sophia see the changes that have occurred in the last year due to COVID-19 impacting the education of future generations of nurses?
[6:14] Does Sophia feel that the bedside manner that nurses are so renowned for is missing when it comes to telehealth?
[7:22] What have Sophia and the AANP learned about burnout that has helped improve the profession?
[8:30] Sophia shares about the invaluable resources available on AANP related to burnout.
[8:45] The importance of addressing stress and burnout as a healthcare provider.
[9:41] Are there any major similarities between a major hurricane or flood and the COVID-19 virus?
[11:35] Sophia highlights some of the other risks that she feels nurses face that should be a part of the larger dialogue.
[13:33] Sophia shares her thoughts on Nurses Week and Nurses Day.
[14:48] Sophia plugs some upcoming 2021 AANP events.
[15:33] Justin thanks Dr. Sophia Thomas for joining the podcast!
[15:46] About Spencer’s Risk Manager on Campus Program.
[16:26] Justin introduces today’s second guest, Vicki Good.
[17:07] Justin welcomes Vicki to the podcast!
[17:19] Vicki speaks about her career background as well as her current role with Mercy Hospital Springfield.
[18:21] As the former President of the AACN, has Vicki always appreciated when Nurses Week and Nurses Day have come around?
[20:19] Vicki shares how she has seen the nursing profession’s risk management protocols change due to COVID-19.
[21:40] How have the changes in risk management protocol (in the nursing profession due to COVID-19) helped change or renew the approach to instituting a culture of safety?
[23:37] Vicki highlights some of the new protocols (that have recently emerged due to COVID-19) that she believes the nursing profession should continue to use going forward.
[24:51] COVID-19 is an issue that continues to come back and there are very few examples in modern history that we can use as a reference point. Vicki shares her viewpoint on this and reflects on how this marks a new point in our history.
[26:01] When it comes to education, does Vicki feel that COVID-19 is going to become its own textbook?
[27:28] Does Vicki think that the COVID-19 outbreak has turned potential nurses away from the profession? Or has it been more of a rallying cry, attracting new people to the profession?
[30:55] Vicki shares what she sees as benefiting the healthcare profession overall due to or since COVID-19.
[31:27] Has Vicki personally seen the benefits of virtual services in telehealth?
[32:40] Vicki highlights some of the incredible benefits of telehealth.
[33:56] Risks that nurses face that Vicki feels should be a part of the larger dialogue.
[37:15] What facilities, organizations, companies, or professionals can do to address these risks and open up the dialogue.
[38:53] Justin thanks Vicki Good for joining the podcast and sharing her insights.
[39:32] Justin thanks Dr. Sophia Thomas and Vicki Good once again for joining the podcast and highlights some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
National Nurses Week
American Association of Nurse Practitioners (AANP)
NP Pulse: The Voice of the Nurse Practitioner (the Official Podcast of AANP)
2021 AANP National Conference
2021 AANP Fall Conference
American Association of Critical-Care Nurses (AACN)
Mercy Hospital Springfield
2021 The National Teaching Institute & Critical Care Exposition (NTI) Conference (AACN’s Annual Conference)
RIMS Webinars and Services:
RIMS LIVE 2021 — Full Conference Attendees can access sessions and keynotes through June 30th!
Spencer’s Risk Manager on Campus Program — Volunteer Today!
RIMS-CRMP-FED Virtual Prep Course — May 24–26th, 2021
May 5, 2021 | “Reputation Risks. Reputation Protection. Crisis Reduction.”
May 13, 2021 | “The Risks and Rewards of Virtual Services” | Sponsored by Beazley
May 20, 2021 | “Demystifying How Your Property Data Drives Insurance Outcomes” | Sponsored by Archipelago
May 27, 2021 | “The Dark Side of Human Nature: Preparing for Impact After a Year of Growing Tensions” | Sponsored by Beazley
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“Mental Health in the Workplace with Darcy Gruttadaro”
“How Risk Professionals Can Avoid Digital and Remote Burnout with Dr. Gleb Tsipursky”
“COVID-19 Update with Dr. Adrian Hyzler of Healix International”
“SRM And Modular Healthcare Installation of the Future with Project Héroe Creators”
“Telemedicine: Risks and Benefits with Jennifer Schoenthal”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Monitor: “Minimizing the Dangers for Hospital Nurses”
Risk Management Magazine’s 2021 Awards Issue
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Dr. Sophia Thomas’ LinkedIn
Dr. Sophia Thomas’ Profile on AANP
Vicki Good’s LinkedIn
Vicki Good’s Profile on AACN
Tweetables (For Social Media Use):
“One of the most important things, as we look at educating the next generation of nurses, is looking at COVID-19 as a learning experience and all of the changes we’ve had to make in our own practices to accommodate patients to maintain privacy practices.” — Dr. Sophia Thomas
“The advent of telehealth has really opened up a new chapter; a new fact of providing healthcare. It’s now a way to … improve access to healthcare for people across all healthcare settings.” — Dr. Sophia Thomas
“In educating the future of healthcare — whether that’s nurses, nurse practitioners, physicians, or other colleagues — [telehealth is] really going to have to be incorporated into the next generation of healthcare.” — Dr. Sophia Thomas
“My career has gone from taking care of the patient to taking care of the nurse — and that’s where I find my joy and satisfaction.” — Vicki Good
“I think [COVID-19] is going to become its own learning section … in a book … on how do you really handle a communicable disease spread in a rapid fashion? [And] what does that pandemic management look like?” — Vicki Good
“I think the thing that benefited the profession in just healthcare overall is really looking at telehealth medicine in a totally different light.” — Vicki Good
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin Smulison is joined by two special RIMS 2021 award winners: Elliott Long and Sue Mepham!
Elliott Long, the U.S. Risk Management Consultant for Aflac, is the recipient of this year’s RIMS Rising Star Award, which honors up-and-coming risk management professionals under the age of 35, or, who have seven or fewer years of professional experience. Together, Justin and Elliott discuss his career in risk and insurance, how his work has changed since COVID-19, his career highlights and accomplishments, and what is next for him in his professional career.
In the second half of the episode, Justin is joined by Sue Mepham, a retired risk professional and a leader with the RIMS Saskatchewan Chapter who was one of two recipients of the 2021 Ron Judd “Heart of RIMS” Award. The Heart of RIMS Award pays tribute to the legacy of Ron Judd who served as the RIMS Executive Director for 22 years. Individuals are nominated by chapters for outstanding performance in advancing RIMS at the chapter level. She and Justin discuss her rich career in risk management, the Saskatchewan Chapter of RIMS, and her advice to rising risk professionals and RIMS members.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:36] About RIMS LIVE 2021 virtual event on April 19–29, 2021.
[1:09] About Spencer’s Risk Manager on Campus program!
[1:40] About the RIMS Rising Star Award and this year’s recipient, Elliott Long.
[2:01] Justin welcomes Elliott Long to the podcast!
[2:16] Elliott introduces himself and shares where he works and what his title is.
[2:53] How long has Elliott been working in risk and insurance?
[3:13] What originally brought Elliott to risk and insurance?
[4:04] Elliott reflects on the wild ride that the last 18 months have been.
[4:58] Elliott shares his insights on what working in Enterprise Risk Management has felt like against the backdrop of COVID-19.
[5:58] How does it feel for Elliott to be recognized for accomplishments and achievements during this time?
[6:30] What did Elliott do to stand out amongst other risk professionals in his company as a rising star and someone to look out for?
[7:54] Big takeaways from Elliott’s career thus far and his advice for other rising risk professionals.
[9:22] Elliott shares about the volunteer work he has done.
[11:45] How does Elliott make himself indispensable in his role at Aflac?
[13:12] What would Elliott like to accomplish next in his professional career?
[14:40] Elliott gives his thanks to the global risk community and RIMS.
[15:24] Justin thanks Elliott for joining RIMScast!
[15:35] About some upcoming fantastic RIMS webinars.
[16:39] About the Ron Judd “Heart of RIMS” Award and this year’s one-of-two recipients, Sue Mepham!
[17:01] Justin welcomes Sue Mepham to the podcast!
[17:23] Justin congratulates Sue on her achievement and asks her how she feels.
[18:30] When did Sue join the Saskatchewan Chapter of RIMS? What was it like when she first joined as compared to now?
[20:40] What is the current attendance rate of the Saskatchewan Chapter?
[20:58] Sue shares about some of the positions that she has held at SCRIMS (the Saskatchewan Chapter of RIMS).
[22:20] How did Sue’s involvement with RIMS and SCRIMS supplement her professional career?
[26:17] Sue shares some standout moments from her career.
[31:09] Sue shares what she loves about being the Secretary of the Saskatoon Host Conference Committee for the 2023 RIMS Canada Conference, as well as what her current thought process is with planning for the event.
[34:33] The SCRIMS President is Katherine Dawal, last year’s RIMS Rising Star. Sue speaks about what her relationship with Katherine has been like since she first joined SCRIMS.
[35:53] Sue gives her advice to risk professionals and RIMS members.
[36:32] Justin thanks Elliot and Sue for joining the podcast and shares some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
Risk Management Magazine’s 2021 Awards Issue
Spencer Educational Foundation
How to Win Friends & Influence People, by Dale Carnegie
RIMS Canada Conference
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19–29, 2021! — Last Call!
Spencer’s Risk Manager on Campus Program — Volunteer Today!
RIMS-CRMP-FED Virtual Prep Course — May 24–26th, 2021
May 5, 2021 | “Reputation Risks. Reputation Protection. Crisis Reduction.”
May 13, 2021 | “The Risks and Rewards of Virtual Services” | Sponsored by Beazley
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“RIMS 2021 Risk Manager of the Year: Michael Harrington”
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady “
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine’s 2021 Awards Issue
RIMS Awards Press Release: “RIMS Harry & Dorothy Goodell Lifetime Achievement Award Goes to GB Speciality’s Pamela Popp”
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Elliott Long’s LinkedIn
Sue Mepham’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today, Justin Smulison welcomes a very special guest — 2021 RIMS Risk Manager of the Year, Michael Harrington!
Michael has led an incredible professional career that dates back to his time in the U.S. Armed Services to Director of Risk Management at Textron to his current role as Vice President of Risk Management at Lockheed Martin Corporation — with many roles in between! Michael has spent decades in the profession largely in the aircraft and aerospace sectors and has a truly rich background as a Risk Manager.
In this episode, Justin and Michael celebrate Michael’s win and discuss his influential contributions at Lockheed Martin that have benefited both the company, the aerospace industry, and the risk profession. They also discuss how he has overcome hurdles in his career, his risk philosophy, and his advice with rising risk professionals and those considering joining the profession.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:28] About today’s episode!
[:36] About RIMS LIVE 2021 virtual event on April 19–29, 2021.
[1:09] Last call to join this year’s Spencer & Sedgwick 5K Fun Run!
[1:40] About today’s conversation with Michael Harrington
[2:18] Justin welcomes Michael to the podcast!
[2:29] Michael introduces himself and shares about his rich career background.
[3:20] Why Michael decided to move transition into a law career after leaving the U.S. Army.
[3:59] How and why Michael became a Risk Manager.
[5:08] Michael speaks about moving into the role of Vice President of Risk Management at Lockheed Martin in April 2017.
[5:52] About the programs Michael initiated and the work he did at Lockheed Martin that he was recognized for, as the recipient of the 2021 RIMS Risk Manager of the Year award.
[8:56] Michael shares what it was like to take on a leadership role in driving forward incredible space missions.
[9:44] Michael reflects on what it is like to talk about these astounding space missions with his fellow collaborators and partners.
[10:43] Does Michael feel coolheaded or under pressure during crucial moments or massive decisions?
[11:10] Michael shares his risk philosophy and reflects on how and where it was first formed.
[12:50] Has Michael experienced his fair share of clients looking for last-minute approval or sign-offs?
[13:30] Michael comments on a fire that occurred at a Santa Cruz location.
[14:03] Has Michael ever been the lead risk professional for a company that had to handle a catastrophe issue? How did he handle it?
[14:49] Did Michael use the same on-the-job training and mindset in the previous example that he did in the Santa Cruz fire?
[15:37] About upcoming RIMS webinars!
[16:50] Michael speaks about the legal hurdles that he overcame with regards to the U.S. Public Law 85-804 and the fantastic insurance program that came out of it.
[18:45] How long it took to develop this insurance program from conception to formation to completion.
[19:13] Was it difficult to overcome the responsibilities that came along with developing this program while still managing his usual day-to-day operational responsibilities?
[19:47] Does Michael believe that his background and experience are what enabled him to be able to create and lead such a program?
[20:47] What was it like for Michael to find out he was named 2021 Risk Manager of the Year by RIMS?
[22:38] Michael shares his advice with rising risk professionals and those considering joining the profession.
[24:25] How Michael helped drive Lockheed Martin’s response to COVID-19 in a way that greatly benefited frontline workers.
[26:32] Justin and Michael discuss how many companies stepped up during COVID-19 and how Lockheed Martin stepping up during COVID-19 has been in alignment with their core values.
[27:25] Michael shares what he would like to see happen in the risk profession and among risk professionals.
[28:38] The importance of building a network as a risk professional and the current opportunities that are available to build your online profile and expand your network.
[29:38] Michael shares some parting words with the RIMScast audience and the global risk management community!
[31:04] Justin thanks Michael for joining the podcast, congratulates him on being recognized as RIMS 2021 Risk Manager of the Year, and highlights some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS Advocacy News: “RIMS Sets Advocacy Guidelines for COVID-19 Liability Protection Legislation”
Michael Harrington on the cover of Risk Management Magazine’s 2021 Awards Issue
“RIMS Risk Manager of the Year Awarded to Lockheed Martin Corporation's Michael Harrington”
RIMS Webinars and Services:
RIMS-CRMP-FED Virtual Prep Course — May 24–26th, 2021
Register now for RIMS LIVE 2021, April 19–29, 2021!
Spencer & Sedgwick 5K Fun Run, April 20, 2021 — Register Today!
May 5, 2021 | “Reputation Risks. Reputation Protection. Crisis Reduction.”
May 13, 2021 | “The Risks and Rewards of Virtual Services” | Sponsored by Beazley
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“Risk Management in Higher Education with RIMS 2019 Risk Manager of the Year, Luke Figora”
“Transformative ERM Programs with 2018 Risk Manager of the Year, Rebecca Cady “
“RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
“RIMS 2020 Award Winners: Audrey Rampinelli and Larry Glasser”
“Disruption and the Digital Age with Ward Ching”
“Duncan Wardle, RIMS Live 2021 Keynote Takes Innovation to Infinity and Beyond”
“RIMS Live 2021 Keynote Duncan Wardle Discusses Risk and Innovation”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Michael Harrington’s LinkedIn
Tweetables (For Social Media Use):
“Over the last three years [at Lockheed Martin], we’ve been on a journey to focus on our people, our programs … and platforms … our technologies, and our processes.” — Michael Harrington
“I truly believe that an exciting and interesting life or business involves taking risks and dealing with them.” — Michael Harrington
“You have to accomplish the mission. Mission first and people always — those are the two things that I live by.” — Michael Harrington
“The thing that I think is the most important about Lockheed Martin is really the core values of the company.” — Michael Harrington
“Anybody is welcome at Lockheed Martin. Anybody who can bring their talents … is welcome here provided you do three things: … Treat people with dignity and respect, you always have to try and do what’s right, and you always have to perform with excellence.” — Michael Harrington
“I believe [risk management] is a fantastic profession. Although I wound up in it … by accident, I’m incredibly grateful that I did!” — Michael Harrington
“I would tell young [risk] professionals to get involved. … Get involved in a spectrum of ways.” — Michael Harrington
“To anybody that gets asked to do something: … Where possible, say yes! Get involved. Broaden your skills. Become more valuable to your company and your team. … [And] become involved internally; don’t just sit in your office.” — Michael Harrington
“Risk professionals who get involved with their business ... help them get to ‘Yes,’ and get solutions accomplished in a risk-safe way are business enablers.” — Michael Harrington
“I encourage all of the risk managers in the field to get more deeply involved with their business. Make it a point. It might be difficult at first if you haven’t done it, but eventually the business will see the value.” — Michael Harrington
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The COVID-19 pandemic has impacted every profession and how many do their jobs. This is why it is critical for employers to use this time to open a dialogue about mental health with their employees, who have undoubtedly experienced change. And with May being Mental Health Awareness Month there is no time like the present to begin these dialogues.
Today Justin is joined by Darcy Gruttadaro, the Director of the Center for Workplace Mental Health, to discuss mental health and the workplace. As the Director, Darcy is developing and implementing the Center's strategic direction in providing employers high-impact tools and resources to support the mental health of employees and their families.
Darcy discusses some tips for employers to foster discussions around mental health and offers some useful frameworks developed by the center. She speaks about how remote working has impacted the workforce, how to address return-to-work anxiety, and offers additional resources that you can leverage as an employer or employee.
This episode is filled with fantastic insight on a very critical topic — don’t miss out!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:36] About this year’s Spencer & Sedgwick 5K Fun Run!
[1:06] About RIMS LIVE 2021 virtual event on April 19–29, 2021.
[1:35] About today’s conversation with Darcy Gruttadaro.
[2:16] Justin welcomes Darcy to the podcast!
[2:25] Darcy shares about her career background and how she became the Director of the Center for Workplace Mental Health.
[3:20] How has the prevalence of remote working impacted the workforce for better and for worse?
[5:40] Darcy shares how the American Psychiatric Association addresses issues around mental health.
[7:30] Darcy elaborates on the elements of the LEAD Framework that acts as a guide for how employers can better support employees’ mental health and psychological safety.
[10:10] About some fantastic upcoming RIMS webinars and workshops!
[11:38] Whether we’re still in the beginning stage of the pandemic or the middle, what does Darcy think we should come to expect for the future of work in America?
[13:47] How does the American Psychiatric Association advise or address the return-to-work anxiety as things continue to open up?
[15:56] Darcy plugs some upcoming virtual events that APA is hosting!
[17:39] New toolkits and resources from APA.
[18:39] Justin thanks Darcy Gruttadaro for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
APA Links:
APA Foundation Administration
Center for Workplace Mental Health
“COVID-19: Mental Health and Well-Being” | Center for Workplace Mental Health
“Words Matter: Reporting on Mental Health Conditions” | American Psychiatric Association
American Psychiatric Association (APA)
American Psychiatric Association: News & Events
Additional Events and Resources from the Center for Workplace Mental Health:
Guide with the LEAD Model
Guide on Working Remotely During COVID-19
Register for the April 13th Virtual Town Hall on Race, Mental Health, and Equity
Register for the April 29th Virtual Town Hall on Changing the Conversation in Workplace Mental Health
RIMS Webinars and Services:
RIMS-CRMP-FED Virtual Prep Course — May 24–26th, 2021
Register now for RIMS LIVE 2021, April 19–29, 2021!
Spencer & Sedgwick 5K Fun Run, April 20, 2021 — Register Today!
April 13, 2021 | “Thinking Differently About Risk: NextGen Risk Finance | Sponsored by Aon”
April 15, 2021 | “Understanding Your Fire Protections” | Sponsored by TÜV SÜD Global Risk Consultants
May 5, 2021 | “Reputation Risks. Reputation Protection. Crisis Reduction.”
May 13, 2021 | “The Risks and Rewards of Virtual Services” | Sponsored by Beazley
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“How Risk Professionals Can Avoid Digital and Remote Burnout with Dr. Gleb Tsipursky”
“Disruption and the Digital Age with Ward Ching”
“Duncan Wardle, RIMS Live 2021 Keynote Takes Innovation to Infinity and Beyond”
“RIMS Live 2021 Keynote Duncan Wardle Discusses Risk and Innovation”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
From Risk Management Magazine:
“Locked Down and Stressed Out: The Impact of COVID-19 on Mental Health”
“Understanding and Mitigating Social Risk”
“Suicide Discussions in the Workplace”
“Preparing for the Next Stage of the COVID-19 Pandemic at RIMS Content Roundtable”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Darcy Gruttadaro LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
April is Earth Month and everyone at RIMScast has sustainability on their minds! Sustainability is becoming a prominent topic when it comes to construction and commercial real estate. Risk professionals are integral to the conversation and decisions when it comes to the long-term effects of any construction project.
Joining Justin today to shed some light on this topic is Kyle Van Hoeven! Kyle is the Director of Enterprise Risk Management at the Lane Construction Corporation and has 20 years of experience in construction and real estate risk management. She is also the vice-chair of the RIMS External Affairs committee.
Together, Justin and Kyle take a closer look at sustainability as a new frontier in real estate investment, the initiatives gaining greater traction across the investment market, and what you should be paying attention to as a risk professional when it comes to sustainability!
Justin and Kyle cover a lot of (sustainable) ground — so be sure not to miss out on this great conversation!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:34] About this year’s Spencer & Sedgwick 5K Fun Run!
[1:05] About RIMS LIVE 2021 virtual event on April 19–29, 2021.
[1:35] About today’s conversation with Kyle Van Hoeven!
[2:11] Justin welcomes Kyle to the podcast!
[4:19] How long has Kyle been a risk professional?
[4:59] About Kyle’s role and responsibilities at Enterprise Risk Management.
[5:09] How long has Kyle been a risk professional in the construction sector?
[5:49] Kyle shares what she believes to be the state of risk management when it comes to construction, real estate, and sustainability.
[7:42] Does Kyle look at Flint, Michigan as a worst-case scenario when it comes to accessible water?
[9:29] Resilience and sustainability are no longer buzzwords; they’re actionable. Are these calls-to-action starting from risk professionals like Kyle or are they coming from others in leadership in the decision-making process?
[11:12] How did COVID-19 change the way that construction is approached?
[12:48] About some fantastic upcoming RIMS webinars!
[14:06] Statistics from Facility Executive magazine say that the buildings sector currently contributes to nearly 40% of carbon emissions globally and nearly 70% of emissions in urban areas. Does Kyle keep these KPIs in mind as she approaches a project?
[15:12] RIMS Live 2021 keynote speaker Duncan Wardle believes that purpose will be the defining factor for a successful business. Sustainability and environmental awareness often correlate with this as it can influence a person’s decision to become a tenant (or even an employee) of a certain location. Does Kyle see things through this same lens?
[16:27] Kyle shares how sustainability is addressed in their ERM framework at Lane Construction Corporation.
[18:20] Kyle shares her hopes for the profession in general when she considers infrastructure projects, commercial real estate, and sustainability.
[19:57] Kyle’s experience in joining Lane just a month or two before the pandemic hit.
[22:27] The heart of ERM.
[22:52] Justin thanks Kyle Van Hoeven for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
ERM Q&A with Kyle Van Hoeven: “New Avenues for a Veteran Insurance Company” (2018)
RIMS-CRMP-FED Virtual Prep Course — May 24-26th, 2021
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19–29, 2021!
April 6, 2021 | RIMS Presents: “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals”
April 13, 2021 | “Thinking Differently About Risk: NextGen Risk Finance | Sponsored by Aon”
April 15, 2021 | “Understanding Your Fire Protections” | Sponsored by TÜV SÜD Global Risk Consultants
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Spencer & Sedgwick 5K Fun Run, April 20, 2021 — Register Today!
Related RIMScast Episodes:
“SRM as a Design Tool for Smart Buildings with Val Loh”
“City-Wide Risk Success with Betty Clarke, ORIMS Donald M. Stuart Award Winner (2020)”
“SRM And Modular Healthcare Installation of the Future with Project Héroe Creators”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
“Innovation vs. Negligence,” by Steven Minksy | RM Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Kyle Van Hoeven’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
One challenge that many risk professionals and employees face is work-from-home burnout and Zoom fatigue. Joining Justin today to explain the neuroscience behind it all is RIMScast friend and return guest, Dr. Gleb Tsipurksy!
Dr. Gleb Tsipursky is the CEO of Disaster Avoidance Experts, LLC. — a boutique consulting, coaching, and training firm empowering leaders and organizations to avoid business disasters. Dr. Tsipursky is also a best-selling author. One of his most recent books, Resilience: Adapt and Plan for the New Abnormal of the COVID-19 Coronavirus Pandemic, offers expert advice for developing practical, emotional, and spiritual skills that any leader can master in order to become more resilient in this time of crisis.
As a neuroscientist, Dr. Gleb Tsipursky offers his unique insights in this episode on the evolving risks that are work-from-home burnout and Zoom fatigue. He shares how we can all better approach pesky virtual meetings, the difference between necessary vs. unnecessary remote meetings, advice on how to limit the amount of unnecessary remote meetings, and how to overcome Zoom fatigue!
Dr. Gleb Tsipursky is also running an upcoming RIMS webinar on April 6th titled, “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals.” Be sure to register in order to catch that invaluable conversation on April 6th, 2021!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:36] About this year’s Spencer & Sedgwick 5K Fun Run!
[1:06] About RIMS LIVE 2021 virtual event on April 19–29, 2021.
[1:36] More about today’s show with Dr. Gleb Tsipursky, his upcoming RIMS webinar, and his white paper, “How To Defeat Work From Home Burnout.”
[2:11] Justin welcomes Dr. Gleb Tsipursky back to the podcast.
[3:07] How and why should risk professionals still be taking the same approach regarding neuroscience and realistic pessimism as they did last year?
[6:07] Dr. Tsipursky explains the difference between shifting from remote work as opposed to making a strategic difference.
[11:06] Dr. Tsipursky defines necessary vs. unnecessary remote meetings.
[13:00] About some fantastic upcoming RIMS webinars!
[14:15] Dr. Tsipursky shares his advice on how to limit the amount of unnecessary remote meetings.
[17:24] Would it be a good strategy to put a visual timer on meetings so that those attending are assured that the meeting won’t snowball into a longer one?
[19:06] Has Dr. Gleb Tsipursky experienced Zoom fatigue himself? How has he addressed it personally so that he doesn’t experience it?
[20:42] About Dr. Tsipursky’s upcoming webinar, “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals.”
[20:56] Justin thanks Dr. Gleb Tsipursky for joining RIMScast once again and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
Professional Report: “How To Defeat Work From Home Burnout and Zoom Fatigue,” by Dr. Gleb Tsipursky
Resilience: Adapt and Plan for the New Abnormal of the COVID-19 Coronavirus Pandemic, by Dr. Gleb Tsipursky
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19–29, 2021!
April 6, 2021 | RIMS Presents: “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals”
April 13, 2021 | Thinking Differently About Risk: NextGen Risk Finance | Sponsored by Aon
April 15, 2021 | “Understanding Your Fire Protections” | Sponsored by TÜV SÜD Global Risk Consultants
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Spencer & Sedgwick 5K Fun Run, April 20, 2021 – Register Today!
Related RIMScast Episodes:
“Leadership, Neuroscience & Realistic Pessimism During COVID-19 with Dr. Gleb Tsipursky”
“Duncan Wardle, RIMS Live 2021 Keynote Takes Innovation to Infinity and Beyond”
“RIMS Live 2021 Keynote Duncan Wardle Discusses Risk and Innovation”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
“Innovation vs. Negligence,” by Steven Minksy | RM Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Gleb Tsipursky’s LinkedIn
Disaster Avoidance Experts
“How to Defeat Work-From-Home Burnout and Zoom Fatigue,” by Dr. Gleb Tsipursky
Resilience: Adapt and Plan for the New Abnormal of the COVID-19 Coronavirus Pandemic, by Dr. Gleb Tsipursky
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In February 2021, a massive and unseasonal storm hit Texas with frigid temperatures that spiked the demand for power and outpaced the supply. This severed power to 26 million Texans. Now, much of the United States is gearing up for severe weather as late-season winter storms intensify.
Harsh and unpredictable weather patterns present risks for business owners, but also create opportunities to improve their risk mitigation strategies to address future uncertainties. Joining Justin today discusses some of these strategies is Vincent Morgan, a partner at the law firm, Bracewell, in Houston. Vincent is also a past Chair of the Insurance Law Section of the State Bar of Texas and previously served as a Partner at Pillsbury Winthrop Shaw Pittman LLP.
Vincent speaks about severe weather storms, shares tips on what risk professionals can do to increase their awareness about infrastructure vulnerabilities and reduce potential losses, his insights on the unseasonal February snowstorm in Texas, and how he is working with his own clients to reduce their potential for significant losses.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:25] About today’s episode!
[:37] About RIMS LIVE 2021 virtual event on April 19–29, 2021.
[1:07] More about today’s show with Vince Morgan of Bracewell!
[1:46] Justin welcomes Vince Morgan to the podcast.
[1:55] Vince introduces himself and shares about the many hats that he wears in his various roles!
[2:33] Vince speaks about his role as past Chair of the Insurance Law Section of the State Bar of Texas.
[3:12] About Vince’s involvement with RIMS in the past and present.
[4:12] Though Texas is on its own grid, the unseasonal February snowstorm caught the public and officials by surprise. Was this a breakdown in communication or was it a misunderstanding about the system and the grid’s vulnerabilities?
[7:15] Many households and small businesses sustained significant damage for which there may be limited, or if any, insurance. What recourse does Vince believe they have to seek coverage or support for property, economic, and other types of losses?
[8:49] Which entities does Vince think will be held responsible for the failures that created this disaster?
[10:54] Vince shares some advice on what risk professionals and businesses can do to increase awareness about infrastructure vulnerabilities and reduce their potential for significant losses.
[13:39] About some fantastic upcoming RIMS webinars!
[14:19] Vince elaborates on how he is helping clients reduce their potential for significant losses.
[16:55] In Texas, the state mask mandate was lifted and it was a controversial action. Has Vince seen any major changes in behavior as a result?
[18:38] Justin thanks Vince Morgan for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19–29, 2021!
March 23, 2021 | RIMS Presents: “Women’s Advancement in the Risk Profession”
April 6, 2021 | RIMS Presents: “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals”
April 15, 2021 | “Understanding Your Fire Protections” | Sponsored by TÜV SÜD Global Risk Consultants
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“Duncan Wardle, RIMS Live 2021 Keynote Takes Innovation to Infinity and Beyond”
“RIMS Live 2021 Keynote Duncan Wardle Discusses Risk and Innovation”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music”
“Advocacy Talk with Florida Insurance Commissioner David Altmaier”
“Dr. Daniel Kaniewski on FEMA Resilience”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
“Innovation vs. Negligence,” by Steven Minksy | RM Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Vincent Morgan’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week Justin Smulison is joined once again by return guest Duncan Wardle to conclude their two-part conversation on taking risks, innovating, and RIMS Live 2021!
As Head of Innovation and Creativity at Disney, Duncan led the team that helped Imagineering, Lucasfilm, Marvel, Pixar, and Disney Parks to innovate, creating magical new storylines and experiences for consumers around the globe. As the founder of iD8 & innov8, he now brings his extensive Disney experience as an Innovation Speaker helping companies embed a culture of innovation into everyone’s DNA.
If you have not tuned in to Part 1, be sure to give that a listen first! In this episode, Duncan and Justin continue their discussion about taking risks, innovating, and going virtual this year for RIMS Live 2021. Justin is also joined by Stuart Ruff-Lyon, RIMS VP of Events and Exhibitions, to talk about how RIMS 2021 will stand out among previous RIMS Live events, the benefits of going virtual, and what RIMS members can look forward to!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode with return guest, Duncan Wardle!
[:37] About upcoming virtual RIMS offerings.
[1:22] About RIMS LIVE 2021 virtual event on April 19–29, 2021!
[1:37] Justin welcomes RIMS VP of Events and Exhibitions, Stuart Ruff-Lyon, on to the show for a quick interview before today’s conversation with Duncan Wardle.
[1:55] Stuart shares how RIMS 2021 will stand out among previous RIMS Live events.
[2:42] The benefits of the RIMS Live 2021 going virtual this year.
[3:39] About some of the special new tracks that are unique to RIMS Live 2021.
[4:29] How many sessions will be offered at RIMS Live approximately?
[5:15] How attending the conference counts towards getting recertified for the RIMS-CRMP.
[6:06] Stuart shares what RIMS members and attendees can expect from keynote speakers, Duncan Wardle and Jade Simmons.
[7:15] Stuart shares some parting thoughts on RIMS Live 2021 and highlights some important dates and events to take note of between now and April 19th, 2021.
[8:48] Justin welcomes Duncan Wardle back to RIMScast for Part 2 of their conversation!
[9:28] On Feb. 9th, Duncan tweeted: “What would you do if there were no risks?” He shares what he posted as an answer to this tweet. Was this answer a rallying cry for what he is going to say during his keynote at RIMS Live 2021?
[10:16] How the fear of taking risks can be alleviated.
[11:11] What is the difference between a culture of risk and a culture of innovation?
[14:43] Is there a fine line between good risk management and planned obsolescence?
[16:03] As someone who is used to delivering speeches in front of large, in-person audiences, how has Duncan adapted and innovated his presentations for a virtual crowd?
[19:32] Justin thanks Duncan Wardle for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19–29, 2021!
March 17, 2021 | “The PAID Act: What Medicare Claims Payers Should Know in 2021” | A Free, RIMS Members-Only Webinar
March 18, 2021 | “The Life Cycle of a Special Purpose Acquisition Company (SPAC)” | Sponsored by Gallagher
March 23, 2021 | RIMS Presents: “Women’s Advancement in the Risk Profession”
April 6, 2021 | RIMS Presents: “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals”
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
Part 1 of this Interview: “Duncan Wardle, RIMS Live 2021 Keynote Takes Innovation to Infinity and Beyond”
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music” “Disruption and the Digital Age with Ward Ching”
“Risk in the Context of Music with Kai Kight”
“Women’s Advancement in the Risk Profession”
“Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication”
“Monica Merrifield on Innovation and Strategic Risk Management”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
“Innovation vs. Negligence,” by Steven Minksy | RM Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Stuart Ruff-Lyon’s OPIS Profile
Duncan Wardle’s LinkedIn
Duncan Wardle’s Website (iD8 & innov8)
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The entire RIMS staff is working harder than ever to make RIMS Live 2021 unforgettable! In celebration of leading up to this exciting event, Justin Smulison is joined by the opening keynote speaker of the event — Duncan Wardle!
As Head of Innovation and Creativity at Disney, Duncan led the team that helped Imagineering, Lucasfilm, Marvel, Pixar, and Disney Parks to innovate, creating magical new storylines and experiences for consumers around the globe. As the founder of iD8 & innov8, he now brings his extensive Disney experience as an Innovation Speaker helping companies embed a culture of innovation into everyone’s DNA.
In this first part of a two-part interview, Justin and Duncan discuss his risk philosophies, key insights from his career, and the silver lining of COVID-19. Duncan also gives a preview of his April 19th RIMS Live 2021 keynote!
Don’t miss out on this fast-paced, exciting conversation!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode.
[:45] About the upcoming RIMS LIVE 2021 virtual event on April 19–29, 2021!
[1:00] More about today’s episode with Duncan Wardle.
[1:36] Justin welcomes Duncan Wardle to RIMScast!
[1:42] The RIMScast audience and the RIMS Live 2021 audience is composed of international risk professionals, students, as well as business leaders and executives. What does Duncan believe are the top challenges these groups will face in the short- and long-term?
[3:07] Why purpose is so important.
[5:43] What does “pivoting” actually mean?
[5:59] Duncan’s insights about changes due to COVID-19 and the single silver lining that it has brought.
[7:56] Why pivoting will not be enough for most brands today.
[8:47] Upcoming RIMS educational offerings!
[9:41] Duncan shares how he would characterize his experience working with risk professionals throughout the course of his career. He also shares some insights on what he will be speaking about for his RIMS Live 2021 keynote, what innovation really looks like, and examples of innovation from his own career.
[17:50] Justin thanks Duncan Wardle for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19–29, 2021!
March 11, 2021 | Sponsored by Riskonnect: “Using RMIS as a Springboard to Integrated Risk Management”
March 17, 2021 | “The PAID Act: What Medicare Claims Payers Should Know in 2021” | A Free, RIMS Members-Only Webinar
March 18, 2021 | “The Life Cycle of a Special Purpose Acquisition Company (SPAC)” | Sponsored by Gallagher
April 6, 2021 | RIMS Presents: “How to Defeat Work-From-Home Burnout and Zoom Fatigue Using Neuroscience for Risk Management Professionals”
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“Career Notes: RIMS Live 2021 Speaker Jade Simmons Talks Risk and Music” “Disruption and the Digital Age with Ward Ching”
“Risk in the Context of Music with Kai Kight”
“Women’s Advancement in the Risk Profession”
“Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication”
“Monica Merrifield on Innovation and Strategic Risk Management”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
“Innovation vs. Negligence,” by Steven Minksy | RM Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Duncan Wardle’s LinkedIn
Duncan Wardle’s Website (iD8 & innov8)
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest uses the piano as a vehicle to provide audiences with inspiration, entertainment, and transformation that profoundly moves them. She was named as one of the best keynote speakers of 2019 by Northstar Meetings Group and she will be the RIMS Live 2021 Awards keynote speaker on April 26th, 2021!
Jade Simmons is a rockstar concert pianist, powerhouse speaker, inspiring author, and creator of transformational experiences that matter. She defies expectations by delivering riveting performances with passion and innovation at every turn.
You’re in for a real treat today with Jade! Justin and Jade talk risk management, her career journey, professional development, stage presence, Black History Month, performing virtually, the upcoming RIMS Live 2021 event, and key lessons from throughout her career. Jade even performs some off-the-cuff live music!
Don’t miss out on RIMScast’s most inspirational episode yet with Jade Simmons!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode.
[:39] Current RIMS features, offerings, news, and events.
[:55] More about today’s episode with Jade Simmons.
[1:19] Justin welcomes Jade Simmons to RIMScast!
[2:12] Jade introduces herself and explains why and when she began to pair the piano with motivational speaking.
[5:38] How is Jade able to play notes on the piano without looking at the keys?
[7:07] Jade shares some of the standout pieces of feedback she has received following a live appearance.
[8:56] Other elements Jade has considered adding to her performances.
[9:41] The other instruments that Jade can play.
[11:02] Gimmicks and surprises that Jade implements during her performances.
[12:22] Parallels that Jade has found between risk management and music.
[14:03] Once Jade committed to taking risks with her performances, were there any setbacks along the way? How did she overcome them?
[15:24] Jade shares an incredible preview of what her presentation will be like at the upcoming RIMS Live 2021 event.
[12:42] Upcoming RIMS webinars.
[21:34] What Jade’s experience has been like in the past year performing virtually.
[24:33] The power in “giving the audience the time of their life!”
[25:29] Jade’s inspirational origin story of her career (and a lesson in “quality over quantity.”)
[28:57] Why does Jade (and many other musical artists) memorize their pieces?
[29:58] Jade’s relation to Jade, the R&B group, as well as her other musical inspirations.
[32:16] Jade is the first Presidential Candidate to join RIMScast! What was it like for her to run for President in 2020?
[36:20] Jade shares about her interesting relationship with Black History month and how this year’s Black History Month has impacted her differently than previous years’.
[38:52] Jade Simmons plays RIMScast out with a beautiful piece.
[40:24] Justin thanks Jade Simmons for joining RIMScast once again and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19-29, 2021!
March 4, 2021 | Sponsored by Resolver: “Using a Scenario Analysis to Help you Manage HR-related Risks”
March 11, 2021 | Sponsored by Riskonnect: “Using RMIS as a Springboard to Integrated Risk Management”
March 17, 2021 | “The PAID Act: What Medicare Claims Payers Should Know in 2021” | A Free, RIMS Members-Only Webinar
March 18, 2021 | “The Life Cycle of a Special Purpose Acquisition Company (SPAC)” | Sponsored by Gallagher
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related RIMScast Episodes:
“Disruption and the Digital Age with Ward Ching”
“Risk in the Context of Music with Kai Kight”
“Women’s Advancement in the Risk Profession”
“Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Visit Jade Simmons Online: JadeSimmons.com
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Jade Simmons’ Website
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison’s guest today is management trailblazer and thought leader, Ward Ching! Ward wears many hats — several of which he is going to wear in today’s episode all about disruption, the digital age, and how risk professionals can leverage its data. Ward is a Managing Director at Aon, an Adjunct Professor at the USC Marshall School of Business, the RIMS-CRMP Chairman, and the recipient of the 2018 Harry and Dorothy Goodell Award.
But before hopping into the conversation with Ward Ching, Justin is briefly joined by Heather Sanderson of the Sanderson Firm to discuss the PAID Act and give a brief preview of the upcoming RIMS webinar she is leading. This 60-minute session will be held on March 17th, 2021, and is a free, members-only webinar presented by RIMS Advocacy, titled: “The PAID Act: What Medicare Claims Payers Should Know in 2021.”
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode.
[:34] Current RIMS features, offerings, news, and events.
[1:41] Justin welcomes Heather Sanderson to RIMScast and together they share a preview of what to expect for the upcoming RIMS Advocacy webinar she is hosting.
[2:17] Heather shares why her name may be familiar amongst the risk community!
[2:48] Heather shares about the upcoming RIMS Advocacy webinar.
[4:49] Which professions and industries really championed the passing of the PAID Act?
[5:47] Where to listen to the rest of the exclusive webinar with Heather Sanderson.
[6:06] About today’s interview with Ward Ching.
[6:22] Justin welcomes Ward back to RIMScast!
[6:40] Justin and Ward reflect on the very first episode of RIMScast they recorded together.
[7:19] Ward explains the three hats he’s going to be wearing in today’s discussion: Chairman of the RIMS-CRMP Commission, the Managing Director at Aon, and Adjunct Professor at the USC Marshall School of Business.
[7:57] Does Ward feel that “disruption” is a buzzword or something that has a deeper, or even evolved, meaning?
[10:14] Continuing to wear his hat as RIMS-CRMP Chair, Ward shares his insights on how the exam helps prepare risk professionals for risks in the current climate and the digital age of disruption.
[11:54] Putting on his educator hat, Ward speaks on how he feels the risk profession, historically, has looked at the concept of disruption.
[16:47] In the current revolutionary digital age, what is happening to these lines of coverage?
[20:51] Ward will be presenting at RIMS Live 2021. He shares a quick sneak preview for the global RIMScast audience on what they can expect!
[22:36] Ward shares about the work that he is doing with the Strategic and Enterprise Risk Management Council (SERMC).
[25:34] In 2018, Ward won the Harry and Dorothy Goodell Award. How did it feel? And did it take him by surprise?
[30:32] Justin thanks Ward Ching for joining RIMScast once again and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19-29, 2021!
Feb. 25, 2021 | Sponsored by Onspring: “Scaling Enterprise Risk Management in 2021 without Doubling Your Team”
March 4, 2021 | Sponsored by Resolver: “Using a Scenario Analysis to Help you Manage HR-related Risks”
March 11, 2021 | Sponsored by Riskonnect: “Using RMIS as a Springboard to Integrated Risk Management”
March 17, 2021 | “The PAID Act: What Medicare Claims Payers Should Know in 2021” — A Free, RIMS Members-Only Webinar
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related Content:
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Harry and Dorothy Goodell Award
Related RIMScast Episodes:
“Trends and Critical Components to the Risk Management Profession with Ward Ching of Aon”
“Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Ward Ching’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, RIMScast’s Black History Month coverage continues with a look at successful supplier diversity initiatives in risk and insurance with Rodney Johnson; the Vice President of Culture and Inclusion in the Business Division at Gallagher.
Measuring the success of a diversity initiative can be a challenge but assessing a supplier diversity initiative is one way to generate returns. In Justin and Rodney’s conversation today, they discuss how and why such initiatives are key to attracting and retaining Black and diverse talent in the risk profession year-round.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode.
[:41] Current RIMS features, offerings, news, and events.
[1:16] More about today’s episode with Rodney Johnson.
[1:50] Justin welcomes Rodney to RIMScast!
[1:53] Rodney shares about the work that he does at Gallagher.
[3:13] Why Black History Month is unique in 2021 not only to Rodney personally but to the risk profession as a whole.
[4:56] What companies should do and think about during Black History Month.
[6:01] Rodney shares his insights on how he has seen companies wisely invest time and resources into diversity, equity, and inclusion in 2020.
[7:48] What Rodney feels are some of the risks that have been identified for failing to invest in Black talent in the risk profession.
[8:47] When does Rodney estimate that we’ll see the returns on the initiatives that were launched in 2020?
[9:40] Rodney highlights some of the key areas of improvement when it comes to investing in the talent pool currently in the risk profession. He also shares how these improvements can help attract the younger generation of talent.
[12:22] About upcoming RIMS webinars!
[13:00] As a strong proponent of diversity supplier programs, Rodney shares how they can generate positive outcomes.
[15:41] About Rodney’s background in the risk field.
[16:49] When Rodney first entered the profession, would he say that there were not many Chief Diversity Officers?
[18:44] Beyond the diversity supplier program, what is Rodney’s strategy to engage allies within the workplace and across the profession?
[22:20] Justin thanks Rodney Johnson for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Register now for RIMS LIVE 2021, April 19-29, 2021!
Feb. 18th, 2021 | RIMS Board Governance Task Presents: “Boardroom Diversity in 2021” — This first session will be free for members and non-members!
Feb. 25, 2021 | Sponsored by Onspring: “Scaling Enterprise Risk Management in 2021 without Doubling Your Team”
March 4, 2021 | Sponsored by Resolver: “Using a Scenario Analysis to Help you Manage HR-related Risks”
March 11, 2021 | Sponsored by Riskonnect: “Using RMIS as a Springboard to Integrated Risk Management”
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Related Content:
RIMS Diversity & Inclusion Vision Statement
RIMS D&I Three-Year Strategy
RIMS Professional Report: “Understanding and Adapting to Your Remote Workforce,” by RIMS D&I Council Chair Teressa Betty
RIMS Risk Management Talent 2025 Report
Gallagher and Supplier Diversity
Related RIMScast Episodes:
“Black History Month 2021 and the Risk Profession with Tammy Franklin of Marsh”
“Diversity Lessons and Looking Forward with RIMS DI&E Council”
“Pride Month 2020 with RIMS D&I Council Members, Kevin Thomas, and Victoria Nolan”
“Talking Diversity at the RIMS ERM Conference 2019”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
“Key Takeaways from RIMS NeXt Gen Forum 2019”
“Robert Cartwright Jr. on his RIMS Presidency and the Future of RIMS”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Rodney Johnson’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is Tim Nelson, the International Development Director for Slave-Free Alliance and Hope for Justice. January is National Slavery and Human Trafficking Prevention Month, but although the month has passed, it still does not mean the fight to end slavery is done.
In this episode, Tim talks about how human trafficking and slavery is a huge risk to company supply chains and businesses. Many people do not know what’s under their hood when it comes to the workers they hire. It is in the interest of everyone that you vet your third-party hiring or recruitment companies, facilities, and more. Tim shares how companies and individuals can spot the tell-tale signs of a human trafficked victim, how Hope for Justice was formed, and much more.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:28] About today’s episode.
[:37] Current RIMS features, offerings, news, and events.
[1:05] More about today’s episode with Tim Nelson.
[1:45] Justin welcomes Tim to RIMScast!
[1:55] Tim shares a bit about his background and what he does for Hope for Justice and Slave-Free Alliance.
[4:10] Twenty-seven million people are held in slavery across the world and there is something you can do about this. We can end human trafficking in our lifetime.
[4:40] Not every business takes slavery seriously, but there is a shift happening in our culture.
[6:05] What makes a good or bad business? Do they have a protocol on what to do if they discover human trafficking happening in one of their factories?
[7:25] Most companies are not doing enough due diligence.
[8:50] What have governments been doing to respond/counter human trafficking?
[10:33] Tim breaks down his process on how a company can see if their facilities are employee- and ethnically-friendly.
[14:25] Some individuals are not even aware that they are a victim of slavery until you show them that their wages have been stolen/taken.
[15:05] One woman had been a slave in the United States for 33 years.
[18:15] How have human traffickers adapted to COVID-19?
[19:38] Individuals are sold for as little as $100–$200.
[21:40] Tim shares how Hope for Justice is expanding to help combat slavery throughout the U.S.
[22:45] Recently, 33 children were rescued in California. Do Tim and his NGO help with police investigations?
[26:05] Tim is faced with devastating stories on a regular basis; how does he emotionally cope while moving forward on this important work?
[27:45] Hope for Justice is disrupting serious organized crime with a lot of money on the line and members of staff have been put in danger because of it.
[29:25] Victims of slavery and human trafficking, unfortunately, return back to the very activities that made them victims (like prostitution). How can this be prevented?
[33:33] How do Tim and his co-workers blow off steam and have fun outside of work?
[35:45] You really do have the power to change the world.
[36:15] Tim shares some final words of wisdom to the risk management community.
[38:05] Justin thanks Tim Nelson for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Feb. 11th, 2021 | Sponsored by Travelers and Constitution State Services: “What COVID-19 Vaccines Mean for the Workplace in 2021” — Free for members and non-members!
Feb. 18th, 2021 | RIMS Board Governance Task Presents: “Boardroom Diversity in 2021” — This first session will be free for members and non-members!
Feb. 25, 2021 | Sponsored by Onspring: “Scaling Enterprise Risk Management in 2021 without Doubling Your Team”
March 4, 2021 | Sponsored by Resolver: “Using a Scenario Analysis to Help you Manage HR-related Risks”
March 11, 2021 | Sponsored by Riskonnect: “Using RMIS as a Springboard to Integrated Risk Management”
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS Advisory Services — Ask a Peer
RIMS Virtual Workshops
Resources about Modern Slavery and Human Trafficking:
National Slavery and Human Trafficking Prevention Month
Hope For Justice
Slave-Free Alliance
Related RIMS Content and RIMScast Episodes:
“How COVID-19 Has Impacted the Global Supply Chain with Thomas Cook”
“Human Trafficking: How Businesses Can Combat the Modern Slavery Epidemic”
“Gauging Corporate Human Rights Performance”
“Human Rights and Corporate Wrongs”
Risk Management Monitor Q&A with Tim Nelson (added Feb 12, 2021).
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Tim Nelson’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
It’s February 2021, Black History Month. In recognition of this, RIMScast is bringing some fresh perspective on the state of the risk profession when considering Black employees and leadership. Joining Justin Smulison to facilitate this discussion is Tamara “Tammy” Franklin; the Chief Digital Data and Analytics Officer at Marsh. Tammy is also the Executive Sponsor of the African Heritage Employee Resource Group at Marsh.
In this episode, Tammy discusses some of her own experiences in the risk profession and offers her ideas on how employees and companies can successfully invest in Black talent. She shares how 2020 has impacted how companies are investing their time and resources in diversity, equity, and inclusion; some of the risks that have been identified for failing to invest in Black talent; and how we can all do our part in keeping the D&I dialogue alive and well.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:26] About today’s episode.
[:37] Current RIMS features, offerings, news, and events.
[1:37] More about today’s episode with Tamara “Tammy” Franklin.
[2:11] Justin welcomes Tammy to RIMScast!
[2:19] Tammy shares about her background and career in risk management.
[3:27] When Tammy became a Chief Digital Data and Analytics Officer at Marsh, was that around the time when that title was gaining some notoriety?
[4:23] Tammy shares about her role at Marsh.
[5:20] Tammy’s thoughts on classic industry buzzwords.
[5:53] What Tammy thinks companies should think about and do during Black History Month when it comes to the profession of risk management.
[8:06] How 2020 has impacted how companies are investing their time and resources in diversity, equity, and inclusion.
[9:18] Does Tammy believe that some of the feelings of isolation from quarantining have gone hand-and-hand with some D&I initiatives?
[9:51] How that this “new normal” has become our regular way of life and business, does Tammy believe that the changes we’ve made now will continue on past the pandemic?
[10:45] What are some of the risks that have been identified for failing to invest in Black talent?
[11:30] Does Tammy feel that the risk profession has set a positive tone and meaningful example for Black professionals? Where does she feel that there can be an improvement?
[11:52] What is the best way to set a meaningful example for Black professionals in the risk professional? How can it be done?
[13:46] Tammy is the Executive Sponsor of the African Heritage Employee Resource Group at Marsh. She shares about this group and what it is that they’re doing.
[16:16] Tammy offers suggestions to listeners who want to keep the D&I dialogue alive and well.
[18:14] Should educational institutions be taking a page from what Tammy is doing and make this field known to students in high school and college?
[19:48] When Tammy first joined Marsh, what was her strategy to engage allies and how did she get involved with the Resource Group?
[23:09] Does Tammy feel that Martin Luther King Jr. Day and Black History Month in 2021 are more unique or special than in years’ past?
[24:12] Justin thanks Tamara “Tammy” Franklin for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Webinars and Services:
Feb. 11th, 2021 | Sponsored by Travelers and Constitution State Services: “What COVID-19 Vaccines Mean for the Workplace in 2021” — Free for members and non-members!
Feb. 18th, 2021 | RIMS Board Governance Task Presents: “Boardroom Diversity in 2021” — This first session will be free for members and non-members!
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS Advisory Services — Ask a Peer
Virtual Workshop — Feb. 5th, 2021: “Leveraging Data and Analytics for Continuous Risk Management” — Register Here!
RIMS Virtual Workshops
Related Content:
RIMS Diversity & Inclusion Vision Statement
RIMS D&I Three-Year Strategy
RIMS Professional Report: “Understanding and Adapting to Your Remote Workforce,” by RIMS D&I Council Chair Teressa Betty
RIMS Risk Management Talent 2025 Report
Related RIMScast Episodes:
“Diversity Lessons and Looking Forward with RIMS D&I Council”
“Pride Month 2020 with RIMS D&I Council Members, Kevin Thomas, and Victoria Nolan”
“Talking Diversity at the RIMS ERM Conference 2019”
“The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
“Key Takeaways from RIMS NeXt Gen Forum 2019”
“Robert Cartwright Jr. on his RIMS Presidency and the Future of RIMS”
Download any episode of RIMScast.
RIMS Publications, Content, and Links:
Risk Management Magazine
Risk Management Monitor
RIMS Coronavirus Information Center
RIMS Risk Leaders Series
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Tamara “Tammy” Franklin’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Dr. Adrian Hyzler, the Chief Medical Officer of Healix International, joins RIMScast once again to provide an update on COVID-19 developments as of winter 2021.
COVID-19 remains a critical focus at RIMScast. Between the new surges, strains, and the rollout of vaccines, there is so much that risk professionals need to know to keep their businesses operational in addition to keeping their employees safe and informed.
In this update, Dr. Hyzler speaks about the UK lockdown due to the 27% rise in COVID-19 cases, the difficulties countries are facing in vaccine distribution, the new COVID-19 variants, and what businesses should avoid and embrace in the midst of the pandemic.
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:27] About today’s episode.
[:37] Current RIMS features, offerings, news, and events.
[1:57] More about today’s episode with Dr. Adrian Hyzler.
[2:19] Justin welcomes Dr. Hyzler back to RIMScast!
[2:39] Currently, the UK is in the middle of a lockdown due to a major incident (a 27% rise in COVID-19 cases between December 30th and January 6th.) What has this experience been for Dr. Hyzler during this?
[4:09] How confident is Dr. Hyzler that we will be able to combat the new variant of COVID-19?
[5:54] The UK has introduced mandatory coronavirus testing for all international arrivals and extended a southern Africa travel ban to curb a new Covid-19 variant. Does Dr. Hyzler see this as being an effective ban?
[11:01] Does Dr. Hyzler feel that people got a little too confident over the spring and summer of 2020 as the numbers plateaued for a little bit? And ultimately, that’s why we saw this resurgence in numbers (and still continue to see it now in January of 2021?)
[12:37] Dr. Hyzler discusses some of the difficulties countries are facing in vaccine distribution.
[14:51] Dr. Hyzler knows many people that have gotten the COVID-19 vaccine. He shares what their experience was like and how the vaccine works.
[17:48] Why is it possible that someone is still able to get infected with COVID-19 after receiving the vaccination?
[19:32] How employers and risk professionals can use the publicly available COVID-19 information to protect their employees and prevent onsite spread.
[23:15] Does Dr. Hyzler feel that world leaders, celebrities, and politicians filming themselves getting the vaccine is an effective way to promote it? And does he think that business leaders may take a cue from that?
[25:13] Strategically, is there anything that Dr. Hyzler feels that businesses should avoid or embrace in the midst of the pandemic?
[30:50] Justin thanks Dr. Adrian Hyzler for joining RIMScast once again and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS Webinars and Services:
Jan. 28th, 2021 | “Strengthening Risk Management Capabilities to Navigate Social & Economic Concerns in Nigeria” — Register Today!
Feb. 11th, 2021 | Sponsored by Travelers and Constitution State Services: “What COVID-19 Vaccines Mean for the Workplace in 2021” — Free for members and non-members!
Feb. 18th, 2021 | RIMS Board Governance Task Presents: “Boardroom Diversity in 2021” — This first session will be free for members and non-members!
Upcoming RIMS Webinars
On-Demand Webinars
Virtual Workshop — Feb. 5th, 2021: “Leveraging Data and Analytics for Continuous Risk Management” — Register Here!
RIMS Virtual Workshops
RIMS Coronavirus Information Center
RIMS Advisory Services — Ask a Peer
Risk Management magazine
Risk Management Monitor
RIMS Risk Leaders Series | “2015 RIMS President Rick Roberts” — Just added!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Previous Episode with Dr. Adrian Hyzler:
“An Update on COVID-19 with Dr. Adrian Hyzler Part 2” — Jun. 30th, 2020
“An Update on COVID-19 with Dr. Adrian Hyzler” — Jun. 23rd, 2020
“COVID-19 Update with Dr. Adrian Hyzler of Healix Global” — Apr. 28th, 2020
“What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler” — Feb. 18th, 2020
Related Articles:
“UK extends travel ban to Namibia, Zimbabwe, Botswana, Zambia, Lesotho, and Mozambique,” by CNN’s Zahid Mahmood
“UK Introduces Mandatory COVID-19 Testing for All Arrivals,” by CNN’s Zahid Mamood and Sarah Dean
“Yes, You Can Still Get Infected with COVID-19 After Being Vaccinated. Here’s Why,” by CNN’s Eric Levenson
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin today is RIMScast’s favorite recurring guest, RIMS Director of Government Relations, Whitney Craig!
Events in Washington D.C. at the end of 2020 and the beginning of 2021 have had a major impact on the world and RIMS Advocacy efforts in the United States. In this episode, Whitney updates RIMS members and the greater risk management community on RIMS Advocacy, what RIMS has in store for 2021, and her thoughts on various post-election events. She also discusses the RIMS Board Governance Task Force webinar series that is launching in February 2021!
Tune in and don’t miss out on Whitney’s important advocacy update to kick off 2021!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:27] About today’s episode.
[:35] Current RIMS features, offerings, news, and events.
[1:39] More about today’s episode with Whitney Craig.
[2:02] Justin welcomes Whitney back to RIMScast!
[2:10] Picking up from their last discussion on RIMScast, Whitney shares an update on the run-offs in Georgia (that would dictate whether or not there would be a majority in the Senate), and why it is important news for RIMS.
[4:37] Whitney elaborates on what a 50/50 Senate means.
[6:08] As the face and the voice of RIMS Advocacy, Whitney shares what RIMS has in store for 2021.
[6:48] Is the Pandemic Insurance Initiative the same thing as PRIA?
[8:06] Whitney gives an update on the NFIP initiative and her hopes for it.
[9:49] What RIMS members should know when it comes to cyber.
[11:42] Why the PAID Act (Provide Accurate Information Directly Act) was a significant victory for RIMS.
[13:30] Whitney shares about the upcoming webinar series she is working on in collaboration with RIMS Board Governance Task Force.
[14:58] Whitney speaks about the riots at the Capitol last week and what was going through her mind as she watched the events unfold.
[18:11] Justin thanks Whitney Craig for joining RIMScast once again and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Risk Forum 2020 India — Register for On-Demand Content!
Risk Management Monitor: “Paid Act Becomes Law” from Dec. 17th, 2020
RIMS Webinars and Services:
Webinar: Jan. 28th, 2021 “Strengthening Risk Management Capabilities to Navigate Social & Economic Concerns in Nigeria” — Register Today!
On-Demand Webinars
Virtual Workshop — Feb. 5th, 2021: “Leveraging Data and Analytics for Continuous Risk Management” — Register Here!
RIMS Coronavirus Information Center
RIMS Advisory Services — Ask a Peer
Risk Management magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Previous Episodes with Whitney Craig:
“Post-Election Update with Whitney Craig” — Nov. 17th, 2020
“Legislative Summit 2019 Roundup with Whitney Craig, RIMS Government Relations Director” — Oct. 29th, 2019
“Advocacy Update with Whitney Craig, RIMS Government Relations Director” — Jun 11th, 2019
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Whitney Craig’s LinkedIn
Whitney Craig’s RIMS Community Profile
Email: WCraig@RIMS.org
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is Betty Clarke, the Manager of Corporate Risk and Recovery for the City of St. John’s! In December of 2020, ORIMS honored and acknowledged her with the Donald M. Stuart Award, which is widely recognized as Canada’s highest honor within the risk management field. Since 1979, the award has celebrated Canadians who have made outstanding contributions to the profession.
In this episode, Betty speaks about her career and the steps that she has taken that have led her to these proud moments! She also speaks about the unique challenges she and the City of St. John’s have faced in 2020, how they are facing said challenges, how she is helping build a more “risk aware” culture within the City of St. John’s, and much more.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About today’s episode.
[:31] Current RIMS features, offerings, news, and events.
[1:44] More about today’s episode with Betty Clarke.
[2:16] Justin welcomes Betty Clarke to RIMScast!
[2:22] What originally drew Betty to risk management.
[5:19] When and why Betty joined RIMS.
[5:47] Betty provides some background on the City of St. John’s and why risk management is needed there.
[7:17] The unique challenges Betty has faced in 2020 and the steps she has been taking to address them.
[9:29] Is Betty regularly working with government officials and elected officials in the City of St. John’s?
[10:25] Betty recently completed the ICS I-300 in Emergency Management/Business Continuity. She speaks about this experience and explains what it is.
[12:17] What ‘ICS’ stands for in ICS-300.
[12:31] What does it mean to build a “risk aware” culture? How has Betty’s definition of it changed over time?
[13:51] Betty speaks about her role in building a risk-aware culture within the City of St. John’s as well as some key lessons.
[15:41] In December of 2020, Betty was presented with the Donald M. Stuart Award by ORIMS. Betty expresses her gratitude and shares why she is so honored to receive the award.
[17:50] Betty shares how her involvement with the Newfoundland and Labrador Chapter of RIMS (NALRIMS) has enhanced or furthered her career.
[19:47] Betty shares some advice for rising risk professionals.
[20:53] Justin thanks Betty Clarke for joining RIMScast and shares some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS News Release: “RIMS Ontario Chapter Honors Elizabeth ‘Betty’ Clarke with the 2020 Donald M. Stuart Award”
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS Ontario Chapter (ORIMS)
RIMS Canada Council (RCC)
Newfoundland and Labrador Chapter of RIMS (NALRIMS)
RIMS Webinars and Services:
Jan. 21st, 2021 — Risk Appetite Management Virtual Workshop — Register by Jan. 14th!
Webinar: Jan. 28th, 2021 “Strengthening Risk Management Capabilities to Navigate Social & Economic Concerns in Nigeria” — Register Today!
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Content and Offerings:
RIMS Coronavirus Information Center
Risk Management magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Betty Clarke’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In today’s special episode of RIMScast, Justin Smulison is joined by a former co-worker from early in his career — Kate Fazzini! Kate is the CEO of Flore Albo; a strategic cybersecurity communications firm that is focused on simplifying the biggest education, training, and awareness challenges in the industry. You may remember Kate from her years as a reporter for CNBC and the Wall Street Journal, or, more recently, as a presenter during the ERM Virtual Conference 2020. She is also the author of the 2019 non-fiction book, Kingdom of Lies: Unnerving Adventures in the World of Cybercrime.
In their conversation, Justin and Kate discuss cybersecurity and resilience, specifically shining a light on the cybersecurity stories that are impacting governments and businesses today. Kate shares her insights on the Google outage, the New York State DMV phishing scam, the December government agencies hack, and more. She also gives her advice on what risk leaders can do to mitigate these risks, as well as establish the messaging of their organization post-breach. This conversation is incredibly timely so don’t miss out!
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:27] About today’s episode.
[:38] Current RIMS features, offerings, news, and events.
[1:31] More about today’s episode with Kate Fazzini.
[2:17] Justin welcomes Kate Fazzini to RIMScast!
[2:25] Kate shares her insights on the Dec. 14th Google outage (that impacted Google Docs and Youtube) and whether Google reacted in a way that she would’ve advised.
[4:35] Does Kate feel that this Google outage and how the public reacted is indicative of how dependent we are on the company and other big providers?
[7:32] Kate’s predictions on what these sorts of outages will lead to.
[8:56] Kate shares her thoughts and insights on the fairly recent New York State DMV text message phishing scam.
[11:20] Why people are more vulnerable to scams more than ever this year, and the practices you can put in place to not put yourself at risk.
[12:53] In early December it was announced that government agencies were hacked by suspected Russian hackers. Kate outlines the details of this hacking and why this story interests her.
[15:48] If a risk leader were to experience a cyber breach in their company, what advice would Kate give them? In particular, what could they do to establish the messaging of their organization?
[17:44] Following a breach, how would a risk leader determine how quickly they should be putting out their message?
[20:01] Does Kate predict that more cybersecurity specialists may be getting more calls in 2021? And what are some of the ways companies can mitigate cyber risks?
[21:26] Justin congratulates Kate on her new book, Kingdom of Lies: Unnerving Adventures in the World of Cybercrime.
[21:43] What was it like to work a full-time job and write an entire novel?
[22:32] About the new book Kate is currently working on.
[23:20] Kate shares some parting words of wisdom for the global risk community for 2021 and beyond.
[24:03] Does Kate think that the COVID-19 vaccine may tie into any future scams?
[24:56] What does Kate think is next for somebody like Chris Krebs (the former Director of the Cybersecurity and Infrastructure Security Agency in the United States Department of Homeland Security?)
[27:03] Justin thanks Kate for joining RIMScast and shares some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMScast — More Cybersecurity Interviews
Kingdom of Lies: Unnerving Adventures in the World of Cybercrime, by Kate Fazzini
Flore Albo LLC
“New York State DMV Warns of Text Message Phishing Scam”
RIMS Webinars and Services:
RIMS Webinar: Jan. 28th, 2021 “Strengthening Risk Management Capabilities to Navigate Social & Economic Concerns in Nigeria” — Register Today!
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Content and Offerings:
RIMS Coronavirus Information Center
Risk Management magazine
Risk Management Monitor:
“NCSA and NASDAQ Advise Risk Managers to Look ‘Beyond IT’ Following a Breach”
“10 Lessons Learned from Breach Response Experts”
“Do You Speak Digital?”
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS and Marsh Study: “Excellence in Risk Management India 2020”
Marsh/RIMS Study: “Pandemic, Cyber-Attacks, and Data Fraud Remain Top Risk Concerns for Indian Companies”
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Kate Fazzini’s LinkedIn
Company: Flore Albo LLC
Tweetables (For Social Media Use):
“[With] COVID-19, people are going to be very desperate to get their tax return back. They’re going to be more … emotionally involved … if they get bills that they’re not expecting. The way … scammers make their money is by getting you emotionally involved.” — Kate Fazzini
“This time of year, combined with what we’ve been through this year, people are just going to have to be twice as vigilant.” — Kate Fazzini
“[Risk leaders] are going to need to come up with what their response is going to be to [cyberbreaches]. And that can be difficult when we know so little information.” — Kate Fazzini
“I think that anybody in [a] risk management role will need to understand how their company is responding [to a cyber breach] and be able to answer those questions.” — Kate Fazzini
“Anything will happen [in 2021] in terms of risk. … cybersecurity is going to be an enormous issue in this coming year and we’re going to see some major, major changes in how workplaces deal with it. So get ready for that. Get ready for some policy changes.” — Kate Fazzini
“Vaccine scams are going to be enormous based on what we know. One thing that worries me is that there is an enormous problem of counterfeit drugs. … Please don’t buy a Coronavirus vaccine off the internet.” — Kate Fazzini
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin is joined by RIMS Director of Publications and Risk Management magazine’s Editor-in-Chief, Morgan O’Rourke. Together, they’re taking a look at RM magazine’s December 2020 issue, a “Year in Risk,” which is available both in print and on RMMagazine.com.
Morgan delves into how the risk landscape has changed in 2020 as well as the many events that could be filed as risk management news. Justin and Morgan also discuss how this year has challenged some of Morgan’s journalism approaches and philosophies, how RM magazine staff produced some of the best coverage this year, and what some of the major stories were from this year that risk professionals may have overlooked due to COVID-19.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About today’s episode.
[:35] Current RIMS features, offerings, news, and events.
[1:39] More about today’s episode with Morgan O’Rourke.
[2:02] Justin welcomes Morgan O’Rourke to RIMScast!
[2:21] Morgan speaks about what it was like to publish RM magazine in 2020.
[3:32] Morgan’s career history with RIMS and the publishing group.
[4:01] Morgan speaks more on how RM magazine’s publishing shifted in 2020 and the content overhaul they went through.
[6:07] Did Morgan feel that more people this year were gravitating towards the RIMS publishing group for their information this year?
[7:04] In what areas does Morgan feel that the RM magazine staff produced some of the best coverage this year?
[9:07] Did Morgan find that more of his own life ended up making its way into the articles, non-directly or directly?
[10:35] Some of the major areas and stories from this year that Morgan thinks risk professionals should know about that may have been overlooked due to COVID.
[15:32] Morgan highlights some of the positive developments in risk management in 2020.
[17:24] Leading up to February 2020, how was being a risk journalist, editor, and publisher for Morgan? What were some of the changes in the three to four years leading up to that date?
[19:18] Morgan shares what he thinks makes reporting on risk management different from reporting on other professions.
[22:25] How does Morgan sift through the noise to get to the newsworthy part of a story?
[27:11] In the last couple of years, RM magazine has received a lot of awards and accolades. Morgan speaks a bit about these.
[28:10] What RM magazine has in store for 2021.
[29:58] Justin thanks Morgan for joining RIMScast and shares some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
Risk Management magazine — Year in Risk — December 2020
Risk Management magazine
Contribute to Risk Management.
Risk Management Editorial Team ASPBE Award Wins — 2018
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Webinar: Jan. 28th, 2021 “Strengthening Risk Management Capabilities to Navigate Social & Economic Concerns in Nigeria” — Register Today!
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Morgan O’Rourke’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin Smulison is rejoined by special guest, Ashish Parakh, the Senior Vice President of Strategy, Risk Management Practice, Data & Analytics, and Marketing & Communications at Marsh India.
Recorded just two days after the RIMS Risk Forum India 2020, Ashish discusses his experience as well as the panel he presented, “Spotlight on Resilience, Risk Management During COVID-19.” He is also here to discuss the results and takeaways from the “Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19,” which was jointly produced by RIMS and Marsh. Ashish also gives advice to risk management professionals and companies on the risk strategies that they can implement in order to remain resilient and vibrant, both in India and globally.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:25] About today’s episode.
[:33] Current RIMS features, offerings, news, and events.
[1:51] More about today’s episode with Ashish Parakh.
[2:21] Justin welcomes Ashish Parakh back to RIMScast!
[2:52] Ashish speaks about his RIMS India Forum 2020 experience.
[3:32] Did Ashish find that the virtual format was effective for this year’s RIMS India Forum?
[4:08] Ashish’s RIMS India Forum highlights.
[4:40] Where to access the RIMS India Forum 2020 content.
[5:21] Ashish discusses the results from the “Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19” survey.
[7:03] According to the report, around 63% of the 231 survey respondents — including C-suite executives and senior risk professionals — identified a new pandemic or continued fallout of COVID-19 among the top three risks facing their organization. Ashish shares some examples of effective strategic and preventative measures that companies took this year that can reduce those top risks.
[9:45] Rounding out Indian businesses’ top risks were cyber attacks (56%), data fraud or theft (36%), failure of critical infrastructure (33%), fiscal crises (31%), and extreme weather events (25%). How did these top risks surprise Ashish? And what are some of the strategies that risk managers can use to keep so many plates spinning all at once?
[11:17] If time were to fast-forward to the end of 2021 and the same results were found in the 2021 survey, what would Ashish’s reaction be?
[13:12] General risk strategies companies can implement to remain resilient and vibrant.
[16:50] Ashish was one of the panel presenters on the discussion titled, “Spotlight on Resilience, Risk Management During COVID-19,” at RIMS India Forum. Ashish shares some of his insights and philosophy on mental wellbeing during COVID-19.
[19:48] Justin thanks Ashish for joining the podcast once again and shares some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS.org/Global — The RIMS Global Resource Center
RIMS and Marsh Study: “Excellence in Risk Management India 2020”
Marsh/RIMS Study: “Pandemic, Cyber-Attacks and Data Fraud Remain Top Risk Concerns for Indian Companies”
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Webinars:
Sponsored by Resolver: Dec. 15th, 2020 “Practical Strategies for Developing Your Risk Metrics”
RIMS Webinar: Jan. 28th, 2021 “Strengthening Risk Management Capabilities to Navigate Social & Economic Concerns in Nigeria” — Register Today!
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“Deepak Padaki and the RIMS Award-Winning ERM Program at Infosys”
“Risk Culture in India with Harshit Baxi”
“Speaking with Leaders in Risk Management at the RIMS Risk Forum India 2018”
“Speaking with Leaders in Risk Management at the RIMS Risk Forum India 2018 (Part 2)”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Ashish Parakh’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin Smulison is joined by Carol Fox, VP of Strategic Initiatives at RIMS!
Carol was a well-known risk practitioner for decades before joining RIMS full-time in 2010. She is a results-driven, innovative Executive Risk Management Leader with unique expertise in building proven outcomes-based training, systems, and processes for organizational resilience and sustainability.
As the queen of all things ERM, Carol shares her insightful perspective and insight on the state of ERM; the achievements and progress that the Strategic and Enterprise Risk Management Council (SERMC) made in 2020; changes at RIMS that have helped shape the risk management profession; and how you, as a risk professional, can tackle the challenges of 2021 and beyond!
(Be sure to be on the lookout for a future RIMS Risk Leaders interview with Carol Fox where she will be talking career highlights, lessons, and key takeaways!)
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode.
[:36] Current RIMS features, offerings, and events.
[1:49] More about today’s episode with Carol Fox.
[2:11] Justin welcomes Carol Fox to RIMScast!
[2:32] Carol shares about her work with the Strategic and Enterprise Risk Management Council (SERMC) as well as some of the achievements and progress that the council made this year in 2020.
[4:23] How this year is different for the SERMC than last year’s.
[4:50] Carol has her ear to the ground when it comes to ERM. How were ERM practitioners tapped this year, considering COVID-19?
[5:48] Did Carol hear this information anecdotally from RIMS members or the greater risk management community?
[6:27] As the ERM leader at RIMS, does Carol breathe a sigh of relief when she hears about risk management professionals’ business continuity plans running smoothly in the midst of COVID-19?
[6:51] How can ERM practitioners continue to be influencers in 2021 and beyond?
[7:48] Carol highlights some of the changes that have occurred at RIMS that have helped shape the risk management profession.
[8:54] The initiatives that Carol will continue to work on with the SERMC.
[9:42] Carol’s hopes for the practice of ERM in general (and, specifically, on the ways to better harness digital technologies).
[11:27] Carol’s experience putting together and hosting several sessions at the virtual 2020 ERM Conference.
[13:26] Carol shares some parting words for RIMScast listeners.
[14:22] Justin thanks Carol for joining the podcast and shares some of the links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Risk Forum 2020 India — Register for On-Demand Content!
RIMS Professional Report: “Pivoting From ERM to SRM”
RIMS Webinars:
“RIMS Advocacy Presents: Privacy Compliance, Post Election” — Dec. 8th, 2020 — Register Today!
Sponsored by Fusion Risk Management: “Operational Resilience: The CEO Imperative to Protect, Change and Grow” — Dec. 10th, 2020
Sponsored by Resolver: “Practical Strategies for Developing Your Risk Metrics” — Dec. 15th, 2020
“The Intersection of Reputation, Communication, and Risk”
Upcoming RIMS Webinars
New Audio Series: RIMS Risk Leaders — Featuring Robert Cartwright, Jr.
RIMS Risk Management Talent 2025 Report
RIMS 2021 Award Nominations — Open Call
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“Deepak Padaki and the RIMS Award-Winning ERM Program at Infosys”
“Risk Quantification and Constructive Criticism with James Lam”
“How ERM Can Catalyze (Y)our World with Dr. Andrea Bonime-Blanc” (Part 1)
“The Future of ERM with ERM Conference Keynote Speaker, Dr. Andrea Bonime-Blanc” (Part 2)
“Monica Merrifield on Innovation and Strategic Risk Management”
“Rebecca Cady on Transformative ERM Programs”
“The Intersection of ERM and Corporate Culture with Gretchen Anderson”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Carol Fox’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Diversity and inclusion was a critical topic in 2020 and the RIMS Diversity & Inclusion Advisory Council took some major steps in promoting its importance to members and the greater global risk management community!
Joining Justin today to discuss the achievements (and the progress the RIMS D&I Council intends to make going forward) are outgoing D&I Chair and RIMS 2018 President, Robert Cartwright, Jr. and incoming D&I Council Chair and President and Director of the New Zealand Pacific Island Chapter of RIMS, Teressa Betty.
In their conversation, they explore many facets of diversity and inclusion and look back and forward on diversity initiatives. Teressa and Robert sum up D&I in 2020, take a look at D&I in the last several years, give advice to companies thinking of forming D&I committees, share about the RIMS D&I Advisory Council’s 3-year strategy, and what the RIMS Risk Talent 2025 Report revealed about D&I.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode.
[:34] Current RIMS features, offerings, and events.
[1:29] More about today’s episode with Teressa Betty and Robert Cartwright, Jr.
[2:01] Justin welcomes Teressa and Robert back to RIMScast!
[2:20] Robert elaborates on how the D&I council was a staple for him during his 2018 RIMS Presidency.
[4:08] Is Teressa excited to be assuming the Chair position in 2021?
[4:55] Teressa and Robert sum up D&I in 2020 compared to D&I in the last few years; how it has changed and why.
[10:40] As companies are thinking to form D&I committees, what advice would Teressa give them to stay the course?
[15:09] RIMS D&I Advisory Council produced a three-year strategy earlier this year. The three areas are Driving Intention and Inclusive Thought Leadership, Focus on the Future, and Culture and Capabilities Within Our Communities. How can this make an impact in the risk profession and the insurance industry?
[20:30] Robert shares why he really wanted Teressa to be the Vice-Chair.
[21:10] Last year, RIMS, Willis Towers Watson, Chubb, and The Hartford produced the RIMS Risk Talent 2025 Report. The reports found that a huge majority supports cultural diversity and diverse perspectives now and in 2025. Why is this important and how can we move this information into action?
[27:13] Robert shares his quick takes on the state of diversity, inclusion, and equity for 2021.
[30:01] Teressa shares her closing thoughts on the state of diversity, inclusion, and equity for 2021.
[32:50] Justin thanks Teressa and Robert for joining RIMScast and shares the links to check out in today’s show notes.
Mentioned in this Episode:
RIMS Diversity & Inclusion Vision Statement
RIMS D&I Three-Year Strategy
RIMS Professional Report: “Understanding and Adapting to Your Remote Workforce,” by Teressa Betty
RIMS Risk Forum 2020 India (December 4th & 5th) — Register Today!
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Webinar: “Reduce the Risk of Smartphone-Distracted Employees” — Dec. 1st, 2020
Webinar: “RIMS Advocacy Presents: Privacy Compliance, Post Election” — Dec. 8th, 2020 — Register Today!
Sponsored by Fusion Risk Management: “Operational Resilience: The CEO Imperative to Protect, Change and Grow” — Dec. 10th, 2020
Sponsored by Resolver: “Practical Strategies for Developing Your Risk Metrics” — Dec. 15th, 2020
Upcoming RIMS Webinars
New Audio Series: RIMS Risk Leaders — Featuring Robert Cartwright, Jr.
RIMS Risk Management Talent 2025 Report
RIMS 2021 Award Nominations — Open Call
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“Pride Month 2020 with RIMS D&I Council Members, Kevin Thomas and Victoria Nolan”
“Talking Diversity at the RIMS ERM Conference 2019”
“Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
“Key Takeaways from RIMS NeXt Gen Forum 2019”
“Robert Cartwright Jr. on his RIMS Presidency and the Future of RIMS”
“Teressa Betty on the Newly Formed New Zealand and Pacific Island Chapter of RIMS”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Teressa Betty’s LinkedIn
Robert Cartwright, Jr.’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Holiday travel is a big risk in 2020 against the backdrop of the COVID-19 pandemic. Joining Justin today to discuss 2020 traffic trends and holiday travel risks and to share some tips and data is David Harkey!
David is the President of the Insurance Institute for Highway Safety (IIHS) and the affiliated Highway Loss Data Institute (HLDI). He took the helm of the Institutes in 2018 after spending 11 years as Director of the University of North Carolina Highway Safety Research Center.
In this episode, David provides tips and data around 2020 traffic trends and holiday travel risks. He shares how you can reduce the risk if you have to travel this year, what he has seen on the highways of the United States over the last 10 months, his predictions on what we’re going to learn about traffic patterns going forward, and the top two problems that continue to be pervasive in road safety today. Buckle up your seatbelt and get ready to tune in to the conversation!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:27] About today’s episode.
[:36] Current RIMS features, offerings, and events.
[1:31] More about today’s episode with David Harkey.
[2:01] Justin welcomes David to RIMScast!
[2:10] David shares about some of the data he is using/seeing that suggests on-road traffic will worsen this year due to the pandemic (and especially as we approach the holiday season).
[3:29] Have there been a rise in speeding violations correlating with the reduced traffic on the roads?
[5:16] David speaks about why it is an especially unique time to be monitoring traffic data and shares his predictions on what we’re going to learn about traffic patterns going forward.
[8:03] David shares key insights and takeaways from the article, “Crash rates for drivers in their 70s drop below those of middle-aged drivers.”
[10:58] David speaks about the two problems that continue to be pervasive in road safety: speeding and impairment. He shares how we could reduce the number of fatalities and accidents by utilizing existing technology and making changes in policies.
[14:15] David’s tips and advice David to the RIMScast audience and the greater risk management community on road safety.
[15:47] Justin thanks David for joining the podcast and shares some of the important links to look for in this episode’s show notes.
Mentioned in this Episode:
RIMS Risk Forum 2020 India (December 4th & 5th) — Register Today!
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Webinar: “Reduce the Risk of Smartphone-Distracted Employees” — Dec. 1st, 2020
Webinar: RIMS Advocacy Presents: Privacy Compliance, Post Election — Register Today!
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Advocacy
RIMS Advocacy Week 2020 — Roundup Coverage
RIMS Coronavirus Information Center
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Download RIMScast Coverage of Travel and Driving Risks:
“Distracted Driving Awareness Month 2020 with NSC’s Lisa Robinson” — Sept. 29th, 2020
“RIMS Advocacy Update and Driver Safety During COVID-19” — April 7th, 2020
“Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin” — March 31st, 2020
“Fatigue Risk Management with NSC’s Emily Whitcomb” — March 19th, 2019
From IIHS:
IIHS.org
News: “Drivers Let Their Focus Slip As They Get Used To Partial Automation”
Article: “Crash rates for drivers in their 70s drop below those of middle-aged drivers”
Article: “Automated systems need stronger safeguards to keep drivers focused on the road”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast today is return guest, RIMS Director of Government Relations, Whitney Craig! With one week having passed since the election day in the U.S., Whitney is joining the podcast to give an advocacy update as well as fill listeners in on some important developments and events!
What do the election results mean for RIMS, RISKPAC, RIMS advocacy efforts, and the greater risk management community? And how can RIMS’s upcoming offerings educate you and prepare you for changes in the next year and beyond? You’ll have to tune in to find out!
Key Takeaways:
[:01] About RIMS’s Global Membership.
[:27] About today’s episode.
[:36] Current RIMS features, offerings, and events.
[1:25] More about today’s episode with Whitney Craig!
[1:45] Justin welcomes Whitney Craig back to RIMScast.
[2:01] The significance of the U.S. election results.
[4:05] What the election results mean for RIMS, RISKPAC, and the greater risk management community.
[6:57] Is the current news from the U.S. election going to impact any of the work that was accomplished during RIMS Advocacy Week?
[9:09] Whitney shares her thoughts on whether or not RIMS has gained or lost any allies in Congress.
[11:44] About key upcoming events that are related to RIMS advocacy efforts: the RISKPAC Donor’s Holiday Happy Hour & Game Night (Dec. 9th, 2020) and a RIMS Webinar, “RIMS Advocacy Presents: Privacy Compliance, Post Election” (Dec. 8th, 2020).
[14:57] Justin thanks Whitney for joining the podcast and shares some of the important links to look for in this episode’s show notes.
Mentioned in this Episode:
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Risk Forum 2020 India (December 4th & 5th) — Register Today!
Webinar: RIMS Advocacy Presents: Privacy Compliance, Post Election — Register Today!
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Advocacy
RIMS Advocacy Week 2020 — Roundup Coverage
RIMS Advocacy: Coronavirus Advocacy Information
RISKPAC — Join the Virtual RISKPAC Donor’s Holiday Happy Hour & Game Night (Open to RISKPAC Donors Only) Dec. 9th, 2020
RIMS Coronavirus Information Center
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Whitney Craig’s LinkedIn
Whitney Craig’s RIMS Community Profile
Email: WCraig@RIMS.org
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Get ready for this award-winning episode! RIMScast welcomes Deepak Padaki of Infosys Ltd., who just accepted the ERM Global Award of Distinction at the RIMS ERM Conference 2020.
Deepak Padaki is the Chief Risk Officer and Chief Strategy Officer at Infosys. Two hats, one head! In his nearly 30-year risk career at Infosys, Deepak has also served in the roles of Senior Vice President of Strategy; Vice President of Strategy, Corporate Development, and M&A Head M&A and Associate Vice President of Client Services to name a few.
In this episode, Justin and Deepak discuss the company’s ERM program and how it has evolved over the years, his risk career at Infosys, the ERM Global Award of Distinction, how he leveraged strategic risk management techniques to help the Indian IT and business consulting firm launch a successful comeback, and so, so much more!
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:27] About today’s episode.
[:45] Current RIMS features, offerings, and events.
[1:29] More about today’s episode with Deepak Padaki.
[1:56] Justin welcomes Deepak Padaki to the podcast.
[2:07] Justin congratulates Deepak and Infosys on winning the Global ERM Award.
[2:20] Deepak shares why he believes Infosys stood out this year among others for their ERM program.
[3:48] About the ERM framework Deepak presented, how SRM played a role, and the five-layered risk hierarchy.
[8:52] How many people at Infosys are stakeholders in the ERM program or are active in it?
[10:11] As the Chief Risk Officer and Chief Strategy Officer at Infosys, would Deepak say he is wearing both of those hats pretty firmly at the same time?
[11:28] How COVID-19 is impacting the ERM program at Infosys and how they are addressing these challenges and risks.
[16:56] When RIMS last spoke with Deepak for an ERM Q&A, he said that job protectionism is a key risk. How is job protectionism a more challenging risk in 2020? And has it become more prevalent?
[20:15] Where to access the ERM Q&A with Deepak Padaki.
[20:33] What originally drew Deepak to risk management?
[23:02] Having a nearly 30-year career at Infosys, what is it like for Deepak to be a “lifer” at a company?
[25:33] Deepak shares what he hopes winning the ERM Global Award of Distinction will encourage and foster in the coming years for Infosys.
[25:02] How many employees are in Deepak’s department?
[26:15] Deepak gives a shoutout for his team at Infosys!
[26:39] Justin thanks Deepak for joining the podcast and congratulates him once again for his win.
[27:10] Justin shares some of the links to check in this episode’s show notes.
Mentioned in this Episode:
RIMS ERM Conference 2020 — Access the On-Demand Sessions! — Available through January 5th, 2021
RIMS Risk Forum 2020 India — Register Today!
ERM Q&A with Deepak Padaki: The Criticality of Strategic Risk Management
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Infosys
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Deepak Padaki’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
The 2020 wildfire season in the United States is terrifying, both in its scope and its duration. As of the end of October 2020, it has burned nearly seven million acres in the U.S. and is not relegated to California; It has burned several hundreds of thousands of acres in the Greater Rocky Mountains, alone.
Joining the podcast to offer insight on preparedness and business continuity, as well as the 2020 season’s impact on the insurance markets, are two knowledgeable guest experts, Martha Bane and Regina Phelps.
Martha Bane, the Executive Vice President and Managing Director of the Property Practice at Gallagher, first joins the podcast to provide a broader broker perspective and share some commentary on market impact. She shares how she has been professionally impacted regarding the wildfire as an insurance broker in California, how predictive modeling and drones in real-time can monitor and analyze wildfire data, and her insights and advice on what companies can do to better position themselves when it comes to their property renewal.
Afterward, Regina Phelps, an emergency preparedness expert, joins the conversation. Regina is the founder of EMS Solutions Inc. in California and is a lifelong Californian with nearly 40 years of experience training clients in crisis management and helping to develop and initiate business continuity plans. She shares some fantastic tips and insight that any business leader or risk professional encountering wildfires or pandemics can use.
Key Takeaways:
[:01] About RIMS’ Global Membership.
[:26] About today’s episode.
[:39] Current RIMS features, offerings, and events.
[1:13] More about today’s episode with Martha Bane.
[1:47] Justin welcomes Martha Bane to the podcast.
[1:53] Martha shares how she has been professionally impacted, regarding the wildfire, as an insurance broker in California.
[2:26] Gallagher recently released new data in its Market Conditions report. Martha shares some of its key takeaways.
[3:16] With the wildfires being against the backdrop of the COVID-19 pandemic, does Martha feel that this makes 2020 an even more challenging year?
[4:39] Martha further elaborates on how this year, with COVID-19 and the wildfires, has made it an unprecedented time for all.
[5:38] How predictive modeling and drones in real-time can monitor and analyze wildfire data. She also shares about the technology that Gallagher is using.
[7:32] Martha shares what she has learned from this year’s wildfire season that she will be keeping at the forefront in the years to come.
[8:55] Does Martha think that this year’s events will change the way she works going forward?
[9:35] Looking to the future, Martha shares some insights and advice on what companies can do to better position themselves when it comes to their property renewal.
[10:41] Justin thanks Martha for joining RIMScast and introduces the next guest, Regina Phelps!
[11:22] Justin welcomes Regina Phelps to the podcast.
[11:30] Regina shares about what she does and where she does it!
[12:15] How far away is Regina from these wildfires? Has she been personally impacted?
[13:09] How California and the Northwestern U.S. terrain is unique and why, in particular, it is so susceptible to wildfires.
[15:23] Regina shares some of the history of forest management and the many factors that have added up to the current wildfires that are taking place.
[16:14] When and how did Regina prepare for the 2020 wildfire season?
[18:35] How they’ve utilized technology to train and prepare their clients.
[19:46] Regina shares his insights around small businesses that are in a potential wildfire risk zone.
[22:30] How has Regina updated or revised her pandemic training plans this year when they first heard about COVID-19 overseas.
[25:52] With wildfire risk exacerbated by COVID-19, Regina shares some of the other unforeseen challenges that COVID-19 has presented, to which they have now adapted.
[27:34] Does Regina work directly or closely with first responders?
[28:00] How effective are the current state alert systems? How could they be improved?
[30:30] How effective does Regina believe drones and unmanned aerial vehicles to be?
[31:36] Regina shares what a company in a wildfire zone would need to do in order to have a more comprehensive continuity program for 2021 and beyond.
[35:02] If there is no risk professional at a company, who would Regina recommend as the best type of person to lead out such an effort?
[36:57] Regina provides a good example of effective messaging in the case of a wildfire, both internally and externally.
[39:03] Justin thanks Regina for joining RIMScast!
[39:19] Justin closes out the podcast by giving thanks to both guests and sharing about some links and RIMS offers to check out in the show notes!
Mentioned in this Episode:
RIMS ERM Conference 2020 — Nov. 4th & 5th — LAST CALL TO REGISTER — Save 10% off registration with the code: RIMSCASTLIVE2020
RIMS Risk Forum 2020 India — Register Today!
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Martha Bane’s LinkedIn
Regina Phelps’ LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s episode takes a deep dive into the intersection of strategic risk management, pandemic preparedness, healthcare, architecture, and engineering.
In previous episodes, RIMScast has taken a look at defensive and reactive strategies to COVID-19 — but an architectural initiative that addresses future pandemics and outbreaks is a first!
Project Héroe features prefab structures that can be quickly mobilized and assembled anywhere in the world, regardless of geography or other spatial constraints. Once assembled, the modules form a fully functioning hospital that can either supplement existing healthcare infrastructure or operate independently where critical healthcare gaps exist. Justin was so awed by the designs that he asked the leaders of Project Héroe to join him on RIMScast!
From the design firm, Senior Partner David Swartz and Director of Research Peter Bacevice join Justin to discuss how they wore their risk manager hats when they planned this ambitious project, the importance of well-thought-out, improvised architecture (especially during a crisis), and how this project can be customized to meet the challenges of future pandemics and other major risks such as natural disasters.
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:26] About today’s episode.
[:39] Current RIMS features, offerings, and events.
[1:20] More about today’s episode with David Swartz and Peter Bacevice.
[2:10] Justin welcomes David and Peter to RIMScast.
[2:19] David introduces himself and shares about how he came to found Project Héroe.
[3:27] Peter introduces himself and speaks about his involvement with Project Héroe.
[4:25] How AI played a role in the design for Project Héroe.
[5:26] What they learned in putting the project together.
[7:09] David shares what motivated them to initially start Project Héroe, its main mission, and the team they brought together to make the project come to life.
[8:54] How they raised capital for the project.
[9:19] Where they currently are right now with Phase 2 of the project and what they’re currently trying to raise money for.
[10:14] What the project represents and how it displays proactive risk management.
[10:58] What they learned about mobile hospitals while working on this project.
[12:02] How they’ve thought about mitigating risk and their holistic solution to address the immediate pandemic as well as future pandemics and natural disasters.
[13:17] How Project Héroe is able to be customized to meet the challenges of future pandemics and other major risks such as natural disasters, man-made disasters, and beyond.
[16:00] Project Héroe developed its modular healthcare architecture to cover many applications.
[17:38] How Project Héroe could lead to strategic city and local government planning, even shaping the cities of the future.
[19:17] Peter offers some additional thoughts around the importance of well-thought-out, improvised architecture — especially during a crisis.
[21:55] With the diverse group of consultants they brought on for Project Héroe, David shares a lightbulb idea they hadn’t previously considered during the early stages of the project.
[23:40] Peter touches on the educational side when facing a real-time crisis.
[25:20] Justin thanks Peter and David for joining RIMScast and shares some of the important links to check out in today’s show notes!
Mentioned in this Episode:
HLW
Project Héroe Architecture Images
RIMS ERM Conference 2020 — Register Today! — Save 10% off registration with the code: RIMSCASTLIVE2020
RIMS Risk Forum 2020 India — Register Today!
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“SRM as a Design Tool for Smart Buildings with Val Loh”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
David Swartz’s LinkedIn
Peter Bacevice’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Telemedicine and telehealth have forever solidified their place in health services. In this episode, Justin Smulison is joined by a guest who has her finger on the pulse of this area to discuss the risks and benefits of telehealth and telemedicine.
Jennifer Schoenthal is an Underwriter for Miscellaneous Medical and Life Sciences at Beazley. She has vast experience in risk and insurance in telemedicine, has 20 years of experience as an Underwriter, holds P&C licenses in over 15 States, and is a nationally recognized speaker and writer.
Justin and Jennifer virtually sit down together to discuss the risks and benefits of telemedicine and telehealth and how it impacts employers, employees, insureds, and insurers. Jennifer shares how she has seen the telemedicine sector evolve over time, the risks that telehealth and telemedicine providers face, how telehealth and telemedicine are changing the landscape of insurance coverage, and much, much more.
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:26] About today’s episode.
[:32] Current RIMS features, offerings, and events.
[1:11] More about today’s episode with special guest, Jennifer Schoenthal.
[1:43] Justin welcomes Jennifer Schoenthal to RIMScast.
[1:50] Jennifer introduces herself and shares about her involvement with and experience in risk management and insurance.
[2:39] Having watched the telemedicine sector grow, Jennifer shares her impressions of it and how it has evolved over time.
[4:27] The risks that telehealth and telemedicine providers face.
[5:40] The difference between telehealth and telemedicine.
[6:08] How are telehealth and/or telemedicine changing the landscape of insurance coverage?
[7:53] Would Jennifer agree that there was an adoption curve with telemedicine due to COVID-19? How did it change and how does she feel that it will continue to change?
[10:52] How COVID-19 has changed the risk profiles for telemedicine providers.
[13:03] Jennifer shares what she believes would happen if regulations eventually got stricter once a vaccine is successful or COVID-19 dissipates.
[16:11] Jennifer speaks about a loophole in The Public Readiness and Emergency Preparedness Act (PREP Act) and how closing it would be beneficial to a lot of insurers. She also addresses whether or not it is a cause that risk advocacy groups could take up and discuss with legislators.
[18:28] Data privacy is a huge concern when it comes to telemedicine. Jennifer highlights some of the areas in which virtual care insurance has successfully resolved some of these risks.
[19:50] In light of Mental Illness Awareness Week (which was Oct. 4th–10th), Jennifer shares how successful telemedicine can be for those who need mental wellness services.
[21:41] Looking to 2021, Jennifer shares how she believes employers can support their workforce during the continuing COVID-19 crisis.
[23:51] Justin thanks Jennifer Schoenthal for joining RIMScast and shares some of the important links to check out in today’s show notes!
Mentioned in this Episode:
RIMS ERM Conference 2020 — Register Today! — Save 10% off registration with the code: RIMSCASTLIVE2020
Risk Management Magazine: “The Benefits and Risks of Telehealth Service” (May 2020)
The Public Readiness and Emergency Preparedness Act (PREP Act)
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“An Update on COVID-19 with Dr. Adrian Hyzler”
“An Update on COVID-19 with Dr. Adrian Hyzler Part 2”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Jennifer Schoenthal on Beazley
Jennifer Schoenthal’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin is excited to be joined by James Lam, who is credited as being the very first professional Chief Risk Officer! He is joining Justin to discuss Enterprise Risk Management ahead of his keynote at the RIMS ERM Conference 2020 on November 5th.
James is an early advocate of ERM and is the founder and President of his firm, James Lam & Associates. He is also the author of two bestselling books on the topic of ERM and has been published and quoted in over 200 articles.
In Justin and James’ conversation today, they discuss James’ career in ERM, his overall view of the industry, the changes in the risk profession space, and what he sees on the horizon for ERM. He also shares a small preview of what he has in store for his keynote at the RIMS ERM Conference!
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:26] About today’s episode.
[:44] Current RIMS features, offerings, and events.
[1:44] More about today’s episode with special guest, James Lam.
[2:10] Justin welcomes James Lam to RIMScast.
[2:24] James provides a brief history of his career in ERM and shares about what he’s doing now with his firm, James Lam & Associates.
[3:55] Would James say he has a 360-degree view of the industry?
[4:28] James shares some success stories regarding risk professionals serving on boards that are sure to inspire the RIMScast audience!
[7:45] James speaks about his time as a member of the COSO ERM Advisory Group and the changes from 2004 to the 2017 version that had his contributions.
[10:15] In a professional setting when James has to write something critical, how does he keep it respectful?
[13:33] What changes does James feel moved the practice of risk management — and possibly the profession itself — further into the 21st century?
[15:54] Where does James see the future of ERM headed? Where does he believe it should go?
[16:49] James shares a small preview of what he has in store for his keynote at the RIMS ERM Conference.
[18:25] Does James feel that what he is saying is being reflected in the educational material that is currently going out to students in universities (i.e. the next generation of risk professionals)?
[19:46] Does James dislike heat maps now?
[22:42] Justin thanks James Lam for joining RIMScast and shares some of the important links to check out in today’s show notes!
Mentioned in this Episode:
RIMS ERM Conference 2020 — Register Today! — Save 10% off registration with the code: RIMSCASTLIVE2020
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“How ERM Can Catalyze (Y)our World with Dr. Andrea Bonime-Blanc”
“The Future of ERM with ERM Conference Keynote Speaker, Dr. Andrea Bonime-Blanc”
“ERM in Shanghai, China with Robert Zhang, IKEA China Risk Management & Compliance Director”
“Monica Merrifield on Innovation and Strategic Risk Management”
“The Intersection of ERM and Corporate Culture with Gretchen Anderson”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
James Lam’s Website
James Lam’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Justin Smulison is excited this episode to tackle a topic that he’s always wanted to explore — and that is the restaurant services and food retail industry! And in this episode, RIMScast is switching up the format and having two back-to-back conversations with two fantastic guests.
First up is Rick Roberts, the former RIMS President in 2015. In their short conversation, Justin and Rick discuss his experience taking and passing the RIMS-CRMP exam in 2016, the upcoming RIMS-CRMP Prep Virtual Workshop on October 13th–15th, and his advice to other risk professionals.
Joining Justin afterward for the main portion of the podcast is Mike Simmons. Mike is the Vice President of Risk Management at WKS Restaurant Group, a large franchisee with five brands and 300 locations in 17 states. They’ve had some ups and downs in 2020 due to the pandemic and Mike shares his insights on the lessons they’ve learned in the last year, how these lessons have reshaped his risk philosophy as he looks to the future, and how he has personally handled leading (and even expand) during a pandemic.
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:26] About today’s episode.
[:38] Current RIMS features, offerings, and events.
[1:40] More about today’s episode with special guests, Rick Roberts and Mike Simmons.
[2:17] Justin welcomes Rick Roberts to RIMScast.
[2:31] Rick Roberts shares about his history in the risk management field and RIMS.
[3:21] When Rick completed the RIMS-CRMP.
[3:54] Rick shares what the experience was like to study for the RIMS-CRMP and to take the exam.
[4:51] Beyond his affiliation with RIMS, why was it important for Rick to achieve the RIMS-CRMP?
[5:45] Rick shares his thoughts on why it is critically important to continue your education as a risk professional.
[6:36] About RIMScast’s next guest, Mike Simmons.
[7:13] Justin welcomes Mike to the podcast.
[7:19] Mike shares about his background in the risk management industry as well as his current role with WKS Restaurant Group.
[9:51] How WKS Restaurant Group is still continuing to expand even amidst the pandemic.
[10:13] With the rollercoaster of events (such as the opening and closing of restaurants) during the pandemic, Mike explains how it has affected their work as a restaurant company and how they’ve adapted.
[12:55] Have people been looking to Mike for guidance as a risk manager during the pandemic?
[14:00] As a west-coaster for most of his career, did Mike already have emergency preparedness plans already in mind for things like earthquakes, just based on his geography?
[15:10] Was Mike able to adapt or customize previous emergency preparedness plans for the current pandemic for his work?
[16:16] How the pandemic has provided opportunities in Mike’s work and for risk professionals in general.
[17:48] How big is Mike’s department at WKS? How is it structured?
[18:18] Mike shares about the new risks and challenges he has faced with regard to managing customer expectations and confidence during the pandemic.
[20:30] Did they go to any of their brands to check out, first-hand, how they are doing during the pandemic?
[21:38] What risks do Mike and WKS face when it comes to managing employees?
[23:54] Mike shares more about why employee morale is so important to them and how it has improved over the course of the pandemic.
[24:26] How did workers’ compensation claims and presumption play a role?
[26:46] What Mike has learned about risk management as it relates to the restaurant and food retail sector during COVID-19. He also shares how what he has learned has influenced or reshaped his risk philosophy.
[29:25] Mike shares his plans as a risk leader for WKS going forward.
[31:03] How will they be comprising WKS’s after-action committee?
[32:22] With a vaccine (hopefully) arriving in the next 12–18 months, how does that shape Mike’s planning?
[35:08] As the risk manager for five well-known brands, what is the one menu item Mike cannot live without?
[36:16] Justin thanks Mike Simmons for joining RIMScast and shares some of the important links to check out in today’s show notes!
Mentioned in this Episode:
RIMS 2021 Announcement: Session Submission Deadline is now Friday, October 9th
RIMS ERM Conference 2020 — Register Today! — Save 10% off registration with the code: RIMSCASTLIVE2020
RIMS-CRMP Prep Virtual Workshop on October 13th–15th — Register Today!
Read Mike Simmons' CRMP Story.
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
Free Webinar: RIMS-CRMP Recertification Process 2020
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“Risk Management in the Supermarket and Retail Industries with Rooney Gleason”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Rick Roberts’ LinkedIn
Mike Simmons’ LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on RIMScast, Justin is discussing Distracting Driving Awareness Month with Lisa Robinson, the Senior Program Manager of Road Strategy for the National Safety Council.
In 2020, the Annual National Distracted Driving Awareness Month was rescheduled from April to October. This year marks its 10th anniversary of spreading awareness about distracted driving and helping to make our roadways and people safer.
In this episode, Lisa Robinson discusses why distracted driving continues to be on the risk radar for several employers and debunks some of the myths associated with distracted driving. She also provides a lot of great tips and announces a related contest that listeners can participate in!
In addition, the National Safety Council and TRUCE Software have released a survey in conjunction with Distracted Driving Awareness Month that indicates 76% of respondents are “very willing” to wear a mask in public – but just 62% are “very willing” to obey a state law preventing cell phone use. Learn more about the survey and its surprising results here.
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:25] About today’s episode.
[:35] Current RIMS features, offerings, and events.
[1:20] More about today’s episode with Lisa Robinson.
[1:41] Justin welcomes Lisa Robinson to the podcast.
[1:54] This year marks the 10th anniversary of The Annual National Distracted Driving Awareness Month, hosted by the National Safety Council. Lisa shares about the changes she has seen over this time.
[2:51] The National Highway Traffic Safety Administration reported 6283 pedestrians who were killed in motor vehicle crashes in the U.S. in 2018, which is down from 2017 but has overall trended upward since 2009. How do pedestrians and bicyclists factor into the equation of solving distracted driving?
[4:45] Is it true that people are more distracted or get into more accidents within a couple of miles within their own home?
[5:53] There is a lot of talk about the lack of data around distracted driving from various industries. Lisa shares her thoughts and perspective.
[7:36] Lisa debunks some myths around distracted driving and shares some of the risks of distracted driving beyond the phone.
[8:36] How do fleets factor into this equation?
[9:20] How fatigue factors into distracted driving.
[10:19] About a past RIMScast episode: “Fatigue Risk Management with NSC’s Emily Whitcomb”.
[11:25] Lisa shares some creative ways that employers could implement to emphasize how detrimental distracted driving can be toward an employee and the company as a whole.
[15:55] How can technology be a positive influence in improving driver behavior?
[17:31] Lisa elaborates on why it is that people text and drive.
[18:55] How does reputation at an individual, employee, and corporate level factor in when there is a distracted driving incident that occurs on the job?
[20:40] About the NSC’s Just Drive Pledge and what RIMScast listeners can do to further support the movement.
[23:10] Lisa shares her parting words on how everyone can make a difference.
[23:48] Justin thanks Lisa Robinson for joining RIMScast and shares some links to check out in today’s show notes!
Mentioned in this Episode:
NSC Injury Facts
NSC’s Distracted Driving Awareness Month and Just Drive Pledge
National Highway Traffic Safety Administration (NHTSA)
RIMS ERM Conference 2020 — Register Today!
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Related RIMScast Episodes:
“Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin” — March 31st, 2020
“RIMS Advocacy Update and Driver Safety During COVID-19” — April 7th, 2020
“Fatigue Risk Management with NSC’s Emily Whitcomb” — March 19th, 2019
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Lisa Robinson’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In this episode, Justin Smulison is joined once more by Dr. Andrea Bonime-Blanc to conclude their discussion about Enterprise Risk Management.
Dr. Andrea Bonime-Blanc is the CEO and founder of GEC Risk Advisory; a firm she launched following her career as a general council and an ERM leader for several companies. As a global governance, risk, ESG, ethics, cyber, and crisis strategist, Dr. Blanc advises a broad cross-section of businesses, nonprofits, and government agencies. Dr. Andrea Bonime-Blanc will also be delivering the keynote at the upcoming virtual RIMS ERM Conference on Nov. 4th, 2020.
In Episode 100, Justin and Dr. Bonime-Blanc discussed ESGT. In today’s conversation, they will be discussing how ESGT is tied to diversity in the workplace, her overall risk philosophy, and what the ERM practitioners of today and tomorrow must do to succeed.
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:25] About today’s episode.
[:33] Current RIMS features, offerings, and events.
[1:16] More about today’s episode with Dr. Andrea Bonime-Blanc.
[1:47] Justin welcomes Dr. Andrea Bonime-Blanc to the podcast.
[1:54] Dr. Bonime-Blanc shares her thoughts around how ERM and ESGT are tied to diversity in the workplace.
[6:05] Dr. Bonime-Blanc has a very accomplished career and has led some influential and innovative companies — including her own. She shares some of the challenges she has faced along the way and how she has overcome them.
[10:38] How have the challenges in the market changed since Dr. Bonime-Blanc launched her own advisory firm?
[14:35] Why does Dr. Bonime-Blanc feel that ERM is critical to the future of the risk management profession?
[16:23] Dr. Andrea Bonime-Blanc shares her thoughts and advice on what the ERM practitioner of today and tomorrow must do to succeed (and how they can demonstrate value for their organization).
[18:55] Justin thanks Dr. Andrea Bonime-Blanc for joining RIMScast once again and shares some links to check out in today’s show notes!
Mentioned in this Episode:
RIMS ERM Conference 2020 — Register Today!
More with Dr. Andrea Bonime-Blanc:
RIMSCAST Ep. 100: “How ERM Can Catalyze (Y)our World with Dr. Andrea Bonime-Blanc”
ERM Q&A Series Presents: Dr. Andrea Bonime-Blanc — “ESG+T Risks Require Enhanced Board Attention”
Risk Management Magazine: “Pale, Stale & Male: Does Board Diversity Matter?” by Dr. Andrea Bonime-Blanc
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
GEC Risk Advisory
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Andrea Bonime-Blanc’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today, Justin Smulison is joined by Dr. Andrea Bonime-Blanc to discuss ERM and how it can catalyze your world.
Dr. Andrea Bonime-Blanc is the CEO and founder of GEC Risk Advisory; a firm she launched following her career as a general counsel and an ERM leader for several companies. As a global governance, risk, ESG, ethics, cyber, and crisis strategist, Dr. Blanc advises a broad cross-section of businesses, nonprofits, and government agencies.
In this episode, Dr. Blanc shares about her background in enterprise risk management and shares select career highlights on the theme of ERM. She also gives a sneak preview of her upcoming keynote address at the virtual RIMS ERM Conference on Nov. 4th, 2020.
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:25] About today’s episode.
[:32] Current RIMS features, offerings, and events.
[1:16] More about today’s episode with Dr. Andrea Bonime-Blanc.
[1:44] Justin welcomes Dr. Andrea Bonime-Blanc to the podcast.
[1:53] Dr. Blanc shares about her background in risk management.
[3:34] Andrea shares when and why she realized she was drawn to enterprise risk management.
[7:56] Andrea shares a career highlight from when she was a Global Chief Ethics and Compliance Officer for the large company, Bertelsmann, where she optimized their ERM program.
[9:42] In Andrea’s Q&A feature in RIMS SERMC Presents series, she shared how she would change ESG. Andrea further elaborates on this.
[13:50] Andrea shares her excitement for getting the chance to be the keynote speaker for RIMS ERM Conference.
[15:22] About the follow-up Q&A Andrea will be conducting on Nov. 5th.
[16:04] Andrea shares some of the key points she will be addressing at her keynote and how attendees will benefit from it.
[18:16] Justin thanks Dr. Andrea Bonime-Blanc for joining RIMScast and shares some links to check out in today’s show notes!
Mentioned in this Episode:
RIMS ERM Conference 2020 — Register Today!
RIMS Ask A Peer Webinar: Risk Management Strategies and Legal Developments for General Liability — Sept. 23rd, 2020
Upcoming RIMS Webinars
ERM Q&A Series Presents: Dr. Andrea Bonime-Blanc — “ESG+T Risks Require Enhanced Board Attention”
Risk Management Magazine: “Pale, Stale & Male: Does Board Diversity Matter?” by Dr. Andrea Bonime-Blanc
RIMS Advisory Services — Ask a Peer
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Dr. Andrea Bonime-Blanc’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin in today’s conversation to discuss RIMS Virtual Advocacy Week & Legislative Summit 2020 is Florida Insurance Commissioner David Altmaier! David Altmaier was appointed as the Florida Insurance Commissioner in April 2016 by the Financial Services Commission. He leads the Office of Insurance Regulation (OIR) and has oversight of one of the largest insurance markets in the world. David is also the President-Elect of the National Association of Insurance Commissioners (NAIC).
On the 16th, during the RIMS Virtual Advocacy Week & Legislative Summit 2020 (which will be held September 14th–17th), Commissioner David Altmaier will be leading a fireside chat. In this episode, David gives a preview of the issues he will be discussing during this fireside chat and gives his views on other topics such as ORSA reports, new legislations, force majeure trends, and more!
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:25] About today’s episode.
[:40] Current RIMS features and events.
[1:24] More about today’s episode with Commissioner David Altmaier.
[1:50] Justin welcomes Commissioner David Altmaier
[2:06] Commissioner David Altmaier speaks about his career background as well as his two current positions as Florida Insurance Commissioner and President-Elect of the NAIC.
[3:46] Regarding COVID-19, have the NAIC been consulting a playbook?
[5:04] Commissioner David Altmaier shares some of what he will be discussing during his fireside chat at RIMS Virtual Advocacy Week & Legislative Summit 2020.
[6:32] Will Commissioner David Altmaier be taking questions from the audience?
[6:55] Why do risk professionals have an important role to play in these discussions on the federal and state level?
[8:09] Will Commissioner David Altmaier be discussing TRIA and the NFIP during his fireside chat?
[9:57] Commissioner David Altmaier explains what ORSA is, why it is important, and what changes may be on the horizon.
[12:38] Currently, there is legislation being drafted that affects insurance policies to cover things that were not originally intended to be covered by the pandemic. Where does the NAIC stand on force majeure? And how does it affect Commissioner David Altmaier’s working relationship with insurance companies?
[15:00] Is Commissioner David Altmaier originally from Florida?
[15:28] How did Commissioner David Altmaier’s move from Kentucky to Florida influence or shape his view of insurance?
[18:48] Does Commissioner David Altmaier miss the math classroom setting at all?
[19:47] Justin thanks Commissioner David Altmaier for joining RIMScast and shares some links to check out in today’s show notes!
Mentioned in this Episode:
RIMS Virtual Advocacy Week & Legislative Summit 2020, Sept. 14th–17th: Register
RIMS Advocacy
RIMScast Episode: “RIMS Virtual Advocacy Week & Legislative Summit 2020 with Manny Padilla and Penni Nelson”
Become a RIMS Member to Attend Advocacy Week
RIMS Advisory Services — Ask a Peer
RIMS ERM Conference 2020
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Florida Office of Insurance Regulation
National Association of Insurance Commissioners (NAIC)
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Commissioner David Altmaier’s FLOIR Bio
Commissioner David Altmaier’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on the podcast, Justin is joined by several guests to discuss the upcoming RIMS Virtual Advocacy Week & Legislative Summit which will be held September 14th-17th, 2020.
Joining Justin first to discuss the summit is Whitney Craig, RIMS Director of Government Affairs. She joins Justin briefly to tell listeners all about the upcoming virtual events, programs, and networking opportunities.
After their discussion, Justin is joined by two prominent Legislative Summit alumni. They are both fantastic members of RIMS Advocacy and do a great job advocating for RIMS as well as their organizations.
Manny Padilla is the Vice President of Risk Management & Insurance at MacAndrews & Forbes Incorporated. He’s also a RISKPAC trustee and has attended several RIMS Legislative Summits. With Justin, he discusses the work that he does in risk management, what he’s looking forward to at this year’s summit, his experiences as a RISKPAC trustee, and what is currently on top of mind for him and his company when it comes to legislative issues and advocacy.
Penni Nelson is the Assistant Vice President of Risk Management at Hillwood Development Group in Texas. She is a very active member of RIMS and is currently the secretary (and past president) of the RIMS Dallas Fort Worth Chapter. In their conversation, Penni shares some of her favorite highlights from past RIMS Legislative Summits, what she is looking forward to at this year’s, what her RIMS membership and participation has been like thus far, and why she feels that participating in advocacy is important.
You’re going to get a lot of great insight and motivation from both of these guests so be sure to tune in!
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:25] About today’s episode.
[:34] Current RIMS features and events.
[1:20] More about today’s episode.
[1:56] Justin welcomes on his first guest, Whitney Craig.
[2:00] What can attendees expect from RIMS Virtual Advocacy Week & Legislative Summit 2020?
[3:17] Whitney shares about the exciting news that Florida Insurance Commissioner and the President-Elect of the NAIC, David Altmaier, will be a featured speaker at RIMS Virtual Advocacy Week & Legislative Summit 2020.
[3:57] Will David Altmaier be taking questions from the audience?
[4:09] An important note: if you want to participate in Advocacy Week you need to be a RIMS member.
[4:36] Whitney shares some parting thoughts about RIMS Virtual Advocacy Week & Legislative Summit 2020.
[5:10] How to get in touch with Whitney.
[5:21] Whitney and Justin introduce this episode’s guests, Manny Padilla and Penni Nelson.
[5:50] Justin thanks Whitney for joining RIMScast.
[6:00] Justin introduces Manny Padilla and welcomes him to RIMScast!
[6:36] Manny speaks about the work that he does in risk management.
[7:13] About Manny’s experience as a RISKPAC trustee and why it is important to him both personally and professionally.
[8:08] Manny shares some highlights from Capitol Hill as a RISKPAC trustee.
[9:02] Manny shares what is on top of mind for both himself and his company when it comes to legislative issues and advocacy.
[10:00] Manny’s highlights and standouts from past Legislative Summits.
[13:00] Networking is a big factor in the legislative summit (and in general). Manny speaks about some of the opportunities that going virtual offers in the way of networking.
[14:09] Manny speaks directly to those considering attending RIMS Virtual Advocacy Week & Legislative Summit.
[15:18] Justin introduces this episode’s final guest, Penni Nelson, and welcomes her on to RIMScast.
[15:45] Penni speaks about her role at Hillwood Development Company and shares about what they do.
[16:23] Penni discusses the advocacy issues and legislative issues that are particularly critical in her work.
[16:55] How many Legislative Summits has Penni been to?
[17:10] Penni shares about what she’s excited for in this year’s summit.
[18:27] Justin and Penni reflect on past years’ summits.
[19:32] Why does Penni feel that participating in RIMS advocacy is important? And does she participate in advocacy activities for her own company?
[21:06] Has Penni always been interested in the legislative process? Or was it risk management that brought this interest to the forefront?
[21:36] Penni speaks about what she is excited about with regard to David Altmaier’s session at the Legislative Summit.
[22:22] Penni shares about what her RIMS membership and participation has been like thus far.
[23:41] Justin thanks Whitney, Manny, and Penni for joining RIMScast and shares some of the links to check out in this episode’s show notes!
Mentioned in this Episode:
RIMS Virtual Advocacy Week & Legislative Summit 2020, Sept. 14th–17th: Register
RIMS Advocacy
RIMS Advisory Services — Ask a Peer
RIMS ERM Conference 2020
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
New Audio Series: RIMS Risk Leaders
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guests:
Manny Padilla’s LinkedIn
Penni Nelson’s LinkedIn
Whitney Craig’s LinkedIn
Whitney Craig’s Email: WCraig@RIMS.org
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Water scarcity is an ever-present risk that companies should be keeping on their risk registers. To discuss this increasingly important topic with Justin today is James Workman, the founder and VP of Business Development at AquaShares Inc., an online water savings market platform.
James is a writer, speaker, teacher, and creator of natural resource conservation markets. He has extensively studied water and advises companies of scarcity risks. He is also the author of the nonfiction book, Heart of Dryness: How the Last Bushmen Can Help Us Endure the Coming Age of Permanent Drought.
In this episode, Justin and James discuss how water is impacting supply chains, how James is seeing water risk escalate globally, his take on the recently unveiled SDG Global Acceleration Framework, how to incentivize people to save water, and how companies and risk professionals can take the lead on combating water scarcity.
Water impacts us all, so be sure to stay tuned in to hear more about this incredibly important topic!
Key Takeaways:
[:01] About RIMS’ Transitional Membership.
[:25] About today’s episode.
[:32] Current RIMS features and events.
[1:27] More about today’s discussion with James Workman.
[1:56] Justin welcomes James Workman to RIMScast!
[2:12] James shares why water and water scarcity/risk management fascinates him.
[4:08] About James’ career background.
[5:37] How James ended up working with Nelson Mandela.
[7:14] With the water risk escalating globally, does James feel that it is a risk that continually gets put on the back burner to other issues?
[8:50] James shares how he sees water impacting supply chains (and how it will continue to do so).
[11:00] James defines ‘water governance.’
[12:11] The UN recently unveiled its SDG Global Acceleration Framework. It marks their effort to deliver on the promise of safe water and sanitation for everybody globally by the year 2030. What does James think of the framework? And what does he feel are the details or elements of the framework that offer traction to organizations and risk professionals?
[14:25] Does James feel that the UN can’t fully enforce whatever framework it tries to implement?
[15:19] Can water scarcity be tied to civil war?
[16:55] Can water scarcity be tied to a company’s reputation?
[17:46] How does this bottom-up approach come into play when it comes to companies and risk professionals? Is the framework rooted in the interconnection of reputation, operation, and bottom line?
[19:16] Two years ago, Cape Town, South Africa was on its way to Day Zero. How much of a sign of things to come was that event for other major cities?
[21:48] James elaborates further on how to incentivize people to save water.
[23:42] In what ways can companies and risk professionals take the lead on combating water scarcity?
[25:33] Justin thanks James Workman for joining RIMScast and shares some of the links to check out in this week’s show notes!
Mentioned in this Episode:
SDG 6 Global Acceleration Framework
RIMScast: World Water Day 2020: “Water Risks with Henk Ovink, Special Envoy for International Water Affairs for the Kingdom of the Netherlands”
Risk Management Monitor: “Cape Town’s Water Shortage Approaching ‘Day Zero’”
RIMS Advisory Services — Ask a Peer
RIMS ERM Conference 2020: Call for ERM Award Submissions
RIMS Risk Leaders Series
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Available to RIMS professional or associate members upon their separation from their current place of employment. Transitional membership is renewable once, or a maximum of two years from the date of separation.
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
James Workman’s LinkedIn
AquaShares Inc.
Heart of Dryness: How the Last Bushmen Can Help Us Endure the Coming Age of Permanent Drought, by James G. Workman
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week, Justin is joined by Val Loh, the Senior Principal and Senior Practice Area Director at Syska Hennessy Group, to discuss how strategic risk management is built into today’s smart buildings.
Val Loh is an experienced technology consultant with a demonstrated history of working in the built environment. In his role at Syska Hennessy Group, he grows and leads the firm’s information and communication technology practice. Syska Hennessy Group is a full-service engineering and consulting firm that specializes in integrating the best minds and technology to help their clients create exceptional built environments.
In today’s episode of RIMScast, Val speaks about his work in creating smart buildings, the risk concerns when it comes to designing smart buildings, how COVID-19 has changed the way that he and his colleagues approach the design of smart buildings, and what risk professionals should consider as they re-enter their buildings or seek newer smart buildings. He also shares his thoughts on how the smart buildings of today can lead to the smart cities of tomorrow.
Tune in for this week’s fun and fascinating discussion!
Key Takeaways:
[:25] About today’s episode.
[:33] About some of RIMS’ current exciting features and events.
[1:19] More about today’s discussion with Val Loh.
[1:36] Justin welcomes Val Loh to RIMScast!
[1:49] Val tells listeners about his work and some of the innovations he has incorporated into his work with smart buildings.
[2:28] Val gives some examples of what low voltage technology is.
[3:27] Val describes what “smart” in smart buildings means.
[6:56] Val shares what, in his experience, are on the risk radars of occupants, owners, and operators when it comes to privacy, security, and convenience.
[8:48] When Val is in the design phase for smart buildings, does he design with a specific region in mind or does he design for all over the world?
[9:10] Where are requests for smart buildings mainly coming from?
[10:33] How does Val balance the three risks of privacy, security, and convenience, when designing a building? And when he is, is he mindful of what the local government guidelines might be or the CDC regulations?
[11:53] How has COVID-19 impacted Val’s profession?
[13:21] Val shares how COVID-19 has changed the way that he and his colleagues approach the design of smart buildings.
[15:43] In Val’s opinion, would he say that COVID-19 has made strategic risk management permanent in his profession?
[16:43] With people beginning to return to their offices, what does Val feel that risk professionals should consider as they re-enter their buildings or seek newer smart buildings?
[20:17] Looking to the future, Val shares his thoughts on how the smart buildings of today can lead to the smart cities of tomorrow.
[24:27] Val’s favorite feature that he loves to weave into the design of smart buildings.
[25:45] Justin thanks Val Loh for joining RIMScast and shares some of the links to check out in this week’s show notes!
Mentioned in this Episode:
RIMS Advisory Services — Ask a Peer
RIMS ERM Conference 2020: Call for ERM Award Submissions
RIMS Risk Leaders Series
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Available to RIMS professional or associate members upon their separation from their current place of employment. Transitional membership is renewable once, or a maximum of two years from the date of separation.
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Val Loh’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison, once again in this episode, is Tony Anscombe, the Chief Security Evangelist at ESET! He is back in this second part to continue their discussion on cyberrisk news and trends.
In this episode, he addresses what risk professionals (and the general public) should know about the interconnection of cybersecurity and contact tracing, whether or not it is a good time for risk professionals to reassess their VPN providers, and upcoming news regarding the NCSA and the 2020 Cybersecurity Awareness Month.
Key Takeaways:
[:01] About RIMS Transitional Membership.
[:25] About today’s episode.
[:33] About some of RIMS’ current exciting features and events.
[1:35] More about today’s discussion with Tony Anscombe
[1:48] Justin welcomes Tony back to RIMScast.
[1:55] What should risk professionals and the general public know about the interconnection of cybersecurity and contact tracing?
[6:21] Once more offices and workplaces begin to reopen, what should risk professionals keep in mind? And what sort of protocols should be put in place?
[9:25] Right now, is this a good or a bad time for a risk professional to reassess their VPN provider?
[11:52] As a board member of the National Cyber Security Alliance, Tony shares some exciting news coming up with the NCSA and Cybersecurity Awareness Month.
[13:30] Does Tony see this year’s Cybersecurity Awareness Month being more memorable than years’ past?
[15:30] Tony shares some final words of wisdom for the global risk management community.
[16:19] Justin thanks Tony Anscombe for joining RIMScast once again and shares some links to check out in today’s show notes!
Mentioned in this Episode:
RIMScast: Ep. 94: “Cyberrisk News & Trends with Tony Anscombe, Part 1”
RIMS Workers’ Compensation Virtual Workshop — August 10th–12th, 2020
RIMS-CRMP Prep Virtual Workshop — Aug. 17th–19th, 2020
RIMScast — More Cybersecurity Interviews
RIMS Advisory Services — Ask a Peer
RIMS Risk Leaders Series
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Available to RIMS professional or associate members upon their separation from their current place of employment. Transitional membership is renewable once, or a maximum of two years from the date of separation.
Download any episode of RIMScast.
2020 Twitter Bitcoin Scam
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Tony Anscombe’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin Smulison, once again in this episode, is Tony Anscombe, the Chief Security Evangelist at ESET! He is back in this second part to continue their discussion on cyberrisk news and trends.
In this episode, he addresses what risk professionals (and the general public) should know about the interconnection of cybersecurity and contact tracing, whether or not it is a good time for risk professionals to reassess their VPN providers, and upcoming news regarding the NCSA and the 2020 Cybersecurity Awareness Month.
Key Takeaways:
[:01] About RIMS Transitional Membership.
[:25] About today’s episode.
[:33] About some of RIMS’ current exciting features and events.
[1:35] More about today’s discussion with Tony Anscombe
[1:48] Justin welcomes Tony back to RIMScast.
[1:55] What should risk professionals and the general public know about the interconnection of cybersecurity and contact tracing?
[6:21] Once more offices and workplaces begin to reopen, what should risk professionals keep in mind? And what sort of protocols should be put in place?
[9:25] Right now, is this a good or a bad time for a risk professional to reassess their VPN provider?
[11:52] As a board member of the National Cyber Security Alliance, Tony shares some exciting news coming up with the NCSA and Cybersecurity Awareness Month.
[13:30] Does Tony see this year’s Cybersecurity Awareness Month being more memorable than years’ past?
[15:30] Tony shares some final words of wisdom for the global risk management community.
[16:19] Justin thanks Tony Anscombe for joining RIMScast once again and shares some links to check out in today’s show notes!
Mentioned in this Episode:
RIMScast: Ep. 94: “Cyberrisk News & Trends with Tony Anscombe, Part 1”
RIMS Workers’ Compensation Virtual Workshop — August 10th–12th, 2020
RIMS-CRMP Prep Virtual Workshop — Aug. 17th–19th, 2020
RIMScast — More Cybersecurity Interviews
RIMS Advisory Services — Ask a Peer
RIMS Risk Leaders Series
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Transitional Membership — Available to RIMS professional or associate members upon their separation from their current place of employment. Transitional membership is renewable once, or a maximum of two years from the date of separation.
Download any episode of RIMScast.
2020 Twitter Bitcoin Scam
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and LinkedIn.
Follow up with Our Guest:
Tony Anscombe’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In today’s episode, Justin Smulison is welcoming back David Mocklow to conclude their conversation on captives and risk transfer methods!
David is the Head of Corporate Development at Gramercy Risk Management, a claims management group. Over his 25-year career, he has developed a unique set of skills and expertise in the global financial services market with an emphasis on the insurance market.
In this second part of their two-part series, David speaks about captives and risk transfer methods and how they can intersect with technology as well as their role in the gig economy. He shares his knowledge regarding the tools out in the market that the global RIMScast audience can use to alleviate their reliance on traditional insurance solutions, the role a captive can play in the economy of the future (including the expansion of the gig economy), and more!
Key Takeaways:
[:00] About the RIMS Membership.
[:51] About today’s episode!
[1:00] About RIMS’ newest workshop: RIMS-CRMP Prep Virtual Workshop.
[1:36] About the RIMS Coronavirus Information Center.
[1:48] About today’s episode and guest, David Mocklow!
[2:00] Justin welcomes back David Mocklow to RIMScast!
[2:10] What are the tools out in the market that the global RIMScast audience can use to alleviate their reliance on traditional insurance solutions?
[9:54] David speaks about the role a captive can play in the economy of the future, including the expansion of the gig economy.
[15:21] Having spent years working in Bermuda, David shares what it was like to work and live in a place that is a vacation destination for the rest of the world.
[17:44] Justin thanks David Mocklow for joining RIMScast once again and shares some of the important links to check out in today’s show notes!
Mentioned in this Episode:
RIMS-CRMP Prep Virtual Workshop — Aug. 17th-19th, 2020
RIMScast Episode: “Captives and AlternativeTools to Manage Business Interruption” (with David Mocklow)
RIMScast Episode: “Dreams of Bermuda, Webinars, and Captives with Jasmine DeSilva” (of the Bermuda Business Development Agency)
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
David Mocklow’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In today’s episode, Justin Smulison is welcoming on special guest, David Mocklow, to discuss captives and risk transfer methods in the first of a two-part interview!
David is the Head of Corporate Development at Gramercy Risk Management, a claims management group. Over his 25-year career, he has developed a unique set of skills and expertise in the global financial services market with an emphasis on the insurance market.
In this first part, David discusses alternative tools for managing business interruption concerns as well as the importance of captives. He shares what he currently sees as the insurance carriers’ current response to business interruption and other losses, whether or not RIMS members should be relying on insurance from the government or the traditional providers for all of their BI protection, key lessons we can all learn from both the COVID-19 pandemic and the reaction of the insurance market place to losses, and more!
David has got a ton of great insight and anecdotes for RIMScast listeners today, so be sure to tune in!
Key Takeaways:
[:00] About the RIMS Membership.
[:51] About today’s episode!
[1:00] About RIMS’ newest available webinar and where to access RIMS on-demand webinars.
[1:31] About the RIMS Coronavirus Information Center.
[1:44] About today’s episode and guest, David Mocklow!
[2:00] Justin welcomes back to RIMScast!
[2:17] David sets the stage by sharing about his background in insurance.
[6:56] David shares what he currently sees as the insurance carriers’ current response to business interruption and other losses.
[10:02] Should RIMS members or the global RIMScast audience rely on insurance from the government or the traditional providers for all of their BI protection?
[12:34] What are some lessons that David thinks RIMS members need to learn from the COVID-19 pandemic and the reaction of the insurance marketplace to losses?
[18:21] Justin thanks David Mocklow for joining RIMScast and shares some of the important links to check out in today’s show notes!
Mentioned in this Episode:
RIMScast Continued: “Captives and Alternative Tools to Manage Business Interruption with David Mocklow, Part 2”
RIMS July 16th Webinar — Sponsored by Resolver: Developing, Defining, and Quantifying Your Risk Appetite
RIMScast Episode: “Dreams of Bermuda, Webinars, and Captives with Jasmine DeSilva”
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
David Mocklow’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Even amid the COVID-19 pandemic, cybercrime is a threat that risk professionals need to keep on their risk registers. In this episode, Luke Wilson is joining RIMScast for the second time to discuss the current environment of cyber threats among the coronavirus pandemic. A lot has changed since he and Justin last spoke in October of 2019 — so there is much to discuss!
As a refresher, Luke Wilson is the Vice President of Intelligence at 4iQ. With over 15 years of working within federal law enforcement, the Department of Defense, and the intelligence community, he brings a wealth of knowledge and expertise. Previous to his role at 4iQ, Luke served as the Vice President of Business at Elliptic and also worked in the Federal Bureau of Investigation’s Cyber Division and Counterterrorism Division for over nine years.
In their discussion today, Luke Wilson outlines some of the best practices for companies, employees, and remote workers to practice good cyber hygiene; shares some of the major takeaways he has learned over the course of the pandemic; and explains how COVID-19 could be — and in some cases, is — opening the door to cyber-attacks.
Key Takeaways:
[:00] About the RIMS Membership.
[:50] About today’s episode!
[:58] About RIMS newest available webinar and where to access RIMS on-demand webinars.
[1:30] About the RIMS Coronavirus Information Center.
[1:41] About today’s episode and guest, Luke Wilson.
[2:05] Justin welcomes Luke Wilson back to RIMScast!
[2:26] Luke explains how COVID-19 could eventually open the door to a cyber attack and how it has opened the door.
[4:44] How to not be the target of a cyber attack.
[5:29] Which industries and sectors have been the most vulnerable targets in the last six months?
[8:48] Luke shares what he has learned over the course of this pandemic as well as some of his major takeaways.
[10:08] Luke shares his thoughts regarding nation-state actors.
[11:48] With a long career in cybersecurity, would Luke say that these are unprecedented times?
[12:54] If there turns out to be a second wave of the coronavirus, what could companies, employees, and remote workers do to prepare and practice good cyber hygiene?
[15:38] With there being so much uncertainty in the world right now, if there’s a second wave of COVID-19, what does Luke think some businesses and remote employees could do to prepare for such an event as part of their ‘cyber hygiene’?
[19:54] Luke provides some parting thoughts for the global RIMScast audience.
[21:39] Justin thanks Luke Wilson for joining RIMScast and highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
RIMS July 16th Webinar — Sponsored by Resolver: Developing, Defining, and Quantifying Your Risk Appetite
Upcoming RIMS Webinars
On-Demand Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
RIMScast Episode (Oct. 8th, 2019): “Luke Wilson on Virtual Currencies, Blockchain Technology, and the FinTech Industry”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Luke Wilson
4iQ
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Dr. Adrian Hyzler, the Chief Medical Officer at Healix International, is joining RIMScast once again in this episode to wrap up the two-part interview with Justin Smulison on the COVID-19 pandemic. Continuing their discussion from the previous podcast, Dr. Hyzler shares his conclusion regarding pandemic preparedness for the summer of 2020. He goes over some of the key steps organizations can take to safely reopen in the summer of 2020, what risk management professionals can do to ensure that employees are properly prepared for a return to the office or worksite (especially those that have a significant commute), and some of the various innovations in response to the virus that he has seen in other countries.
Key Takeaways:
[:00] About the RIMS Membership.
[:51] About today’s episode and guest, Dr. Adrian Hyzler.
[1:01] About the currently available RIMS webinars!
[1:26] About the RIMS Coronavirus Information Center.
[1:40] More about today’s episode and guest.
[1:57] Justin welcomes Dr. Adrian Hyzler back to RIMScast!
[2:04] What can risk management professionals do to ensure that employees are properly prepared for a return to the office or worksite — especially those that have a significant commute?
[4:06] Dr. Hyzler elaborates on how he thinks the tool they’ve developed for employees to rate risk regarding travel will evolve over the years as we learn more about this virus.
[5:38] Dr. Hyzler highlights some of the travel companies or transportation agencies that have demonstrated an ability to innovate during COVID-19.
[10:04] Justin and Dr. Hyzler discuss various innovations in other countries due to COVID-19.
[12:20] Some countries can require their citizens to take the PCR test on their way back into the country. Is that an idea that the U.N. (or some global organization) could pass a resolution about and enforce?
[15:05] Now entering the first summer in a COVID-19 world, what should people keep in mind?
[18:18] Justin thanks Adrian Hyzler for joining RIMScast and highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
RIMS-Bermuda 2020 Webinar Series (June 3rd–July 1st) — Register Today
RIMS Advocacy Webinar Series (June 11th–July 2nd) — Register Today
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
RIMScast Episode (June 23rd, 2020): “An Update on COVID-19 with Dr. Adrian Hyzler” — Part One of this Interview
RIMScast Episode: “Leadership, Neuroscience & Realistic Pessimism During COVID-19 with Dr. Gleb Tsipursky”
RIMScast Episode (April 28th, 2020): “COVID-19 Update with Dr. Adrian Hyzler of Healix Global”
CRISPR
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on the podcast, Dr. Adrian Hyzler, the Chief Medical Officer at Healix International, is back with RIMScast to provide a much-needed update on COVID-19. A lot has changed regarding the pandemic since the last time he and Justin spoke so there is much to discuss!
This episode will be the first of a two-part interview discussing pandemic preparedness tips as organizations begin reopening. Dr. Hyzler discusses how COVID-19 is impacting business reopenings as we enter the summer of 2020, how the mass protests are changing the trajectory of the pandemic, his predictions on how long he believes this will all last, and his tips for risk management professionals on what they can do to ensure that their organization’s employees are properly prepared for returning to their regular worksite.
When it comes to the health effects on business and employees of the general public, there is no better guest than Dr. Adrian Hyzler! He is a wealth of information and a good friend to RIMScast. Be sure to tune in and don’t forget to be on the lookout for Part 2 released next week!
Key Takeaways:
[:00] About the RIMS Membership.
[:51] About today’s episode and guest, Dr. Adrian Hyzler.
[:59] About upcoming RIMS webinars!
[1:30] About the RIMS Coronavirus Information Center.
[1:41] More about today’s episode and guest.
[2:13] Justin welcomes Dr. Adrian Hyzler back to RIMScast!
[2:23] Dr. Hyzler explains how the mass protests are changing the trajectory of this pandemic.
[6:46] Is the current scenario we’re going through with mass protests amid a pandemic setting a new precedent? Or have we gone through something like this before?
[9:24] When will things get back to normal? Or will our new normal be living side-by-side with it for the next few years?
[14:05] When it comes to business and risk management, what can risk management professionals do to ensure that employees are properly prepared for returning to their regular worksite?
[18:00] Entering the first summer in a COVID-19 world, what should we keep in mind?
[21:15] Justin thanks Adrian Hyzler for joining RIMScast and highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
RIMS-Bermuda 2020 Webinar Series (June 3rd–July 1st) — Register Today
RIMS Advocacy Webinar Series (June 11th–July 2nd) — Register Today
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
RIMScast Episode: “Leadership, Neuroscience & Realistic Pessimism During COVID-19 with Dr. Gleb Tsipursky”
RIMScast Episode: “COVID-19 Update with Dr. Adrian Hyzler of Healix Global”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This month, RIMS is celebrating Pride Month! Justin is joined by his guests, Kevin Thomas and Victoria Nolan who are both prominent members of the RIMS Diversity & Inclusion Council. Kevin is the Principal Risk Manager at Oracle and Victoria Nolan is the Strategic Business Associate at Clean Water Services.
In this episode together, they discuss the state of the LGBTQ+ community in the risk profession, some of the current issues and challenges they are facing, and some of the RIMS Diversity & Inclusion Council’s initiatives during Pride Month. Kevin and Victoria also highlight some of the micro-trends they are seeing in today’s landscape, some of the approaches organizations should consider with developing a more diverse talent pipeline, and how the pandemic is impacting business leaders and risk managers in reassessing their business operations.
Key Takeaways:
[:00] About the RIMS Membership.
[:51] About today’s episode and guests, Kevin Thomas and Victoria Nolan.
[1:07] About upcoming RIMS webinars!
[1:37] About the RIMS Coronavirus Information Center.
[1:49] More about today’s episode and guests.
[2:10] Justin welcomes Kevin and Victoria to RIMScast!
[2:26] What are some things to think about in regards to D&I and risk management in the current landscape?
[5:24] Kevin and Victoria highlight some of the key initiatives for Pride Month for the RIMS D&I Council as well as some of the current challenges they are facing due to the quarantine.
[8:31] How critical is talent retention at a time like this? And how does it connect to the RIMS D&I Council’s efforts?
[11:33] Is there a certain approach that organizations should take to develop a diverse talent pipeline?
[13:45] Are people retiring earlier in the risk management field due to the novel coronavirus?
[14:50] Has Kevin seen the same micro-trends that Victoria has in risk management? What other trends or challenges is he seeing?
[17:40] Since there will be many more virtual job interviews in the long-term, do Victoria and Kevin feel that they will provide opportunities for rising risk professionals that are LGBTQ+?
[22:32] When it comes to business strategy, does something like a pandemic provide an opportunity for business leaders and risk managers to reassess their operations and possibly purge some of their bad habits?
[23:52] Kevin elaborates on an initiative they’re doing at Oracle to improve diversity and inclusion at Oracle.
[25:18] Kevin and Victoria share what diversity of thought means to them.
[32:10] Justin thanks Kevin and Victoria for joining RIMScast and highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
RIMS-Bermuda 2020 Webinar Series (June 3rd–July 1st) — Register Today
RIMS Advocacy Webinar Series (June 11th–July 2nd) — Register Today
RIMS Diversity & Inclusion Council
RIMS Statement — June 5th, 2020
RIMS Risk Management Talent 2025 Report
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
RIMScast Episode: “The Current State of the Risk Management Profession’s Talent Supply, Future Outlooks, and the Influence of Diversity and Inclusion Programs”
RIMScast Episode: “Talking Diversity and ERM at the RIMS ERM Conference 2019”
RIMScast Episode: “Women’s Advancement in the Risk Profession”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guests:
Kevin Thomas’ LinkedIn
Victoria Nolan’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s RIMScast guest is Jay Gates, Senior Claims Advocate at Gallagher and a member of the RIMS External Affairs Committee. He also will be a presenter for RIMS’s Advocacy Webinar Series which kicks off on June 11th to explore the West Coast. His session, which will he will be co-leading with Lynne Haley Pilarski on June 18th, will focus on Midwest region legislation and the federal pandemic loss program.
In this episode, Jay will be discussing COVID-19-related litigation. He explains why it is so important for risk managers to know about COVID-19-related legislations, his own experience with COVID-19-related legislation, noteworthy aspects of the Pandemic Risk Insurance Act, more details about his RIMS webinar session, his top tips for risk and claims managers during these trying times, and more!
Key Takeaways:
[:00] About the RIMS Membership.
[:51] About today’s episode and guest, Jay Gates!
[1:07] About upcoming RIMS webinars!
[1:22] About the RIMS Coronavirus Information Center.
[1:35] More about today’s guest and episode.
[2:01] Justin welcomes Jay Gates to RIMScast!
[2:10] Jay speaks about his role at Gallagher as well as his background in the industry.
[3:07] Jay explains why it is so important for risk managers to know about COVID-19-related legislation. He also shares what his experience has been like with COVID-19-related legislation.
[4:19] Why is retroactive business insurance coverage such a controversial issue? And are these ‘bills that are dead on arrival’ that Jay mentioned tied into this issue?
[5:24] Jay highlights some of the details of the Pandemic Risk Insurance Act (PRIA) he feels are especially noteworthy.
[6:15] Does Jay feel at all frustrated by the legislation process?
[6:46] Has Jay ever worked on the hill?
[7:12] In the RIMS Advocacy Webinar series Jay will be a part of, will they explore any of the federal legislative issues? Or will they just stick to state?
[7:41] Jay’s June 18th webinar session in the RIMS Advocacy Webinar series will explore legislative happenings in the Midwest. Jay speaks about what makes that region of the U.S. unique when it comes to the pandemic.
[8:50] How are certain types of elective surgeries being impacted right now? And how is it playing out in litigation?
[9:53] What are some states/courts considering COVID-19 an ordinary disease of life?
[10:27] How can the CARES Act benefit businesses and individuals?
[11:18] Has Jay ever been to a RIMS Legislative Summit?
[12:00] Jay provides his top tips for risk and claims managers.
[13:25] Justin thanks Jay Gates for joining RIMScast and he shares where to find his own podcast, Know the Risk!
[13:52] Justin highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
RIMS-Bermuda 2020 Webinar Series (June 3rd–July 1st) — Register Today
RIMS Advocacy Webinar Series (June 11th–July 2nd) — Register Today
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
RIMScast Episode: “RIMS Advocacy Update and Driver Safety During COVID-19”
Know the Risk Podcast
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Jay Gates’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
COVID-19 is impacting the global supply chain and is undoubtedly on the minds of the global risk management community. And there is no better expert to talk about supply chain risk management than Thomas Cook.
Thomas Cook is the Managing Director of Blue Tiger International, a management, consulting, and training company. Recently, on May 13th, 2020, he led a webinar presentation that really struck a chord with the audience, titled, “Mitigating the Impact & Disruption to the Global Supply Chain: COVID-19,” which is linked below.
In today’s conversation, Justin and Tom are continuing the dialogue that Tom started in his webinar and discussing how the current pandemic has changed supply chain risk management. Tom shares his insights on the most important aspects that risk managers need to be looking at, challenges he is seeing in supply chain risk management, which industries he believes are at a greater risk of business disruption due to the coronavirus, and much more.
Key Takeaways:
[:00] About the RIMS Membership.
[:50] About today’s episode and guest, Tom Cook!
[1:00] About upcoming RIMS webinars!
[1:32] About the RIMS Coronavirus Information Center.
[1:45] More about today’s guest and episode.
[2:19] Justin welcomes Tom Cook to RIMScast!
[2:26] How has the pandemic changed supply chain risk management for both the long-term and the short-term?
[3:57] Tom highlights some of the most important aspects that risk managers now need to be looking at. He also highlights some areas, historically, that should be looked at, that need to be a top priority.
[5:00] Does Tom feel that there are new practices or innovations that companies will be implementing, going forward, or as they enter their recovery phases?
[6:09] Does Tom like blockchain as a measure to protect data?
[6:42] Tom shares which industries he believes are at a greater risk of business disruption due to the coronavirus. He also addresses whether or not the summer months will have an impact on this disruption.
[8:17] Tom gives his thoughts on where he feels product shipment delays should be on a company’s risk register.
[9:58] Has anything in China’s official activities changed between Tom’s May 13th webinar and the current recording date of this podcast (May 22nd)? And is it impacting supply chains?
[12:34] How would Tom advise risk managers to reassess certain geographic regions?
[13:58] How does reputation factor into the entire pandemic situation? Are the rules or perceptions now different, against the backdrop of COVID-19?
[16:16] Does Tom think that air freight will increase, given that many of the airlines are parking their aircraft now?
[18:14] Tom highlights some of the other challenges he is seeing in supply chain risk management.
[20:06] Tom speaks about the insurances that companies and risk managers should consider, relative to this pandemic.
[22:36] Justin reminds listeners to check out Tom’s recent webinar and shares how to get directly in touch with him.
[23:02] Justin thanks Thomas Cook for joining RIMScast and highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
RIMS Webinar — On-Demand: “Mitigating the Impact & Disruption to the Global Supply Chain: COVID-19,” presented by Tom Cook on May 13th, 2020
RIMS-Bermuda 2020 Webinar Series (June 3rd - July 1st) — Register Today
RIMS Advocacy Webinar Series (June 11th - July 2nd) — Register Today
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine May 2020 Article: “Supply Chain Under Strain”
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Thomas Cook’s LinkedIn
Blue Tiger International
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining RIMScast today is Robert Zhang, Risk Management and Compliance Director for IKEA China. He is joining Justin today to discuss his experience with COVID-19 in Xuhui District, Shanghai, China; how IKEA entered the recovery phase; and how his personal experience of this pandemic has changed his risk management philosophy.
Key Takeaways:
[:00] About the RIMS Membership.
[:50] About today’s episode and guest, Jasmine DeSilva.
[:58] About upcoming RIMS webinars!
[1:42] About the RIMS Coronavirus Information Center.
[1:54] More about today’s guest, Robert Zhang.
[2:12] Justin welcomes Robert to RIMScast!
[2:53] Robert shares what his personal experience has been like in Shanghai, China.
[4:15] What has Robert’s experience been like as a Risk Manager for IKEA? And how has his role and responsibilities changed in the last several months due to the coronavirus?
[6:31] Robert speaks about the mindset he adopted when the coronavirus hit to support the company and employees.
[7:44] Did Robert find himself working with people in his organization that he hadn’t typically worked with before the pandemic?
[9:15] Are the measures they’re currently taking to protect their employees already a part of their continuity plan, or, are they things that Robert wished they had had the foresight for, prior to the pandemic?
[11:22] Would Robert say that IKEA is now in a recovery phase?
[12:35] How many employees does IKEA have in each of their locations?
[13:15] Does Robert feel like what he’s experienced will be integrated into the ERM for IKEA in China and possibly globally?
[16:13] Does Robert feel that his own personal risk philosophy has changed as a result of COVID-19? And if so, how?
[20:49] Robert reflects on SARS and his career during the time.
[22:05] Justin thanks Robert Zhang for joining RIMScast and highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
RIMS Webinar — May 28th: “Hidden Dangers of The Insider Threat | Sponsored by 1st Watch Global”
RIMS Webinar — June 1st: “Sponsored by McKool Smith: Seeking Insurance Coverage for Coronavirus-related Losses”
RIMS-Bermuda 2020 Webinar Series (June 3rd - July 1st) — Register Today
Upcoming RIMS Webinars
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
RIMScast Ep. 84: “Dreams of Bermuda, Webinars, and Captives with Jasmine DeSilva”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Robert Zhang’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Joining Justin on RIMScast today is Jasmine DeSilva, the Risk & Insurance Solutions Business Development Manager for the Bermuda Business Development Agency (BDA)!
Jasmine will be hosting all five sessions of the upcoming RIMS-Bermuda 2020 Webinar series that is, of course, jointly presented by RIMS and the BDA. You can register for any — or all — of the five-hour-long sessions (one per week) every Wednesday at noon Eastern Standard Time starting on June 3rd through July 1st.
In today’s episode, Justin and Jasmine speak about her career, trends she has seen regarding the insurance and reinsurance markets (both generally and due to COVID-19), how Bermuda differentiates itself as a destination given the competition around the world in the areas of insurance and captive markets, as well as some of the potential upside potential for risktech and insurtech in Bermuda. They also discuss RIMS and Bermuda’s upcoming webinar series and how it will deliver unique value to both risk and insurance professionals.
Key Takeaways:
[:00] About the upcoming Spencer-Sedgwick Virtual 5K Fun Run on May 21st, 2020.
[:11] About the RIMS Membership.
[1:01] About today’s episode and guest, Jasmine DeSilva.
[1:18] About the RIMS Coronavirus Information Center.
[1:30] About the newest RIMS webinar!
[2:07] About RIMS-Bermuda 2020 Webinar Series.
[2:25] More about today’s guest, Jasmine DeSilva.
[2:52] Justin welcomes Jasmine to RIMScast!
[3:05] Jasmine speaks about her professional background and her introduction to the insurance sector.
[4:21] Jasmine describes how she is both personally and professionally impacted by COVID-19.
[5:48] Jasmine highlights some of the trends she has seen regarding the insurance and captive markets in Bermuda.
[6:47] Given that there is so much competition around the world in the areas of insurance and captive markets, what are some of the ways Bermuda can differentiate itself as a destination?
[8:55] Justin and Jasmine discuss RIMS and Bermuda’s joint event and Jasmine shares why this is currently a strategic time for risk professionals to turn their attention to Bermuda.
[11:04] Regardless of COVID-19, is there upside potential for risktech and insurtech in Bermuda?
[12:36] Justin and Jasmine outline more details about the RIMS-Bermuda 2020 Webinar Series.
[13:27] Where to learn more about the BDA.
[13:43] Jasmine urges listeners to show up for the RIMS-Bermuda 2020 Webinar Series!
[14:03] Justin thanks Jasmine for joining RIMScast and highlights some of the important links to check out in this episode’s show notes.
Mentioned in this Episode:
RIMS-Bermuda 2020 Webinar Series — Register Today
Bermuda Business Development Agency
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RIMS Advocacy
RIMS Webinar — May 26th: “RIMS International Council Presents: Risk Management in Response to COVID-19 from Three Institutional Perspectives”
RIMS Webinar — May 28th: “Hidden Dangers of The Insider Threat | Sponsored by 1st Watch Global”
Register for the Spencer-Sedgwick Virtual 5K Fun Run, May 21st, 2020
Upcoming RIMS Webinars
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Jasmine DeSilva’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on RIMScast, the celebratory mood continues with more 2020 RIMS award winners! Joining Justin Smulison today is Goodell Award winner, Audrey Rampinelli, and Heart of RIMS recipient, Larry Glasser.
First to speak on the podcast is Audrey Rampinelli, the founder and CEO of OnRamp Risk and former RIMS NY Chapter President. She received RIMS’s most prestigious honor, the Harry and Dorothy Goodell Award which was named in honor of RIMS’s first President. It pays tribute to an individual who has furthered the goals of the Society and the risk management discipline through outstanding service and achievement.
Larry Glasser joins the podcast after Audrey. Larry is an active member and leader of the RIMS Broward County Chapter in Florida and the Director, Risk Management at Amerijet Holdings, Inc. As the recipient of the Ron Judd “Heart of RIMS” Award, he is honored for his outstanding performance in furthering risk management at the chapter level.
In this episode, both guests briefly discuss their work and careers and share how they are leading their companies and respective RIMS groups through the COVID-19 pandemic.
Key Takeaways:
[:01] About the RIMS Membership.
[:51] About today’s episode and guests.
[1:00] About the RIMS Coronavirus Information Center.
[1:13] About the newest RIMS webinar!
[1:49] More about today’s first guest, Audrey Rampinelli.
[2:12] Justin welcomes Audrey back to RIMScast!
[2:25] Audrey reflects on her 2020 win of the Goodell Award.
[3:13] Audrey speaks about her time as President of the New York RIMS Chapter and how the first Young Risk Practitioners group was born from that.
[5:35] Audrey explains how RIMS globally adopted YRP and it became the Rising Risk Professionals.
[6:08] Audrey shares her perspective on risk and why she tends to look at more of the upside potentials and opportunities of risk.
[7:35] Has Audrey always been this way? Or has being in risk management brought out these traits further?
[9:07] How did Audrey get involved in the risk tech sector?
[10:50] How fast is the technology changing in the risk tech sector? Are innovations from three years ago obsolete now?
[11:51] Back in March, Audrey was involved with InsurTechNY which held a digital conference this year. She speaks about her experience there both attending it and moderating a session.
[15:11] Does Audrey feel like this event sets a precedent going forward (considering COVID-19 may continue to be a risk, years to come)?
[17:04] Justin congratulates Audrey on her award and thanks her for joining RIMScast.
[18:00] Justin introduces RIMcast’s next guest, Larry Glasser, the most recent recipient of the Heart of RIMS Award.
[18:26] Justin welcomes Larry to the podcast!
[18:35] Justin congratulates Larry for his award and Larry reflects on the win and how he became such a prominent member of RIMS.
[20:16] Larry speaks about his career journey.
[20:49] As the Director of Risk Management at Amerijet International, how is COVID-19 impacting Larry’s work?
[22:15] Larry shares how the transition to remote working has been for him and the other members of his team.
[24:07] Is Larry regularly in touch with those who are still on-site at Amerijet International?
[26:10] As a RIMS Broward County Chapter President, how has Larry continued to engage with members amid the pandemic?
[32:54] Has Larry ever been in a situation similar to the current pandemic? How will they take what they’re learning now and implement it in future pandemic/natural disaster plans?
[36:03] Larry leaves listeners with some parting thoughts.
[38:24] Justin thanks Larry for joining the podcast!
[38:25] Justin gives his congratulations and thanks to both guests once again and highlights some of the important links to check out in today’s show notes.
Mentioned in this Episode:
Risk Management Magazine: Risk Manager of the Year 2020 Digital Edition
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RIMS Advocacy
RIMS Webinar — May 13th: “Mitigating the Impact & Disruption to the Global Supply Chain: COVID-19”
RIMS Webinar — May 26th: “RIMS International Council Presents: Risk Management in Response to COVID-19 from Three Institutional Perspectives”
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
RIMScast Episode: “RIMS 2020 Award Winners: Mark Humphreys and Katherine Dawal”
Young Risk Practitioners (YRP) — RIMS New York Chapter
RIMS Rising Risk Professional (RRP)
InsurTechNY
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guests:
Audrey Rampinelli’s LinkedIn
Larry Glasser’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on RIMScast, Justin Smulison is in a festive mood! Recently, RIMS announced its 2020 award winners for the Richard W. Bland Memorial Award and the Rising Star Award, and in this episode, Justin is interviewing both of them!
First up to speak with Justin is Richard W. Bland Memorial Award recipient (and return guest), Mark Humphreys! Mark is the Vice President of Litigation and Risk Management at Watt Companies in California, as well as the Chair of the RIMS External Affairs Committee. Mark was presented with this award due to his commitment in the area of legislation and regulation.
The second guest of the episode and the recipient of the Rising Star Award is Katherine Dawal, Manager of Risk and Insurance at K+S Potash Canada and Vice President of the RIMS Saskatchewan North Chapter. She received the honor of Rising Star for demonstrating exceptional initiative, volunteerism, professional development, achievement, and leadership potential.
In this episode, both guests briefly discuss their work and careers and share how they are leading their companies and RIMS groups amid the COVID-19 pandemic.
Key Takeaways:
[:01] About the RIMS Membership.
[:50] About today’s episode and guests.
[1:00] About RIMS Coronavirus Information Center.
[1:14] About the newest RIMS webinar!
[1:42] More about today’s first guest, Mark Humphreys.
[2:13] Justin welcomes Mark to RIMScast!
[2:22] Justin congratulates Mark on winning the Richard W. Bland Memorial Award.
[2:38] Mark speaks about the award and shares why it is significant to him.
[4:27] Mark speaks about what has inspired his passion for advocacy.
[7:47] Last time Mark and Justin spoke, they discussed drafting legislation for the Pandemic Risk Insurance Act (PRIA). Mark gives an update on some of the developments that have happened regarding it since then.
[9:45] Do they often advocate on behalf of an idea as opposed to an actual piece of legislation?
[11:37] Does Mark feel like most actions that he’s taking within his company and with the external affairs committee will have some sort of tie to pandemic response for the next three to five years?
[12:57] Did Mark ever feel like a pandemic would happen?
[13:45] Mark shares some of the other ways the pandemic is impacting his work and day-to-day operations in commercial real estate.
[16:50] Mark leaves listeners with some parting thoughts regarding the award he won as well as advice for risk management professionals.
[18:21] Justin introduces the next guest, Katherine Dawal!
[18:51] Justin welcomes Katherine to the podcast.
[18:59] Katherine shares the location she is speaking from and gives an update on what the current COVID-19 statistics are where she’s from.
[19:55] Justin congratulates Katherine on winning the Rising Star award and Katherine speaks about how it feels to receive such an honor.
[21:10] Katherine fills listeners in on what her role is at K+S Potash Canada.
[22:50] Katherine explains how the COVID-19 pandemic has impacted her work at K+S.
[26:52] Katherine speaks about her role as a RIMS leader for the Saskatchewan Chapter and how the pandemic has impacted the work that she does there.
[29:35] Since Katherine was so well-prepared for the pandemic, does she think that her work at K+S will resume a little bit faster than the rest of the world?
[32:11] Justin gives his thanks to both guests for joining the episode, previews the next episode of RIMScast, and highlights some of the links to check out in today’s show notes!
Mentioned in this Episode:
Risk Management Magazine: Risk Manager of the Year 2020 Digital Edition
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RIMS Advocacy
RIMS Webinar — May 7th: “Emerging Risk Issues with Point of Service Manufacture and Use of 3D Printed Medical Devices”
RIMS Webinar — May 12th: “Executive Perspectives: Global Trends and Issues Impacting Risk Management”
RIMS Webinar — May 13th: “Mitigating the Impact & Disruption to the Global Supply Chain: COVID-19”
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guests:
Mark Humphreys’ LinkedIn
Katherine Dawal’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In today’s episode, Dr. Adrian Hyzler, the Chief Medical Officer at Healix International, returns to RIMScast to provide an update on COVID-19.
The last time Justin spoke with Dr. Hyzler was back in February. Since then, a lot has changed regarding the coronavirus and Dr. Hyzler is here to give an update on everything that you need to know as a risk management professional (and as a member of the general public)!
Justin and Dr. Hyzler also discuss how businesses have innovated and adapted since COVID-19, where we are right now in the COVID-19 timeline, tests and current research that looks promising, steps we can take to further protect ourselves at home, and how business leaders should be thinking about their long-term strategies when it comes to the coronavirus.
Key Takeaways:
[:01] About the RIMS Membership.
[:51] About today’s episode and special return guest, Dr. Adrian Hyzler.
[1:00] About RIMS Coronavirus Information Center.
[1:13] About the newest RIMS webinar!
[1:47] More about today’s episode and guest.
[2:13] Justin welcomes Dr. Adrian Hyzler back to RIMScast!
[2:19] Dr. Hyzler speaks about his work and some of the current difficulties he’s seeing right now regarding the coronavirus.
[3:55] Where are we right now in the COVID-19 timeline?
[8:35] In his precious RIMScast episode, Dr. Hyzler mentioned the possibility of exhausting the PPE supply. What companies have innovated and pivoted over to PPE production? Have any of them been particularly effective? And are we seeing the impact of their efforts yet?
[11:30] Are there steps we can take within our own homes to further protect ourselves?
[15:26] Are there currently any tests or specific research that Dr. Hyzler is finding to be most effective or promising?
[17:37] Is there any definitive knowledge about whether or not you can ‘catch’ the virus more than once?
[19:50] Would it be okay for someone to make a blood donation after they recover from the coronavirus?
[20:31] How should business leaders be thinking about the coronavirus when thinking about their long-term strategy?
[25:00] Dr. Hyzler gives his parting thoughts for the greater risk management community (and general public)!
[28:25] Justin thanks Dr. Hyzler for joining the podcast and highlights some of the links to check out in today’s show notes!
Mentioned in this Episode:
RIMS Coronavirus Information Center
RIMS Advocacy: Coronavirus Advocacy Information
RIMS Advocacy
RIMS Webinar — May 7th: “Emerging Risk Issues with Point of Service Manufacture and Use of 3D Printed Medical Devices”
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
Download any episode of RIMScast.
Dr. Hyzler on RIMScast: “What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Dr. Adrian Hyzler
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest is Daniel Eliot, Director of Education and Strategic Initiatives at the National Cyber Security Alliance (NSCA). In this episode, he is providing invaluable cybersecurity tips for small businesses!
In the midst of the COVID-19 pandemic, it is important to stay vigilant with regard to cybersecurity. There’s always a chance of cyber risk for small businesses, in times like these, it is especially important to know what you can do as a small business owner to improve security. Daniel provides tips for changes small businesses can implement to improve their security, highlights some of the common cyber mistakes that small businesses make (and how to avoid them), and shares how businesses should be adapting digitally, online, and in-person to avoid cyber risk.
Key Takeaways:
[:01] About the RIMS Membership.
[:28] About today’s episode and special guest, Daniel Eliot.
[:38] About RIMS Coronavirus Information Center.
[:51] About the newest RIMS webinar hosted by Dr. Gleb Tsipursky.
[1:37] More about today’s episode and guest.
[1:59] Justin welcomes Daniel to RIMScast.
[2:03] Daniel speaks about his background and his work on behalf of the NCSA.
[3:07] Daniel shares what interests him about small businesses and why he focuses so much of his attention on the small-medium business community.
[4:46] What are some common cyber mistakes that small businesses make?
[6:53] How do Daniel and the NCSA plan to address some of these common cyber mistakes during National Small Business Week (held May 3-9)?
[8:36] When discussing the COVID-19 pandemic, how do businesses need to adapt digitally, online, and in-person?
[12:45] Has Daniel ever experienced a similar situation to COVID-19 that was brought on by a natural disaster? Daniel also outlines some more strategies for businesses navigating during this current uncertain time.
[17:21] Daniel discusses cybercriminals and how they’ll take advantage of this time.
[18:20] Justin thanks Daniel for joining the podcast and highlights some of the links to check out in today’s show notes!
Mentioned in this Episode:
RIMS Coronavirus Information Center
RIMS Advocacy
RIMS Webinar — April 23rd: “Defeat Blindspots and Cognitive Biases During COVID-19 and Pandemics with Dr. Gleb Tsipursky”
NOTICE: RIMS 2020 Annual Conference & Exhibition has been canceled. Please see the RIMS 2020 Cancellation FAQ for more information.
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by April 30th and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
National Cyber Security Alliance (NCSA)
NCSA Upcoming Events
Small Business Administration
Small Business Administration — National Small Business Week
NSCA on RIMScast:
“The State of Cybersecurity and 5G Technology with Jason Ruger, Ruby Zefo, and Chris Novak”
“The World of Cybersecurity with Kelvin Coleman”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Daniel Eliot’s NCSA Profile
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s topic is innovation and strategic risk management — which also happens to be the title of the new RIMS Executive Report! The full title of the report is “Innovation + Strategic Risk Management: A Positive Pairing for a Better Future,” which was published on Risk Knowledge. The author of the report, Monica Merrifield, is also the guest of today’s show. Monica is the Principal Advisor of Strategic Risk and Innovation for the YMCA as well as other organizations that are nonprofit and in the public sector. Previously, she served as YMCA’s Vice President of Risk Intelligence for 10 years. She has also done a ton of great work with the RIMS Strategic & Enterprise Risk Management Council — which is where she and Justin originally met!
In this episode, Monica is going to discuss the paper she wrote, diving deep into the topic of innovation and SRM. She also highlights how some of the ideas can even be applied during the coronavirus pandemic. Tune in to hear all of Monica’s key learnings and insights!
Key Takeaways:
[:01] About the RIMS Membership.
[:27] About today’s episode and special guest, Monica Merrifield.
[:33] About RIMS Coronavirus Information Center.
[:47] About the new RIMS webinar all about positioning your business amid the coronavirus pandemic.
[1:34] More about today’s episode and guest.
[2:10] Justin welcomes Monica to RIMScast.
[2:18] Monica describes her career background.
[2:56] Does Monica feel that the nonprofit sector is suffering a bit right now due to the pandemic?
[4:12] How can innovation and strategic risk management (SRM) be linked?
[5:24] Will SRM always be successful?
[7:47] Monica provides some examples of good questions a strategically-minded risk professional can ask throughout an innovation cycle.
[10:10] What do people and organizations get wrong about innovation? And what do they have to get right to get meaningful success with innovation?
[13:37] Why does Monica think that ‘innovation’ has become a sort of buzz word these days amongst organizations?
[17:33] What are some new skills or traits that risk practitioners will need to support innovation in their organizations?
[21:14] How does Monica feel that companies are innovating right now during the pandemic? And what does she feel that they could learn from this pivotal time in history?
[25:02] Where to find the RIMS Executive Report.
[25:15] Justin thanks Monica for joining the podcast and highlights some of the links to check out in today’s show notes!
Mentioned in this Episode:
Download the new RIMS Executive Report: “Innovation + Strategic Risk Management: A Positive Pairing for a Better Future”
RIMS Coronavirus Information Center
RIMS Advocacy
RIMS Webinar — April 23rd: “Defeat Blindspots and Cognitive Biases During COVID-19 and Pandemics with Dr. Gleb Tsipursky”
NOTICE: RIMS 2020 Annual Conference & Exhibition has been canceled. Please see the RIMS 2020 Cancellation FAQ for more information.
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by April 30th and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
“Bridging Strategy and Implementation with Strategic Risk Management” RIMS White Paper
Questions Are the Answer: A Breakthrough Approach to Your Most Vexing Problems at Work and in Life, by Hal Gregersen
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Monica Merrifield’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
With so much happening in the world right now that is impacting the risk management profession, your host, Justin Smulison, wanted to make sure that the RIMScast audience and RIMS members continue to be equipped with the most updated information and insight! So, in line with that, he is bringing you two segments for today’s episode.
The first segment will be a RIMS Advocacy and Legislative update with Mark Humphreys, RIMS External Affairs Committee Chair and the Vice President of Litigation and Risk Management at Watt Companies. They will be discussing federal and state legislation passed (or in development) in reaction to COVID-19. Mark also offers some tips for risk professionals that will help them lead their organizations.
Changing lanes for the second segment, Justin invited on Justine Del Prete, Business Development Director at Safe Drive. They will be discussing some of the unforeseen risks for commercial drivers during the time of COVID-19. Justine also provides tips for employers to ensure motor vehicle operators are safe.
Be sure to tune in to get the key insights you need as a risk management professional during the COVID-19 pandemic!
Key Takeaways:
[:01] About the RIMS Membership.
[:28] About today’s episode and special guests!
[:54] About RIMS Coronavirus Information Center.
[1:09] About the new RIMS webinar all about positioning your business amid the coronavirus pandemic.
[1:53] More about today’s first guest, Mark Humphreys.
[2:15] Justin welcomes Mark back to RIMScast!
[2:26] Mark speaks about the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
[3:08] Mark highlights some of the key points of the CARES Act and explains why it is good for businesses and individuals.
[5:00] Mark shares what Risk Management Professionals need to know right now and what they should be doing in reaction to COVID-19.
[8:42] Mark shares some more information on what the greater risk management should know, as well as some tips on how to best react to COVID-19.
[9:57] What is the Pandemic Risk Insurance Act (PRIA)?
[10:38] Justin thanks Mark for joining RIMScast!
[10:51] Justin introduces and welcomes on the next guest, Justine Del Prete.
[11:09] Despite there being less traffic with COVID-19, why does Justine feel that professionals are at continued or increased risk of auto accidents?
[14:37] What steps should employers take to ensure the safety of their employees that they send on the road? And which steps are particularly key for employees to be following?
[16:30] What are Justine’s projections regarding auto-collision recovery time amid the COVID-19 pandemic?
[20:45] How have businesses interruptions due to COVID-19 impacted the data and activity Justine has been seeing from clients?
[21:36] Based on Justine’s experience, what would she say are the top warnings to heed right now are?
[24L43] Justin thanks Justine and Mark once again for joining RIMScast!
[25:05] Justin makes some RIMS announcements and highlights some links in today’s show notes to check out!
Mentioned in this Episode:
RIMS Coronavirus Information Center
RIMS Advocacy
NSC Injury Facts: “Distracted Driving”
RIMS Webinar — April 23rd: “Defeat Blindspots and Cognitive Biases During COVID-19 and Pandemics with Dr. Gleb Tsipursky”
NOTICE: RIMS 2020 Annual Conference & Exhibition has been canceled. Please see the RIMS 2020 Cancellation FAQ for more information.
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by April 30th and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
Recent RIMScast episodes:
“What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler”
“Leadership, Neuroscience & Realistic Pessimism During COVID-19 with Dr. Gleb Tsipursky”
“Safety Does Not Pause: Employee Hazards During COVID-19 with NSC President & CEO Lorraine Martin”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Mark Humphreys’ LinkedIn
Justine Del Prete’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today, Justin Smulison is joined by return guest, Lorraine Martin! Lorraine is the President and CEO of the National Safety Council (NSC). She brings over 30 years of experience in both civic and corporate leadership to advance the Council’s mission of eliminating preventable deaths at home, on the road, and in the workplace.
In this episode, they will be discussing workers’ safety amid the COVID-19 pandemic. Lorraine has some incredible best practices and tips she wants to share regarding workers’ safety during this pandemic that you won’t want to miss. She shares how companies and employers can reduce risks for employees in and out of the workplace, the top safety risks workers and employers should be aware of during this time, and some of the ways that companies are currently demonstrating innovation. Lorraine dispels some of the myths around the COVID-19 pandemic as well as what she has learned during this time that she will continue integrating into NSC-recommended best practices!
Key Takeaways:
[:01] About the RIMS Membership.
[:28] About today’s episode and special return guest, Lorraine Martin.
[:43] About RIMS Coronavirus Information Center.
[1:03] More about today’s guest and discussion.
[1:15] Justin welcomes Lorraine back to RIMScast!
[1:26] Lorraine reflects on her year as President and CEO of the National Safety Council (NSC).
[1:44] How is COVID-19 uncharted territory for the NSC?
[2:54] What are the top safety risks that workers and employers should be aware of during this time?
[6:19] Are there more fatalities at home than at workplaces?
[6:49] With more deaths occurring at home, what can companies and employers do to reduce those risks?
[8:55] Lorraine dispels myths around the COVID-19 pandemic.
[11:10] Lorraine highlights some of the ways that companies are demonstrating innovation during such a difficult time.
[14:00] Lorraine shares what she has learned during this time that she will continue integrating into NSC-recommended best practices.
[16:08] Justin thanks Lorraine Martin for joining RIMScast and Lorraine shares where to learn more about the NSC.
[16:40] Justin thanks Lorraine once again and highlights some of the great links to check out in today’s show notes.
Mentioned in this Episode:
NSC.org
NSC Coronavirus Resources
RIMS Coronavirus Information Center
NOTICE: RIMS 2020 Annual Conference & Exhibition has been canceled. Please see the RIMS 2020 Cancellation FAQ for more information.
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by March 31 and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
Previous RIMScast episodes:
“What Risk Professionals Should Know About the Coronavirus with Richard Lewis and Dr. Adrian Hyzler”
“Lorraine M. Martin on her Role as President and CEO of the National Safety Council”
“Fatigue Risk Management with NSC’s Emily Whitcomb”
“Leadership, Neuroscience & Realistic Pessimism During COVID-19 with Dr. Gleb Tsipursky”
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Lorraine M. Martin’s LinkedIn
National Safety Council (NSC)
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Today’s guest flew all the way in from New York to talk all things leadership, neuroscience, and COVID-19 pandemic risks with Justin Smulison!
Dr. Gleb Tsipursky is the CEO of Disaster Avoidance Experts, LLC. — a boutique consulting, coaching, and training firm empowering leaders and organizations to avoid business disasters. Dr. Tsipursky is also a best-selling author. His most recent book, Never Go With Your Gut: How Pioneering Leaders Make the Best Decisions and Avoid Business Disasters, helps leaders avoid terrible advice, cognitive biases, and poor decisions.
Justin and Dr. Tsipursky discuss realistic pessimism and how that can actually lead to opportunities — even amidst a pandemic. Risk management professionals, get ready to take notes!
Key Takeaways:
[:01] About the RIMS Benchmark Survey and the RIMS Membership.
[:53] About today’s episode and special guest, Dr. Gleb Tsipursky.
[1:17] About RIMS Coronavirus Information Center.
[1:46] More about today’s discussion.
[2:00] Justin welcomes Dr. Tsipursky onto RIMScast!
[2:06] Dr. Tsipursky speaks about his work and background.
[3:12] Dr. Tsipursky explains how cognitive neuroscience and his work connects to risk management.
[5:18] How can cognitive biases impact risk management decision-making?
[8:57] How does a major pandemic risk like COVID-19 play into our cognitive biases?
[10:54] Dr. Tsipursky explains why ‘panic shopping’ is a short-term solution (rather than a long-term solution).
[12:30] Why a healthy level of cynicism (or, realistic pessimism) is good.
[14:15] Dr. Tsipursky explains another dangerous cognitive bias: the normalcy bias.
[15:50] How COVID-19 could lead to an opportunity for risk managers to help change or improve business models.
[19:38] How does Dr. Tsipursky distinguish realistic pessimism from the risk group being the ‘department of no?’
[21:24] When can (or should) risk professionals or business leaders feel a slight sense of optimism?
[23:16] Justin thanks Dr. Tsipursky for joining RIMScast and highlights some links to check out in today’s show notes.
Mentioned in this Episode:
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by March 31 and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
RIMS Coronavirus Information Center
NOTICE: RIMS 2020 Annual Conference & Exhibition has been canceled. Please see the RIMS 2020 Cancellation FAQ for more information.
Disaster Avoidence Experts, LLC.
Never Go With Your Gut: How Pioneering Leaders Make the Best Decisions and Avoid Business Disasters (Avoid Terrible Advice, Cognitive Biases, and Poor Decisions), by Gleb Tsipursky, Ph.D.
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
“The Huge Mistake Everybody Makes in Pandemic Preparation for COVID-19 Coronavirus,” by Dr. Gleb Tsipursky on LinkedIn
Dr. Gleb Tsipursky’s LinkedIn
Disaster Avoidence Experts, LLC.
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Henk Ovink is a Special Envoy for International Water Affairs for the Kingdom of the Netherlands and the Sherpa to the UN/WB High-Level Panel on Water. He is one of the world’s leading authorities on water and water risk — in fact, he is the world’s only water ambassador!
Water risk management is absolutely crucial to everyone’s success as it affects every sector in every business. So today, Justin and Henk are of course discussing water and water risk as it transcends all businesses and sectors! Henk speaks about why the Netherlands takes water so seriously, the current progress being made within companies when it comes to water conservation and incorporating water risk into their culture and strategic plans, some of the Dutch innovations inspired by water-related risk, and how he has opened up business leaders’ minds when it comes to water risk management. Henk also gives his advice regarding how risk managers should present ideas regarding water risk management to their boards and decision-makers and speaks about the upcoming worldwide event: World Water Day, held March 22nd, 2020.
Key Takeaways:
[:15] About today’s episode and special guest, Henk Ovink!
[:55] More about today’s guest, Henk Ovink.
[1:21] Justin welcomes Henk onto RIMScast!
[1:35] Henk speaks about his position as a Special Envoy for International Water Affairs and explains why the Netherlands takes water so seriously.
[3:51] Henk shares some of the Dutch innovations inspired by water-related risk.
[6:11] Does Hank believe that these innovations are adaptable and industry-agnostic?
[8:08] How does Hank believe that a risk professional should present these ideas to their boards and decision-makers? And is it better to present the short-term positive effects of water risk management or the long-term positive effects?
[10:47] Would Henk agree with the sentiment that water risk management is a harder sell on the business side than on the philosophical side?
[12:20] In Henk’s daily work he meets with many business leaders. How has he opened some of their minds or broadened their perspective with regard to water risk management?
[14:46] Henk highlights some companies and leaders that are making real progress when it comes to water conservation and incorporating water risk into their culture and strategic plans.
[17:18] Henk speaks about World Water Day 2020 and shares how he is involved in it. He also explains how being risk-conscious about water can help fight climate change.
[21:11] Henk gives some final words to the global risk management community.
[22:48] Justin thanks Henk for joining RIMScast and highlights some great links to check out in the show notes.
Mentioned in this Episode:
NOTICE: RIMS 2020 Annual Conference & Exhibition has been canceled. Please see the RIMS 2020 Cancellation FAQ for more information. ]
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by March 31 and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
World Water Day (March 22nd, 2020)
Risk Management Magazine Articles Covering Water Risks
Risk Management Monitor Articles Covering Water Risks
Climate Adaptation Summit 2020 (October 22nd, 2020 in the Netherlands)
Room for the River
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guest:
Henk Ovink’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In honor of Women’s History Month, Justin Smulison is bringing you an episode featuring three amazing women — Christy Kaufman, the Risk Analytics and Insights Director for American Family Insurance; Deidre Wright, the Owner of Strategic Stories; and Lori Seidenberg, the Global Director of Real Assets Insurance for BlackRock Inc.
These three women will also be hosting a panel titled, “Empowering the Advancement of Women in the Insurance Industry,” at the upcoming RIMS 2020 Annual Conference on Tuesday, May 5th at 3 pm! This panel is part of the Career Development track and will be hosted by the RIMS New York Chapter.
In today’s episode, they will be providing a bit of a preview of the discussion they will be having at RIMS2020 through a roundtable-style discussion about the advancement of women in the risk management profession!
Key Takeaways:
[:01] About the RIMS Benchmark Survey and the RIMS Membership.
[:51] About today’s special episode.
[1:05] Justin reminds listeners that registration is open for RIMS 2020.
[1:20] About today’s featured guests.
[2:00] Justin welcomes the guests on to RIMScast!
[2:08] What were Christy’s experiences as a young or new professional? What biases and challenges did she experience, and how did she overcome them?
[4:14] Lori shares her own experiences as a young professional as well as the biases and challenges she has faced.
[6:34] Deidre provides her own perspective on the challenges and biases she faced as a new/young professional.
[8:04] About Deidre’s mother, Soraya Wright, who also sets a fantastic example for women in the industry.
[8:32] Lori shares her perspective on the important aspects she keeps in mind when she takes on a leadership role within her company.
[10:04] Christy asks Lori whether the perspective that she shared was formed partially because of movements (such as #MeToo) that get a lot of publicity in the media?
[11:10] Christy also shares her perspective on what she keeps in mind when she takes on a leadership role in her company.
[12:01] Does Deidre feel that there’s always going to be an expectation that women have to go above and beyond when they’re taking on a leadership role?
[13:17] At what point, if ever, is Deidre’s perspective solely from that of a risk professional?
[14:07] Lori and Christy give their perspectives on the same question.
[15:20] Justin gives his thanks to all three guests and highlights some of the fantastic links that linked below in the show notes!
Mentioned in this Episode:
RIMS 2020 (May 3rd–6th in Denver, CO)
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by March 31 and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
RIMScast Ep: “Women’s Day Special: Women in Risk Management” (Featuring Soroya Wright)
For more related episodes about RIMS 2020, download:
RIMScast Ep 73: “RIMS 2020 Education and Networking Opportunities” with Barry Mitchell and Stuart Ruff Lyon
RIMScast Ep 72: “Risk in the Context of Music with Kai Kight” — Listen closely to this episode for a special discount code!
RIMScast Ep 70: “Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication” — Listen closely to this episode for a special discount code!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guests:
Christy Kaufman’s LinkedIn
Deidre Wright’s LinkedIn
Lori Seidenberg’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Everyone at RIMS HQ is extremely excited (and busy!) right now as they prepare for the upcoming RIMS 2020 Annual Conference. In anticipation of the event, Justin has invited two fantastic guests to take a look at some of the RIMS 2020 networking opportunities and educational fun that will be available at the conference from May 3rd–6th in Denver, CO!
These two guests are Stuart Ruff-Lyon, RIMS’ Vice President for Events and Exhibitions, and Barry Mitchell, RIMS Annual Conference Programming Committee Chair, as well as the Director of Risk, Security & Loss Control at Teck Resources Ltd. Barry will also be co-leading the “Mining Industry Session” at RIMS 2020 on May 4th at 1:15 pm.
Key Takeaways:
[:01] About the RIMS Benchmark Survey and the RIMS Membership.
[:50] Justin reminds listeners that registration is open for RIMS 2020.
[1:09] About today’s episode and featured guests.
[1:47] How will RIMS 2020 be even better than in past years? How will RIMS continue to top themselves?
[2:23] How many RIMS Annual Conferences has Barry attended?
[2:43] How does Barry feel this RIMS Annual Conference is going to measure up to past ones?
[3:40] Barry highlights what is new this year at RIMS 2020 with regards to the educational sessions.
[6:07] As someone who has attended many Annual Conferences, does Stuart feel that the shorter sessions have just as much impact as the longer ones?
[6:55] Barry speaks about how RIMS listens to what attendees want and incorporates those suggestions into the agenda.
[7:57] Barry speaks about his session on the mining industry and what attendees can expect from it.
[10:17] Stuart tells listeners about some of the offerings beyond educational sessions at the RIMS 2020 Annual Conference.
[11:52] Stuart speaks about the newest feature at RIMS 2020, “Ride to RIMS 2020.”
[12:41] Justin thanks Barry and Stuart for joining him and highlights some important links in the show notes.
Mentioned in this Episode:
RIMS 2020 (May 3rd–6th in Denver, CO)
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by March 31 and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
RIMScast Ep: “Risk in the Context of Music with Kai Kight” — Listen closely to this episode for a special discount code!
RIMScast Ep: “Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication” — Listen closely to this episode for a special discount code!
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guests:
Stuart Ruff-Lyon’s LinkedIn
Barry Mitchell’s LinkedIn
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This week on the podcast, Justin has a unique episode in store for you all! He will be exploring the topic of risk in the context of music with his special guest, Kai Kight! Kai is an innovative composer and classical violinist who uses his mesmerizing and original violin performance as a metaphor for the core of his message: to inspire people to compose unique ideas in a world that celebrates conformity. He will also be presenting his unique blend of storytelling, music, and motivation at the upcoming RIMS 2020 Conference!
In this episode, Justin and Kai discuss his career, his unique presentation style, and some of the parallels between risk management and music. He also shares some of what he has in store for those attending RIMS 2020!
Key Takeaways:
[:01] About the RIMS Benchmark Survey and the RIMS Membership.
[:46] About today’s special episode!
[1:00] Justin reminds listeners that registration is open for RIMS 2020.
[1:35] All about today’s special guest, Kai Kight.
[2:08] Justin welcomes Kai Kight to RIMScast!
[2:14] When and why did Kai begin to pair playing violin with motivational speaking?
[3:54] Why did Kai gravitate towards the violin, to begin with?
[4:40] Does Kai consider what he does motivational speaking?
[5:56] Does Kai feel that having an entrepreneurial spirit was key in making the leap into making this his career path?
[7:09] Kai shares some standout pieces of feedback he’s received following an appearance.
[8:16] Does Kai prefer the term ‘perform’ or ‘present’ when it comes to describing what it is that he does?
[8:32] Are there certain types of audiences, industries, or professionals that are more receptive to his style of presenting than others?
[10:47] Does Kai ever feel like he has to increase his energy or dial it back depending on the audience’s initial reception?
[12:57] Kai highlights some of the parallels between risk management and music.
[14:31] What inspires Kai the most right now?
[15:40] What does Kai have in store for RIMS 2020?
[16:37] Justin thanks Kai Kight for joining him and highlights some important links in the show notes.
Mentioned in this Episode:
RIMS 2020 (May 3rd–6th in Denver, CO) — Listen closely for a special discount code!
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by March 31 and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
RIMScast Ep: “Mindset Digital CEO Debra Jasper on Technology, Disruption, Social Media, and Communication”
Kai Kight
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guests:
Kai Kight’s Website
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
This episode’s topic is the coronavirus, which of February 11th, 2020, has claimed the lives of more than 1,000 people and has infected more than 42,000 globally. In addition to the human factor, the outbreak is limiting operations for businesses and supply chains worldwide and there is a lot for risk professionals to know when advising their companies.
As it is such a critical issue, Justin has invited on two guests to speak on the epidemic — Richard P. Lewis, a partner from the law firm, ReedSmith and Dr. Adrian Hyzler, the Chief Medical Officer at Healix International.
In the first half of the episode, Richard will be discussing insurance coverage considerations and in the second half, Dr. Hyzler will join to discuss the health, business continuity, and travel risk management perspectives. Justin and his guests discuss what risk professionals should consider when it comes to the coronavirus, how they have been advising clients regarding it, important lessons they have learned from previous outbreaks, good travel risk management practices, and where to go to get the most up-to-date information about the coronavirus. They also debunk myths and conspiracy theories around the coronavirus and share the most effective methods for staying safe.
Key Takeaways:
[:01] About the RIMS Benchmark Survey and the RIMS Membership.
[:48] About today’s topic!
[:51] Justin reminds listeners that registration is open for RIMS 2020.
[1:10] All about today’s episode and featured guests.
[2:09] Justin welcomes Richard Lewis to RIMScast.
[2:14] When it comes to insurance coverage regarding the coronavirus, what should risk professionals consider?
[3:15] Richard speaks about some of the issues their clients are currently reporting.
[3:36] Richard shares how he has been advising clients with Chinese operations, supply chains, remote workers, or anyone who is traveling to and from China.
[4:53] What insurance lessons from past outbreaks or pandemics should risk professionals be mindful of now if faced with claims arising from the coronavirus?
[7:08] The importance of paying attention to policy language when faced with any epidemic or outbreak.
[9:22] Does Richard agree with the idea that we’re still in the very early stages when it comes to insurance coverage?
[10:13] Justin introduces RIMScast’s next guest, Dr. Hyzler.
[10:39] Dr. Hyzler explains what the coronavirus is and how it is has progressed.
[13:07] What is the coronavirus’ incubation period?
[13:37] What is the difference between an epidemic and a pandemic?
[14:22] Dr. Hyzler shares what he has learned from previous outbreaks that are now applicable.
[18:30] Dr. Hyzler provides some good travel risk management practices (or precautions) that he would stress right now.
[27:00] Would Dr. Hyzler suggest that companies begin creating or customizing a preparedness plan and a business continuity plan now if they haven’t done so already?
[29:22] If a company was to host an event outside of China and they had attendees, sponsors, or exhibitors from China, how would that change the dynamic? And how has Dr. Hyzler seen companies react in situations like that?
[31:31] Can the coronavirus be transmitted by touching the same objects? How can we protect against this?
[33:10] Dr. Hyzler debunks some myths and conspiracy theories around the coronavirus.
[39:03] Where to go to get the correct, up-to-date info on the coronavirus.
[39:33] Dr. Hyzler gives his outlook on the next couple of weeks regarding the coronavirus.
[43:16] Justin thanks his guests for joining him and highlights some important links in the show notes.
Mentioned in this Episode:
RIMS 2020 (May 3rd–6th in Denver, CO)
Upcoming RIMS Events
RM Magazine
Risk Management Monitor
RIMS-Certified Risk Management Professional (RIMS-CRMP)
New Feature: RIMS-CRMP Stories
RIMS Membership — Discover why 10,000 of your peers from more than 60 countries are a part of the RIMS community!
RIMS Benchmark Survey: Contribute your data by March 31 and receive the 2020 Survey for free! You’ll learn how much companies are paying per line of coverage and more. Visit RIMS.org/Benchmark.
Download any episode of RIMScast.
RIMS Webinar - Feb 27: The Insurance Impacts of Novel Coronavirus
Risk Management Monitor: “2 Key Risk Management Responses to the Coronavirus”
Risk Management Magazine: “Learning from Past Pandemics”
World Health Organization
Centers for Disease Control and Prevention
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook and Twitter, and join the RIMS Group on LinkedIn.
Follow up with Our Guests:
Richard P. Lewis
Dr. Adrian Hyzler