Explorez tous les épisodes de RIMScast
| Date | Titre | Durée | |
|---|---|---|---|
| 21 Mar 2023 | World Water Day, IoT, and Water Damage Reduction with John Dempsey | 00:33:49 | |
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 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” “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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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:
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. | |||
| 18 Oct 2022 | The Power of Storytelling in ERM with Dr. Karen Hardy | 00:27:49 | |
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 In-Person Events: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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 Advisory Services — Ask a Peer RIMS Coronavirus Information Center RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! Spencer Educational Foundation More With Dr. Karen Hardy A New Leash On Life: The K9s for Warriors Story (Film, 2018)
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:
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
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| 23 May 2023 | Public Policy Goals with CIAB President Joel Wood | 00:27:38 | |
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.
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. [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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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
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| 28 May 2024 | On Risk Appetite and Tolerance | 00:37:13 | |
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 Spencer Educational Foundation — Grants Page — Apply Through July 30 RIMS-Certified Risk Management Professional (RIMS-CRMP) 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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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 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 | |||
| 02 Oct 2023 | Harnessing Innovation’s Promise with ERM Conference Keynote Bob Roitblat | 00:24:10 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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 “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 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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
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 | |||
| 15 Aug 2023 | Including Disability In DEI Efforts with Alycia Anderson | 00:35:01 | |
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. [3:44] 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! [17:14] 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 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 9:00 am–4:00 pm EDT 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” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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
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| 21 Feb 2023 | Taking the “Next Steps” with NAAIA Executive Director and COO Omari Jahi Aarons | 00:50:50 | |
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: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk! 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.
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Follow up with Our Guest: The Journey of African-American Insurance Professionals
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 | |||
| 02 Jul 2024 | Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle | 00:42:35 | |
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 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! Spencer Educational Foundation — Funding Their Future Gala 2024
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Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
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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
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| 14 May 2024 | Live From RISKWORLD 2024! | 00:42:49 | |
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. [24:46] 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 Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) 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
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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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 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
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| 21 May 2024 | Live Again from RISKWORLD 2024! | 00:35:41 | |
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. 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 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 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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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: “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-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
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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
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| 03 Jul 2023 | Safety and International Risk Leadership with Franck Baron | 00:37:31 | |
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 Ottawa! 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. [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-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” “Risk Appetite Management” | July 12–13 See the full calendar of RIMS Virtual Workshops July 19–20, 2023 9:00 am–4:00 pm EDT August 15–17, 2023 9:00 am–4:00 pm EDT Webinar: Related RIMScast Episodes: “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play Dan Kugler Risk Manager on Campus Grant Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
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Follow up with Our Guest:
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 | |||
| 30 Jan 2024 | Diving in with RIMS 2024 President David Arick | 00:34:01 | |
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!
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. [1:46] 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 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest
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 | |||
| 14 Mar 2023 | On The Menu: Restaurant Injury Risk Trends in 2023 | 00:27:29 | |
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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto! 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, Twitter, and LinkedIn.
Follow up with Our Guest:
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
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| 25 Jul 2023 | Traffic Awareness with Carol Fritzsche of Subaru of America | 00:27:02 | |
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. [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” NEW FOR MEMBERS! RIMS Mobile App RIMS Canada 2023 — Sept. 11–14 in Ottawa! Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023 Contribute to Risk Management Magazine RIMS-Certified Risk Management Professional (RIMS-CRMP) Dan Kugler Risk Manager on Campus Grant 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 August 15–17, 2023 9:00 am–4:00 pm EDT 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” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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: Corporate Risk Manager, Subaru of America, Inc.
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
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| 20 Dec 2022 | Security Risks and Implementing ERM with Kelly Johnstone | 00:43:26 | |
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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual WorkshopsIMS Webinars RIMS Advisory Services — Ask a Peer 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
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.
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Follow up with Our Guest:
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
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| 20 Aug 2024 | Opioid Awareness and Workers Comp Risks with Raji Chadarevian of the NCCI | 00:38:09 | |
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-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
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
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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
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Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
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About our guests: Raji H. Chadarevian Executive Director, Actuarial Research , of the National Council on Compensation Insurance (NCCI)
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
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| 02 Jan 2024 | Kicking off the new year with RIMS CEO Gary LaBranche | 00:35:31 | |
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.
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. [1:26] 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops Related RIMScast Episodes: “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 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.
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 | |||
| 19 Sep 2023 | Risk and Leadership with Lt. Gen. (ret) Roméo Dallaire | 00:16:55 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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! [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 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 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: 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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
| |||
| 24 Oct 2023 | Fine Art and Risk | 00:42:44 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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. [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! 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 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 Workshops 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” 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Darius Delon! Spencer Educational Foundation
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About our guests Sandra Fontenot
Vice President and Fine Art Expert, Distinguished Fine Art & Collectibles
Vice President of Claims, Distinguished Fine Art & Collectibles
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
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| 16 Apr 2024 | Supply and Bike Chains with Emily Buckley | 00:38:48 | |
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. [: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 NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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 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
| |||
| 27 Feb 2024 | Water and Women in Risk with Sarah Mikolich | 00:26:35 | |
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. [1:47] 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: 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) 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 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt! Spencer Educational Foundation
RIMS Events, Education, and Services: 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
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 | |||
| 20 Feb 2024 | RISKWORLD 2024 Keynote Peter Diamandis | 00:25:56 | |
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. [1:47] 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) 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 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt! Spencer Educational Foundation
RIMS Events, Education, and Services: RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
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About our guest
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 | |||
| 30 May 2023 | Environmental Bias with Eloise Copland | 00:43:11 | |
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 Elle, to RIMScast. El is five hours ahead of New York time. [4:25] Elle 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:
[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] Elle describes ways to work with biases. Knowing what influences our decisions can help us to reduce the power biases hold over us. Elle 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] Elle discusses when executives stubbornly pursue short-term priorities instead of big-picture priorities. Elle 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. Elle describes the “planning fallacy.” Attending the summit and creating a commitment is not taking action. Tie your commitments to measurable and visible impacts. [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 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” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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
| |||
| 27 Feb 2023 | Celebrating #SpencerDay and Funding the Future of Risk Management | 00:28:17 | |
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
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” RIMS Diversity Equity & Inclusion pageNew 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: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto! 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, Twitter, and LinkedIn.
Follow up with Our Guests: Founder & Principal Consultant, Saporito & Associates, LLC
Megan Miller
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 | |||
| 31 Oct 2023 | All Roads Lead to ERM | 00:26:22 | |
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 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Darius Delon! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest 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
| |||
| 10 Jan 2023 | Human Trafficking Risks, Prevention and Corporate Defense with Marisa Trasatti | 00:46:52 | |
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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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: National Slavery and Human Trafficking Prevention Month 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer 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
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:
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 | |||
| 10 Oct 2023 | Cybersecurity Awareness Month with Pamela Hans of Anderson Kill | 00:43:39 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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 “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 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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 Hans 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 | |||
| 27 Jun 2023 | “Near-Misses Still Count”: Risk Management Magazine’s Morgan O'Rourke and Hilary Tuttle | 00:26:10 | |
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 “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: Related RIMScast Episodes: “Mid-Year 2023 Update with Morgan O’Rourke and Hilary Tuttle” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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:
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 | |||
| 03 Jan 2023 | 2022: The Year in Risk (Part 2) | 00:23:30 | |
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 Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer 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
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:
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
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| 11 Oct 2022 | ERM, ESG, and More Acronyms with Jana Utter | 00:29:47 | |
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 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 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 Advisory Services — Ask a Peer RIMS Coronavirus Information Center RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guest:
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
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| 11 Jul 2023 | Risk Management Education with Ken Goldstein and David Cisneros | 00:32:25 | |
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 Ottawa! 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. [8:29] 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 Canada 2023 — Sept. 11–14 in Ottawa! Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023 Contribute to Risk Management Magazine RIMS-Certified Risk Management Professional (RIMS-CRMP) Dan Kugler Risk Manager on Campus Grant “Risk Appetite Management” | July 12–13 See the full calendar of RIMS Virtual Workshops July 19–20, 2023 9:00 am–4:00 pm EDT August 15–17, 2023 9:00 am–4:00 pm EDT 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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: University Partnerships Director Spencer Educational Foundation
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 | |||
| 11 Apr 2023 | ERM in Banking & Finance with Eleni Willis | 00:35:01 | |
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! [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” “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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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: SVP, Director of ERM Operations
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 | |||
| 08 Nov 2022 | Emerging Risks and Board Reporting with Suzanne Christensen | 00:27:57 | |
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 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 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‒ “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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guest: Suzanne Christensen’s LinkedIn
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
| |||
| 07 Mar 2023 | RIMS President Jennifer Santiago: R.E.A.D.Y. for 2023 | 00:38:32 | |
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! “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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring LA RIMS President Scott Ritto! 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, Twitter, and LinkedIn.
Follow up with Our Guest: Jennifer Santiago on LinkedIn
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 | |||
| 06 May 2024 | RIMS Risk Manager of the Year, Steve Robles, Los Angeles County | 00:43:01 | |
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 NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) 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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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
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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 | |||
| 06 Feb 2024 | Global Perspectives with RIMS Mexico, Australasia Chapter Leaders | 00:29:38 | |
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.
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. [1:46] 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) 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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
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 | |||
| 14 Feb 2023 | Riskworld Keynote Johnny C. Taylor, Jr., SHRM President and CEO | 00:29:14 | |
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) “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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk! 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, Twitter, and LinkedIn.
Follow up with Our Guest: Johnny C. Taylor, Jr.’s LinkedIn 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. | |||
| 12 Mar 2024 | Giving Back with APIW President Liz Kramer | 00:35:04 | |
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. [1:39] 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 Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops Related RIMScast Episodes: “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt! Spencer Educational Foundation
RIMS Events, Education, and Services: 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
APIW President
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 | |||
| 09 Jul 2024 | Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote | 00:38:12 | |
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 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
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
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
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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
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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
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| 16 Jul 2024 | Thoughts and IDEAs on Inclusivity with Michael Bach | 00:42:07 | |
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 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
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
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
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-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 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
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| 28 Mar 2023 | Risk Insight with AAIN Leadership | 00:43:26 | |
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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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: Founder and Chairperson of AAIN and Principal at Jackson Lewis
Board Member of AAIN, Sr. Risk Manager at Panda Restaurant Group
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
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| 20 Jun 2023 | Mid-Year Risk Update with Morgan O’Rourke and Hilary Tuttle | 00:29:00 | |
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 RIMS Western Regional – Oct 4-6, Vail Colorado RIMS-CRMP Prep with Conrad Clark Nigeria – July 1, 8, 15 Upcoming Webinars: “Large-Scale Risk: How Walmart Manages the Risks Unique to Large and Growing Companies” | Sponsored by Riskonnect | June 22, 2023 Upcoming Virtual Workshops: “Optimizing Risk Management with Artificial Intelligence” | June 29, 2023 “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” 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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:
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 | |||
| 26 Mar 2024 | LAAIA Atlanta Chapter President Jose Aponte | 00:34:20 | |
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. [1:32] 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 NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt! Spencer Educational Foundation
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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
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| 07 Nov 2023 | Emerging Cyber Trends with Davis Hake | 00:30:47 | |
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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Darius Delon! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guest 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
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| 25 Apr 2023 | RIMS 2023 Rising Star Emily L. Bloedel | 00:31:22 | |
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! [18:52] 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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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: 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
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| 01 Nov 2022 | ERM at the Veterans Benefits Administration | 00:24:49 | |
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 Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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‒ 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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guest:
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
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| 06 Dec 2022 | Cybersecurity and Data Privacy with Fred Karlinsky & Travis Wong | 00:30:53 | |
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 collapse? [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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual WorkshopsIMS Webinars RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guests:
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
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| 08 Aug 2023 | Cybersecurity Reporting Updates with Hilary Tuttle of Risk Management Magazine | 00:27:04 | |
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! [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-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 9:00 am–4:00 pm EDT 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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:
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 | |||
| 28 Nov 2023 | A Menu of Risk Options with Elle Michell Hall | 00:36:43 | |
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.
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. [1:38] 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 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. 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 | |||
| 05 Dec 2023 | Recipes for Success with Wendy’s CRO Bob Bowman | 00:35:33 | |
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. [1:39] 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. [3:45] 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 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 | |||
| 02 Apr 2024 | Bridging The Workers' Comp Talent Gap with Nikki Jackson | 00:33:55 | |
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 NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP)
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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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! 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) 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 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 Elevate The Adjuster — Elevatetheadjuster.org
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
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| 04 Jun 2024 | Julie Bean, 2024 Heart of RIMS Award Winner | 00:36:55 | |
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 Spencer Educational Foundation — Grants Page — Apply Through July 30. RIMS-Certified Risk Management Professional (RIMS-CRMP) 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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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 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
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| 17 Jan 2023 | Cybersecurity and Insurance Outlook 2023 with Josephine Wolff | 00:32:27 | |
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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer 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
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:
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
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| 05 Mar 2024 | Spencer’s 2024 Outlook | 00:32:18 | |
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. [1:39] 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) 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt! Spencer Educational Foundation
RIMS Events, Education, and Services: 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
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 | |||
| 29 Nov 2022 | Checking In: Hotel Risk Management with AHLA President & CEO Chip Rogers | 00:35:27 | |
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.
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 RIMS Events, Education, and Services: RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Member registration is now open! RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance BackstopRIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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‒ “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 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! Upcoming RIMS — Virtual WorkshopsIMS Webinars RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guests: American Hotel & Lodging Association (AHLA)
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
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| 23 Jul 2024 | Exploring Risk in Extreme Environments with Kevin Vallely | 00:43:10 | |
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. [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 Spencer Educational Foundation — Grants Page — Apply Through July 30. RIMS-Certified Risk Management Professional (RIMS-CRMP) 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
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
Upcoming Virtual Workshops: Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15 See the full calendar of RIMS Virtual 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-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 Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
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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
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| 13 Feb 2024 | #FoodInFeb: Food Insecurity and Risk with Daily Bread Food Bank CEO Neil Hetherington | 00:32:30 | |
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.
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. [1:47] 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) 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 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt! Spencer Educational Foundation
RIMS Events, Education, and Services: RIMS Events App Apple | Google Play
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
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Have a question or suggestion? Email: Content@rims.org.
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About our guest
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 | |||
| 06 Jun 2023 | Evolving Fire Risks with Ralph Bless | 00:25:24 | |
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 RIMS ERM Conference Nov 2 & 3 | Submit a session by June 30. 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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
| |||
| 10 Sep 2024 | Applying ERM Theory with Elise Farnham | 00:25:20 | |
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-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App
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
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
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” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
RIMS Events, Education, and Services: 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
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
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| 09 Jan 2024 | Leadership and Coffee Talk with Sacha Coburn | 00:45:17 | |
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.
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. [1:26] 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops Related RIMScast Episodes: “Solving Wicked Problems with Dr. Gav Schneider” “Kicking Off 2024 with RIMS CEO Gary LaBranche” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
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 | |||
| 31 Jan 2023 | Active Shooter Preparedness and Insurance with Paul Marshall | 00:39:16 | |
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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk! 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.
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Follow up with Our Guest:
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 | |||
| 12 Dec 2023 | Legal and Risk Trends with Katherine Henry | 00:25:41 | |
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. [1:37] 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! [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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
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About our guest
Katherine Henry
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
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| 25 Jun 2024 | Mitigating the Risks of Catastrophes with Mrunal Pandit of Tata Consumer Products | 00:36:08 | |
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” RISKWORLD 2025 will be in Chicago! May 4‒7 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:
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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 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
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| 23 Apr 2024 | RIMS 2024 Goodell Award Winner Eamonn Cunningham | 00:37:07 | |
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. [: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. [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 Spencer-RIMS Risk Management Challenge — Live at RISKWORLD NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS ERM Conference 2024 — Nov 18-19 — Boston, MA — Call For Session Submissions by May 3. RIMS Risk Management Awards Edition 2024
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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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 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
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| 12 Sep 2023 | Equality and the Risk Profession with Elisa Stampf | 00:29:03 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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! [14:45] 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 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 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 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 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” 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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/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
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| 14 Nov 2022 | Travel Risk Management for the 2022 Holidays with Dr. Adrian Hyzler | 00:33:42 | |
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 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 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‒ “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! Upcoming RRIMS — Virtual WorkshopsIMS Webinars RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, 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 | |||
| 18 Jul 2023 | Genuine Generative AI Talk with Tom Wilde of Indico Data | 00:26:43 | |
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 Ottawa! 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?” [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 Canada 2023 — Sept. 11–14 in Ottawa! Spencer Educational Foundation — Funding Their Future Gala — Sept. 14, 2023 Contribute to Risk Management Magazine RIMS-Certified Risk Management Professional (RIMS-CRMP) Dan Kugler Risk Manager on Campus Grant Applying and Integrating ERM | August 1 Optimizing Risk Management with AI | Sept. 28 See the full calendar of RIMS Virtual Workshops July 19–20, 2023 9:00 am–4:00 pm EDT August 15–17, 2023 9:00 am–4:00 pm EDT 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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:
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
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| 11 Jun 2024 | Unbottling Risk Management with Victoria Ogbuehi of Coca-Cola | 00:31:53 | |
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 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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-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 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.
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| 01 Aug 2023 | Risk Fundamentals with Chris Hansen | 00:34:59 | |
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-Certified Risk Management Professional (RIMS-CRMP) Dan Kugler Risk Manager on Campus Grant 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 9:00 am–4:00 pm EDT 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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:
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
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| 29 Aug 2023 | The Future of AI and Work with Sinead Bovell | 00:23:19 | |
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! [13:13] 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 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 “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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 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
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| 01 May 2023 | RIMS 2023 Risk Manager of the Year Theresa Severson | 00:33:42 | |
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. [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! 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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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: 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
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| 17 Oct 2023 | ERM’s Value Proposition with Chris Mandel | 00:34:43 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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! “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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play Spencer Educational Foundation
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 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
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| 03 Sep 2024 | RIMS Advocacy Updates 2024 with Mark Prysock | 00:29:06 | |
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. [11:46] 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: 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-Certified Risk Management Professional (RIMS-CRMP) RIMS Strategic & Enterprise Risk Center NEW FOR MEMBERS! RIMS Mobile App
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
Upcoming Virtual Workshops: Fundamentals of Insurance | Oct 9‒10, 2024 See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring DFW RIMS President Emily Casso Ford!
RIMS Events, Education, and Services: 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
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
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| 25 Oct 2022 | Navigating the Hazards of ESG-Linked ERM Risk | 00:22:52 | |
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 Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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‒ 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 Advisory Services — Ask a Peer RIMS Coronavirus Information Center RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guests:
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
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| 19 Mar 2024 | RIMS San Diego Chapter President Cheryl Berman | 00:34:04 | |
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. [1:40] 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 Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) 2024 International Risk Manager Survey conducted by FERMA in partnership with PwC FERMA 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Lianne Appelt! Spencer Educational Foundation
RIMS Events, Education, and Services: 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: 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 | |||
| 04 Apr 2023 | Strategic Moves with RIMS CEO Gary LaBranche | 00:43:30 | |
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! [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. [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 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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) “RIMS-CRMP Stories” — New interview featuring SKRIMS President Katherine Dawal! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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 | LinkedIn
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 | |||
| 14 Nov 2023 | Live From RIMS ERM Conference 2023 | 00:26:26 | |
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. [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. [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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests 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
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
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| 24 Jan 2023 | Global Perspectives with RIMS 2023 Chapter Presidents | 00:28:46 | |
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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk! 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, Twitter, and LinkedIn.
Follow up with Our Guests: RIMS New Zealand and Pacific Islands Chapter RIMS Greater Bluegrass Chapter
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
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| 19 Dec 2023 | 2023 Risk Year In Review with Morgan O’Rourke and Hilary Tuttle | 00:41:47 | |
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.
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. [1:35] 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
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About our guests
Kerry Bakkerus — President of the RIMS New Zealand and Pacific Island Chapter.
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 | |||
| 27 Aug 2024 | Safety and Preparedness in 2024 with National Safety Council CEO Lorraine Martin | 00:36:40 | |
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-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
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
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
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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
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About our guest: Lorraine Martin, CEO, National Safety Council
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
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| 13 Dec 2022 | Spencer Educational Foundation Honoree Neeti Bhalla Johnson on Access to Education, DEI & ESG | 00:29:55 | |
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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual WorkshopsIMS Webinars RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guests: Neeti Bhalla Johnson’s LinkedIn
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 | |||
| 08 May 2023 | Live From Riskworld 2023 | 00:24:23 | |
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 pageSpencer 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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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:
President, Financial Lines, Liberty Mutual
National Director of Client Development, Blueteam
Akihiro Kimura General Manager, The Institute of Energy Economics, Japan 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
| |||
| 11 Jun 2023 | Pride Month with the Rainbow Risk Alliance | 00:31:07 | |
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 “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” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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: Rainbow Risk Alliance Royal PRIDE Social 🧡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
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| 20 Nov 2023 | Solving Wicked Problems with Dr. Gav Schneider | 00:38:46 | |
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. [1:38] 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. [17:46] 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
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About our guest
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 | |||
| 23 Jan 2024 | Scenario Planning with the RIMS SERMC | 00:39:29 | |
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
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. [1:49] 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 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops Facilitating Risk-based Decision Making | February 7th and 8th 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” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
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 | |||
| 07 Feb 2023 | Innovation and Improvisation with RISKWORLD Keynote Josh Linkner | 00:25:31 | |
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 The Evolution of ESG | Sponsored by Zurich | March 9, 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) “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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Dr. Karen Hardy of Flip This Risk! 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, Twitter, and LinkedIn.
Follow up with Our Guest:
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
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| 27 Dec 2022 | 2022: The Year in Risk (Part 1) | 00:34:28 | |
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! 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 Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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! Upcoming RIMS — Virtual Workshops RIMS Advisory Services — Ask a Peer 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
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:
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
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| 30 Apr 2024 | Climate Disclosures with Jana Utter | 00:42:44 | |
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. 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 NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) 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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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” “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-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
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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 | |||
| 30 Jul 2024 | Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood | 01:05:36 | |
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-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
Upcoming Virtual Workshops: Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15 See the full calendar of RIMS Virtual 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interviews featuring RIMS Risk Management Honor Roll Inductee Mrunal Pandit!
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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.
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| 13 Aug 2024 | Cybersecurity Awareness and Risk Frameworks with Daniel Eliot of NIST | 00:45:13 | |
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 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-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
Upcoming Virtual Workshops: Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 — Aug 15 See the full calendar of RIMS Virtual 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-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 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 Corner 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
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| 26 Sep 2023 | Celebrating International Podcast Day™ and Risk with Jay Gates and Elisa Stampf | 00:35:27 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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 “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 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation
About our guest, Elisa Stampf CEO of Insure Equality and host of Come As You Are InsureEquality.org
About our guest, Jay Gates On LinkedIn: Jay Gates, CPCU
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 | |||
| 16 May 2023 | Mental Health Awareness Month 2023 | 00:28:27 | |
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.
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. [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 pageUpcoming 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 AllianzAnalytics 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Broward County RIMS President Stacey Nielsen! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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 President of ORIMS.
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
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| 22 Nov 2022 | Live from the RIMS ERM Conference 2022 | 00:14:23 | |
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 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 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‒ “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! Upcoming RIMS — Virtual WorkshopsIMS Webinars RIMS Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching! 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, Twitter, and LinkedIn.
Follow up with Our Guests:
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
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| 22 Aug 2023 | Crisis-Ready with RIMS Canada Plenary Melissa Agnes | 00:48:22 | |
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! [22:12] 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 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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: National Co-Chair of the RIMS Canada Conference
About our guest, Melissa Agnes: Melissa Agnes
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 | |||
| 05 Sep 2023 | RIMS Public Policy and Advocacy 2023 | 00:39:13 | |
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
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! [19:59] 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 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 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 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 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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS Events, Education, and Services: 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 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
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
| |||
| 18 Jun 2024 | DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services | 00:42:15 | |
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 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
Upcoming Virtual Workshops: See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes: “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-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 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
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| 18 Apr 2023 | Earth Day 2023 and ESG with Lisanne Sison of the RIMS SERMC | 00:18:01 | |
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! [12:45] 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” “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 Advisory Services — Ask a Peer RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring SKRIMS President Katherine Dawal! Spencer Educational Foundation RIMS Events, Education, and Services: RIMS Events App Apple | Google Play NEW FOR MEMBERS! RIMS Mobile App 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: 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
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| 06 Aug 2024 | 300th Episode Spectacular with RIMS CEO Gary LaBranche | 00:48:42 | |
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. 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-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
Upcoming Virtual Workshops: Leveraging Data and Analytics for Continuous Risk Management (Part I) 2024 – Aug 15 See the full calendar of RIMS Virtual 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-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 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
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| 16 Jan 2024 | Risk Management in 2024 with FERMA CEO Typhaine Beaupérin | 00:21:23 | |
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.
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. [1:40] 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 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 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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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” “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-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation
RIMS Events, Education, and Services: 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 Apple Podcasts.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
About our guests
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 | |||
| 09 Apr 2024 | RIMS 2024 Rising Star Chelsea Andrusiak | 00:37:58 | |
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.
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 NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page RIMS-Certified Risk Management Professional (RIMS-CRMP) “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 Upcoming Virtual Workshops: See the full calendar of RIMS Virtual 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!
New white paper: “Improving Standard of Care and Reducing Mental Health Risk in Construction” (Sponsored by Zurich) 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 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: Insurance & Risk Analyst, Risk Management 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
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