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Play Episode Listen Later Oct 14, 2025 42:07

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Katherine Henry of Bradley, Arant, Boult, Cummings, and Harold (Hal) Weston of Georgia State University, Greenberg School of Risk Science, who are here to discuss their new professional report, “A 2025 Cybersecurity Legal Safe Harbor Overview.” Katherine and Hal take the discussion beyond the pages and delve into best cybersecurity practices, cyber insurance, and Safe Harbor laws offered by some states and possibly to be offered soon by others. They discuss frameworks and standards, and what compliance means for your organization, partly based on your state law. Listen for advice to help you be prepared against cybercrime. Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will be joined by the authors of the legislative review, “A 2025 Cybersecurity Legal Safe Harbor Overview”, Katherine Henry and Harold Weston. Katherine and Harold are also prominent members of the RIMS Public Policy Committee. [:48] Katherine and Harold are also here to talk about Cybersecurity Awareness Month and safe practices. But first… [:53] RIMS-CRMP Prep Workshops! The next RIMS-CRMP Prep Workshops will be held on October 29th and 30th and led by John Button. [1:05] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:23] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” It will be held again on November 4th and 5th and will be led by Elise Farnham. [1:37] On November 11th and 12th, Chris Hansen will lead “Fundamentals of Insurance”. It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on the virtual workshops! [1:56] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:08] Several RIMS Webinars are being hosted this Fall. On October 16th, Zurich returns to deliver “Jury Dynamics: How Juries Shape Today's Legal Landscape”. On October 30th, Swiss Re will present “Parametric Insurance: Providing Financial Certainty in Uncertain Times”. [2:28] On November 6th, HUB will present “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World”. Register at RIMS.org/Webinars. [2:40] Before we get on with the show, I wanted to let you know that this episode was recorded in the first week of October. That means we are amid a Federal Government shutdown. RIMS has produced a special report on “Key Considerations Regarding U.S. Government Shutdown.” [2:58] This is an apolitical problem. It is available in the Risk Knowledge section of RIMS.org, and a link is in this episode's show notes. Visit RIMS.org/Advocacy for more updates. [3:12] Remember to save March 18th and 19th on your calendars for the RIMS Legislative Summit 2026, which will be held in Washington, D.C. I will continue to keep you informed about that critical event. [3:24] On with the show! It's National Cybersecurity Awareness Month here in the U.S. and in many places around the world. Cyber continues to be a top risk among organizations of all sizes in the public and private sectors. [3:40] That is why I'm delighted that Katherine Henry and Harold (Hal) Weston are here to discuss their new professional report, “A 2025 Cybersecurity Legal Safe Harbor Overview”. [3:52] This report provides a general overview of expected cybersecurity measures that organizations must take to satisfy legal Safe Harbor requirements. [4:01] It summarizes state Safe Harbor laws that have been developed to ensure organizations are proactive about cybersecurity and that digital, financial, and intellectual assets are legally protected when that inevitable cyber attack occurs. [4:15] We are here to extend the dialogue. Let's get started! [4:21] Interview! Katherine Henry and Hal Weston, welcome to RIMScast! [4:41] Katherine was one of he first guests on RIMScast. Katherine is Chair of the Policyholder Insurance Coverage Practice at Bradley, Arant, Boult, Cummings. Her office is based in Washington, D.C. She works with risk managers all day on insurance issues. [5:05] Katherine has been a member of the RIMS Public Policy Committee for several years. She serves as an advisor to the Committee. [5:12] Justin thanks Katherine for her contributions to RIMS. [5:25] Hal is with Georgia State University. He has been with RIMS for a couple of decades. Hal says he and Katherine have served together on the RIMS Public Policy Committee for maybe 10 years. [5:48] Hal is a professor at Georgia State University, a Clinical Associate in the Robinson College of Business, Greenberg School of Risk Science, where he teaches risk management and insurance. Before his current role, Hal was an insurance lawyer, both regulatory and coverage. [6:05] Hal has a lot of students. He is grading exams this week. He has standards for his class. In the real world, so does a business. [6:46] Katherine and Hal met through the RIMS Public Policy Committee. They started together on some subcommittees. Now they see each other at the annual meeting and on monthly calls. [7:05] Katherine and Hal just released a legislative review during RIMS's 75th anniversary, “A 2025 Cybersecurity Legal Safe Harbor Overview”. It is available on the Risk Knowledge page of RIMS.org. [7:20] We're going to get a little bit of dialogue that extends beyond the pages. [7:31] Katherine explains Safe Harbor: When parties are potentially liable to third parties for claims, certain states have instilled Safe Harbor Laws that say, If you comply with these requirements, we'll provide you some liability protection. [7:45] Katherine recommends that you read the paper to see what the laws are in your state. The purpose of the paper is to describe some of those Safe Harbor laws, as well as all the risks. [8:04] October 14th, the date this episode is released, is World Standards Day. Hal calls that good news. Justin says the report has a correlation with the standards in the risk field. [8:43] Justin states that many states tie Safe Harbor eligibility to frameworks like NIST, the ISO/IEC 27000, and CIS Controls. [9:27] Hal says, There are several standards, and it would be up to the Chief Information Security Officer to guide a company on which framework might be most appropriate for them. There are the NIST, UL, and ISO, and they overlap quite a bit. [9:56] These are recognized standards. In some states, if a company has met this standard of cybersecurity, a lawsuit against the company for breach of its standard of care for maintaining its information systems would probably be defensible for having met a recognized standard. [10:23] Katherine adds that as risk managers, we can't make the decision about which of these external standards is the best. Many organizations have a Cybersecurity Officer responsible for this. [10:44] For smaller organizations, there are other options, including outsourcing to a vendor. Their insurance companies may have recommendations. So you're not on your own in making this decision. [11:14] Katherine says firms should definitely aim for one recognized standard. Katherine recommends you try to adhere to the highest standard. If you are global, you need to be conscious of standards in other countries. [11:46] Hal says California tends to have the highest standards for privacy and data protection. If you're a financial services company, you're subject to New York State's Department of Financial Services Cyber Regulation. [12:02] If you're operating in Europe, GDPR is going to be the guiding standard for what you should do. Hal agrees with Katherine: Any company that spans multiple states should pick the highest standard and stick to that, rather than try to implement five or 52 standards. [12:23] When you're overseas, you may not be able to just pick the highest standard; there are challenges in going from one country or region of Europe back to the U.S. If one is higher, it will probably be easier. [12:38] There are major differences between the U.S., which has little Federal protection, vs. state protection. [13:10] Katherine says if you don't have the internal infrastructure, and you can't afford that infrastructure, the best thing is to pivot to an outside vendor. There are many available, with a broad price range. Your cyber insurer may also have some vendors they already work with. [13:40] Hal would add, Don't just think about Safe Harbors. That's just a legal defense. Think about how you reduce the risk by adopting standards or hiring outside firms that will provide that kind of risk protection and IT management. [13:59] If they're doing it right, they may tell you the standards they use, and they may have additional protocols, whether or not they fall within those standards, that would also be desirable. A mid-sized firm is probably outsourcing it to begin with. [14:21] They have to be thinking about it as risk, rather than just Safe Harbor. You have to navigate to the Safe Harbor. You don't just get there. [14:31] Quick Break! RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when you register by October 30th! [14:50] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by October 30th, and you will also be entered to win a $500 raffle! Do not miss out on this chance to plan and score some of these extra perks! [15:03] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us! Visit RIMS.org/Membership and build your network with us here at RIMS! [15:16] The RIMS Legislative Summit 2026 is mentioned during today's episode. Be sure to mark your calendar for March 18th and 19th in Washington, D.C. Keep those dates open. [15:28] Join us in Washington, D.C., for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community. Visit RIMS.org/Advocacy for more information and updates. [15:41] Let's return to our interview with Katherine Henry and Hal Weston! [15:54] We're talking about their new paper, “A 2025 Cybersecurity Legal Safe Harbor Overview”. Katherine mentions that some businesses are regulated. They have to comply with external regulatory standards. [16:38] Other small brick-and-mortar businesses may not have any standards they have to comply with. They look for what to do to protect themselves from cyber risk, and how to tell others they are doing that. [16:54] If you can meet the standards of Safe Harbor laws, a lot of which are preventative, before a breach, you can inform your customers, “These are the protections we have for your data.” You can tell your board, “These are the steps we're taking in place.” [17:13] You can look down the requirements of the Safe Harbor law in your state or a comparable state, and see steps you can take in advance so you can say, “We are doing these things and that makes our system safer for you and protects your data.” [17:34] Hal says you don't want to have a breach, and if you do, it would be embarrassing to admit you were late applying a patch, implementing multi-factor authentication, or another security measure. By following standards of better cyber protection, you avoid those exposures. [18:07] Hal says every company has either been hacked and knows it, or has been hacked and doesn't know it. If you're attacked by a nation-state that is non-preventable, you're in good shape. [18:26] If you're attacked because you've left some ports open on your system, or other things that are usually caught in cybersecurity analyses or assessments, that's the embarrassing part. You don't want to be in that position. [18:43] Katherine says it's not just your own systems, but if you rely on vendors, you want to ensure that the vendors have the proper security systems in place so that your data, to the extent that it's transmitted to them, is not at risk. [19:07] Also, make sure that your vendors have cyber insurance and that you're an additional insured on that vendor's policy if there's any potential exposure. [19:22] Hal says If you're using a cloud provider, do you understand what the cloud provider is doing? In most cases, they will provide better security than what you could do on your own, but there have been news stories that even some of those have not been perfect. [20:22] Hal talks about the importance of encryption. It's in the state statutes and regulations. There have been news stories of companies that didn't encrypt their data on their servers or in the cloud, and didn't understand encryption, when a data breach was revealed. [20:52] Hal places multi-factor authentication up with encryption in importance. There was a case brought against a company that did not have MFA, even though it said on its application on the cyber policy that the company used it. [21:13] Hal says these are standard, basic things that no company should be missing. If you don't know that your data is encrypted, get help fast to figure that out. [21:51] Hal has also seen news stories of major companies where the Chief Technology Officer has been sued individually, either by the SEC or others, for not doing it right. [22:07] Katherine mentions there are insurance implications. If you mistakenly state you're providing some sort of protection on your insurance application that you're not providing, the insurer can rescind your coverage, so you have no coverage in place at all. [22:23] Katherine says, These are technical safeguards, but we know the human factor is one of the greatest risks in cybersecurity. Having training for everyone who has access to your computer system, virtually everyone in your organization, is very important. [22:49] Have a test with questions like, Is this a spam email or a real email? There are some vendors who can do all this for you. Statistics show that the human element is one of the most significant problems in cybersecurity protection. [23:05] Justin says it's October, Cybersecurity Awareness Month in the U.S. Last week's guest, Gwenn Cujdik, the Incident Response and Cyber Services Lead for North America at AXA XL, said the number one cyber risk is human error, like clicking the phishing link. [23:45] Justin brings up that when he was recently on vacation, he got an email on his personal email account, “from his CEO,” asking him to handle something for them. Justin texted somebody else at RIMS, asking if they got the same email, and they hadn't. [24:14] Justin sent the suspect email to the IT director to handle. You have to be vigilant. Don't let your guard down for a second. [24:48] Katherine has received fake emails, as well. [24:51] Hal says it has happened to so many people. Messages about gift cards or the vendor having a new bank account. Call the vendor that you know and ask what this is. [25:12] Hall continues. It's important to train employees in cybersecurity, making sure that they are using a VPN when they are outside of the office, or even a VPN that's specific to your company. [25:32] Hal saw in the news recently that innocent-looking PDF files can harbor lots of malware. If you're not expecting a PDF file from somebody, don't click on that, even if you know them. Get verification. Start a new thread with the person who sent it and ask if it is a legitimate PDF. [26:08] Justin says of cybercriminals that they are smart and their tactics evolve faster than legislation. How can organizations anticipate the next generation of threats? [26:34] Katherine says, You need to have an infrastructure in your organization that does that, or you need to go to an outside vendor. You need some sort of protection, internally or externally. [27:11] Katherine says she works with CFOs all the time. If an organization isn't large enough to have a risk manager, it's a natural fit for the CFO, who handles finances, to handle insurance. When it comes to cybersecurity, a CFO needs help. [27:46] The CFO should check the cyber policy to see what support services are already there and see if there are any that are preventative, vs. after a breach. If there are not, Katherine suggests pivoting to an outside vendor. [28:07] Hal continues, This interview is for RIMS members who are risk managers and the global risk community. Risk managers don't claim to know all the risk control measures throughout a company. They rely upon the experts in the company and outside. [28:29] If the CFO is the risk manager, he or she has big gaps in expertise needed for risk management. It's the same for the General Counsel running risk management. Risk managers are known for having small staffs and working with everybody else to get the right answers. [28:55] If you're dealing with the CFO or General Counsel in those roles, they need to be even more mindful to work with the right experts for guidance. [29:09] One Final Break! As many of you know, the RIMS ERM Conference 2025 will be held on November 17th and 18th in Seattle, Washington. We recently had ERM Conference Keynote Speaker Dan Chuparkoff on the show. [29:26] He is back, just to deliver a quick message about what you can expect from his keynote on “AI and the Future of Risk.” Dan, welcome back to RIMScast! [29:37] Dan says, Greetings, RIMS members and the global risk community! I'm Dan Chuparkoff, AI expert and the CEO of Reinvention Labs. I'm delighted to be your opening keynote on November 17th at the RIMS ERM Conference 2025 in Seattle, Washington. [29:52] Artificial Intelligence is fueling the next era of work, productivity, and innovation. There are challenges in navigating anything new. This is especially true for risk management, as enterprises adapt to shifting global policies, economic swings, and a new generation of talent. [30:10] We'll have a realistic discussion about the challenges of preparing for the future of AI. To learn more about my keynote, “AI and the Future of Risk Management,” and how AI will impact Enterprise Risk Management for you, listen to my episode of RIMScast at RIMS.org/Dan. [30:29] Be sure to register for the RIMS ERM Conference 2025, in Seattle, Washington, on November 17th and 18th, by visiting the Events page on RIMS.org. I look forward to seeing you all there. [30:40] Justin thanks Dan and looks forward to seeing him again on November 17th and hearing all about the future of AI and risk management! [30:48] Let's Conclude Our Interview about Navigating Cyber and IT Practices to Legal Safe Harbors with Katherine Henry and Hal Weston! [31:17] Katherine tells about how Safe Harbor compliance influences cyber insurance. If your organization applies for cyber insurance and you can't meet some minimum threshold that will be identified on the application, the insurer will not even offer you cyber insurance. [31:34] You need to have some cyber protections in place. That's just to procure insurance. Cyber insurance availability is growing. Your broker can bring you more insurers to quote if you can show robust safeguards. [32:05] After the breach, your insurer is supposed to step in to help you. Your insurer will be mindful of whether or not your policy application is correct and that you have all these protections in place. [32:21] The more protections you have, the quicker you might be able to shut down the breach, and the resulting damage from the breach, and that will lower the resulting cost of the claim and have less of an impact on future premiums. [32:36] If the cyber insurer just had to pay out the limits because something wasn't in place, that quote next year is not going to look so pretty. Your protections have a direct impact on both the availability and cost of coverage. [32:50] Justin mentions that the paper highlights Connecticut, Tennessee, Iowa, Ohio, Utah, and Oregon as the states with Safe Harbor laws. The Federal requirements are also listed. Katherine expects that more states will offer Safe Harbor laws as cybercrime lawsuits increase. [33:42] Hal says Oregon, Ohio, and Utah were the leaders in creating Safe Harbors. Some of the other states have followed. Safe Harbor is a statutory protection against liability claims brought by the public. [34:06] In other states, you can't point to a statute that gives protection, but you can say you complied with the highest standards in the nation, and you probably have a pretty defensible case against a claim for not having kept up with your duty to protect against a cyber attack. [34:55] Hal adds that every company is going to be sued, and the claim is that you failed to do something. If you have protected yourself with all the known best practices, as they evolve, what more is a company supposed to do? [35:18] The adversaries are nation-states; they are professional criminals, sometimes operating under the protection of nation-states, and they're using artificial intelligence to craft even more devious ways to get in. [36:19] Katherine speaks from a historical perspective. A decade ago, cyber insurance was available, but there was no appetite for it. There wasn't an understanding of the risk. [36:32] As breaches began to happen and to multiply, in large amounts of exposure, with companies looking at millions of dollars in claims, interest grew. Katherine would be surprised today if any responsible board didn't take cyber risk extremely seriously. [36:55] The board's decision now is what limits to purchase and from whom, and not, “Should we have cyber insurance at all?” Katherine doesn't think it's an issue anymore in any medium-sized company. [37:17] The risk manager should present to the board, “We benchmark. Our broker benchmarks. Companies of our size have had this type of claim, with this type of exposure, and they've purchased this amount of limits. We need to be at least in that place.” Boards will be receptive. [37:43] If they are not receptive, put on a PowerPoint with all the data that's out there about how bad the situation is. The average cost of a breach is well over $2 million. The statistics are quite alarming. A wise decision-maker will understand that you need to procure this coverage. [38:10] Katherine says, from the cybersecurity side, you procure the coverage, you protect the company, and take advantage of the Safe Harbors. All of those things come together with the preventative measures we've been talking about. [38:24] You can show your decision-makers and stakeholders that if you do all those things, comply with these Safe Harbor provisions, you're going to minimize your exposure, increase the availability of insurance, and keep your premiums down. It's a win-win package. [38:41] Justin says, It has been such a pleasure to meet you, Hal, and thank you for joining us. Katherine, it is an annual pleasure to see you. We're going to see you, most likely, at the RIM Legislative Summit, March 18th and 19th, 2026, in Washington, D.C. [39:01] Details to come, at RIMS.org/Advocacy. Katherine, you'll be there to answer questions. Katherine looks forward to the Summit. She has gone there for years. It's a great opportunity for risk managers to speak directly to decision-makers about things that are important to them. [39:42] Special thanks again to Katherine Henry and Hal Weston for joining us here today on RIMScast! Remember to download the new RIMS Legislative Review, “A 2025 Cybersecurity Legal Safe Harbor Overview”. [39:58] We are past the 30-day mark now, so the review is publicly available through the Risk Knowledge Page of RIMS.org. You can also visit RIMS.org/Advocacy for more information. In this episode's notes, I've got links to Katherine's prior RIMScast appearances. [40:18] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [40:47] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [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. [41:22] 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. [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. [41:53] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [42:05] Practice good risk management, stay safe, and thank you again for your continuous support! Links: RIMS Professional Report: “A 2025 Cybersecurity Legal Safe Harbor Overview” RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 RIMS ERM Conference 2025 — Nov. 17‒18 RISKWORLD 2026 — Members-only early registration through Oct 30! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS Risk Management magazine | Contribute RIMS Now Cybersecurity Awareness Month World Standards Day — Oct 14, 2025 Upcoming RIMS Webinars: RIMS.org/Webinars “Jury Dynamics: How Juries Shape Today's Legal Landscape” | Oct. 16, 2025 | Sponsored by Zurich “Parametric Insurance: Providing Financial Certainty in Uncertain Times” | Oct. 30, 2025 | Sponsored by Swiss Re “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World” | Nov. 6 | Sponsored by Hub Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Virtual Exam Prep — Oct. 29‒30, 2025 RIMS-CRMP-FED Exam Prep Virtual Workshop — November 11‒12 Full RIMS-CRMP Prep Course Schedule “Risk Appetite Management” | Oct 22‒23 | Instructor: Ken Baker “Intro to ERM for Senior Leaders” | Nov. 4‒5 | Instructor: Elise Farnham “Fundamentals of Insurance” | Nov. 11‒12 | Instructor: Chris Hansen “Leveraging Data and Analytics for Continuous Risk Management (Part I)” | Dec 4. See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes about Cyber and with Katherine Henry: “National Cybersecurity Awareness Month 2025 with Gwenn Cujdik” “AI Risks and Compliance with Chris Maguire” “Data Privacy and Protection with CISA Chief Privacy Officer James Burd” “Cyberrisk Trends in 2025 with Tod Eberle of Shadowserver” “Legal and Risk Trends with Kathrine Henry (2023)” Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company Demystifying Multinational Fronting Insurance Programs | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed! RIMS Events, Education, and Services: RIMS Risk Maturity Model® Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests: Katherine Henry, Partner and Chair of the Policyholder Coverage Practice, Bradley, Arant, Boult, and Cummings Harold Weston, Clinical Associate Professor and WSIA Distinguished Chair in Risk Management and Insurance, Georgia State University College of Law Production and engineering provided by Podfly.

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National Cybersecurity Awareness Month with Gwenn Cujdik

Play Episode Listen Later Oct 7, 2025 46:20

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Gwenn Cujdik, the Incident Response and Cyber Services Lead for North America at AXA XL. Justin and Gwenn cover various cybersecurity topics, and how her 15 years as an Assistant District Attorney prepared her for her current role of responding to cyber attacks. Listen for tips on securing your organization, large or small, from cyber attacks and responding when, not if, they come. Gwenn shares her experiences and some advice. Listen for Gwenn's insights to help you be vigilant and prepared against cybercrime. Key Takeaways: [:01] About RIMS and RIMScast. [:14] With great sadness, the RIMS family lost a true leader in September. Susan Meltzer was an exceptional risk professional and passionate volunteer with RIMS. She served as the Society's President in 1999 and 2000. [:29] RIMS has established a scholarship fund in her name. You can donate to that fund through RIMS, The Foundation for Risk Management®, at RIMS.org/FRM. [:46] About this episode of RIMScast. This is our National Cybersecurity Awareness Month episode. Here to lend her insight on all things cyber is Gwenn Cujdik. She is the Incident Response and Cyber Services Lead for North America at AXA XL. [1:19] We're also going to talk about her fascinating career that antedates her time in cyber. [1:24] RIMS-CRMP Prep Workshops! The next RIMS CRMP Prep Workshops will be held on October 29th and 30th and led by John Button. [1:36] The next RIMS-CRMP-FED Virtual Workshop will be held on November 11th and 12th and led by Joseph Mayo. Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:53] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” It will be held again on November 4th and 5th and will be led by Elise Farnham. [2:07] On November 11th and 12th, Chris Hansen will lead “Fundamentals of Insurance”. It features everything you've always wanted to know about insurance but were afraid to ask. Fear not; ask Chris Hansen! RIMS members always enjoy deep discounts on virtual workshops! [2:26] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:37] Several RIMS Webinars are being hosted this Fall. On October 9th, Global Risk Consultants returns to deliver “Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes”. [2:51] On October 16th, Zurich returns to deliver “Jury Dynamics: How Juries Shape Today's Legal Landscape”. On October 30th, Swiss Re will present “Parametric Insurance: Providing Financial Certainty in Uncertain Times”. [3:08] On November 6th, HUB will present “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World”. Register at RIMS.org/Webinars. [3:20] On with the show! It's National Cybersecurity Awareness Month here in the U.S. and in many places around the world. Cyber continues to be a top risk among organizations of all sizes in the public and private sectors. [3:35] Joining me today to discuss cybersecurity awareness is Gwenn Cujdik. You may remember her from the RIMS AXA XL webinar on September 4th, “Lock Down & Level Up.” [3:52] During that webinar, we had a brief, fascinating discussion about her time as an Assistant District Attorney in Pennsylvania. [4:01] I wanted to learn more about how someone transitions from a colorful career to cybersecurity and eventually becomes the Incident Response and Cyber Services Lead for North America at AXA XL. [4:15] She's got a lot on her plate. She's got a huge risk radar. We're going to talk all about it and help all the risk managers out there use her insight and perspective to protect their organizations. Let's get to it! [4:28] Interview! Gwenn Cujdik, welcome to RIMScast! [5:09] Gwenn is Incident Response and Cyber Services Lead for North America at AXA XL. When a client has a cyber breach, they call AXA XL and work with Gwenn's teams. [5:42] Gwenn works on training her teams to be able to respond, setting up procedures and processes to make the response seamless and collaborative, and making sure the clients get consistent service, whoever handles the call. [6:16] Gwen's team has 18. Four are in leadership with 14 more team members. Two managers directly supervise the teams to help them with answers to questions about unusual situations. [6:50] Gwenn helps the teams understand massive events and how they might affect AXA XL and their clients, how to interact with brokers, and technical matters. She helps the team understand coverages when it comes to something unique. “It's all hands on deck for us!” [7:55] Gwenn says, Fighting crime is a part of who I am. She is driven by helping others get through some terrible times. She has seen the worst of the worst. Sometimes it takes just one helping hand to get people through tough times. She has seen how impactful that can be. [8:44] Sometimes, in a crisis, how people interact with the victim could be the recipe for them to recover fully from that event. Gwenn has seen people recover, take back their lives, move forward, and be survivors. She has seen corporations and companies do so and become better. [9:39] Justin repeats that Gwenn has seen the worst of the worst: homicides, murders, abuses of women and children, arson, and more. She has seen it all, including things that she wishes she hadn't seen. [10:27] Gwenn compares cyber incident response to her ADA work. A prosecutor has to be able to handle things under pressure. The best prosecutors are looking to do the right thing. Gwenn has met many people who, absent the crime, would have been friends. [11:06] You have to be able to see there's a human on the other side, and there are humans that they hurt. You do right by understanding that there are a lot of players involved, who are humans. [11:26] It helps you understand where somebody might be coming from. It helps you understand why they might be screaming at you. “I'm just the messenger, but let's talk about why you're so upset.” [11:39] Gwenn says one of the cool things about being a prosecutor is that every case you have presents a different set of facts and circumstances. There's a law that's intertwined with it, and that's interesting for Gwenn. [11:54] The first time Gwenn had an arson case, she had to work with the Fire Marshals to understand how they knew the fire started here. How did they know it was a chemical? She started with the Fire Marshals and then went to the crime scene to talk to Forensic Chemists. [12:11] The Forensic Investigators explained the chemistry behind the Molotov Cocktail that was thrown through the window. This was how the fire started, and then it enveloped the room. [12:22] When Gwenn first worked with DNA, she found it to be incredibly complicated. She had to learn it to be able to explain it. Her job was to explain to 12 people why DNA mattered, why it's this guy, and not anybody else, that committed this crime; the numbers are insane. [12:44] It could be one in a hundred quadrillion that it's another person. Those numbers are insane, and it's really hard to understand. [12:56] Gwenn was in the DA's office when cell site analysis came around; being able to triangulate where someone is, using cell towers. The Philadelphia Field Office had one of the pioneers in that science. Gwenn learned from him. [13:13] One of Gwenn's matters was a homicide. They tracked the defendant from the scene of the crime, through public transportation, back to his house, using cell site triangulation. While they were mapping, the actor Joe Piscopo came by, touring the building. Gwenn was an SNL fan. [14:23] Gwenn's prosecutorial experience translates to cyber in that each matter is a little different. There's a bad guy at the other end. Gwenn is not sympathetic to the bad guys because they are anonymous. Nobody sees them or knows them. It's usually a criminal enterprise. [14:59] It's a group of people working together, motivated by money and wreaking havoc on people who are trying to make a living and support their families. The bad guys want to extort millions of dollars and put businesses and livelihoods in danger. [15:42] In Philadelphia, the elite of the elite prosecutors worked in homicide. Some spend 20 or 30 years there. Gwenn was an ADA for 15 years, but couldn't see herself doing it for 20 or 30 years. She wanted to stay positive and be a force for good when she was dealing with bad. [16:34] She wondered where she could go to have a similar impact for good, investigating, and helping people get through an awful time. [16:45] Gwenn had a friend who worked with her in the Family Violence and Sexual Assault Unit. She had left the office to work for a new law firm doing cyber incident response. She called Gwenn and said she would be really good at it. She explained it to Gwenn. [17:50] Gwenn interviewed with the firm and got an offer the day she interviewed. She realized that was what she wanted to do. Some former prosecutors were doing it. There were some amazing people, and she wanted to be a part of that, something new, interesting, and growing. [18:15] Gwenn wanted to be challenged and get to help people. Once she discovered it, she couldn't think of a better transition for people who are in law enforcement than going into cybersecurity. [18:39] RIMS Events! On November 17th and 18th, join us in Seattle, Washington, for the RIMS ERM Conference 2025. The agenda is live. Check out Episode 357 for Justin's dialogue with ERM Conference Keynote Presenter Dan Chuparkoff on AI and the future of risk. [18:59] Visit the Events page of RIMS.org to register. [19:02] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when you register by October 30th! [19:16] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by October 30th, and you will also be entered to win a $500 raffle! Do not miss out on this chance to plan and score some of these extra perks! [19:30] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us! Visit RIMS.org/Membership and build your network with us here at RIMS! [19:42] Let's return to our interview with Gwenn Cujdik! [20:14] Gwenn says cybersecurity takes a village. What she learned in criminal prosecution is that as long as there have been humans, there has been crime. We're fortunate as a society to have laws, law enforcement, governing bodies, and organizations to keep crime down. [20:54] It's not dissimilar to cybersecurity. If Gwenn were talking to a board, she would say, It takes everybody in your community, in your organization, to build resilience, protect yourself from cybercrime, and react to it. [21:12] Gwenn says a big mistake people often make is thinking incident response is a job for just their tech team. The IT team is not trained in all the various fields you need to be an expert in to get through a cyber incident. [21:41] Your IT team will be able to get you up and running, collaborate, and be a good foundation for the incident response, working with outside experts. It takes people who understand the law and who understand communications. [21:54] It takes people who understand the brand, who are the heart of the organization, to be able to respond. Your CISO may say, Here's how I think that we should respond, but your CEO may say, This isn't how I think we would respond to an event like this. Keep in mind who we are. [22:32] Your legal team is there to say, Here's why we can't do that, the risk is too great; It will be worse if you do X, Y, Z; You shouldn't do that because you need to be compliant with the law. [23:11] Gwenn says good leaders lead best when they model. If you expect people to be open-minded and collaborative, you need to be the same. For the most part, organization leadership is very aware that cybersecurity is an important part of who they are and will be. [23:55] Gwenn has met a ton of CEOs who admit they don't know what they don't know and ask for help to understand cybersecurity so they can help their organizations in the best way possible. Some CEOs are thinking ahead and putting teams together that understand their role. [24:20] Gwenn has encountered CEOs who are just messing up the process. One wanted to invite his wife, not an employee, to the conversation because she would like to hear about it. From a legal and business perspective, it's very risky for the company. [25:04] One Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [25:23] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025. [25:39] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [25:53] Let's Conclude Our National Cybersecurity Awareness Month Interview with Gwenn Cujdik! [26:05] It's National Cybersecurity Awareness Month 2025, here in the U.S. It's a big month for everyone in Gwenn's house; they have to pull their own weight a little more because she's traveling a lot, she's out a lot, and there are a lot of conferences and meetings going on! [26:29] Gwenn tries not to shove everything cyber just into October. October is busy, and she loves it. [26:56] On October 29th, at the Sheraton New York Times Square Hotel in Manhattan, Gwenn will be the Conference Co-Chair for the Zywave Cyber Risk Insights New York event. It's a full day with a lot of very knowledgeable individuals from a range of companies. [27:50] It is one of Gwenn's favorite events. It's a day packed with good information. She would love to see more risk managers and CISOs join it. The amount of information you can get in one day is almost unbelievable. The content is pretty diverse. [28:21] It covers claims, the state of the market, the different ways threat actors are attacking, how to prepare better for attacks and for business continuity, and how to organize invoices and costs as you're going through an incident response. [29:01] Gwenn says, Get the small things right so you can deal with the big things. While you tackle the small things, you can talk about whether or not the law requires you to file notifications to seven million people and how to get through that as a company. [29:22] Gwen says it's a great event. Gwenn will be there, giving opening remarks. Justin will be there, after attending a heavy metal concert the night before. The link is in this episode's show notes. [30:52] When Gwenn entered the cybersecurity field, she was surprised at the female presence. One of the managing partners who interviewed her was a female. There are also savvy female hackers out there. [31:35] Gwenn says that in criminal law, people have trouble understanding that women can commit crimes, the same way that men can. Gwenn points out Elizabeth Holmes and the book Bad Blood, about Theranos. [32:23] Gwenn mentions a woman in government who embezzled $22 million from her community to show horses. [32:42] Gwenn says, in terms of cybersecurity being a male-dominated field, we're all learning together; anybody who tries and is committed to it can do it. Because it's new, people come from different backgrounds with diverse experiences. [33:11] Gwenn says, We're seeing value in people coming from different careers and different industries and seeing their skillsets translate to cybersecurity. In this field, you need great diversity with people from all different backgrounds to be able to tackle this. [33:38] It's not one-size-fits-all. There are personalities involved. There are different businesses involved, from small to large, public to government. You have to be able to understand a huge variety of people and businesses. You have to understand a huge amount of technology. [34:00] Gwenn talks about the differences between cybersecurity and other industries. eDiscovery for cyber is not the same as eDiscovery for litigation. You need special people and tooling, and you have to understand what the tooling is, which helps you figure out timing. [34:43] Technology is always developing. Gwenn compares it to cat and mouse. We're constantly chasing the bad guys to figure out what they're doing. Sometimes it's reactive. They'll think of something new, and we've never seen it before. This is how we get through it. [35:04] The tools and a skillset you've used dealing with everything before help you tackle what's coming. Even the way we investigate and respond to things has changed. [35:16] Gwenn says when we came on the scene, we would grab images of all the computers. If there were 50 computers, you would have 50 images, which would mean people going through a massive amount of data, taking a really long time. [35:30] We don't do that now. We have tools and technology that can get through a system programmatically, to pull the evidence we need to do these investigations without having to go into a shop and take copies of laptops or servers to get through that. [35:49] That makes a potential difference of millions of dollars in responding. It's the difference between months and a month to respond. [36:15] Gwenn has not seen a malicious actor with technology or an algorithm that is beyond what she has seen before. She says, We have the technology they have. You'd be surprised how much private industry gives to our community in terms of intelligence and technology. [36:35] Gwenn adds, We work with the government to find out solutions. The industry is armed pretty well. Gwenn has seen some things that have impressed her. One attacker was pulling searches from a legal hold, getting into sensitive information. [37:16] Their searches looked legitimate, like what an attorney would look for, so it didn't set off bells and whistles. Gwenn wonders how they knew to look in a legal hold. Were they lawyered? That was something small but ingenious to Gwenn. [37:46] Seeing a smart attack invigorates Gwenn to use her brain and try to be as smart or smarter. She says that's what is great about this job. It's constantly changing. You're constantly moving. It's not for weak minds. [38:11] To excel, you have to be smart, tenacious, and love learning. You have to love that you may be an expert in this, but you may become obsolete. You've got to keep your game up. Gwenn says she is just a big nerd for it. [38:33] Attackers are using AI more. Gwenn recalls two incidents recently where two different groups, for two different reasons, were attacking Salesforce. That's the rub of being popular. One group used AI to search quickly for sensitive information to leverage attacks on companies. [39:27] Unfortunately, people are reusing passwords, and the bad guys know that. Gwenn says you'd better not! [39:57] Justin comments that AI being used for a cyber attack should be on companies' risk radars. How can they adjust defense strategies to stay ahead of something like that? [40:08] Gwenn is dealing with that at this moment. If you are a big company with subsidiaries and locations around the country or the world, segregate the networks. If an attack hits your facility in Oklahoma, they won't have access to your facility in Belgium. [40:38] If your locations are networked, it's a domino effect. If one goes down, they all go down. In terms of business resilience, that is the one factor that can tumble everything with the press of a button. [40:55] The tools that bad guys are using are meant to get them through fast. They get in, use AI to conduct reconnaissance, and get terabytes of data out quickly. It's important to take every effort to reduce the severity of an attack in its spread and the amount of data stolen. [41:40] Can they move laterally within a company or elevate privileges by getting to the admin, who has access to everything? It's great to focus on how to prevent it, but the reality is, they're going to find a way. It's not if, it's when. [42:09] While you have to prevent the attack from happening, and be vigilant. If you get an attack, you have to make sure it's small, you respond quickly, and it's not going to hit every facet of your company. Attacks that hit every facet of the company are the most devastating. [42:39] Justin says you've been wonderful. You've given us so much to think about when it comes to National Cybersecurity Awareness Month. You do great work! I look forward to seeing you in more AXA XL RIMS collaborative webinars! [42:55] We'll see you in the city for the Zywave Cyber Risk Insights New York, on October 29th, delivering the opening address and mingling with attendees. [43:04] Gwenn says, I'll be there all day, attending sessions, supporting my friends on panels, my cyber family, and for folks who want to meet me. I'm always happy to talk cyber! [43:24] Justin says, Lock Down & Level Up: Turn Up Your Cybersecurity Game Against Creative Cyber Criminals. [43:30] You've been such a wonderful guest, and I appreciate all your time and insight today. Thank you, Gwenn! [43:43] Special thanks to Gwenn Cujdik of AXA XL for joining us here to discuss all things cyber. The AXA XL RIMS webinar, “Lock Down & Level Up: Turn Up Your Cybersecurity Game Against Creative Cyber Criminals,” is now available on demand through the RIMS.org/Webinars page. [44:05] A link is also in this episode's show notes. [44:07] Gwenn will deliver the opening address at the Zywave Cyber Risks Insights New York Conference on October 29th in Manhattan. A link is in this episode's show notes. [44:19] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [44:47] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [45:05] 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. [45:23] 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. [45:39] 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. [45:54] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [46:06] Practice good risk management, stay safe, and thank you again for your continuous support! Links: RIMS ERM Conference 2025 — Nov. 17‒18 Spencer Internship Program — Registration Open Through Oct. 15. RISKWORLD 2026 — Members-only early registration through Oct 30! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 RIMS Risk Management magazine | Contribute RIMS Now Zywave's 2025 Cyber Risk Insights Conference — Oct. 29, 2025 | New York City StaySafeOnline.org “RIMS Issues Statement on the Passing of Legendary Risk Leader and Former RIMS President Susan Meltzer” Upcoming RIMS Webinars: RIMS.org/Webinars Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes | Oct. 9 | Sponsored by Global Risk Consultants Jury Dynamics: How Juries Shape Today's Legal Landscape | Oct. 16, 2025 | Sponsored by Zurich Parametric Insurance: Providing Financial Certainty in Uncertain Times | Oct. 30, 2025 | Sponsored by Swiss Re Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World | Nov. 6 | Sponsored by Hub “Lock Down & Level Up: Turn Up Your Cybersecurity Game Against Creative Cyber Criminals” Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Virtual Exam Prep — Oct. 29‒30, 2025 RIMS-CRMP-FED Exam Prep Virtual Workshop — November 11‒12 Full RIMS-CRMP Prep Course Schedule “Risk Appetite Management” | Oct 22‒23 | Instructor: Ken Baker “Intro to ERM for Senior Leaders” | Nov. 4‒5 | Instructor: Elise Farnham “Fundamentals of Insurance” | Nov. 11‒12 | Instructor: Chris Hansen “Leveraging Data and Analytics for Continuous Risk Management (Part I)” | Dec 4. See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes about Cyber: “AI Risks and Compliance with Chris Maguire” “Data Privacy and Protection with CISA Chief Privacy Officer James Burd” “Cyberrisk Trends in 2025 with Tod Eberle of Shadowserver” Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed! RIMS Events, Education, and Services: RIMS Risk Maturity Model® Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: Gwenn Cujdik, Incident Response and Cyber Services Lead for North America at AXA XL Production and engineering provided by Podfly.

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Risk Management Momentum with Tim Ryan

Play Episode Listen Later Sep 2, 2025 23:41

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. The Spencer Educational Foundation, a leading nonprofit organization to nurture the next generation of risk management and insurance professionals, will hold its annual Funding Their Future Gala in New York City on Thursday, September 18, 2025. This eagerly awaited event will occur at the renowned Cipriani 42nd Street, uniting industry leaders and supporters to acknowledge achievements in risk management and insurance. This year's gala recognizes Tim Ryan, U.S. President at Lockton, for championing the next generation of talent and shaping the future of the risk management and insurance industry. Since being named U.S. President in 2024, Tim has been pivotal in positioning Lockton for the future. With over 30 years of industry experience, Tim brings a strategic and enduring approach to leadership. He is committed to fostering a culture of collaboration and excellence that carries Lockton's momentum forward. Tim's vision is to build on Lockton's strong foundation, guiding the company through evolving market demands while maintaining its reputation as the best place to work in insurance. “Tim's commitment to attracting and developing top talent has been instrumental in Lockton's continued success and evolution as an industry leader,” stated Julie Gibson, Spencer board member and Chief Marketing Officer at Lockton. In this episode, Justin interviews Tim Ryan on his career, his risk philosophy, his leadership vision on mentorship, and his recognition by the Spencer Educational Foundation. Listen to learn about attracting top, rising talent to the risk management and insurance industry. Key Takeaways: [:01] About RIMS and RIMScast. [:14] The call for educational content submissions for RISKWORLD 2026 is open through September 4th! A link is in this episode's show notes. [:28] About this episode of RIMScast. We will be joined by Tim Ryan. He is the U.S. President at Lockton and the honoree at this year's Spencer's Funding Their Future Gala on September 18th. We'll get his perspective on leadership and the future of risk management in just a moment. [1:00] RIMS-CRMP Workshops! The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:20] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:37] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:48] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals”. [2:01] On September 18th, Origami Risk will present “Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration”. [2:10] On October 9th, Global Risk Consultants returns to deliver “Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes”. [2:19] On October 16th, Zurich returns to deliver “Jury Dynamics: How Juries Shape Today's Legal Landscape”. [2:28] On October 30th, Swiss Re will present “Parametric Insurance: Providing Financial Certainty in Uncertain Times”. [2:37] On November 6th, Hub will present “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World”. Register at RIMS.org/Webinars. [2:49] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through the 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:04] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:17] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:31] On with the show! On September 18th, 2025, the Spencer Educational Foundation will hold its annual Funding Their Future Gala in New York City at the renowned Cipriani 42nd Street. [3:44] This year's Gala recognizes Tim Ryan, U.S. President at Lockton, for championing the next generation of talent and shaping the future of risk management and insurance. [3:54] Tim Ryan is our guest today. He has over 30 years of industry experience. We're going to dive into his philosophies on leadership and what it takes for the next generation of risk professionals to be successful in the short and long term. Let's get to it! [4:11] Interview! Tim Ryan, welcome to RIMScast! [4:32] Tim Ryan is excited to be here today to talk about the Spencer Educational Foundation! He says it's an exceptional organization, doing important work. It's a unique organization that brings the entire industry together to rally around an issue that's important to us all. [4:52] Tim says the recognition is humbling and gratifying. It's nice to be recognized, but he doesn't view it as a personal achievement. He sees it as a reflection of the incredible work being done by Lockton and Associates throughout the country, more than it is of his individual efforts. [5:14] Tim says he is honored to be recognized, and he's proud to be part of a company that sees this as a priority. [5:26] Tim has been at Lockton for 20 years. Before Lockton, Tim worked on the carrier side for 10 years. Tim became the U.S. President at Lockton almost a year ago to the day. [5:49] Tim's leadership style has changed over time, through the wisdom of maturity and a lot of trial and error. He started in the industry straight out of college. Working at a couple of different organizations exposed him to different leaders along the way. [6:10] Tim learned a few foundational lessons. First, leadership is rarely about title. People follow people, not the position. When Tim was first made a team leader, he was excited to be in charge. He promised himself he wouldn't make the same mistakes his managers had made. [6:37] He made the same mistakes. He started to realize that a leadership position isn't about you. Your job is to set the vision, align stakeholders, make sure there's clarity on roles and responsibilities, and create and foster an environment that allows people to be successful. [6:58] Tim's leadership style is about building teams with complementary skill sets. It's not about being the smartest person in the room; it's about making sure the room is filled with smart and motivated people. [7:08] Put the right people in the right place and trust them to get the job done. People want to believe in what they're doing and who they're doing it with. It's critical to bring together people with a diversity of thought and background. Bring a variety of different viewpoints to the table. [7:28] Tim believes it's critical to get to know your people. What motivates and drives them? What are their goals and aspirations? How do they like to absorb information? [7:55] Tim views it as his job to listen, to motivate, and to remove obstacles. It's about being authentic. Don't play the role, especially for first-time leaders. You have to be open and transparent, and true to yourself. [8:32] Tim says the role of the broker has changed with the world. If brokers did the same things they did 10 to 15 years ago, they would be at risk of being obsolete. [8:44] Fifteen years ago, there was no Instagram or TikTok. You were probably on MySpace, playing music on your iPod. Some of the emerging risks that are at the forefront of today's discussions range from autonomous vehicles to data centers to digital assets and currency. [9:04] The pace of change in the industry is fast, and it's only increasing. The constant emergence of new and evolving risks requires greater specialization and the use of data analytics to deliver deeper insights into our clients' businesses. [9:18] As you look ahead, you can start to see how AI is going to have a dramatic impact on how we do business in the not-too-distant future. [9:26] Despite these advances and changes, for a broker, one thing is unchanged. Clients want us to help them see around corners. They want us to help them understand what's coming next. They look to us to provide expertise and help make decisions. [9:46] Tim says our job is to be a fierce advocate for them, to be that trusted advisor. We need to know and understand their business, the industry they operate in, and the risks associated with it. We need to understand their risk tolerance and help them solve their business need. [10:04] Quick Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [10:26] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025. [10:43] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [10:57] RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [11:11] On September 14th through the 17th, we will be in Calgary for the RIMS Canada Conference 2025. Visit RIMSCanadaConference.ca to register. [11:21] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [11:37] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is live, and early rates are available until September 5th. Register now to save $110 and secure your spot at the ERM event of the year. [11:59] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [12:14] At the top, Justin mentioned RISKWORLD 2026. Through September 4th, the RISKWORLD education content submission process is still open. [12:23] RIMS invites you to share your experiences, best practices, and innovative strategies that represent the global outlook of risk management. Send us your submission, and who knows? We might select you to speak at RISKWORLD 2026 in Philadelphia! The link is in the show notes. [12:41] Let's Return to Our Interview with Lockton U.S. President Tim Ryan! [13:03] Tim Ryan talks about cultivating the next generation of risk and insurance professionals. His motivation comes from his story. It's all about paying it forward. He wouldn't be where he is today without the guidance and support of some great mentors throughout his career. [13:16] Tim's mentors had no reason to want to help him, but from early on, they decided to help him reach his potential. Tim started his career as a trainee at Fireman's Fund Insurance in a branch office North of New York City. [13:36] The office manager was incredible. He was generous with his time. He was never too busy to help or answer questions. He always found ways to give Tim opportunities in meetings, in projects, or with clients. [13:49] Opportunities that Tim probably wasn't ready for, but that were part of his developmental process. Tim is incredibly grateful for the impact this manager had on his career and his life. Almost 35 years later, Tim still thinks of him as a person that he tries to emulate. [14:12] Tim says, “ So, John Lience, if you're listening, thank you! It made a difference. Give me a call. I'd love to catch up.” [14:20] Justin is glad to hear the shoutout by name. It's a small world in risk management, and everybody knows each other. John may be listening. Tim agrees, for as big an industry as it is, it is definitely a very small world. [14:33] Tim continues, fast forward to today, this is something that we're passionate about because we see it as a strategic priority for the business. Lockton invests an incredible amount of time and money into the technical and professional development of all its associates. [14:53] It starts with the first-year analysts, many of whom came out of Lockton's intern program. Leaders have an obligation to grow and develop the next generation of talent. [15:04] It's about creating a culture of continuous learning, one where people feel valued, included, and connected to the purpose of the work and the people that they work with. [15:14] What drives and motivates Tim is that shared sense of purpose that brings everyone together. [15:34] What must the sector do differently to attract, engage, and top rising talent? Tim says the industry has made progress, but we're still not where we need to be. We have to expand the talent pool by building stronger partnerships with different schools and organizations. [15:55] The Spencer Educational Foundation is already doing the work to engage more diverse communities. These relationships help us reach individuals who may not have considered a career in risk and insurance, but bring valuable perspectives and skills. [16:08] Tim continues, beyond sourcing talent, retention has to be a priority. It's great to get people into the industry, but can we keep them? That means investing in leadership development programs accessible to a broader audience, including underrepresented groups. [16:22] It also means helping young talent understand their purpose and how they fit within the vision of the company they're working in. When people see a path for growth and feel connected to the purpose, they're more likely to stay and thrive. [16:35] Building that workforce that better reflects the communities and businesses we serve isn't just the right thing, but it also makes our industry stronger, it makes it more innovative, and it makes it better equipped to meet the evolving needs of our clients. [16:53] Tim has attended Spencer Educational Foundation's Funding Their Future Gala for years. He was there last year for Lilian Vanvieldt-Gray. She was great! The grant recipients also spoke. They were incredibly impressive. Lockton asked two of them for their numbers and resumes. [17:26] Justin comments that the event itself can be a networking and career advancement opportunity. Tim says it was great to hear from the recipients. It brings it back to what impact the Spencer Educational Foundation has. [17:50] Justin had a great time last year, and he looks forward to seeing Tim this year, on September 18th. The Spencer Educational Foundation supports students and educational programs across the risk and insurance professions. [18:14] Tim says most young people don't have any idea what a broad, vibrant, and dynamic industry this is. We have to do more to generate awareness and excitement about our industry. [18:23] Partnerships like the one with Spencer Educational Foundation are critical. They bring awareness and help us reach smart, young, talented individuals who might not otherwise consider a career in this field. The scholarship program is a big part of that. [18:35] Lockton has been involved in the Foundation since the early days. 20 years ago, they established the John T. Lockton Memorial Scholarship through the Spencer Scholarship Program. [18:47] Lockton continues to support that program, donating over $1 million in funding for about 200 scholarships. The program is just one of the many ways Spencer is driving awareness and engagement in the industry. [18:57] Tim praises the Spencer Educational Foundation for the great work they do with colleges and universities, helping build risk management programs, facilitating internships, and bringing new people into the industry through the scholarship program. [19:06] These partnerships are essential for the future of risk and insurance because they create pathways for students to discover the unique value the profession offers. Tim says many scholarship recipients are working at Lockton today, and they are excellent. [19:37] Tim shares advice to students or early career professionals discovering risk management. “Every year, I meet with our first-year analysts and interns, and I talk to them about this very subject.” [19:45] “We talk about how big the industry is and that there are so many opportunities and career paths available to them. But the backdrop of that conversation is about the pace of change and the importance of being a continuous learner.” [19:59] “You're going to have to reinvent yourself many times over the course of your career to stay relevant, so now, at this early stage of your career, is the time to invest in yourselves. Don't get caught up in worrying about the next promotion or the next step in your career.” [20:13] “Just be patient. You're going to have plenty of time for all that. All that's going to work itself out. Just focus on gaining new experience and knowledge, and figure out what you're good at. Don't just do things. Seek to understand why.” [20:27] “Look, you can have a job or you can have a career, and they're different. But that's ultimately going to be up to you. It's your responsibility. If you focus on what you're doing and do it well, your next job will likely come from someone you're impressing today.” [20:47] “Get out of your bubble, build relationships, network, and go meet with people. Make people want to invest in you.” [21:00] “If you take nothing else out of this conversation, try to remember these things: Be curious. Ask questions. Understand why you're doing things. Show up and be present. If you can do those things, you'll ultimately be successful.” [21:20] Special thanks to Tim Ryan of Lockton for joining us here on RIMScast! We look forward to seeing him on September 18th at the Spencer Funding Their Future Gala in New York City. Visit the link in this episode's show notes for tickets and SpencerEd.org for more information. [21:40] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [22:09] 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. [22:27] 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. [22:44] 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. [23:01] 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. [23:15] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [23:27] Practice good risk management, stay safe, and thank you again for your continuous support! Links: RIMS ERM Conference 2025 — Nov. 17‒18 Spencer Educational Foundation 2025 Funding Their Future Gala — Sept. 18, 2025, in NYC! The call for RISKWORLD 2026 submissions is open through Sept 4. Spencer Internship Program — Registration Open Through Oct. 15. RIMS Canada 2025 — Sept. 14‒17 | Registration open! 10th Annual Chicagoland Risk Forum — Sept. 18 | Registration open! RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open! RISKWORLD 2026 — Members-only early registration! Register through Sept 30! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Next bi-weekly course begins Oct 9. RIMS Diversity Equity Inclusion Council RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 RIMS Risk Management magazine | Contribute RIMS Now “Tim Ryan to Receive Honor at Spencer Educational Foundation's 2025 Gala” RIMS Webinars: RIMS.org/Webinars “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals” | Sept. 4, 2025 | Sponsored by AXA XL “Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration” | Sept. 18 | Sponsored by Origami Risk “Natural Hazards: A Data-Driven Guide to Improving Resilience and Risk Financing Outcomes” | Oct. 9 | Sponsored by Global Risk Consultants “Jury Dynamics: How Juries Shape Today's Legal Landscape” | Oct. 16, 2025 | Sponsored by Zurich “Parametric Insurance: Providing Financial Certainty in Uncertain Times” | Oct. 30, 2025 | Sponsored by Swiss Re “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World” | Nov. 6 | Sponsored by Hub Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP-FED Exam Prep Virtual Workshop — November 11‒12 Full RIMS-CRMP Prep Course Schedule Intro to ERM for Senior Leaders | Nov. 4‒5 | Instructor: Elise Farnham See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: “The Strengths of DE&I Initiatives with Lilian Vanvieldt-Gray of Alliant Insurance Services”, Spencer Gala Honoree 2024 Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed! RIMS Events, Education, and Services: RIMS Risk Maturity Model® Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: Tim Ryan, U.S. President, Lockton Spencer Educational Foundation Funding Their Future Gala's 2025 Honoree Production and engineering provided by Podfly.

Risk in the Boardroom

The Next Five

Play Episode Listen Later Aug 28, 2025 38:02

The term polycrisis has been gaining traction in recent times as the world faces one disaster after another that are all interlinked. The far-reaching implications of a world at risk means boardrooms must remain agile to navigate their businesses past the rocks and into calmer seas. In a break away from our normal format, we've created our own boardroom. Sat around our virtual table today are three experts ready to discuss what risks are out there, how boards are dealing with them and what the boardroom dynamic needs to be to navigate a fast evolving and uncertain future. They are Sean McGovern, UK & Lloyd's CEO at AXA XL, Pam Joshi, Global Head of Insurance and Risk Management at Takeda Pharmaceuticals and Sarah Isted, UK Risk Leader at PwC UK.Sources: FT Resources, IRM, GARP, ICAEWThis content is paid for by AXA XL and is produced in partnership with the Financial Times' Commercial Department. Hosted on Acast. See acast.com/privacy for more information.

ceo uk risk insurance acast financial times global head risk management boardroom irm garp pwc uk axa xl

Building Out Wholesale

Play Episode Listen Later Aug 26, 2025 13:57

AXA XL's Head of Wholesale Solutions in the Americas Tim Whisler discusses growth, goals, and getting there. In our latest conversation with AXA XL, we discuss their focus on building out their wholesale solutions, including the programs segment, excess & surplus (E&S), and the wholesale underwriting unit. Topics include the value of the wholesale broker in complex risk markets, trends in E&S, and the importance of talent in achieving growth goals.

head wholesale axa xl

Absence Management with Ondrea Matthews

Artificial Intelligence in Industry with Daniel Faggella

Play Episode Listen Later Aug 26, 2025 34:27

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Ondrea Matthews, Sr. Director, Risk Management & Benefits at CoorsTek. Ondrea is also on the board of RIMS. She will be presenting at the RIMS Western Regional on October 2, “Gone But Not Forgotten: Mastering Absence, Disability, and Risk Without Losing Your Sanity!” Justin and Ondrea cover her risk career, the history of CoorsTek, her risk philosophy, and her experiences on the RIMS Rocky Mountain Chapter Board and the RIMS Global Board. She suggests how risk managers can work with HR to bring value to the organization. Listen to learn about Ondrea's upcoming presentation at the RIMS Western Regional Conference. Key Takeaways: [:01] About RIMS and RIMScast. [:14] The call for educational content submissions for RISKWORLD 2026 is open through September 4th! A link is in this episode's show notes. [:28] About this episode of RIMScast. We will discuss HR risks with Ondrea Matthews, the Senior Director of Risk Management and Benefits at Coorstek. She is also a RIMS Board Director. She will share her risk perspective. [:55] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [1:06] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:22] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:39] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:50] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals”. [2:03] On September 18th, Origami Risk will present “Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration”. [2:12] On October 30th, Swiss Re will present “Parametric Insurance: Providing Financial Certainty in Uncertain Times”. [2:20] On November 6th, Hub will present “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World”. Register at RIMS.org/Webinars. [2:32] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:53] See the full agenda at RIMS.org/ERM2025. [2:59] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:14] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:26] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:41] On with the show! Our guest today is Ondrea Matthews. She is the Senior Director for Risk Management at CoorsTek. She is also a RIMS Board Director. On October 2nd, she will have a key role at the RIMS Western Regional Conference at the Santa Clara Marriott in California. [4:02] On the afternoon of October 2nd, she will be co-leading the session “Gone But Not Forgotten: Mastering Absence, Disability, and Risk Without Losing Your Sanity!” We're going to get a preview of that session, and she'll be speaking to us from experience. Let's get to it! [4:19] Interview! Ondrea Matthews, welcome to RIMScast! [4:25] As of January 2025, Ondrea is on the RIMS Board of Directors. Ondrea will be a presenter at the RIMS Western Regional Conference on October 2nd, partnering with ESIS, talking about Gone But Not Forgotten, touching on absence management. [5:04] Ondrea started as an engineering major. With an engineering degree, Ondrea moved from Michigan to Colorado and landed in claims. She was a Workers' Compensation claims adjuster and manager for about 11 years. She decided that claims was not where she wanted to be. [5:29] Eighteen years ago, Ondrea moved to CoorsTek as their Risk Manager. It's been great at CoorsTek with a lot of opportunities, from Risk Manager to her current role, Senior Director of Risk Management and Benefits. She oversees insurance. [5:59] CoorsTek has nothing to do with beer. Adolph Coors founded CoorsTek in 1910. He is also the Founder of Coors Brewing. He branched out into ceramics. CoorsTek is the leading global manufacturer of technical ceramics in the world. It's headquartered in Golden, Colorado. [5:36] Justin and Ondrea comment on the beauty of Golden, Colorado. Justin likes the Coors Brewery and recommends the tour. He says Coors Ceramics (CoorsTek) is a close second. Both Coors Brewing and CoorsTek are owned and managed by the Coors family. [7:08] CoorsTek has 30 facilities across 10 countries. Ondrea has visited the majority of the CoorsTek facilities and has built relationships with the local leadership teams in Finance, Human Resources, and Health and Safety. [7:34] CorsTek manufactures thousands of parts, but the processes and materials are fairly consistent. They have a very low claim volume. That allows the risk team to focus on streamlining renewals, process improvements, and communication flow. [7:48] They prioritize larger strategic initiatives in alignment wth their corporate vision. It's not challenging when they all come together for the same common purpose. [8:13] Ondrea's team includes Ondrea, with a full-time Risk Manager and a part-time Workers' Compensation Manager. It's a department of 2.5. The work ebbs and flows. Between renewals and with low claim volume, there is some downtime to work on projects and other initiatives. [8:36] CoorsTek is looking at further developing its fleet management and maintaining alignment with global partners. The size of the risk team is good for CoorsTek. [8:51] Ondrea prioritizes risks by the largest exposure. CoorsTek pays attention to what is most impactful and prioritizes the health and safety of its employees. That's through Workers' Compensation, Health and Safety Partnerships with the global EHS staff. [9:12] CoorsTek looks at its property exposures. Its property insurer has a robust Risk Engineering department. CoorsTek has a dedicated Property Protection Engineer. CoorsTek prioritizes people first, and then the balance sheet and the financials. [9:31] CoorsTek is a very innovative company. The teams are always bringing a new product or process to the table. They look for ways to protect the company's financials while still enabling growth; for ways to say yes to the business while making them aware of the risks and costs. [10:17] Ondrea explains how she oversees benefits. Benefits represent a large strategic risk and opportunity, as well as increased fiduciary responsibility. [10:39] Ondrea explains that changing a health care provider requires not just a detailed financial analysis but also assessing the risk related to employee engagement, comprehensive communication, access to care, and employees' emotional well-being. [11:00] It's a framework of risk identification, assessment, and response. [11:05] Ondrea monitors risks like medical inflation, pharmacy management shifts, compliance, and vendor performance, to continually reduce financial exposure to the company and employees, related to large losses, changes in prescription coverage, deductibles, and more. [11:24] CoorsTek works with partners, consultants, and local human resource teams on responses to support and clarify for its employees. [11:44] At CoorsTek, risk doesn't just belong to Ondrea and her team. Risk is addressed by every function, every day. CoorsTek has a wide expanse of expertise, and they've brought everyone together to support the company. [12:01] They have a global trade department, a supply chain, and a government affairs position, and they've kept on top of the tariffs for the organization, reporting on changes weekly or bi-weekly. CoorsTek's Health and Safety team is also global. They stay on top of regulations. [12:19] Ondrea appreciates the collaboration they all have at CoorsTek. It makes her job easier. When they say risk, it doesn't mean Ondrea and her team. Every department comes together to face all the new challenges they are seeing recently in the economy. It's in the KoorsTek culture. [12:57] Ondrea is fortunate to have access to CoorsTek's leadership. Most of the employees do. The CEOs have direct email lines, and any employee is welcome to reach out at any time. [13:24] In Ondrea's unique role, combining risk and benefits, she has the opportunity to join the Human Resources team and the Finance leadership teams, and she reports directly to the CFO for the family company. [13:40] The family has helped build and support mechanisms for communicating with leadership. They do skip-levels. Everybody feels respected as individuals. Ondrea joined the company when they had one global location, and the company was a lot smaller. [14:05] Ondrea has been able to grow with the company and see the evolution that has come with that growth. It's exciting to see all the innovation and all the ways that CoorsTek continues to contribute to the communities and the world. [14:23] Quick Break for RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [14:38] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [14:55] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is live, and early rates are available until September 5th. Register now to save $110 and secure your spot at the ERM event of the year. [15:17] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [15:32] At the top, Justin mentioned RISKWORLD 2026. Through September 4th, the RISKWORLD education content submission process is still open. [15:41] RIMS invites you to share your experiences, best practices, and innovative strategies that represent the global outlook of risk management. Send us your submission, and who knows? We might select you to speak at RISKWORLD 2026 in Philadelphia! The link is in the show notes. [15:59] Let's Return to My Interview with RIMS Board Director Ondrea Matthews! [16:11] Ondrea is a member of the RIMS Rocky Mountain Chapter. Rocky Mountain Chapter members Emily Buckley, Emily Bloedel, and Neil Colclough have been guests on RIMScast. Ondrea joined about 18 years ago when she started at CoorsTek. She's glad she joined. [17:02] The RIMS Rocky Mountain Chapter has been amazing. It helped create a community for Ondrea. She joined, not knowing a lot about risk management. The chapter has been a source of support for her for her entire career. She wouldn't be where she is today without that community. [17:40] Ondrea joined the chapter board and has held a lot of board positions, including Past President, Community Service Chair, and Secretary. She finds her time with the chapter to be invaluable. She was excited that Neil Colclough won the Volunteer of the Year award. [18:07] It's exciting to see the energy that the current board has. [18:21] As of January of this year, Ondrea is a member of the Global RIMS Board. She loves her interactions with RIMS. She likes the camaraderie and impact that you have from serving on a board. [18:53] The opportunity to serve on the RIMS Global Board came up. It was an intense process to be nominated. She's learning a lot. She's surrounded by great leaders who have been on the board for a couple of years. She loves the energy Kristen Peed brings to the board. [19:46] RIMS emphasizes professional development, inclusivity, and innovation in risk management. Ondrea's passion is giving back to the community. She appreciates the inclusion that RIMS brings. It brings together people from every walk of life and level of risk management. [20:45] Ondrea feels that RIMS's culture is very inclusive. She was welcomed with open arms. She hopes that everyone else in the RIMS community is feeling welcomed and that we want their thoughts, ideas, and their participation. [21:03] Ondrea appreciates the inclusion around RIMS. Professional development and innovation go hand in hand. You need to educate to innovate. Risk managers need to stay ahead of innovation, bring ideas to the table, and not just solve problems as they are presented. [21:31] Ondrea talks about workforce well-being and risk management, and the risks of recruitment, retention, absenteeism, and presenteeism. These are not as easy to quantify as an actuarial analysis for future claims and IBNR projections. They rely on human behavior. [22:12] CoorsTek gathers data through annual engagement surveys and Great Places to Work surveys, and addresses those results with action items, identifying areas of risk to its human capital and employee well-being. [22:27] Ondrea thinks you need to look at employee well-being through a different lens than “How is everybody feeling today, and how are they reacting to surveys?” You need to look at them with respect to absenteeism. Why are employees not showing up? [22:56] What are you doing to improve their work-life balance or get them other supports that they may need in their lives so that they can be present at work? [23:07] A Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [23:27] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025. [23:43] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [23:57] The Spencer 2025 Funding their Future Gala will be held on Thursday, September 18th, at the Cipriani 42nd Street in Manhattan, New York. This year's honoree is Tim Ryan, the U.S. President of Lockton, and we look forward to having Tim join us here on RIMScast very soon. [24:16] A link to the Gala is also in this episode's show notes. Buy a ticket, enjoy a great night in the city, and support the future of risk management. [24:24] Let's Conclude Our Interview with Ondrea Matthews! [24:31] Ondrea will be at the RIMS Western Regional Conference on October 2nd. She is very excited. This is her 3rd Western Regional Conference. She's kicking herself for not having gone all these years in the past. [24:50] Ondrea says the vibe there is one of connections. It's a lot smaller than RISKWORLD. The Western Regional Conference is a little more laid back. There's more time to create connections and have meaningful conversations. [25:16] It provides the opportunity to create a network with people who have the same challenges as you. There's a session on wildfires. Someone in another region may not have a wildfire exposure like they have in the Western Region. It brings people together. [25:46] Ondrea will have a session on October 2nd, “Gone But Not Forgotten: Mastering Absence, Disability, and Risk Without Losing Your Sanity!” She will co-present with Brett Wilson of ESIS, a Chubb company. [26:04] The session title is a mouthful! Ondrea says she is excited to present the topic with Brett. They are getting to know each other now. [26:35] Ondrea has sat on the planning committee for the Western Regional Conference for the last couple of years. Ondrea is the conference liaison for ESIS. ESIS wanted to present this topic, and they asked Ondrea if she knew anyone who would be able to speak on this with them. [27:05] As Ondrea was already familiar with the ESIS team and currently leads absence management within CoorsTek, it seemed that she would be a really good fit, so she will be co-presenting with ESIS. [27:20] Ondrea says there are so many changes in compliance and regulation regarding absence management that it is an organizational risk. It's not just an employee well-being risk, but it's also a compliance and financial risk. [27:39] The regulations change quickly. If you are a national company across the U.S., every state has its nuance. You have to know what every state is doing where you have employees, whether it's a virtual employee or hundreds of employees. [28:02] Regulations can put your organization at significant risk for non-compliance. There's also a reputational risk that goes along with non-compliance. [28:24] The presentation will include tips and thoughts on avoiding the common pitfalls that organizations face in navigating these regulations. [28:37] Ondrea suggests helping risk leaders connect more with their Human Resource partners, create more value for them within the company, and create more value for the company. [28:53] Ondrea will give the audience time to ask questions and share stories. Ondrea says the best sessions are interactive. Presenters learn as much from an audience as they hope the audience is going to learn from them. [29:12] Each attendee has a unique mindset and situation. Sharing unique situations helps broaden everyone's overview of how to address and potentially help solve problems. [29:27] If you're going to attend, everybody bring your questions! Ondrea's very personable and easy to speak with. Even after the session, people come up to her. She will be at the Western Regional Conference for the entire time, hoping to get some good sessions in. [29:43] Ondrea says she is available anytime through LinkedIn or email. She is happy to connect. [30:09] Ondrea shares how empathetic communication can help defuse a risky or contentious employee absence situation. Keep in mind that when an employee is on leave, it's because they are going through a significant life event. We need to have ongoing communications with them. [30:30] People think that when an employee's not at work, they shouldn't talk to them or bother them. Ondrea says you need to continue to let your employees know they're a part of the organizational family still and that you care for them. [30:51] Empathy goes a really long way. Listening and active listening help, even if you don't have answers for what they're going through. Let them know that you are going to help them navigate this. [31:04] CoorsTek has a great internal team that helps manage, leads, and is the point for employee communication. CoorsTek outsources its leave management to distance itself from the regulatory environment and focus on the employee as a person. [31:30] Justin adds that it's that sort of perspective that you're going to get at the RIMS Western Regional Conference when you go to Ondrea's session on October 2nd, “Gone But Not Forgotten.” Do not forget to go and attend! Ondrea is looking forward to seeing everyone there! [31:52] Special thanks again to Ondrea Matthews of CoorsTek and the RIMS Board of Directors for joining us here at RIMScast. Remember to see her at the RIMS Western Regional Conference from October 1st through the 3rd. [32:06] Ondrea will deliver the session on October 2nd, “Gone But Not Forgotten: Mastering Absence, Disability, and Risk Without Losing Your Sanity!” The conference will be held at the lovely Santa Clara Marriott in California. [32:20] Register, attend, and tell Ondrea that you heard her first here on RIMScast! [32:27] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [32:55] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [33:13] 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. [33:31] 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. [33:47] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [34:01] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [34:13] Practice good risk management, stay safe, and thank you again for your continuous support! Links: RIMS ERM Conference 2025 — Nov. 17‒18 The call for RISKWORLD 2026 submissions is open through Sept 4. RIMS Canada 2025 — Sept. 14‒17 | Registration open! 10th Annual Chicagoland Risk Forum — Sept. 18 | Registration open! RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open! RISKWORLD 2026 — Members-only early registration! Register through Sept 30! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center Spencer Educational Foundation 2025 Funding Their Future Gala — Sept. 18, 2025, in NYC! Spencer Internship Program — Registration Open Through Oct. 15. RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Next bi-weekly course begins Oct 9. RIMS Diversity, Equity, & Inclusion Council RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 RIMS Risk Management magazine | Contribute RIMS Now www.coorstek.com RIMS Webinars: RIMS.org/Webinars Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals | Sept. 4, 2025 | Sponsored by AXA XL “Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration” | Sept. 18 | Sponsored by Origami Risk “Parametric Insurance: Providing Financial Certainty in Uncertain Times” | Oct. 30, 2025 | Sponsored by Swiss Re “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World” | Nov. 6 | Sponsored by Hub Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep Virtual Workshop — Sept 2‒3, 2025 | Presented by RIMS and PARIMA RIMS-CRMP-FED Exam Prep Virtual Workshop — November 11‒12 Full RIMS-CRMP Prep Course Schedule Intro to ERM for Senior Leaders | Nov. 4‒5 | Instructor: Elise Farnham See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: “Vendor Management with David Neikrug” “ERM, Retail, and Risk with Jeff Strege” “Supply and Bike Chains with Emily Buckley” Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed! RIMS Events, Education, and Services: RIMS Risk Maturity Model® Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: Ondrea Matthews, Sr. Director, Risk Management & Benefits, CoorsTek Production and engineering provided by Podfly.

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AI Use Cases Streamlining Commercial Insurance Operations - with Sidharth Ojha of AXA XL

Play Episode Listen Later Aug 19, 2025 21:16

Today's guest is Sidharth Ojha, Head of Process Optimization in Data and AI at the AXA XL Global Underwriting Office. AXA XL is the property and casualty and specialty risk division of AXA, serving mid-sized companies and large multinationals across more than 200 countries and territories. In this episode, Sidharth breaks down where insurers are seeing real GenAI adoption beyond the back office — including use cases in underwriting efficiency, regulatory alignment, and internal risk triage. He discusses how summarization tools are evolving into more advanced applications like quote comparison and submission prioritization, helping insurers shift from cost savings to growth-focused outcomes. We also explore how AI is helping insurers unlock unstructured policy data and why data governance is critical for enabling the prescriptive workflows many organizations are aiming toward. Want to share your AI adoption story with executive peers? Click emerj.com/expert2 for more information and to be a potential future guest on the ‘AI in Business' podcast! If you've enjoyed or benefited from some of the insights of this episode, consider leaving us a five-star review on Apple Podcasts, and let us know what you learned, found helpful, or liked most about this show!

head ai business data operations streamlining genai use cases axa commercial insurance sidharth process optimization axa xl

Vendor Management with David Neikrug

Play Episode Listen Later Aug 19, 2025 32:27

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews David Neikrug, CEO at Optimatum Solutions, about managing vendors of employer-sponsored healthcare and a recent Optimatum Solutions report, “A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare”. David explores with Justin the topic of applying risk management tools to HR programs and plans, an area that risk managers rarely visit. They touch on ways for risk managers to contribute at the table using the risk management skills and tools that they have applied to recognized risk areas for years. Listen to learn about the benefits of managing benefit plan vendors. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our topic is vendor management. We will dive deeply with Optimatum Solutions CEO, David Neikrug. [:40] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [:50] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:07] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:24] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:35] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals”. [1:48] On September 18th, Origami Risk will present “Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration”. [1:56] On October 30th, Swiss Re will present “Parametric Insurance: Providing Financial Certainty in Uncertain Times”. [2:05] On November 6th, Hub will present “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World”. Register at RIMS.org/Webinars. [2:17] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:38] See the full agenda at RIMS.org/ERM2025. [2:44] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [2:58] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:11] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:26] On with the show! You wanted to hear about vendor management, and that's why I reached out to Optimatum Solutions CEO, David Neikrug, to discuss the findings in Optimatum's new report, “A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare”. [3:50] It's got some fascinating insights, and I wanted to extend the dialogue beyond the PDF, so let's get started! [3:56] Interview! David Neikrug, welcome to RIMScast! [4:07] Justin hasn't covered vendor management much on RIMScast. Justin invited David on the show to talk about Optimatum's publicly available paper, “A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare.” This speaks to a risk management audience. [4:28] There is a link in this episode's show notes. The average cost of healthcare in 2025 is pushing north of $25K total cost, per employee per year, and it's an outsourced function. It's a large amount of money. [5:08] HR generally doesn't have the traditional service level agreements (SLAs) or performance guarantees that are present in an IT services agreement. That's a major disconnect that leads to financial, operational, and risk issues that go unchecked. [5:44] Traditionally, we don't see risk managers getting involved in HR things like employer-sponsored healthcare. David encourages risk managers to take the tools and skills they know and apply them to HR and employer-sponsored healthcare and retirement plans. [6:23] David suggests risk managers should demand vendor transparency when it comes to fees, debits, and credits. David talks about pharmacy rebates, segregation, and how credits are captured and applied. [7:09] David says vendor harmonization can be applied vertically or horizontally. The vertical side is when a company has acquired several HR benefits and programs, and then merges them into one program. The value creation by doing that is immense. [7:56] David says horizontal harmonization applies to anybody who aggregates companies of various kinds, including family offices. Each company may have a disparate benefits plan. Bringing plans together can save hundreds to thousands of dollars per employee per year. [8:46] Those are the types of numbers Optimatum Solutions is seeing as the opportunity for a risk manager to focus on as a quantifiable value proposition of bringing 10 vendor programs into one aggregated program. [9:14] From a risk standpoint, you have a single source to manage across enterprises. [9:31] David often speaks using numbers to convey the point. He says risk managers have a wealth of information and know what they are doing. When it comes to opportunities to create value, HR is an area they're not thinking about. [10:25] David suggests surveying risk managers and asking what percentage of risk managers are focused on the HR side, employer-sponsored healthcare, and retirement plans. You'll see the opportunity is almost endless. [10:44] Quick Break for RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [10:59] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [11:15] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is live, and early rates are available until September 5th. Register now to save $110 and secure your spot at the ERM event of the year. [11:37] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [11:52] At the top, Justin mentioned RISKWORLD 2026. Through September 4th, the RISKWORLD education content submission process is still open. [12:02] RIMS invites you to share your experiences, best practices, and innovative strategies that represent the global outlook of risk management. Send us your submission, and who knows? We might select you to speak at RISKWORLD 2026 in Philadelphia! The link is in the show notes. [12:20] Let's Return to My Interview with David Neikrug! [12:42] David says the first thing to do is make sure risk managers have a seat at the table of employer-sponsored healthcare. They need to look at and understand all the terms and conditions of the contracts, looking for the low-hanging fruit. [12:55] Look for Service Level Agreements, Performance Guarantees, and Built-in Reconciliation Clauses for the vendor to provide a self-reconciliation of all the debits and credits from the plan year. Understand the contracts. [13:17] Second, make sure that you're a part of the team. Look at what you can do, bringing all the tools that you've acquired, dealing with the risk side over the years, and applying them to the HR benefits side. [13:54] For organizations of between 500 to 5,000 employees, there is ample opportunity. Those are going more unwatched than the larger organizations. The vendors aren't used to being held as accountable as they are for a Fortune 100. [14:21] David would say there isn't an organization that doesn't have an opportunity. It's a matter of focusing on it and bringing your expertise to the table to help your organization hold those vendors accountable, drive savings and performance, and create value. [14:59] David said Optimatum Solutions had a client that was a rapidly growing organization. They had acquired a company and decided to change the acquired company's vendor because they had been using a different vendor. [15:22] David mentions that Optimatum Solutions has a focus on improving or fixing relationships with vendors, versus running an RFP and finding a new vendor. It's better to fix a problem than to replace it. [15:40] Someone at the client company decided to move the pension plan business of the acquired company to a new provider. The plan was started in 1972, before the ERISA regulations on how pension plans are managed. The new vendor did no due diligence and took it over. [16:37] Within the first year, there was a claim by a retiree that the lump sum payment should have been 10 times what it was, stemming from one example in a plan document of how a benefit will be calculated. The company had to defend an $18 million potential claim. [17:11] It took three years to resolve. This taught the new vendor what the old vendor had been doing seamlessly for all those years. The former vendor knew how to deal with various situations, including payments to international employees. [17:49] The new vendor hadn't understood what they were acquiring. That led to a colossal mess. [18:10] It was an HR issue. They had a risk manager, but hadn't thought of having the risk manager at the table for this event. [18:20] A Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [18:40] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process is now open through October 15th, 2025. [18:56] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [19:10] The Spencer 2025 Funding their Future Gala will be held on Thursday, September 18th, at the Cipriani 42nd Street in Manhattan, New York. This year's honoree is Tim Ryan, the U.S. President of Lockton, and we look forward to having Tim join us here on RIMScast very soon. [19:29] A link to the Gala is also in this episode's show notes. Buy a ticket, enjoy a great night in the city, and support the future of risk management. [19:38] Let's Return to the Conclusion of My Interview with Optimatum Solutions CEO, David Neikrug! [19:47] Behavioral and mental health are workforce concerns and reputational risks. David says the real number is productivity. If a factory has employees out for behavioral health issues, it has to replace those employees with temporary workers while still paying them. [20:43] The total cost of unmanaged behavioral health in a workforce is not just the behavioral health medical claims, pharmacy claims, or inpatient claims; it's also the lost working hours of those employees and the replacement costs of those employees. [21:15] That's a much larger number than just the surface of behavioral and mental health. Today, all health plans have strong behavioral programs. Organizations have Employee Assistance Programs (EAPs). [21:38] There are also point solutions adding a layer of a microbenefit on top of the program to ensure that employees are receiving the right care at the right time, in the right place. [22:01] Organizations have the right tools. An employer will have all these programs, but they're disconnected. No one is bringing everyone to the table. [22:24] For a certain cost per employee per month, an EAP vendor will provide a given number of behavioral health visits. They will support the process within the traditional healthcare delivery system. Organizations can have point solutions for behavioral health. [23:00] Organizations can have these vendors at the table to understand what's going on at the organization. Are there RIFs? Are there acquisitions? Does the organization have seasonal issues driving stress? Is there an issue with the community where the organization is located? [23:20] Look at it holistically. Bring all these vendors to the table and discuss what's going on. [23:30] In an unfortunate situation where employees are very stressed and have some sort of episode while at work, that's a material reputational risk, internally, and it may become an external issue. Most employers today have the vendors in place who can support them. [24:05] The steps are bringing the vendors to the table and managing them to ensure that they're aligned with the intended outcomes, and everyone's goal is aligned accordingly. [24:20] When you're discussing the organization with vendors, what about trade secrets, such as expansion and strategy? David says if you have the right vendor, they're about confidentiality. [24:46] If you're about to announce a Reduction in Force (RIF) or an acquisition, you will want your EAP in place to train managers to deal with employees who may be stressed. [26:01] David talks about AI risks. Ensure that when your employees are using any AI platform, you have thoroughly vetted the platforms you are allowing them to use to make sure that none of your proprietary or confidential information lands in public. [26:36] When using AI with confidential information, unless it's a closed system, you have a material risk of it being exposed. [27:02] AI is here for the future. It will change the face of every single profession. Justin assures that there will be no bots hosting or guesting on RIMScast! [27:35] David asks organizations, in the face of AI, What are you doing about it? How are you training and supporting your employees so that they can be part of the future, versus being a former employee who has been replaced due to AI? [27:54] In analytics, AI is simplifying delivery and crunching numbers like we've never seen before. These are incredible benefits for organizations in the future. [28:27] David thinks that you need internal tools to ensure that your employees are not divulging confidential information within public tools and that your vendors and their vendors are all aligned to apply the same rules for confidentiality. [29:12] David, you have been such a wonderful guest! I'm so glad that you were here to provide a little extra insight into the recent Optimatum Solutions paper, “A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare”. A link is in this episode's show notes. [29:35] At the end of the paper is David's contact information. [29:53] Special thanks again to Optimatum Solutions CEO, David Neikrug, for joining us here on RIMScast. You can find the link to A Path Not Taken, the professional report, at OptimatumSolutions.com and in this episode's show notes. [30:11] I've also got links to RIMS coverage of vendor management in this episode's show notes. [30:17] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [30:45] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [31:03] 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. [31:21] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [31:37] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [31:52] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [32:04] Practice good risk management, stay safe, and thank you again for your continuous support! Links: RIMS ERM Conference 2025 — Nov. 17‒18 The call for RISKWORLD 2026 submissions is now open! RIMS Canada 2025 — Sept. 14‒17 | Registration open! 10th Annual Chicagoland Risk Forum — Sept. 18 | Registration open! RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open! RISKWORLD 2026 — Members-only early registration! Register through Sept 30! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center Spencer Educational Foundation 2025 Funding Their Future Gala — Sept. 18, 2025, in NYC! Spencer Internship Program — Registration Open Through Oct. 15. RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Next bi-weekly course begins Oct 9. RIMS Diversity Equity Inclusion Council RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 RIMS Risk Management magazine | Contribute RIMS Now Optimatum Professional Report: “A Path Not Taken: Vendor Management in Employer-Sponsored Healthcare” OptimatumSolutions.com RIMS Webinars: RIMS.org/Webinars “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals” | Sept. 4, 2025 | Sponsored by AXA XL “Driving Better Incident and Claims Management with Data, Technology & Strategic Collaboration” | Sept. 18 | Sponsored by Origami Risk “Parametric Insurance: Providing Financial Certainty in Uncertain Times” | Oct. 30, 2025 | Sponsored by Swiss Re “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World” | Nov. 6 | Sponsored by Hub Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep Virtual Workshop — Sept 2‒3, 2025 | Presented by RIMS and PARIMA RIMS-CRMP-FED Exam Prep Virtual Workshop — November 11‒12 Full RIMS-CRMP Prep Course Schedule “Intro to ERM for Senior Leaders” | Nov. 4‒5 | Instructor: Elise Farnham See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: “ERM, Retail, and Risk with Jeff Strege” “Supply and Bike Chains with Emily Buckley” Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed! RIMS Events, Education, and Services: RIMS Risk Maturity Model® Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: David Neikrug, CEO at Optimatum Solutions LLC Production and engineering provided by Podfly.

Live From Texas!

Play Episode Listen Later Aug 12, 2025 42:03

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. The inaugural RIMS Texas Regional was held Aug. 4‒6 at the Henry B. Gonzalez Convention Center in San Antonio. Nearly 500 attendees filled the hall for the groundbreaking event, which united the Texas RIMS chapters and welcomed risk management professionals worldwide. In this episode, Justin interviews Conference attendees Tiara Wallace, DFW RIMS Inclusivity Chair and Director of RISK Invesco US, Jason Turk, Director of Operations for Bondy Law Group, and Founder of Swag for Schools, and Maximilian Glodde, Co-Founder and CEO of MEO Continuity. They discuss their experiences at the inaugural RIMS Texas Regional Conference, their risk management backgrounds, and their advice for risk managers today. Listen to learn more about this inaugural annual RIMS Texas Regional event. Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast, recorded and produced live onsite at the RIMS Texas Regional Conference 2025 in San Antonio. We have three fascinating perspectives today. [:47] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [:58] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:14] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” It will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [1:32] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [1:43] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals”. [1:56] On October 30th, Swiss Re will present “Parametric Insurance: Providing Financial Certainty in Uncertain Times”. [2:04] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:25] See the full agenda at RIMS.org/ERM2025. Nominations are open for the RIMS Global ERM Award of Distinction 2025. The nomination deadline is Saturday, August 16th. The award is presented annually at the RIMS ERM Conference. There is a link in this episode's show notes. [2:52] If your organization's ERM program or one you know of deserves this recognition, we want to hear about it. Remember to send in that nomination form by August 16th. [3:03] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:18] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:31] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:45] On with the show! The RIMS Texas Regional Conference 2025 was a smashing success, with nearly 500 attendees in the Henry B. González Convention Center in San Antonio! [3:58] Feedback has been wonderful, on everything from keynotes to educational sessions to networking opportunities. If you missed it this year, mark your calendar for August 10th through 12th, 2026. We will be back at the convention center in San Antonio next year. [4:14] Justin interviewed a few of the attendees, the first of whom is very well-known in the DFW RIMS Chapter. Tiara Wallace is a long-time DFW RIMS Chapter member, and she is also the Inclusivity Chair. [4:30] In her full-time job, Tiara is the Director of Risk Management for Invesco US. We're going to talk about construction risk in Texas and the power of inclusivity, and what it means for her and everyone at DFW RIMS. Let's get to it! [4:44] Interview! Tiara Wallace, welcome to RIMScast! [5:26] Tiara says it is amazing to see all four chapters come together with Global RIMS! It's been great meeting new folks, seeing new vendor partners, and meeting risk professionals from across the state of Texas. It's been a great event and a great turnout! [5:55] Tiara is part of the DFW RIMS Chapter and also sits on the Board for the Texas Regional as one of the contributors, to help bring together DFW's POV for the Texas Regional. [6:25] Tiara says we are stronger together, and it's been great to collaborate across the different chapters and meet folks she wouldn't ordinarily have met. [6:44] Tiara is the Director of Risk Management for Invesco Real Estate. Invesco acquires real estate assets and develops and constructs new assets. Tiara handles the insurance for liability, property, environmental, claims management, and contract review. [7:07] Everything for risk management for a major property owner in Texas and across the U.S. [7:36] Tiara says that since the pandemic of 2020, Texas has seen an increase in folks flocking to DFW for the cost of living. That brought in more development, construction, and congestion on the roads. This required more labor and construction employees to build offices. [8:20] Tiara says there are issues in keeping up with the pace of people coming in. There is a labor shortage, and extreme weather with heat and flooding. For a couple of years, Texas had bad freezes that they were not prepared to handle. Justin says Texas faces unique exposures. [9:22] Tiara says, post-pandemic, we have supply chain issues. Some companies buy warehouses to store materials. Tiara worked for an owner-developer who had land and facilities to store materials. Manage great relationships with your vendors. Purchase locally. [9:53] Tiara looked at ways to shorten the pipeline so that when they had disruptions, they didn't delay projects. Invesco wanted to be able to continue construction so that folks would have a place to live, work, and play. [10:14] Tiara elaborates on partnerships and contract management. What does the contract say? What are we doing to protect not only ourselves but our vendor partners, to fulfill our fiduciary responsibility to continue to produce, build, and not go bankrupt? [11:37] Tiara thinks that safety takes a couple of things: first, your alignment and partnership with safety managers, even outside of your organization, to discuss challenges, and discussing claims history with teams on the ground to help them practice safety. [12:24] The second thing is to leverage your carriers' risk control/loss control department so they can come in and give you tools. [12:37] Typically, a risk manager is a team of one, so you have to be resourceful about whom you work with, and run it up to the organization to make sure they're aligned with it. [13:01] At Invesco, Tiara is in a team of three, and they partner with a larger risk management consulting group. Tiara has a risk analyst and a risk manager on her team, and they attack everything together. Tiara lays out the division of tasks between them. [13:44] Tiara is the Inclusivity Chair at RIMS DFW Chapter. It's a new role. They wanted to bridge the gap between ages, risk managers, carrier partners, and vendor partners. [14:34] They wanted everyone coming to a DFW RIMS event to know that they have a place where they feel they belong. They are a part of a community working together to advance the risk management and insurance industry within Dallas-Fort Worth. [15:20] Tiara says people have not taken a moment to pause and use a common-sense approach about inclusivity. We need to be intentional. Some of us are getting ready to exit our industry. We need to recruit people into it. [16:02] How are we making sure this industry will be around for the rest of our time? Insurance is an industry that touches everything. Inclusivity means everybody should be included in it. [16:54] Tiara is a transplant from Oklahoma City to Dallas. She knew few people here. When her boss asked her for risk management connections, she started with LinkedIn. She asked her broker, and they started a real estate council to help her with the questions she had. [18:53] Justin tells Tiara it has been inspiring to hear her story. He is glad she is doing so well and was able to join us on RIMScast live from the RIMS Texas Regional Conference 2025. Thank you, Tiara! [19:22] Quick Break for RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [19:36] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [19:53] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is live, and early rates are available until September 5th. Register now to save $110 and secure your spot at the ERM event of the year. [20:15] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [20:30] On with the Show! Our next guest was highly visible at the RIMS Texas Regional. He is Jason Turk, the Founder and Project Coordinator of the charity program, Swag for Schools. He is also the Director of Operations for the Bondy Law Group in Encino, California. [20:50] Jason is the former Membership Director for DFW RIMS. We will discuss his fascinating risk career and work with risk managers. We will learn about how Swag for Schools emphasizes sustainability by redistributing conference giveaways and giving back to the local community. [21:16] Interview! Jason Turk, welcome to RIMScast! [21:22] If you've been to DFW RIMS events, you may remember the Swag for Schools booth, which is manned by former Membership Director for DFW RIMS, Jason Turk. Jason, welcome to RIMScast! [22:03] Jason joined the Marine Corps in the early '90s and got out in '97. He worked as a security guard at the Workers' Compensation Appeals Board in San Bernardino. From there, he did surveillance and investigations in Southern California and then returned home to Texas. [22:36] Jason went to work for an investigation company in Dallas and became involved with the DFW RIMS Chapter. He worked in claims, Medicare compliance, and medical canvassing, and he was a California workers' compensation claims adjuster in the Dallas office of Crum & Forster. [22:58] He has a well-rounded career in claims. He's been involved with the DFW RIMS chapter since the early 2000s. [23:06] Jason is the Director of Operations of the Bondy Law Group. They do California workers' compensation defense. Jason tracks performance and maintains smooth communication in operations throughout the firm and with its clients. [23:36] Jason's goal has been to build relationships with the risk managers. His job directly impacts their bottom line, their employees, and the culture they set within their companies. [23:48] In Jason's experience, the workers' compensation world in California is a litigious area. He tries to make a positive impact on those employers and maintain long-term relationships. Jason's LinkedIn page link is in this episode's show notes. [24:19] Swag for Schools was born from an experience Jason had at a conference in 2019. Exhibitors were leaving, a storm was coming, and they abandoned boxes of marketing materials in the hall. Jason thought there had to be something he could do with those items. [24:48] He thought of donating the items, saving the exhibitors' shipping costs and time, saving the materials from going to a landfill, and doing some good, providing items to school teachers. There are a lot of items that the school teachers would go and purchase on their own. [25:04] That gave Jason the idea in 2019 to create Swag for Schools. He ran pilot tests in California and Texas, and it was very successful. Then COVID-19 hit, and conferences came to a grinding halt. [25:24] When Jason returned to the industry and the Bondy Law Group, he reinvigorated the program. Now they're on the 10th or more conference since resuming the program. [25:47] As a charity program, not a 501(c)(3), and not a non-profit, Swag for Schools does not seek or accept monetary donations. As a pass-through program, they will accept gift cards. They facilitate the donation to a local school in the area of the conference. They don't ship. [26:07] They accept typical conference swag: pens, notepads, water bottles, towels, and hand sanitizer. Many of the schools that receive the swag also support battered women's shelters, adult education, and other programs. Items not needed for schools can help other folks. [26:43] The stress balls they use in arts and crafts. Koozies get turned into hand puppets. The teachers find a way to utilize these items. [27:04] Swag for Schools doesn't have an expectation from the exhibitors. The items cost the exhibitors. Often, they want to take them home. Last year, they filled half of a 26-foot box truck with donation items that went to a school's foundation that went to K-12 and adult education. [27:35] Swag for Schools doesn't discriminate on the items because schools will find a way to use them. Unless it's a shot glass or something sharp, Swag for Schools will take it. [27:56] The items donated at the RIMS Texas Regional 2025 Conference will be boxed up and taken to Woodrow Wilson Elementary School in San Antonio, about four miles away from the Conference Center. [28:18] Woodrow Wilson School will put the items in a school store where the teachers can pull the items they need without paying for them or accounting for them, as they are donations. Every little bit helps. You never know what use someone is going to have for these items. [29:02] It helps the teachers who don't have to buy things for their class, and it helps the exhibitors on their ESG goals, not putting swag in a landfill. [29:14] Jason, it has been such a pleasure to see you again. As a reminder to the listeners, a link to the Swag for Schools LinkedIn page is in this episode's show notes. Jason, thank you for doing such wonderful work for yourself and on behalf of the greater risk community. [29:53] A Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [30:12] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process will open on August 15th, 2025. It will close on October 15th. [30:32] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [30:46] The Spencer 2025 Funding their Future Gala will be held on Thursday, September 18th, at the Cipriani 42nd Street in Manhattan, New York. This year's honoree is Tim Ryan, the U.S. President of Lockton, and we look forward to having Tim join us here on RIMScast very soon. [31:05] A link to the Gala is also in this episode's show notes. Buy a ticket, enjoy a great night in the city, and support the future of risk management. [31:14] Our next guest is the Co-Founder and CEO of MEO Continuity, a risk management software company that helps you optimize business disruption response. [31:25] His name is Maximilian Glodde, and we discuss risk management and why it was so important for him, as the Founder and CEO of a startup, to join RIMS. [31:43] Interview! Maximilian Glodde, welcome to RIMScast! [31:45] Maximilian has been in RIMS and the risk management space for 10 years. MEO Continuity is a relatively young startup of just over three years. [32:29] Maximilian believes the biggest challenge for a startup is getting your word out. They had early validation that we had something people found valuable. We had to stay disciplined about staying in our lane. The big challenge is getting your name out and staying focused. [32:51] Maximilian says there is a lot that comes with starting a company. He has a completely different appreciation for HR. You take it for granted. He gives HR a big shoutout for the policies and procedures you don't think about. [33:11] Once you grow past your founding team, HR becomes very important. You need to think about what people care about at work and what makes them happy. [33:37] When Maximilian and Justin met in Denver at the ERM Conference 2023, MEO Continuity was just Christopher Wegman and Maximilian Glodde. They now have a team of over 15. They've grown fast, and they have wonderful clients in all different industries. [34:24] Maximilian had come from a large carrier, and RIMS was an event the carrier sponsored. Maximilian got to see what RIMS was all about. He knew, when he came out with MEO Continuity, they needed to start the journey by attending RIMS conferences. [34:45] RIMS conferences are attended by a high caliber of companies, vendors, and prospects. The first conference where MEO Continuity exhibited was RISKWORLD 2024 in San Diego. That event was a huge success. MEO Continuity got their message out. [35:28] Since exhibiting at RISKWORLD 2024, MEO Continuity has streamlined their conference preparation process. Maximilian liked that the RIMS team was very responsive to their many questions and answered them quickly. They felt super supported for a successful event. [35:57] That support and success is why they came back to RISKWORLD 2025 in Chicago. MEO Continuity will exhibit at the RIMS Canada Conference 2025, from September 14th through 17th, and at the RIMS Western Regional from October 1st through 3rd. [36:22] MEO Continuity will also exhibit at the RIMS ERM Conference in Seattle, on November 17th and 18th, and will co-present a session on November 17th, “Are You Mapping Your Value Chain Backwards?” with Emily Buckley of Specialized Bicycle Components. [36:52] Maximilian believes the value chain mapping process lives at the core of the risk management process. It's very difficult to manage and mitigate risk if you don't understand what's important in your value chain. [37:27] MEO Continuity is a proponent of starting at the end of the value chain, with your customers and working your way backward toward raw materials. When you map backward, wherever you stop, up to that point, you get some decision-useful information. [37:49] That's what the presentation will be about. Maximilian and Emily have been working together on it. [38:14] Maximilian shares his advice for risk professionals considering starting a company. You have to be somewhat crazy! If Maximilan had known all the things that could go wrong, he likely would not have taken that leap. Don't look too far forward. It will scare you to death! [38:35] Don't be afraid to get your name out there. Attending these RIMS conferences was very valuable for MEO Continuity. Maximilian adds that conferences increase the conversations you have and how often you talk about your product. You improve your presentation quickly. [39:02] Presenting in person is invaluable. It is authentic. Go to conferences. People are open to supporting and having those conversations. [39:24] Maximilian Glodde, thank you so much for joining us here on RIMScast! [39:30] Special thanks again to all of my guests, and to everyone who attended, sponsored, and exhibited at the RIMS Texas Regional Conference 2025. This inaugural event was fantastic! [39:44] Be sure to mark your calendars for the 2nd Annual RIMS Texas Regional Conference from August 10th through 12th, 2026, back here in San Antonio! Be sure to check out the RIMS.org/events page for more information. [40:02] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [40:31] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [40:49] 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. [41:07] 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. [41:23] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [41:37] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [41:49] Practice good risk management, stay safe, and thank you again for your continuous support! Links: RIMS ERM Conference 2025 — Nov. 17‒18 | RIMS Global ERM Award of Distinction 2025 Nominations Open Through Aug. 16 RIMS Canada 2025 — Sept. 14‒17 | Registration open! 10th Annual Chicagoland Risk Forum — Sept. 18 | Registration open! RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open! RISKWORLD 2026 — Members-only early registration! Register through Sept 30! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center Spencer Educational Foundation 2025 Funding Their Future Gala — Sept. 18, 2025 in NYC! RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Next bi-weekly course begins Oct 9. 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On Resilience with Amanda Lindhout

The Insurance Coffee House

Play Episode Listen Later Aug 5, 2025 49:22

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Amanda Lindhout, RIMS Canada Keynote, bestselling author, and globally sought-after keynote speaker known for her powerful insights on resilience and transformation. Justin and Amanda discuss her 460 days in captivity in Somalia, the resilience she learned to develop in her darkest days, and the lessons she brings to the world on resilience and inner strength. They discuss Amanda's New York Times bestselling memoir, A House in the Sky, how hard but cathartic it was to write, and why she shared it with the world after writing it for her healing. She discusses her Complex Post-Traumatic Stress Disorder and how she evolved past being homebound for two years. Amanda gives a preview of her message for the closing keynote of the RIMS Canada Conference 2025 and what the audience can expect to learn. Listen to learn how you can strengthen your resilience through intention, presence, gratitude, and mindset. Key Takeaways: [:01] About RIMS and RIMScast. [:14] The RIMS Canada Conference 2025 will be held from September 14th through the 17th in Calgary. Visit RIMSCanadaConference.ca to register. [:26] About this episode of RIMScast. Our guest today is the author of the New York Times bestselling book, A House in the Sky, and she will deliver a keynote address at the RIMS Canada Conference 2025 on September 17th. I'm talking about Amanda Lindhout. [:57] RIMS-CRMP Workshops! The next Virtual RIMS-CRMP exam prep, co-hosted by Parima, will be held on September 2nd and 3rd. [1:07] The next RIMS-CRMP-FED virtual workshop will be held on November 11th and 12th, and led by Joseph Mayo. Links to these courses can be found on the Certification Page of RIMS.org and through this episode's show notes. [1:23] The next RIMS Webinar will be held on September 4th and will be led by AXA XL. It is titled “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals”. Register at RIMS.org/Webinars. [1:38] RIMS Virtual Workshops! RIMS has launched a new course, “Intro to ERM for Senior Leaders.” This is a two-day course. The first two-day course will be held on August 12th and 13th and will be led by former RIMS President, Chris Mandel. [1:56] The course will be held again on November 4th and 5th and will be led by Elise Farnham. RIMS members enjoy deep discounts! [2:05] The full schedule of virtual workshops can be found on the RIMS.org/education and RIMS.org/education/online-learning pages. A link is also in this episode's notes. [2:16] Mark your calendars for November 17th and 18th for the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is jam-packed with educational sessions that will resonate with risk practitioners in all stages of their careers. [2:37] See the full agenda at RIMS.org/ERM2025. Nominations are open for the RIMS Global ERM Award of Distinction 2025. The nomination deadline is Saturday, August 16th. The award is presented annually at the RIMS ERM Conference. There is a link in this episode's show notes. [3:02] If your organization's ERM program or one you know of deserves this recognition, we want to hear about it. Remember to send in that nomination form by August 16th. [3:14] RISKWORLD 2026 will be in Philadelphia, Pennsylvania, from May 3rd through May 6th. RIMS members can now lock in the 2025 rate for a full conference pass to RISKWORLD 2026 when registering by September 30th. [3:28] This also lets you enjoy earlier access to the RISKWORLD hotel block. Register by September 30th, and you will also be entered to win a $500 raffle. Don't miss out on this chance to plan and score some extra perks. [3:41] The members-only registration link is in this episode's show notes. If you are not yet a member, this is the time to join us. Visit RIMS.org/membership and build your risk network with us here at RIMS. [3:55] On with the show! Our guest today is the best-selling author of A House in the Sky. That's her memoir, which chronicles surviving 460 days in captivity in Somalia. [4:07] It is an intense read, in which she shares hard-earned wisdom that inspires individuals and organizations to grow through adversity. Her name is Amanda Lindhout, and she has delivered over 500 keynotes in 28 countries. [4:21] Amanda is a native of Sylvan Lake, in Alberta, Canada, between Edmonton and Calgary. We are delighted that she will be delivering the closing keynote for the RIMS Canada Conference 2025 in Calgary on September 17th. We will discuss resilience and get a preview of her keynote. [4:44] Interview! Amanda Lindhout, welcome to RIMScast! [5:02] Seeing that Amanda would be a guest on RIMScast, Justin read A House in the Sky. It's an intense read. Justin has never read anything like it before. It opened his eyes and took him to different places. Justin thanks Amanda for writing such a strong memoir. [5:38] It was a challenging memoir to write. It was about a five-year process after Amanda was released from 460 days in captivity. The writing was insular. She wasn't thinking about the audience who would eventually read the book. It was part of her healing process. [6:06] Amanda says when you go through anything difficult, it's imperative to give it a voice by writing about it or talking it through. Being a former journalist, writing about it came naturally to her. She wanted to write about it. She didn't rush it. She took her time with it. [6:26] There are some pretty intense chapters. She worked on an intense chapter for a lot of time, taking breaks to process what the writing process was provoking in her. It was cathartic. [7:04] Amanda says, for maintaining her sense of dignity, while violence is part of the story, it felt important not to be graphic about it, not for her future audience, but for herself and the way she was processing the experience. It was tied to her dignity around what had happened to her. [7:40] Justin suggests that the threat of violence is already there, and it doesn't serve Amanda well to go that graphic. She was writing it for herself, not thinking about others, but the time came when it went into the world and was a big success, a New York Times bestseller. [8:17] It's one of the top-selling Canadian memoirs ever written. There was not only an audience, but a big audience. That took a lot of adjusting for Amanda. It was a difficult time for her. The success came from a very challenging experience. [9:04] There was an adjustment period, where people knew about what happened when she was in the dark house, when she had chains on her ankles. She moved through that adjustment period relatively quickly because it brought out an incredible connection with others. [9:32] Can people who haven't gone through 460 days in captivity relate to Amanda? The way it was written, people were able to link it back to difficult experiences in their lives. They felt a profound connection to Amanda. That was beautiful to her. [9:56] As Amanda moves through the world, people read about the most vulnerable days of her life, and they connect to her with care, compassion, and empathy. She is greeted with a lot of hugs. That connection is an important piece of healing for anybody. [10:16] Amanda has found that connection in droves, in a way that most people won't, because her story is public. Amanda says it's almost like people are overcome with this need to make contact with her. [10:39] Many years ago, when she was struggling with complex post-traumatic stress disorder, if a man came at her with kindness and a desire for connection, that could activate something in her. That never happens to her anymore. She welcomes that sense of connection with people. [11:03] Amanda has had to move through stages of comfort to get to where she is now. After a Q&A at the end of a keynote, Amanda will say, I welcome all the hugs, and people will line up to do that. [11:48] Amanda converted to Islam while she was held captive. That was a strategic move and a survival strategy. As a journalist, she had spent a lot of time in the Middle East and had a foundation of understanding of Islam. [12:17] The teenagers who had abducted them along the side of the road were radicalized. They were not practicing the version of Islam that the vast majority of people around the world are. [12:32] Amanda recognized that if they did this false conversion, that might work to humanize them to the captors. Justin reads a passage from the book. [12:47] “We made vows to accept Allah as our only God and Mohammed as his messenger. What I felt in that moment was not surrender, and it wasn't defiance. This was simply a chess move. An uncertain knight slid two squares ahead and one to the side.” (Justin's favorite line.) [13:04] “It was not a betrayal of faith, of mine, or Nigel's, or theirs. It was a way to feel less foreign, and in feeling less foreign, we could be less afraid. We were doing what it took to survive.” When Justin read that, he realized this was Phase 2 of the book. [14:02] Amanda notes that there was a lot of strategy in surviving those 460 days. That was one of their moves. [14:12] In the early days of their captivity, they tried to form connections with their captors by answering questions about life in the West. The captors weren't allowed to look at images of people or listen to music in their culture. [15:21] Amanda says it's a human impulse, in crisis, to build connections with adversaries when it's about life and death. It's also Amanda's nature as a journalist. Her world was about human connection and understanding others, those who had different cultures from hers. [15:50] Amanda has been to 92 countries. She has always been very interested in the stories of others. The landscape in which those boys grew up was so foreign to us in North America, and the privilege we have, which we don't even recognize. The youngest captor was 14. [16:31] The captors had grown up without school and a real value system or role models. They're radicalized in one of the poorest places on Earth, where people are dying of hunger. [16:46] Amanda tried to understand how they came to the conclusions they did about Amanda and the other captives. That helped her during her toughest moments when she could hardly fathom how human beings could behave like they did toward Amanda and the others. [17:06] They behaved like they had no conscience at all. Amanda says those teenagers were the teachers to her about the adage that hurt people hurt people. It doesn't excuse what they did. [17:26] When Amanda tried to reconcile how it could have been so bad, it was because they had a life that held death, disease, pain, and war, and that was their starting point. The way they treat others is a reflection of what is inside of them. That was important for Amanda to understand. [17:50] Toward the end of the book, Amanda describes a sort of out-of-body experience where she could see the trauma the boys lived through. Understanding the root cause doesn't excuse the behavior. [18:21 That insight came to Amanda from some of the most difficult days she had in captivity. She almost died. In the deepest part of her being, she knows that hurt people hurt people. That serves her in her life on the other side of captivity. [18:54] Every day, you see the headlines and ask how the world can be this messed up, and you try to make sense of it. Amanda was fortunate to have that lived experience. Something opened up inside of her where she has a sense of understanding in a way that many people do not. [19:14] This never excuses the actions of anyone. She just has a profound understanding of how those actions can happen. [19:43] Justin asks if the massacre on October 7th, 2023, was a triggering event for Amanda. She says Definitely yes. Even seeing hostage-taking in the headlines creates an activation in her. Amanda has had to learn to navigate a world that has a lot of triggers. [20:17] Amanda was given the diagnosis of complex post-traumatic stress disorder (CPTSD) immediately upon her release from captivity. She has had to learn to navigate a world that is very provocative relative to her CPTSD. [20:38] Over the years, Amanda has learned to reframe things that are difficult for her. She has habits and a mindset she has chosen that help her. She committed to doing the things that move her toward healing and growth, and doing those things repeatedly, for many years. [21:16] Amanda is an example of what is possible. She was very active by October 7th, but it didn't linger. She knew what to do to bring herself back to center, to ground herself, and look around her reality. Even though terrible things happen, she can orient to what is working well. [21:37] Amanda focuses on what is in her immediate surroundings that feels good, while acknowledging that these difficult feelings are there. She knows that they will lessen. Even a couple of days later, she wasn't in the grip of October 7th. [21:57] Every time she feels activated, she turns toward it. She doesn't try to tuck it away in a back pocket. She gives it her full attention. By doing so, she dissipates the intensity of the trigger's energy. Justin believes everyone can learn from this approach to triggers. [22:25] Amanda's story and October 7th are big events that most people can't wrap their heads around. Yet, almost everyone is going to go through things that are different, that feel unbearable, and so overwhelming. The circumstances are different, but the feeling inside is not so different. [23:14] The skills and habits we're talking about today don't just relate to big headline events. They apply to the hard things we each go through every day and what they provoke in you. Amanda wants people to see themselves in this conversation. [23:35] That's the preview of Amanda's keynote at RIMS Canada. Amanda does a few different talks. She will give her resilience talk for the closing keynote at RIMS Canada. With her life experience, there are lots of things she could talk about. [23:50] These days, everyone is doing their best to get through these difficult times. What we can learn from each other about resilience matters a lot; almost more in 2025 than it ever has. [24:07] RIMS Events! On September 18th, the 10th Annual Chicagoland Risk Forum will be held at The Old Post Office in Chicago. Register at ChicagoRIMS.org. [24:23] On October 1st through the 3rd, the RIMS Western Regional Conference will be held in North San Jose at the Santa Clara Marriott. The agenda is live. It looks fantastic! Visit RIMSWesternRegional.com and register today! [24:39] On November 17th and 18th, elevate your ERM Program and career at the RIMS ERM Conference 2025 in Seattle, Washington. The agenda is live, and early rates are available until September 5th. Register now to save $110 and secure your spot at the ERM event of the year. [25:01] Canadian listeners, take note, that's just a little bit South of the border in British Columbia. That's a great way to extend your knowledge after the RIMS Canada Conference. Visit RIMS.org/ERM2025 to register. [25:17] Let's Return to Our Interview with RIMS Canada Conference Keynote Amanda Lindhout! [25:26] Understanding what resilience is is the first step in building it and accessing it. To Amanda Lindhout, resilience is an inner strength that helps a person navigate life's challenges with adaptability. It's not about navigating with hope and optimism. It's about adaptability. [26:27] We live in this ever-changing world. Day by day, what we have to face is different. Adaptability is so important. Amanda thinks that we are all born with resilience as part of our human blueprint, but most of us have not been taught how to utilize this inner resource. [26:55] Amanda thinks most people don't know how to access and utilize their resilience. Look at the statistics of poor mental health, burnout, and climbing suicide rates. It's pretty easy to see that most people don't feel like they can access their resilience. [27:16] Amanda sees resilience as inner strength. She compares it to outer strength, your physical strength. You do something again and again, and that builds muscle strength. Resilience is an inner quality, an inner resource. It also needs to be worked on to become strong. [27:57] While we're born with the ability to develop resilience, it has to be developed to be a usable skill. It takes focus to develop it. It takes intention. Most people are going to have to work at it a little to have a felt sense of their inner resilience. [28:27] In Amanda's experience, resilience is not a passive quality. It requires a choice. You have to choose to create habits that are going to support growing that inner strength. [28:46] Amanda's book talks a bit about her difficult childhood in an abusive home. People assume that gave her more resilience, but she says she had less resilience than the average person, going into her experience in Somalia, because of the difficult childhood that she had. [29:27] Much of how you see the world and can respond to challenges comes from your youngest years. If bad things happen around you and there's no adult to guide you through it to bounce back, you internalize that difficulty, and it feeds issues like depression and self-defeat. [30:03] Because of her difficult childhood, Amanda did not have a surplus of resilience, going into Somalia. But, in Somalia, Amanda discovered that, in the intense, life-or-death, trauma environment she was in, resilience was part of her blueprint. She had to learn to access it. [30:31] Amanda's first step was choosing to figure out how to access it. What gave her a sense of inner strength? What made her optimistic and hopeful? Amanda is a good example that it can be done, no matter how difficult things are. She searched daily to connect to resilience. [31:05] Despair was all around her, but there was something else there, too. She learned that two things can be true at the same time. Despair can be there, but she can, at the same time, learn to reach and grow her inner resilience. [31:33] Justin reads another passage from the book about what happens when you are alone and there are no distractions. In the month after Amanda and Nigel were separated, Amanda felt a new sort of energy. It felt physical and also not physical. [32:01] It worked for Amanda in a life-or-death situation, in a dark room, with chains on her ankles. Amanda promises that if you just say “yes” to life, no matter what comes, it opens you up to the possibility of connecting to that intrinsic, resilient part of yourself, no matter how faint. [32:43] Once you touch on it, even for a second, there are habits you can create that are going to strengthen that and make it easier to feel it. The despair may be there in the background, but you're simultaneously strengthening this other part of yourself that will carry you through. [33:01] Eventually, the despair will go away. Amanda's experience in captivity ended. It took a long time, but she came out of it. The resilient part of herself was the loudest part at that point. [33:17] Final Break! The Spencer Educational Foundation's goal to help build a talent pipeline of risk management and insurance professionals is achieved, in part, by its collaboration with risk management and insurance educators across the U.S. and Canada. [33:36] Since 1999, Spencer has awarded over $2.9 million to create more than 570 Risk Management Internships. The Internship Grants application process will open on August 15th, 2025. It will close on October 15th. [33:56] To be eligible, risk managers must be based in the U.S., Canada, or Bermuda. A link to the Internship Grants page is in this episode's show notes. You can always visit SpencerEd.org, as well. [34:10] The Spencer 2025 Funding their Future Gala will be held on Thursday, September 18th, at the Cipriani 42nd Street in Manhattan, New York. This year's honoree is Tim Ryan, the U.S. President of Lockton, and we look forward to having Tim join us here on RIMScast very soon. [34:29] A link to the Gala is also in this episode's show notes. Buy a ticket, enjoy a great night in the city, and support the future of risk management. [34:37] And Now, Let's Return to the Conclusion of My Interview with RIMS Canada Conference 2025 Keynote, Amanda Lindhout! [35:01] Amanda says she is so excited to be invited to connect with RIMS Canada! She has done a lot of keynotes around the world in something like 28 countries, sharing what she has learned. This is genuinely exciting to her. It's a room she wants to be in. [35:25] Amanda has a lot to share. Her resilience teachings come down to mastering four sequential pillars. The best time to grow the resilient streak inside of you is in the calm before the storm. Grow these qualities. When the crisis comes, you'll know how to access this. [36:18] The first pillar is Intention. Most people don't think daily about intention. Living an intentional life is so important for your mental health. For Amanda, in Somalia, and afterward, when she was struggling in the depths of PTSD, her intention was about healing. [37:01] Healing was far off on the horizon, initially, but that intention anchored everything else; all of the other actions she would take throughout the day. Is this decision in line with my intention, or is it not? [37:34] All day long, do I choose to feed the healthy parts of myself that will reorient me toward health, or do I choose the opposite? Do I choose to doomscroll on my phone and go into the dark pockets of the world, which only confirms my belief that the world is dangerous? [37:52] Or do I put my phone away and say I'm not going to go on social media today, I'm not feeling good today? I don't need to dive down that rabbit hole. [37:58] Instead, my intention to regain my health is going to guide me to consume inspiring podcasts, pick up an uplifting book, and have conversations with the people I can count on to lift me up. That overarching intention is really important. [38:21] You need to be clear and specific with yourself. What are the words of your intention? If you change your intention, then get clear about what your new intention is. It's not vague. [38:36] Then you want to cultivate your sense of Presence in your life. We are so distracted by our devices and screens. We may welcome the distraction to take us out of the moment because we have a very challenging, overwhelming world. [39:08] If you are not present in your life, you can't connect to your resilience. You can only connect to that optimism when you are in the present moment, not fearing the future or reliving the difficult past, but in the moment, orienting in your environment to what is working well. [39:40] In the present moment, choose to look around your life and say, OK, all these difficult things are happening, but there is always something to be grateful for. [39:54] Gratitude is the next pillar. Train yourself to become a grateful person by challenging yourself every day to look for things to be grateful for. With her husband, at the end of dinner, they both say something they're grateful for. Amanda started this in the worst times of captivity. [40:31] Amanda could immediately see the connection between gratitude and resilience. When you look for the good around you, you will begin to see more of it. In a dark room, chains around her ankles, Amanda could always find something to be grateful for. She could hear the birds. [41:04] You can always find things to be grateful for. It requires training your mind to look for it. [41:11] The last pillar is Mindset. We don't have control over a lot of things. But we have complete control over our mindset, how we choose to engage with the world. In your dark days, you feel like everything is out of your control, but you always have control over your mindset. [41:43] You have control over what you orient to. Even during the worst part of her CPTSD journey, when Amanda was bedridden and homebound from overwhelm, for a couple of years after she returned home, that was when she began to go looking for her health. [43:05] Amanda had learned from Somalia that two things can be true at the same time. It was true that she had debilitating PTSD, and it was also true that there was still health in parts of her body. What she chooses to give her attention to will grow in influence over her life. [43:29] That is a choice that she has. She didn't have control in that moment over how the PTSD lived inside of her, but she had control over her orientation. What is she choosing to focus on, repeatedly? [43:45] In the dark house in Somalia, she couldn't take those chains off her ankles and leave, but she could choose to focus on things to be grateful for. This is extraordinary. You train yourself to think like this. People aren't born navigating challenges with this kind of mindset. [44:03] When you begin doing it again and again, as a practice, when difficult things come, you may wallow in it a little bit but then at a certain point, you remember, there is still choice: What can I orient to that feels good, that is uplifting, and that is healthy, even if it's a small thing? [44:23] Choose to put your attention there. That's not denying difficult things that are happening, or trying to bypass them. Recognize them as an important part of healing. Two things can be true at the same time. What you give your primary attention to will shape your reality. [44:50] Amanda's concluding words, “I feel so privileged to be able to connect with this room of people who are doing really important work. I know the work can come in many different forms, navigating all kinds of crises and risks in the world.” [45:07] “One final little piece of advice for this room of people: When you're helping someone go through a time of crisis, the most important thing you can do is to manage yourself; your nervous system.” [45:47] “That is the most effective way you can bring someone down out of a heightened state of fear and frustration. There can be a frantic quality when things are falling apart for people. The best thing you can do is be in the present moment and stay grounded.” [46:16] “There's a co-regulation that happens. Just being in that grounded state will help to de-escalate the situation and bring the other person into coherence. Coming back to your own regulation is always the best thing you can do for another person.” [46:51] Special thanks again to Amanda Lindhout for joining us here on RIMScast. To learn more about her, visit AmandaLindhout.com and check out her book, A House in the Sky. [47:02] It is an intense read, but it demonstrates her resilience and why she's going to be a great keynote for us here at the RIMS Canada Conference 2025. She'll be closing the RIMS Canada Conference 2025 on September 17th. Check it out and register at RIMSCanadaConference.ca. [47:22] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [47:50] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [48:08] 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. [48:26] 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. [48:42] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [48:56] Justin Smulison is the Business Content Manager at RIMS. Please remember to subscribe to RIMScast on your favorite podcasting app. You can email us at Content@RIMS.org. [49:09] Practice good risk management, stay safe, and thank you again for your continuous support! Links: RIMS ERM Conference 2025 — Nov. 17‒18 | RIMS Global ERM Award of Distinction 2025 Nominations Open Through Aug. 16 RIMS Canada 2025 — Sept. 14‒17 | Registration open! 10th Annual Chicagoland Risk Forum — Sept. 18 | Registration open! RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open! RISKWORLD 2026 — Members-only early registration! Register through Sept 30! RIMS-Certified Risk Management Professional (RIMS-CRMP) The Strategic and Enterprise Risk Center Spencer Educational Foundation 2025 Funding Their Future Gala — Sept. 18, 2025 in NYC! RIMS ERM Conference 2025 — Nov 17‒18 in Seattle! [Save the Date!] RIMS-CRO Certificate in Advanced Enterprise Risk Management — Featuring Instructor James Lam! Next bi-weekly course begins Oct 9. RIMS Diversity Equity Inclusion Council RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 RIMS Risk Management magazine | Contribute RIMS Now www.AmandaLindhout.com RIMS Webinars: RIMS.org/Webinars “Lockdown & Level Up: Turn Up Your Cyber Security Game Against Creative Cyber Criminals” | Sept. 4, 2025 | Sponsored by AXA XL Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep Virtual Workshop — Sept 2-3, 2025 | Presented by RIMS and PARIMA RIMS-CRMP-FED Exam Prep Virtual Workshop — November 11‒12 Full RIMS-CRMP Prep Course Schedule “Intro to ERM for Senior Leaders” | Aug. 12‒13 | Instructor: Chris Mandel “Intro to ERM for Senior Leaders” | Nov. 4‒5 | Instructor: Elise Farnham See the full calendar of RIMS Virtual Workshops RIMS-CRMP Prep Workshops Related RIMScast Episodes: “Leadership Lessons with Major General (Ret.) Robert F. Whittle Jr., RIMS Texas Keynote” “Live From Vancouver! with Maryam Salmasi, Fred H. Bossons Award Winner 2024” “Exploring Risk in Extreme Environments with Kevin Vallely” “Thoughts and IDEAs on Inclusivity with Michael Bach” “Change Management and Strategy with Jay Kiew, RIMS Canada Conference 2024 Keynote” Sponsored RIMScast Episodes: “The New Reality of Risk Engineering: From Code Compliance to Resilience” | Sponsored by AXA XL (New!) “Change Management: AI's Role in Loss Control and Property Insurance” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Demystifying Multinational Fronting Insurance Programs” | Sponsored by Zurich “Understanding Third-Party Litigation Funding” | Sponsored by Zurich “What Risk Managers Can Learn From School Shootings” | Sponsored by Merrill Herzog “Simplifying the Challenges of OSHA Recordkeeping” | Sponsored by Medcor “Risk Management in a Changing World: A Deep Dive into AXA's 2024 Future Risks Report” | Sponsored by AXA XL “How Insurance Builds Resilience Against An Active Assailant Attack” | Sponsored by Merrill Herzog “Third-Party and Cyber Risk Management Tips” | Sponsored by Alliant “RMIS Innovation with Archer” | Sponsored by Archer “Navigating Commercial Property Risks with Captives” | Sponsored by Zurich “Breaking Down Silos: AXA XL's New Approach to Casualty Insurance” | Sponsored by AXA XL “Weathering Today's Property Claims Management Challenges” | Sponsored by AXA XL “Storm Prep 2024: The Growing Impact of Convective Storms and Hail” | Sponsored by Global Risk Consultants, a TÜV SÜD Company “Partnering Against Cyberrisk” | Sponsored by AXA XL “Harnessing the Power of Data and Analytics for Effective Risk Management” | Sponsored by Marsh “Accident Prevention — The Winning Formula For Construction and Insurance” | Sponsored by Otoos “Platinum Protection: Underwriting and Risk Engineering's Role in Protecting Commercial Properties” | Sponsored by AXA XL “Elevating RMIS — The Archer Way” | Sponsored by Archer RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars RIMS-Certified Risk Management Professional (RIMS-CRMP) RISK PAC | RIMS Advocacy RIMS Strategic & Enterprise Risk Center RIMS-CRMP Stories — Featuring RIMS President Kristen Peed! RIMS Events, Education, and Services: RIMS Risk Maturity Model® Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest: Amanda Lindhout, Expert on Resilience & Extraordinary Mindset Author: A House In The Sky Production and engineering provided by Podfly.

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S4 EP75: Building Technology and Talent to Serve Brokers - Adrian Copland, COO, Ledgebrook

Play Episode Listen Later Jun 10, 2025 32:11

On the Insurance Coffee House podcast, host Nick Hoadley welcomes Adrian Copland, Chief Operating Officer of Ledgebrook, a rapidly scaling, tech-enabled specialty MGA in the U.S. ENS market.Adrian shares his journey from consulting and operational leadership at Catlin and AXA XL to co-founding Ledgebrook alongside Gage Caligaris, an actuary with bold ambitions to rebuild insurance from the ground up.He explains how Ledgebrook is reimagining broker service and underwriter enablement by combining deep insurance expertise with scalable technology. With over 100 employees globally and three core products: General Liability, Professional Lines, and Unsupported Excess. Adrian outlines how the MGA is using AI and internal systems to serve brokers faster, without forcing them to change their buying habits.He also discusses the company's unique remote-first, no-bonus culture, its commitment to continuous learning, and why Ledgebrook is attracting top talent who want to help build something meaningful.For insurance professionals considering a move into InsurTech, Adrian shares what qualities make someone a great fit for startups and how to assess your own readiness to make the leap.Connect with Adrian on LinkedIn or explore opportunities at Ledgebrook.The Insurance Coffee House Podcast is brought to you by Insurance Search.We are a global Insurance Executive Search Consultancy, supporting Insurance and Insurtech businesses to attract and retain the very best insurance talent.Find out more about showcasing your employer brand as a guest on the Insurance Coffee House Podcast or sign up to our News and Insights.Or follow us on LinkedIn, Twitter or Instagram.Insurance Executive Search Consultants in USA, London and Bermuda.Copyright Insurance Search 2025 - All Rights Reserved.

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How AI is Reshaping Commercial Insurance and Risk Assessment - with Sidharth Ojha of AXA XL

Artificial Intelligence in Industry with Daniel Faggella

Play Episode Listen Later May 27, 2025 26:39

Today's guest is Sidharth Ojha, Head of Process Optimization in Data and AI at AXA XL, a global commercial insurance and reinsurance company and subsidiary of AXA. Sidharth joins Emerj Managing Editor Matthew DeMello to discuss how AI is being applied across commercial insurance workflows with real, measurable impact. He explains how machine learning is enhancing underwriting efficiency, portfolio decision-making, and risk assessment. The conversation also covers key enablers for scaling AI, including data quality, governance, and change management. For insurance professionals and data leaders, Sidharth offers practical insights on where AI is driving results today and what it takes to implement it responsibly. Want to share your AI adoption story with executive peers? Click emerj.com/expert2 for more information and to be a potential future guest on the ‘AI in Business' podcast! If you've enjoyed or benefited from some of the insights of this episode, consider leaving us a five-star review on Apple Podcasts, and let us know what you learned, found helpful, or liked most about this show!

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Creative Solutions in Large Commercial

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Play Episode Listen Later May 21, 2025 18:35

In this edition of our AXA XL podcast series, head of large commercial Donna Nadeau sits down with Leader's Edge to talk about the latest on large-business risk. Nadeau discusses how clients are dealing with the impacts of tariffs, potential supply chain disruptions, AI algorithm bias, and much more.

Strategic Approaches to Global Captive Insurance

IRMI Podcast

Play Episode Listen Later Apr 17, 2025 15:06

In this episode of The Edge of Risk Podcast, host Joel Appelbaum speaks with Steven Bauman, head of global programs and captive practice for AXA XL in North America. With over 35 years in the insurance industry, Steven brings a depth of expertise on how multinational organizations can structure captives to navigate regulatory complexity, diversify risk, and support global growth strategies. The conversation covers best practices for aligning captive programs with parent company objectives, the importance of selecting the right partners, and how emerging risks—from cyber threats to climate exposures—are influencing the future of captive insurance. Steven also shares reflections on his long career and offers final advice for companies looking to launch or expand their global captive footprint.

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Episode 103: Lessons from an Industry Leader - Eric Donofrio

Aviation Insurance Podcast

Play Episode Listen Later Mar 21, 2025 27:27

What's shaping the future of aviation insurance? Eric Donofrio, Chief Underwriting Officer at AXA XL, shares insights from his decades-long career, covering everything from emerging technology to market challenges.

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Episode 184. Leading with Empathy: Five CHRO Perspectives on Workplace Culture

How HR Leaders Change the World

Play Episode Listen Later Mar 18, 2025 37:54

In this episode we explore one of the most frequently discussed themes in our conversations with CHROs - empathy. As businesses navigate a rapidly changing world, empathy is rising up the people agenda, shaping leadership and workplace culture. We looked back through the library to bring you five perspectives on the benefits of empathy for your workplace culture: Yetunde Hofmann, Non-Exec & Remco Chair – Exploring the powerful link between love and results, Yetunde shares how leading with love can transform organisational culture. Stephane Charbonnier, Former CHRO, L'Oréal North America – Highlighting L'Oréal's Listening Circles, Stephane demonstrates how genuine listening fosters a true sense of belonging. Donna Murray Vilhelmsen, CHRO, Trustpilot – Advocating for vulnerability in leadership, Donna discusses its role in building trust and authenticity. Helen Russell, Chief People Officer, HubSpot – Emphasising connection, Helen explains how HR leaders who embrace empathy drive meaningful change. Kaylee Darkins, CHRO – UK and Lloyd's, AXA XL – Sharing insights from AXA XL's Authentic You programme, Kaylee underscores the importance of psychological safety. How HR Leaders Change the World is brought to you by Uplifting People We're an amazing community of cutting-edge HR Changemakers. Together, we share experiences, tools and clear, actionable ideas. Ideas that will help you solve the challenges you face today and will inspire you with brilliant opportunities to push boundaries and positively impact people in your organisation - and beyond. And what's even better, is every penny of our profit empowers vulnerable children to be safe, loved and learning. Together, we uplift people.

Versicherungsfunk Update 10.03.2025

Versicherungsfunk

Play Episode Listen Later Mar 10, 2025 2:59

Die Themen im heutigen Versicherungsfunk Update sind: Rente steigt zum 1. Juli Nach den nun vorliegenden Daten des Statistischen Bundesamtes und der Deutschen Rentenversicherung Bund steigen die Renten in Deutschland zum 1. Juli 2025 um 3,74 Prozent. Damit ergibt sich eine Anhebung des aktuellen Rentenwerts von gegenwärtig 39,32 Euro auf 40,79 Euro. Für eine Standardrente bei durchschnittlichem Verdienst und 45 Beitragsjahren bedeutet die Rentenanpassung einen Anstieg um 66,15 Euro im Monat. Das geht aus einer Pressemitteilung hervor. Weibliche Anlegerinnen setzen auf eine langfristige Anlagestrategie Vier von fünf Anlegerinnen bezeichnen sich als unerfahren, zeigen jedoch eine klare Präferenz für langfristige Investitionen: 49 Prozent investieren für 1-5 Jahre, 39 Prozent planen für mehr als 5 Jahre. Das geht aus einer Bitpanda-Umfrage hervor. Diese zeigt auch, dass 24 Prozent der weiblichen Anleger glauben, dass mangelndes Wissen über Geldanlagen ihre größte Herausforderung ist, während 41 Prozent angaben, dass ein Mangel an freiem Geld sie daran hindert, ihre Anlageziele zu erreichen. Unternehmerinnen in der DACH-Region schließen die Gender-Gap In Deutschland, Österreich und der Schweiz sind 45 Prozent der befragten Kleinunternehmen in weiblicher Hand. 56 Prozent dieser Unternehmen wurden innerhalb der letzten fünf Jahre gegründet. Diese Zahlen unterstreichen die wachsende Rolle von Frauen im Unternehmertum und ihre Widerstandsfähigkeit. Überdies sind 48 Prozent der Unternehmerinnen die Hauptverdienerinnen in ihren Haushalten. Sie tragen aktiv zur lokalen Wirtschaft bei, schaffen Arbeitsplätze und unterstützen ihre Familien finanziell. Das geht aus dem GoDaddys Global Entrepreneurship Survey 2025 hervor. Tagesgeldzinsen mit stärkstem Einbruch seit über zwölf Jahren So stark wie im Februar sind die Tagesgeldzinsen seit über zwölf Jahren nicht mehr gesunken. Die Durchschnittszinsen bundesweit verfügbarer Angebote fielen von 1,56 auf 1,48 Prozent. Einen noch stärkeren Rückgang innerhalb eines Monats gab es zuletzt im Juli 2012. Zu diesem Ergebnis kommt eine aktuelle Zinsanalyse des Vergleichsportals Verivox, für die rund 800 Banken und Sparkassen ausgewertet wurden. HBC-Gruppe gewinnt weiteres Gruppenmitglied Die HBC-Gruppe nimmt die Remstal Assekuranz Maklerservice GmbH (RAM) und deren Tochterunternehmen Weinmann Versicherungsmakler GmbH und Windisch Assekuranz Versicherungsmakler GmbH in die Gruppe auf. Gemeinsam die Marktpräsenz im Bereich Versicherungen und Finanzdienstleistungen für große und mittelständische Gewerbekunden erweitert werden. Axa XL will Cybersicherheit verbessern Um Cyber-Kunden bei der Optimierung ihrer Sicherheitsmaßnahmen zu unterstützen, ist Axa XL eine Partnerschaft mit dem Dienstleister Darkweb IQ eingegangen und bietet ihnen einen einfachen Zugang und Vorzugspreise für dessen Cybersicherheitsdienste.

The Service of Insurance

Claims Never Sleep

Play Episode Listen Later Feb 13, 2025 49:26

This week, Meghan and Jen chat with Nathan Hess, a Claims Specialist at AXA XL

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The Power of Ecosystems in Commercial Lines Transformation

InsurTalk

Play Episode Listen Later Feb 12, 2025 20:45

The Power of Ecosystems in Commercial Lines Transformation The former SVP and Head of Innovation at AXA XL shares success strategies for commercial lines looking to turn risk management into a growth engine through robust data and technology ecosystems.

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Episode 178. Wellbeing, Belonging & The Power of HR: Kaylee Darkins, CHRO - UK and Lloyd's at AXA XL

How HR Leaders Change the World

Play Episode Listen Later Feb 4, 2025 25:24

Kaylee explores how HR leaders are shaping the future of work through health, wellbeing, and cultural transformation, highlighting the need for agile benefits to support a multigenerational workforce. Kaylee shares the vision behind AXA XL's ‘Authentic' You program, which fosters psychological safety through transparency, vulnerability, and personal accountability. Kaylee explains how the company's culture roadmap integrates inclusion, belonging, and purpose into every stage of the employee experience, ensuring cultural transformation is embedded in everyday actions. Passionate about HR's role in driving meaningful change, Kaylee calls for greater attention to HR professionals' own wellbeing, encouraging you to “put on your own oxygen mask first” so you can be at your best for others. How HR Leaders Change the World is brought to you by Uplifting People We're an amazing community of cutting-edge HR Changemakers. Together, we share experiences, tools and clear, actionable ideas. Ideas that will help you solve the challenges you face today and will inspire you with brilliant opportunities to push boundaries and positively impact people in your organisation - and beyond. And what's even better, is every penny of our profit empowers vulnerable children to be safe, loved and learning. Together, we uplift people.

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Middle Market Mindset

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Play Episode Listen Later Jan 13, 2025 11:11

In this episode, Matt Waters, head of US Middle Market for AXA XL, shares what it has taken for his team to build out its business over the past couple of years. Waters also discusses what characteristics impact the middle market and what industry segments the company is focused on.

The Building BITE: The Keys to Advancing Quality

The Building BITE

Play Episode Listen Later Dec 9, 2024 25:47

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome Peter Ukstins, Head of Construction Risk Engineering at AXA XL. We begin the episode by learning about Peter and his career path leading him from his time as a claims adjuster, to contractor, and now leading the talented team of Risk Engineers at AXA XL. With his expanded responsibilities, our topic of quality has become an even bigger focus for Peter and his team. Peter stresses that “If quality is everyone's responsibility, then that means no one specifically is responsible” which allows for the very real bystander effect to impact projects. Before leaving, Peter gives our audience his three key takeaways on the topic of quality. 1. Practice What You Preach: Having a formal quality strategy and plan/procedure is great, and should be the starting point for all contractors, but it is not enough on its own. The plan needs to be routinely checked, verified, and potentially even adjusted for unique project requirements if necessary. This should be an ongoing process; quality is an ongoing endeavor and not a stagnant process. 2. Build A Strong Culture: While nothing will ever fully replace one's technical knowledge, the soft skills and communication abilities of your team are of growing importance in the modern workplace. Be sure to encourage communication and respect, which will drive better results through streamlined process handoff. 3. Use Your Resources: A good resource is a terrible thing to waste. You should always look to engage early and often with your Risk Engineers from your insurance provider, as they can help assist and update your current strategy. This will not only benefit your team and processes, but also helps to inform the carrier of your existing process which can lead to your RE advocating with underwriting to get you better policy coverages, endorsements, and pricing. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Pete on “The Keys to Advancing Quality.” Please like, share, and subscribe to this podcast!

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GIRO - Day 1

Insurance Uncut

Play Episode Listen Later Nov 19, 2024 51:35

Day 1 of our special mini-series recorded live at the GIRO Conference in Birmingham. Today we caught up with: • Chehak Jain and Paul Goodenough from AXA XL about their presentation on cyber: the evolving threat landscape and the reserving challenges. • Kartina Tahir Thomson, President of the IFoA, about her aims for the year and what she is looking forward to at GIRO. • Jake Iveson, who is an Actuary at Oliver Wyman and Chair of the General Insurance Research and thought Leadership Committee. • Raluca Stefan, Hamda Mosoud and Kamran Garcha from Grant Thornton and the IFoA working party ‘measuring sustainability in the absence of metrics and measurements' about modern slavery. • Sheena Suchak, Head of Validation at Lloyd's and Tom Durkin from LCP about their presentation on topical issues for capital modelling and validation.

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The Building BITE: Rectification 101: Rectification Done Right

The Building BITE

Play Episode Listen Later Oct 21, 2024 29:39

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP, and Mike Diercksen, CRIS, welcome James Pappas, VP, Construction Professional Liability at Convex US. We begin the episode by learning about James and his unique career progression, as someone who chose to study risk management & insurance in college before beginning his career. James went on to become an underwriter with AXA XL where he focused on Contractors Professional Liability for several years before leaving for his current role at Convex US. Through this conversation, James helps our audience better understand what Rectification Coverage is, and how to best utilize the insurance, leaving us with three key takeaways. 1. Pick Your Partner Carefully: When it comes to selecting an insurance carrier, make sure you choose a carrier partner who is committed to creating best practices for you and your firm. Having a strong team that can help educate and guide your firm is critical when creating a plan of action both for the project and legal teams. 2. Report Report Report: One of the biggest pitfalls that plagues insureds is a lack of timely reporting. Be sure to communicate early and often with your carrier and provide notice per policy guidelines. Early notice that does not result in claims is never a bad thing and should be viewed as a positive within the carrier insured relationship. 3. Importance of Prequalification: With a growing market, it is imperative that insureds do their homework when it comes to selecting their subcontractors and design partners. While Rectification Insurance is an important tool for contractors, the first step towards risk mitigation is selecting your partners carefully to avoid untimely delays and design errors on projects. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with James on “Rectification 101: Rectification Done Right.” Please like, share, and subscribe to this podcast!

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Interconnected Risk Drives New Client Focus

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Play Episode Listen Later Aug 5, 2024 19:52

In this edition of our AXA XL podcast series, chief client and distribution officer Matt O'Malley sits down with Leader's Edge after taking on this newly created role for the insurer. He explains the interconnected risk that drove AXA XL to create this position and what he hopes to achieve in the role. He also talks market trends including the early Atlantic storm season, cyber risk, and opportunity in casualty.

Episode 30 - Excess Emissions Insurance (EEI) brought to you by AXA XL

The Maritime Risk Podcast

Play Episode Listen Later Jul 23, 2024 21:00

As the maritime industry faces increasing pressure to reduce carbon emissions and align with global sustainability targets, AXA XL's EEI offers a unique insurance solution. Their new product is designed to cover the additional carbon emissions that result from fortuitous events like course deviations to a port of refuge or repairs, by providing indemnity in the form of voluntary carbon credits. We will explore how this insurance product integrates with traditional marine insurance offerings, the process of calculating and verifying carbon credits, and the impact of regulatory changes on the demand for EEI. Hanna will also share insights into the challenges and future developments in the field of carbon offsetting within the shipping industry.

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The Building BITE: AI In Construction, Brave New World, or Old Hat?

The Building BITE

Play Episode Listen Later Jun 3, 2024 35:55

Please tune in to this episode of The Building BITE Podcast, as we hear from industry experts about key topics to help you be successful. The Building BITE hosts Chris Epps, LEED AP and Mike Diercksen, CRIS, welcome back Cheri Hanes, CRIS, LEED AP, who is VP, Head of Innovation at AXA XL. We begin the episode by discussing the various stops along Cheri's professional career where she began to recognize her passion for sustainability and innovation as a driving force in her work. Now, as head of innovation at AXA XL, Cheri guides us through her own views on the current state of the industry, along with the work she and AXA XL are doing to elevate and drive the industry forward. At the end of our conversation, Cheri leaves our audience with three key takeaways. 1. Start With The “Why”: There are many new and exciting technologies entering the market, however, we should always be asking ourselves one fundamental question “What are we trying to accomplish and who are we trying to accomplish it for?” Clearly defining your goal with the chosen technology will help to increase company buy in and should be done early and often. 2. Bring Diverse Team Members To The Table? It is important to cast a wide net when seeking input for your AI implementation. By inviting a diverse group, you can gain greater insight into various use cases where AI can be implemented to help both your core business as well as your support staff which leads to an enhanced work product. 3. AI Is Not Going To Wait For You To Be Ready: We are in the here and now, so if you are not already thinking about how to best implement AI, you are likely behind. The good news is that these changes do not have to be grand sweeping changes. Cheri advocates that companies begin by looking at, and potentially amending, their Internet and Social Media Policy to include AI as they are so closely tied together now. To learn more about how you can better prepare your firm for the opportunities ahead, listen to our full podcast episode with Cheri on “AI In Construction, Brave New World, or Old Hat?” Please like, share, and subscribe to this podcast!

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#115: From Hopeful Veterinarian to Certified Safety Professional

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Play Episode Listen Later Apr 24, 2024 49:16

Don't let her city roots fool you. Lisa Blotsky, a casualty risk consultant with AXA XL, got her start in safety by putting on her boots (PPE-approved, of course) and working at a large-scale poultry processing facility. In this episode, listen as Jill chats with Lisa about her childhood dream of becoming a veterinarian, her 24 years spent working in the poultry industry, and how she transitioned into insurance. Lisa also talks about her involvement with the American Society of Safety Professionals, her passion for advocating for agriculture, and the importance of safety in caring for human life.

#115: From Hopeful Veterinarian to Certified Safety Professional

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Play Episode Listen Later Apr 24, 2024 49:16

Casualty Pressure Points

casualty pressure points axa xl

Play Episode Listen Later Apr 22, 2024 30:25

Donnacha Smyth, president of global excess casualty for AXA XL, discusses pressure points in the market and his takeaways from brokers. In the newest addition to our AXA XL podcast series, Donnacha Smith, president of global excess casualty for AXA XL, discusses ongoing claims litigation and nuclear verdicts, geopolitical tensions, climate change and renewables, and how to remain relevant for clients dealing with these pressures.

Press Play on Justice: Diddy in Distress, Baltimore Bridge Collapse and State Farm California Nonrenewals

RiskCellar

Play Episode Listen Later Apr 1, 2024 41:52

Listen in as we tackle some of the most electrifying and pressing stories of our time, from the scandals rocking the celebrity world to the unforeseen consequences of disasters. We kick things off with the startling news surrounding P Diddy, discussing the FBI raids on his properties and the serious charges he faces. The atmosphere shifts between grave concern and 90s nostalgia as we try to unravel the potential fallout of these allegations and his mysterious disappearance. Moreover, we bring you up to speed on the complexities surrounding a bridge collapse, highlighting the heroic actions of the crew and the financial shockwaves sent through insurance giants like Chubb and AXA XL. In a heartfelt turn, we share personal stories from our lives that intersect with the day's topics. You'll hear about my daughter's sailing classes, bringing a unique, intimate perspective to the maritime accidents we dissect. We then soar into the world of aviation, discussing Boeing's recent challenges and the nuances of transportation risks. The conversation gets even more grounded as we examine State Farm's policy upheavals in California, navigating the treacherous waters of insurance in the face of natural disasters and state regulations. Finally, let your imagination take flight with our musings on the future of technology and the emotional journeys of our pets, particularly a cherished blind and deaf pug. As we speculate on the impact of groundbreaking AI like ChatGPT 4.5, we also prep you for the marvel of an upcoming solar eclipse and the frenzy it's stirring in Hill Country, Texas. Wrapping up with a foray into the financial world, we discuss the surprising twists in the stock market, including the developments with Trump's Truth Social platform. This episode is a tapestry of poignant reflections, high-stakes analysis, and forward-thinking speculation. Timestamps 00:00 Today's topics 1:49 Sean Combs lawsuit and raid to his properties 7:47 Today's wine: La Enfermera 11:18 Baltimore bridge collapse 21:02 FAIR Plan State Farm won't renew 72000 California home policies 25:50 Talking about dogs 29:06 Lunar eclipse in Texas 31:40 Update on Trump's trial: bond reduced to $175 million 34:14 Ascend sponsor 34:50 Recall of the week: Ravin's crossbows Connect with RiskCellar: Website: https://www.riskcellar.com/ Brandon Schuh: Facebook: https://www.facebook.com/profile.php?id=61552710523314 LinkedIn: https://www.linkedin.com/in/brandon-stephen-schuh/ Instagram: https://www.instagram.com/schuhpapa/ Nick Hartmann: LinkedIn: https://www.linkedin.com/in/nickjhartmann/

#114: Utilizing Your Insurance, Women in Safety, Workplace Violence, and More with a Risk Consultant

Play Episode Listen Later Mar 27, 2024 59:53

Did you know you can utilize your insurance broker for risk assessment on your jobsites? And that PPE for males and females should be designed differently? Or that workplace violence is one of the top three reasons women die in the workplace every year? In this episode, Jill runs the gamut of safety with Christina Roll, casualty risk consultant with AXA XL. Christina is passionate about diversity, equity, and inclusion within the safety profession, and chats with Jill about the importance of PPE created - and fitted - specifically for women. She emphasizes the need to address workplace violence and bridge the gap for women in executive leadership roles. Christina also encourages all safety professionals to be their authentic selves, work on soft skills, and mentor others to ensure the growth and success of the safety profession.

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#114: Utilizing Your Insurance, Women in Safety, Workplace Violence, and More with a Risk Consultant

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Play Episode Listen Later Mar 27, 2024 59:53

women safety consultants insurance utilizing ppe workplace violence axa xl risk consultant

Ep200 Renaud Guidée CEO AXA XL Re: Much more than just a transaction

The Voice of Insurance

Play Episode Listen Later Feb 27, 2024 41:11

Today's guest has just taken over the running of a reinsurance business that, like many other in the sector has been right-sizing and re-focusing its underwriting over the past few years. But now Renaud Guidée and AXA XL Re are clearly out the other side and are looking to grow from their $2.5bn global premium base. In this podcast we focus on the state of the reinsurance market, Renaud's plans for the business as well as the question of how this reinsurer fits in strategically at one of the world's largest insurance groups. With executive experience in investment banking and with a challenging AXA Group role already under his belt, Renaud brings a refreshingly broad perspective to our conversation. Renaud combines high intelligence with great charm and you'll learn a lot from time spent in his company. LINKS: We thank our naming sponsor AdvantageGo: https://www.advantagego.com/

The ABCs of Scopes 1, 2, and 3

IRMI Podcast

Play Episode Listen Later Feb 14, 2024 10:30

Sustainable construction requires an understanding of the factors driving the need to focus on greenhouse gas emissions—expressed as Scopes 1, 2, and 3. In this 10-minute podcast episode, Cheri Hanes of AXA XL examines the meaning of Scopes 1, 2, and 3 and provides construction-specific examples and challenges of each.

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Beginnings: Strategic Planning, Market Growth, Data-Driven Evolution

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Play Episode Listen Later Jan 23, 2024 27:30

art of our AXA XL sponsored podcast series, we talk with Lucy Pilko, CEO, Insurance in the Americas for AXA XL. Just a couple months into the role, Pilko talks about beginning the process of executing AXAL XL's long and short term strategic visions. She discusses market opportunities and areas of challenge, and learning how to really use the data and technology we now have access to.

Legal and Risk Trends with Katherine Henry

Play Episode Listen Later Dec 12, 2023 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. [1:14] Several Exam Prep virtual workshops are coming up, starting on December 13th and 14th with former RIMS president, Chris Mandel. On January 13th, 20th, and 27th, 2024, the RIMS-CRMP Exam Virtual Workshop will be presented in conjunction with Conrad Clark Nigeria. [1:37] The RIMS-CRMP-FED Exam Prep Virtual Workshop will be held on January 30th and February 1st. That's a two-day course. Visit the certification page on RIMS.org for more information. A link is on this episode's show notes. [1:54] RIMS is gearing up for awards season. At RISKWORLD 2024, we will honor individuals, organizations, and chapters for their outstanding achievements in risk management. If you know someone who is truly making an impact on the risk profession and paving the way for future generations, consider drafting a nomination! [2:13] The deadline to submit award nominations is Friday, January 5th, 2024. A link to the awards applications and guidelines page is in this episode's show notes. Go to RIMS.org's About Us page and see the awards link there. Nominations for Risk Manager of the Year have closed but other awards might appeal to you or a friend. [2:41] Katherine Henry is the Partner and Chair of the Policyholder Coverage Practice at Bradley, Arent, Boult, and Cummings, a national law firm. Katherine and I will discuss the trends that drove the legal and risk professions in 2023, what to expect in 2024, and Nevada's Defense Within the Limits ban that may set a precedent for other U.S. states. [3:12] Katherine is one of the two presenters of an upcoming RIMS webinar called Nevada's “Defense Within The Limits” Ban Explored, on January 4th, 2024 at 1:00 p.m. It will be presented by the RIMS Public Policy Committee. Register now, especially if you're a RIMS member! This is going to be a big deal for you! [3:37] Katherine Henry, welcome back to RIMScast! [4:25] Katherine says risk managers have been really busy in 2023. She thinks first of cyber risk and cyber insurance. Insurers are getting their hands around it and premiums have escalated. Risk managers are finding they have to bring in IT and other folks to answer the much more complex questions on cyber. The cost of breaches has gone up. [5:40] Katherine discusses recent big hacks. One of the biggest risks lies with your vendors. Insurers are looking at that when setting your premiums. [6:19] Another big problem in 2023 is supply chain. It has become more difficult to insure it. It is difficult to procure business interruption insurance. Many insurers have left this market. Risk managers deal with this by eliminating sole sourcing and JIT warehousing. You have to have more goods and more local warehouse space available. [7:55] AI is the next big risk on Katherine's mind. The National Association of Insurance Commissioners (NAIC) has been looking at AI for quite a few years and its impact on insurance. Insurers have implemented AI chat boxes in personal lines. For risk managers, the question is what are we going to see in commercial lines? [8:41] Insurers may be able to use AI to assess damages better and to move more quickly. Risk managers will be dealing more with computerized platforms than individuals in the underwriting process. That's a few years away. Because AI is being integrated into so many platforms, it's a liability insurance risk for organizations. [9:55] Climate change is another major concern Katherine has. We see its impacts on agriculture in what you can grow and where you can grow it. The effect on sea levels in ports is a concern. It will affect living conditions around the world. It will continue to be a high-level concern for risk managers. [10:42] Katherine brings up the wars as another big concern for risk managers. Events have been canceled because of protest risk. We don't know the eventual impact of the Israel and Hamas conflict. Russia has agricultural and oil risks. There is the risk of war with China and Taiwan. [11:29] Swine flu and pneumonia are concerns now. There are respiratory illnesses among children in China. Illnesses and protests present physical risks. [12:41] RIMS plug time! RIMS Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. On January 16th and 17th, 2024, our friend and former RIMS president Chris Mandel will lead a two-day course, Captives as an Alternate Risk Financing Technique. [13:02] On January 23rd and 24th, our friend Gail Kyomura will return to host Fundamentals of Insurance. Information about these workshops and others is on the RIMS Virtual Workshops page. Check it out and register! [13:18] On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today's Risks While Preparing for the Risks of Tomorrow. On January 4th, RIMS's Public Policy Committee will explore Nevada's “Defense Within The Limits” Ban. That's why Kathy Henry joins us today. [13:44] On January 16th, RIMS will present How Risk Managers Can Combat Human Trafficking In 2024. I'll be hosting that session and will be joined by three expert panelists. I'm really looking forward to delivering this session and reaching you all. [14:00] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [14:38] It's difficult for organizations to take a political stand. People come at them from both sides. They are also challenged when they don't take a position. It's hard for organizations to know the right position to take. That's an organizational risk. You can't please all the people all the time. [15:38] Runaway or out-of-control verdicts are a risk when you take a case to a jury. Something that should be resolved for $1 million or two could be a $40 million liability. Insurers are aware of this. Katherine warns risk managers to give notice to their tower of excess insurance when a risk comes up that could be subject to a “nuclear” verdict. [16:48] Justin brings up nuclear verdicts in connection with recent PFAS settlements. RIMS did a webinar about it a month ago. Very high settlements open the door for future litigation or actions. Justin reads from Reuters on November 26th about a U.S. appeals court ruling protecting 3M and other companies in PFAS litigation from a class action. [19:11] Katherine Henry will be co-hosting a webinar on January 4th, Nevada's “Defense Within The Limits” Ban Explored. Katherine Henry and Mark Habersack are going to explore this ban. [19:33] Katherine gives a high-level overview of the ban. There are two types of liability policies. One includes a defense that is outside the limits; other policies put the cost of defense inside the policy limits. A $5 million policy within the limits provides $5 million to pay defense and damages. [20:11] The Nevada legislature wrote a new law that every liability policy in Nevada must include defense outside of limits, so insurers have an unlimited obligation to defend you until the case is resolved. The Webinar will talk about what caused that to happen in Nevada, what the potential solutions are, and the potential implications around the U.S. [21:06] This legislation overturns the business relationship between insurers and insureds. Insureds will no longer be able to purchase less expensive defense within-limits policies. That change has immense financial consequences. Justin will be the host for that webinar. [21:30] The legislation sets a time for this change to occur. Businesses need time to place liability coverage. Risk managers's jobs have changed greatly from what they were 20 years ago when they were purchasing insurance and working with insureds. Now they're assessing their enterprise's risk. There will be a lot of work for 2024. [22:28] Justin thanks Katherine Henry for joining us. [22:42] Special thanks to Katherine Henry for joining us on RIMScast! You'll hear more from Katherine on January 4th, 2024 during the RIMS Webinar Nevada's “Defense Within The Limits” Ban Explored. She will be joined by former RIMS Nevada Chapter President, Mark Habersack. Register at RIMS.org/webinars and the link in the show notes. [23:07] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [23:33] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [24:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store. [24:42] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [24:59] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [25:21] Thank you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe! Mentioned in this Episode: Riskworld 2024 — San Diego, CA | May 5–8, 2024 RIMS Riskworld Award Nominations — Jan. 5, 2024, is the deadline to submit nominations! RIMS-Certified Risk Management Professional (RIMS-CRMP) NEW FOR MEMBERS! RIMS Mobile App Spencer Educational Foundation — Grants Page Embrace The Unknown: Unleashing the Power of Risk | Hosted Live & In-Person by RIMS NZ & PI | Feb. 12, 2024 Dan Kugler Risk Manager on Campus Grant RIMS Risk Management Magazine: ERM Special Edition 2023 RIMS Webinars: Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023 Addressing Today's Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023 Nevada's “Defense Within The Limits” Ban Explored | Presented by RIMS Public Policy Committee | Jan. 4, 2024 How Risk Managers Can Combat Human Trafficking In 2024 | Presented by RIMS | Jan. 16, 2024 RIMS.org/Webinars Upcoming Virtual Workshops: Fundamentals of Insurance | Dec 12 See the full calendar of RIMS Virtual Workshops All RIMS-CRMP Prep Workshops — Including Chris Mandel's Dec 13–14 Course Related RIMScast Episodes: “RIMS Public Policy and Advocacy 2023” “Emerging Cyber Trends with Davis Hake of Resilience” “Fleet Safety with Nets Executive Director Susan Gillies-Hipp” “Cybersecurity Awareness Month with Pamela Hans of Anderson Kill” “Betting It All On Risk: Mark Habersack, Heart of RIMS Award Recipient 2021” Sponsored RIMScast Episodes: “Why Subrogation is the New Arbitration” | Sponsored by Fleet Response (New!) Cyclone Season: Proactive Preparation for Loss Minimization | Sponsored by Prudent Insurance Brokers Ltd. “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster “Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz “Analytics in Action” | Sponsored by Alliant “Captive Market Outlook and Industry Insights” | Sponsored by AXA XL “Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. “Zurich's Construction Sustainability Outlook for 2023” “ESG Through the Risk Lens” | Sponsored by Riskonnect “A Look at the Cyber Insurance Market” | Sponsored by AXA XL RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Chris Mandel! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org and listen on Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest Katherine Henry Bradley, Arant, Boult, and CummingsKatherine Henry is the Chair of the Policyholder Insurance Coverage team. Katherine's practice focuses on meeting clients' business objectives in matters involving insurance. She regularly advises Fortune 10 and other companies on complex insurance programs involving manuscript and specialty policies, including programs with multi-national coverage towers of $500 million to $1 billion, and programs incorporating various risk transfer and financing mechanisms, such as fronting programs, paid deductible programs, and collateral agreements. Her practice spans all aspects of policyholder insurance coverage, from initial policy placement and renewals to claims management and litigation, both in the United States and abroad. Her past and present policyholder clients include two of the world's largest automakers, the world's largest home improvement specialty retailer, an auto insurance company, a vacuum cleaner manufacturer, a quasi-governmental defined benefit plan, numerous healthcare-related entities, a private-equity investment firm, various banks and financial institutions, and a national trade association for the gases and welding industry. Tweetables (Edited For Social Media Use): For risk managers, this is really important. One of the biggest risks lies with your vendors, your third-party vendors. That can be the weak point. — Katherine Henry There's been a case reported of swine flu in the UK, now. There are these respiratory illnesses among children in China. It's not a pandemic but it's still a risk. — Katherine Henry Runaway or out-of-control verdicts are something organizations are facing everywhere. It's very difficult to take a case to a jury. Something that should be resolved for $1 million or $2 million could be a $40 million liability. Insurers are aware of that. — Katherine Henry

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Captives Captivating the Market

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Play Episode Listen Later Nov 27, 2023 14:54

In this episode of our partner podcast series with global insurer AXA XL, we talk Steven Bauman, Global Programs & Captives Director, for the Americas for AXA XL. The conversation covers the unprecedented growth in captives in recent years, new lines forming captives that haven't before, and how captives play a role in risk management and transfer for systemic risk.

Live from ITC Vegas '23 – The Innovators Part 1

Conversations on the Creek

Play Episode Listen Later Nov 20, 2023 43:56

In this episode of Conversations on the Creek, host Rob Savitsky takes the show on the road to the InsureTech Connect (ITC) Vegas '23 Conference to have bite-sized discussions with several P&C innovators around the most pressing industry trends. Guests include Rose Hall (SVP, Head of Innovation, Americas; AXA XL); Ryan Lockwood (Senior Manager, Data Platform; Toyota - Connected Analytic Services); Stephanie Behnke (VP, Solutions and Consulting; Hi Marley); Tony Cañas (Co-Founder; Insurance Nerds; Senior Recruiting Partner; Goodwin Recruiting); Kurt Jackson (Global Head of Sales; ICEYE). From the role of AI in claims to the evolution of telematics to carrier DE&I initiatives, each micro-podcast segment stands on its own. See below for the time stamps of each segment to jump to a particular topic and/or guest: [2:05] – Rose Hall of AXA XL shares how the company is providing more proactive preventative risk management services and additional value beyond the insurance policy to better meet the needs of their commercial lines clients. Between bringing more risk reducing technologies to businesses and having risk engineers now also leveraging aggregated market information, AXA XL is poised to help businesses mitigate their risk while building long-lasting insurance partnerships. [7:55] – Ryan Lockwood of Toyota - Connected Analytic Services describes how Advanced Driver Assistance Systems (ADAS) are transforming telematics insurance in their connected cars. Learn how Toyota is providing flexible options for Toyota customers to opt into sharing telematics data with the industry's largest carriers, as well as offering an embedded insurance offering through their MGA, Toyota Insurance. [18:01] - Stephanie Behnke of Hi Marley defines what “lovable” customer experiences look like and provides her perspective on how and when to deploy AI when texting with claimants. Between advances in sentiment analysis, whereby bots can alert adjustors to customer frustration, to being able to pull in multiple parties like a body shop to grouping multiple text messaging chains together, there are lots of new tactics for carriers to consider for helping their customers when they need it most. [25:06] - Tony Cañas of Insurance Nerds and Goodwin Recruiting provides his take on what carriers need to attract and retain Millennials and Generation Z workers. Tony also dives into what he's seeing carriers do to improve Diversity, Equity, and Inclusion (DE&I). “Millennials expect diversity. Gen Z will demand it.” Tony makes the point that DE&I cannot just be a check the box item, and that the carriers that truly embrace DE&I as a priority are the ones who will succeed in winning on talent. [36:26] - Kurt Jackson of ICEYE discusses how advances in satellite imagery and synthetic aperture radar (SAR) technology is enabling unprecedented responses to changes on Earth. With access to accurate, high resolution SAR images across the Earth during day or night, insurers now can make better decisions when natural catastrophes occur, improving their claims reserving and knowing how to better disperse their claims adjustors to homes and businesses. Guest companies and other references from today's show: https://axaxl.com/ https://connectedanalyticservices.com/ https://toyotaims.com/ https://insnerds.com/ https://insureequality.org/ https://www.himarley.com/ https://www.iceye.com/ Be sure to look out for Part 2 of this episode dropping later in November 2023. Check out all our other episodes and follow, rate and review Conversations on the Creek on Apple Podcasts, Spotify, and by visiting www.duckcreek.com/podcasts.

Juliet Hamilton

Claims Interviews

Play Episode Listen Later Oct 31, 2023 26:33

Juliet joined Canopius in January 2023. Prior to this role, she was Head of First Party Claims at Inigo and Head of Energy and Construction Claims at AXA XL. She previously held roles in the client/insured space, working for Shell and Indecs Consulting Services. Juliet has been involved in the successful settlements of many major market losses in the Energy, Liability, Construction and Property classes. The dynamic, hybrid working environment has created opportunities and challenges in developing teams for the future and ensuring talent and opportunities are afforded, within expectations, across the market. Juliet's key focus is to build teams focussing on diversity and inclusivity and the evolving skillset required in the insurance market. In this podcast, Juliet reveals many insights on her approach to leadership and she gives some shout-outs to individuals who have helped her in her career to date. She also discusses her aspirations for the future and tells us what she might have done had she not started her career in insurance.

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Fine Art and Risk

Risk Management and Insurance Podcast

Play Episode Listen Later Oct 24, 2023 42:44

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. While ERM can fit any organization, it is also different for every organization. How do you translate ERM from your previous organization to your new one? What areas of synergy might you have, and how do you navigate different governance structures and cultures? This session will provide insight from different perspectives and companies to demonstrate how you can implement a successful ERM program wherever you go. In this episode, Justin interviews three guests: Sandra Fontenot, Manager of Risk Management at Omnicell, Alison Sweeney, Vice President and Fine Art Expert, and Michelle Stegmann, Vice President of Claims, both of Distinguished Fine Art & Collectibles. Justin and Sandra discuss her ERM career and her upcoming ERM Conference Session on Nov 3. Then Justin interviews Alison Sweeney and Michelle Stegmann about insuring fine art and their experiences in it. Key Takeaways: [:01] About RIMScast. [:14] Register for the RIMS ERM Conference 2023, which will be held in Denver, Colorado on November 2nd–3rd. RIMS will also host an ERM-based tour of Ball Arena in Denver on November 1st. Limited seating is available. Visit RIMS.org/ERM to register and listen to this episode to hear the code for 10% off your registration! [:41] About today's episode where we will first talk about ERM and then get into a discussion about fine art and risk. [1:01] All about exciting, upcoming RIMS events! The Spencer-RIMS Risk Management Challenge is a six-month competition for university students where teams compete to develop and present the most comprehensive risk management report based on a case study. [1:19] Eight teams will present their findings at RISKWORLD 2024 in San Diego, California to a panel of risk management professionals. The top three teams will be awarded cash prizes and recognized at the Spencer reception and during the RISKWORLD Conference Finale. This is our annual international student competition. [1:39] Full details can be found on the Spencer website at Spencered.org. The application period closes on October 31st, 2023. Get involved; participate. We hope to see you at RISKWORLD! [1:52] The RIMS Legislative Summit is returning to Washington, D.C. on October 25th and 26th. Visit RIMS.org/Advocacy to register. [2:04] The RIMS ERM Conference 2023 will be held November 2nd and 3rd in Denver, Colorado. On November 1st, RIMS is hosting an ERM-based tour of Ball Arena, where the Denver Nuggets and Denver Avalanche play. There is limited seating. Register at RIMS.org/ERM2023. At checkout, type code 2023RIMSCAST for 10% off registration! [2:52] The ERM Conference 2023 will be different than years past. We've got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes. [3:22] My first guest, Sandra Fontenot, is an ERM Manager for Omnicell in Texas. She was a recipient of the ERM Award of Distinctions Honorable Mention in 2021 for her work at Dallas Fort Worth International Airport. [3:39] We will hear a bit about Sandra's career and the session that she will co-present at the RIMS ERM Conference on November 3rd, titled “ERM: Same Process, Different Organization.” Sandra Fontenot, welcome to RIMScast! [4:43] Sandra is the Manager of Risk Management at Omnicell, an autonomous pharmacy company. Omnicell works with hospitals and pharmacies, providing pharmacy staffing, software, and robotic dispensing machinery to make sure the right patient gets the right medication at the right time. Omnicell is global, based in Texas. [6:18] Sandra describes her past work at DFW Airport. A month-and-a-half after she started there, DFW went on lockdown during COVID-19. It gave Sandra the opportunity to learn the ins and outs of the airport while working in a hybrid situation. It also opened opportunities for construction and improvements to the facility. [7:30] In 2021, DFW Airport was awarded the RIMS Global Award of Distinction for its Enterprise Risk Management program. Sandra describes how that came to pass. The infrastructure of an airport is like a city. It all has to run from the roads to the water to the bathroom tissues and the concessions. It has a police department. [10:26] Sandra will be one of three presenters of a session at RIMS ERM Conference 2023, on November 3rd, called “ERM: Same Process, Different Organization.” One co-presenter, Trisha Sqrow, worked with Sandra at DWF Airport. Their presentation states that no matter what your enterprise is, the ERM process is typically the same. [11:01] You have to make sure that you have a process in place to look at risks and opportunities and determine the likelihood and the potential financial impact of each risk or opportunity. The basis and principle are the same wherever you are. Risk professionals in ERM network and share ideas at ERM conferences. [12:14] Sandra's presentation will be on November 3rd at the RIMS ERM Conference 2023 in Denver, Colorado. [12:31] When Sandra started at Omnicell, they had rolled out their first ERM survey the previous year. Now they are doing deeper dive conversations, adding onto that survey, and putting together a Risk Council. Sandra says she is a department of one-and-a-half, including the support and guidance of her great manager. [13:38] Sandra is also looking forward to being an ERM Square. ERM Squares is the new conference finale! It will feature nine seasoned risk professionals answering questions that students will then agree or disagree with. At the end of ERM Squares, there will be a raffle for a complimentary registration to RISKWORLD 2024 for an audience member. [15:57] RIMS plug time! RIMS wants you to submit your nomination for Risk Manager of the Year 2024. This prestigious award recognizes outstanding performance in the practice of risk management and will be presented at RISKWORLD 2024. Individuals must be RIMS members in good standing if they are selected to receive this award. [16:22] You are also required to be a member to win any future award. Part 1 Nominations for the 2024 Risk Manager of the Year program are due by October 27th. Check the link in this episode's show notes for more information and to view the guidelines for submission and judging criteria. [16:42] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! [17:16] Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register! [17:24] On October 26th, our friends from Zurich North America return to present PFAS Forever Chemicals – Regulations, Litigation, New Technologies. On October 31st, Resolver returns to present Building Your Business Case for GRC Software in 2024. [17:49] Metrics That Matter has Enhanced Decision-Making Across Your Cybersecurity Program on November 7. CLARA Analytics makes its RIMS debut with Risk Management in the Era of Artificial Intelligence. [18:08] On November 21st, Beazley returns to present Business Risk: Helping Your Executives to Navigate Today's Volatile Risk Environment. On December 12th, Prepare Yourself for the New Generation of Risk with Riskonnect. On December 14th, Aon will be Addressing Today's Risks While Preparing for Tomorrow. [18:32] Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [18:46] National Fine Art Appreciation Day is celebrated annually on October 25th. My next guests, Michelle Stegmann and Alison Sweeney, from the Distinguished Fine Art and Collectibles Group at Distinguished Programs, paint some broad strokes for us about how fine art and risk management intersect. [19:09] Michelle Stegmann and Alison Sweeney, welcome to RIMScast! [19:44] Michelle is a 30-year claims veteran and an attorney. She has been with large carriers including CNA, Clemen Forster, and Firemans Fund/Allianz, and in the programs space, working with MGAs and now with an MGA, Distinguished Programs, on their fine art and collectibles team. Michelle has a huge passion and love for the arts space. [20:38] Before joining Distinguished Programs, Alison was a fine art underwriter for AXA XL. Before that, she was a broker in the fine art space for eight years. For nine years before that, Alison worked in art appraisals, doing risk assessments and evaluations and working on claims. Alison is passionate about art and has a master's in art history. [21:52] Alison explains that commercial fine art policy is a property policy on items of a fine art nature, and antiques, jewelry, silver, rugs, and more that you might collect that have value. Art is subjective. For an insurance policy, it is something unique or unusual that has a market value and is replaceable. [22:47] The policy makes the client whole by restoration or replacement of the item with one of similar value or as close to restoration or replacement as is possible. [23:23] Michelle describes types of fine art policies for galleries, owners, collectors, and museums. [24:05] Michelle lists use cases to show the value of a fine art policy to an organization or a collector. Many objects that have important value to the people who belong to an institution can be covered. [25:07] The large majority of claims are not dramatic theft claims but damage or loss of the piece during transit; water damage from a burst pipe; damage from humidity, fire, or smoke; vandalism, linked to climate change protests; outdoor sculptures being subjected to the elements; natural catastrophic disasters; or accidental breakage. [27:22] A total loss is quite uncommon, except in a fire. Much more frequently there are partial losses where something needs to be repaired to be restored to its original condition. [27:51] In a partial loss, you may get the call while the loss is in progress. The first step is to make sure the artwork is removed from the dangerous situation to prevent further damage. When the situation is stabilized, you get a conservator involved to look at the piece, assess what needs to be done to repair it, and come up with a treatment plan. [28:49] If the artist is living, the claims adjuster will confer with the artist under the Visual Artists Rights Act (VARA) in America which gives artists the moral right to ensure that the essential meaning and intent of the piece is preserved even after sale, and make sure that the artist is on board with the treatment plan. [29:14] Once everything aligns, the treatment plan is commenced and the piece is restored. Then there is an assessment done to determine if there's any diminution in the value. Then there is a determination on whether any payments would appropriately issue. Finally, the claim is concluded and the restored piece is returned to the owner. [29:56] Alison reveals that the greatest number of claims the industry has seen in recent years was the result of Superstorm Sandy. There was a huge inundation of water in Chelsea, where a lot of galleries and storage facilities were based. It impacted a huge number of commercial galleries. It took many years to sort through insurance claims. [30:32] As a result of Superstorm Sandy, people have become more cautious about basement storage. A stillage warranty requires maintaining property a certain number of inches off the ground. There has been a huge embrace of water sensors that alert the owner to any sort of inundation from pipes or flooding, to get in and remove property. [31:17] Michelle relates the story of the Picasso painting, Le Rêve, which was owned by casino magnate Steven Wynn in New York and sold to hedge fund manager Stephen Cohen in 2006 for a record $139 million. Before the transfer, when showing it to Nora Ephron and Barbara Walters, Wynn accidentally put his elbow through the painting. [32:22] This resulted in a six-inch tear. The tear was repaired by an insurance carrier for $90 thousand. The painting sold again in 2013 to Stephen Cohen for a record $155 million. Damage to a piece of art doesn't necessarily cause diminution in value. [33:19] Alison addresses fine art insurance trends. Since COVID-19, art fairs, where multiple galleries exhibit, have been picking up again. Galleries have also made a big pivot to online sales, growing into new markets. That means an increase in transits and smaller sales. It leads to a change in the way to approach transit insurance. [34:21] Michelle talks about dealing with reputable shippers and packers who know how to pack fine art. There has been an increase in people moving, and moving their personal items as well as their fine art. They must make sure the company they work with is very well-versed in how to move art. [35:02] In 2019, Justin covered an event for RIMS, called The Business of Art. Alison was there. She remembers people coming up with creative and interesting questions. Events like that show what insurance industry professionals who don't work in fine art are interested in. She hopes to attend more events like that soon. [37:17] Michelle reflects on her career. From a claims perspective, this is exactly where she planned to be when she started. She was always interested in helping people solve their problems and fix something that had gone awry. That is also what attracted her to the law. [37:49] In the fine arts space, people have an emotional connection to these pieces of beauty which means that there's a human interaction that can't be downplayed in the claims process, in facilitating that and making sure they get to where they need to be. [38:00] Alison didn't know when she started studying art history that there was a world in which you could be an advisor in an insurance capacity. She feels extremely fortunate to have this position to help people with the collections they are personally invested in. The items very often are family heirlooms. [38:55] Alison has seen a huge trend in businesses toward maintaining a cloud-based management system for their collection. Having a photo document accessible with details on the location of the property, the values, and the dimensions is a gift. It's great, from an insurance perspective to access that. [39:28] Happy National Fine Art Day to you both! It's been such a pleasure to have you hear on RIMScast. There is a link to an article from Distinguished on this episode's notes. Hopefully, we see you at another fine art event in the city, and not put our elbows accidentally through anything and create a six-inch tear! [40:00] Special thanks again to all of my guests. I have a link to an article from Distinguished about fine art and risk management. I've also got a link to RIMS coverage, including a piece I wrote, covering a fine art and risk management event in 2019. See the links in this episode's show notes. [49:17] Go to the App Store and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS App! [40:37] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [41:20] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store. [41:44] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [42:00] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [42:21] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe! Mentioned in this Episode: RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration! RIMS Legislative Summit — Oct 25 & 26, Washington, D.C. Dan Kugler Risk Manager on Campus Grant Spencer-RIMS Risk Management Challenge 2024 — Be a Case Study or Join Judging Panel! RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)! RIMS-Certified Risk Management Professional (RIMS-CRMP) Nominate someone to RIMS 2024 Risk Manager of the Year or another RIMS award NEW FOR MEMBERS! RIMS Mobile App Fine Art coverage: “The Risky ‘Business of Art' Explored at Observer Event” | Risk Management Monitor “The Intrinsic Beauty of Risk Management” | Risk Management Magazine “Protecting the Priceless” | Risk Management Magazine “Understanding Fine Art and Collectibles Insurance by Distinguished” | Distinguished Fine Art & Collectibles Insurance RIMS Webinars: PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023 Building Your Business Case for GRC Software in 2024 | Sponsored by Resolver | Oct. 31, 2023 Enhance Decision-Making Across Your Cybersecurity Program | Sponsored by Metrics That Matter | Nov. 7, 2023 Risk Management in the Era of Artificial Intelligence | Sponsored by CLARA Analytics | Nov. 9, 2023 An Introduction to U. S. Custom Surety Bonds | Sponsored by Nationwide | Nov. 16, 2023 Business Risk: Helping your Executives Navigate Today's Volatile Risk Environment | Sponsored by Beazley | Nov. 21, 2023 Prepare Yourself for the New Generation of Risk | Sponsored by Riskonnect | Dec. 12, 2023 Addressing Today's Risks While Preparing for Tomorrow | Sponsored by Aon | Dec. 14, 2023 RIMS.org/Webinars Upcoming Virtual Workshops: Captives as an Alternate Risk Financing Technique | Nov 1 Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7 See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops — Including Chris Mandel's Dec 13-14 Course Related RIMScast Episodes: “Harnessing Innovation's Promise with ERM Conference Keynote Bob Roitblat” “Celebrating International Podcast Day™ and Risk with Jay Gates and Elisa Stampf” “Evolving Fire Risks with Ralph Bless”“Trisha Sqrow Talks ERM in the Air and on the Ground” Sponsored RIMScast Episodes: “Cyclone Season: Proactive Preparation for Loss Minimization” | Sponsored by Prudent Insurance Brokers Ltd. (New!) “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response “Cyberrisk Outlook 2023” | Sponsored by Alliant “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster “Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz “Analytics in Action” | Sponsored by Alliant “Captive Market Outlook and Industry Insights” | Sponsored by AXA XL “Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. “Zurich's Construction Sustainability Outlook for 2023” “Aon's 2022 Atlantic Hurricane Season Overview” “ESG Through the Risk Lens” | Sponsored by Riskonnect “A Look at the Cyber Insurance Market” | Sponsored by AXA XL RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Darius Delon! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org and listen on Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guests Sandra FontenotManager, Risk Management at Omnicell Alison Sweeney Vice President and Fine Art Expert, Distinguished Fine Art & Collectibles Michelle Stegmann Vice President of Claims, Distinguished Fine Art & Collectibles Distinguished.com/blog Tweetables (Edited For Social Media Use): DFW Airport is a mini-city within itself. We did have our own police department, so we made sure that they were able to get back and forth to work and scheduled overnight housing at hotels for them. — Sandra Fontenot In the fine arts space, people have an emotional connection to these pieces of beauty which means there's a human interaction that can't be downplayed in the claims process, in facilitating that and making sure they get to where they need to be. — Michelle Stegmann I didn't know when I started studying art history that there was a world in which you could be an advisor in an insurance capacity. I feel extremely fortunate to have this position to help people with the collections they are invested in; often heirlooms. — Alison Sweeney

covid-19 america new york california texas art conversations business education washington media future colorado vice president risk events san diego artificial intelligence excellence mt register air workshop advocacy era denver nuggets limited webinars claims individuals employers case study damage fine arts app store key takeaways materials c suite picasso risk management zurich new generation distinction liability nominations litigation new technology gig economy resolver dfw risky business explored distinguished erm ler barbara walters nora ephron cna galleries chris hansen aon mga superstorm sandy rims metrics that matter risk manager enterprise risk management beazley prepare yourself new york society dfw airport stephen cohen alison sweeney mgas axa xl subrogation omnicell risk management magazine riskonnect

How technology is transforming construction and underwriting processes

Play Episode Listen Later Oct 10, 2023 29:06

The construction industry is evolving at a fast pace, with several organizations using innovative technology, pioneering methods, and new materials to respond to a variety of challenges. Marsh's Richard Gurney and Avi Khanna and Cheri Hanes, from AXA XL, discuss how groundbreaking technologies can help construction sites become safer and more efficient, and explore the various procurement and adoption factors that need to be considered. They also discuss how the data from new technologies can help underwriters price risk. You can access a transcript of the episode here. For more insights and insurance and risk management solutions, follow Marsh on LinkedIn and Twitter and visit marsh.com

ai technology transforming construction iot processes marsh underwriting axa xl

Cybersecurity Awareness Month with Pamela Hans of Anderson Kill

Play Episode Listen Later Oct 10, 2023 43:39

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. In this episode, Justin interviews Pamela Hans of Anderson Kill on the many aspects of Cybersecurity, including who is responsible for it. (If you have a networked device, it's you!) The discussion covers the effects of the new SEC ruling requiring many companies to report a cybersecurity event within four days of discovering that a material event has occurred, and what that means to you and your organization. Justin and Pamela also review her presentation at the RIMS Canada Conference 2023 and how a potential problem became a fun opportunity. Lots to cover in today's episode. Let's get to it. Key Takeaways: [:01] About RIMScast. [:14] Register for the RIMS ERM Conference 2023, which will be held in Denver, Colorado on November 2nd–3rd. RIMS will also host an ERM-based tour of Ball Arena in Denver on November 1st. Limited seating is available. Visit RIMS.org/ERM to register and listen to this episode to hear the code for 10% off your registration! [:41] About today's episode on cybersecurity and presentation skills with Pamela Hans of Anderson Kill. [1:01] All about exciting, upcoming RIMS events! Would you like funding to hire a risk management intern in 2024? If so, take a moment to apply for a Spencer Internship Grant. The application form will close on October 15th. The link is in this episode's notes. [1:28] If you will be attending RISKWORLD 2024 in San Diego, California, take a moment to sign up as a volunteer judge in the Spencer-RIMS Risk Management Challenge 2024. This is our annual international student competition. Full details can be found on the Spencer website at Spencered.org. Get involved; participate. We want to see you there! [1:52] Head to the RIMS.org/Advocacy page to register for The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th. [2:04] The RIMS ERM Conference 2023 will be held November 2nd and 3rd in Denver, Colorado. On November 1st, RIMS is hosting an ERM-based tour of Ball Arena, where the Denver Nuggets and Denver Avalanche play. There is limited seating. Register at RIMS.org/ERM2023. At checkout, type code 2023RIMSCAST for 10% off registration! [2:52] The ERM Conference 2023 will be different than years past. We've got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes. [3:24] It is October; it's cybersecurity awareness month in the U.S. and several other areas of the world and that's why I'm so excited to introduce our guest, Pamela Hans, managing shareholder of the Philadelphia office of the law firm Anderson Kill. She focuses on insurance coverage, which includes cyber. [3:45] We're going to talk about cyber trends. I met Pamela at the RIMS Canada Conference in Ottawa last month where she was delivering a session on “Getting the Deal Done.” We're also going to hear her tips on how to handle the curveballs that might be thrown at you ahead of a live presentation and how to turn them into opportunities. [4:16] Justin met Pamela Hans of Anderson Kill on the last day of the RIMS Canada Conference 2023 when she was hosting a session. Pamela knows cybersecurity and October is National Cybersecurity Awareness Month in the U.S. [5:57] The trend of the phone calls Pamela gets is all about ransomware. A threat actor freezes up the system, completely takes control, and demands a ransom in return for a description key. But the trend in cybersecurity is data breaches to steal personal data. Recently Topgolf, Freecycle, Forever21, Duolingo, and Discord.io suffered breaches. [6:41] Those are just a few examples of cybersecurity incidents where personal sensitive data has been grabbed by the threat actor, with threats to use the data to do more damage to the individuals whose data was taken. [7:03] Pamela has also seen distributed denial of service attacks. The army of bots seems to be increasing in number while the cost is decreasing to rent a bot to execute a distributed denial of service attack. [7:50] When there is an exfiltration of personal data, that data can be used by the threat actor to do more damage to the individuals by impersonating the user and fraud. [8:29] Pamela addresses the SEC rules on the disclosure of cybersecurity events and the annual obligation imposed on publicly traded and registered companies to disclose their cybersecurity governance. That has an impact on the company and its stock price. The public may then decide which companies to trust by their cybersecurity protocols. [9:30] Justin refers to the RIMScast episode with Hilary Tuttle on the SEC cybersecurity reporting rules. They discussed the four-day reporting rule. Four days after the company finds out they were attacked in a material fashion they have to report the breach. [10:09] Pamela notes that a material breach is one that investors would want to know about before investing in the company, as the breach may affect the value of the stock and the company. This is an important SEC rule on cybersecurity governance. [11:41] Risk professionals should be asking questions about this rule now. Prepare to make these required reports. Run tabletop exercises with your response team. Ascertain now what “material,” in the cyber context, looks like to your company. Getting ready now is important, for when you experience a cybersecurity event. [13:23] Pamela speaks about the need for cybersecurity awareness. Any individual can be the gateway to a cybersecurity event. Everyone who has a device needs to be aware of cybersecurity risks to help prevent infiltration by cybercriminals of our phones, laptops, and businesses. [14:54] Cybersecurity is as simple as multi-factor authentication. Don't give away your passwords. Be thinking about cybersecurity, Don't click on the puppy dog. [15:58] Justin presents a special message from Bob Roitblat in case you missed his RIMScast episode. [16:16] Bob Roitblat is excited to be the keynote speaker for the RIMS ERM Conference 2023, in Denver, on November 2nd and 3rd. His keynote is “Elevate, Revolutionize, Maximize: Harnessing Innovation's Promise.” Bob reveals what to expect and asks you to bring your “A game,” be ready to ask questions and interact to get value. [17:34] Go to RIMS.org/ERM2023 to register. If you enter the code 2023RIMSCAST at checkout, you will get 10% off your registration! It's value with a discount! Bob looks forward to helping you elevate and evolve your risk management processes and your career! Be there in Denver, November 2nd and 3rd! Links are in the show notes. [18:36] Pamela reviews her career path, with degrees in civil engineering and then law school. She knew she wanted to solve technical problems for companies. Cybersecurity is a natural fit for her background. Cybersecurity is everywhere. [21:07] Pamela foresees two things from these new reporting rules. One will be SEC subpoenas to companies for information about their cybersecurity reporting and governance. Another will be shareholder scrutiny and lawsuits around failure to disclose or poor evaluation of materiality. The rule is self-enforcing through shareholder suits. [22:35] Pamela predicts we'll see more D&O coverage activity because of this rule. Risk professionals need to be looking at that when renewing or placing new D&O coverage, asking their brokers about the impact of the new SEC requirement around disclosure and materiality. Risk managers will need to explain this if there is a subpoena or claim. [23:52] Risk managers also need to be thinking of looking across the entire insurance program, to see which insurance policies may respond in the event of an SEC subpoena or a claim related to disclosure. Now is the time to prepare for what may be coming. [24:40] Pamela says risk professionals need to ask their insurance broker what is new in their policy since last year. Are there new endorsements or policy language? New policy language or endorsements for 2024 will be enormously important. Risk managers should also run tabletop exercises with the insurance pre-approved response team. [26:53] Risk professionals should look at your policies now to see what policies will respond if you have an SEC claim and what the policy limits are. Your policies need to be on paper, not on your computer network, and not named “Cyber Policy 1,” or “Cyber Policy 2,” where threat actors can find and read them on the network. [27:54] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. Justin is pleased, humbled, and excited to announce that RIMS and RIMScast have won the 2023 Excellence in MarCom Award on October 24, 2023, from the New York Society of Association Executives (NYSAE)! [28:41] On Friday, November 10th, from 10 to 11, NYSAE is presenting a virtual program called ”Podcasting — A Revenue Stream for Your Association.” Justin is honored to be one of the panelists. A link is in this episode's notes. [28:57] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. Our friend Elise Farnham returns on October 24th and 25th to lead the two-day course Fundamentals of Risk Management. [29:20] Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register! [29:49] On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals. [30:06] On October 26th, our friends from Zurich return to present a session on PFAS, Forever Chemicals, and PFAS Litigation. On October 31st, Resolver returns to present Building Your Business Case for GRC Software in 2024. Metrics That Matter has Enhanced Decision-Making Across Your Cybersecurity Program on November 7. [30:36] There is a lot of great educational content for you in the next month. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [31:08] About Pamela Hans presenting the last session on the last day of the RIMS Canada Conference 2023. The session was “Do You Want to Get the Deal Done? Obstacles and Opportunities in Contract Negotiation.” She had a packed house for the session. She discussed deal-breakers and opportunities. [33:58] You have tools as a risk professional to deal with risk transfer provisions you might not want. The session talked about how to make insurance work for you in this context and how to indemnify a counterparty that is 10,000 times larger than you. How can your insurance respond to make these provisions opportunities, not deal-breakers? [35:03] People left the session with ideas about what to ask their insurance broker and the business side, to know what they should be ready for. [36:09] Pamela was scheduled to present with two co-presenters but neither of them could attend. For Pamela, it was an opportunity to have fun with the people who were in the room. Presentations are better when they are conversations with the people in the room. It was terrific! [38:34] Justin suggests if you are going to present and your co-presenters back out, look at it as an opportunity. If you need additional materials get them from the organization you represent, but be confident you can do 20 minutes by yourself. Open it up to Q&A and that will take care of a lot of dialog. Pamela went past 60 minutes. [39:18] Justin fell asleep twice in the 17-minute flight back to the U.S. He was disappointed the flight attendant didn't wake him! [40:54] Special thanks to Pamela Hans of Anderson Kill for joining us on RIMScast for National Cybersecurity Awareness Month coverage. The session handout from her RIMS Canada Conference session, “Do You Want to Get the Deal Done?” is available via the RIMS Canada Conference 2023 Attendees Service Center. See link in show notes. [41:16] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app! [41:36] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [42:17] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store. [42:41] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [42:56] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [43:17] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe! Mentioned in this Episode: RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration! NEW FOR MEMBERS! RIMS Mobile App RIMS Legislative Summit — Oct 25 & 26, Washington, D.C. RIMS-Certified Risk Management Professional (RIMS-CRMP) Dan Kugler Risk Manager on Campus Grant Spencer Educational Foundation — Hire A Risk Intern 2024 | Deadline Oct. 15, 2023 Spencer-RIMS Risk Management Challenge 2024 — Be a Case Study or Join Judging Panel! “Do You Want To Get The Deal Done?” — Session handouts still available via the RIMS Canada Conference Attendee Service Center RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)! “NYSAE Webinar: Podcasting — A Revenue Stream for Your Association” RIMS Webinars: Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023 PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023 Building Your Business Case for GRC Software in 2024 | Sponsored by Resolver | Oct. 31, 2023 Enhance Decision-Making Across Your Cybersecurity Program | Sponsored by Metrics That Matter | Nov. 7, 2023 RIMS.org/Webinars Upcoming Virtual Workshops: Claims Management | Oct 10–11 Fundamentals of Risk Management | Oct 24–25 Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7 See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops Related RIMScast Episodes: “Harnessing Innovation's Promise with ERM Conference Keynote Bob Roitblat” ‘Cybersecurity Reporting Updates with Hilary Tuttle of Risk Management Magazine” “Cybersecurity and Insurance Outlook 2023 with Josephine Wolff” “Genuine Generative AI Talk with Tom Wilde of Indico Data” “Getting to Know Jackware with Dan Healy of Anderson Kill” Sponsored RIMScast Episodes: “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!) “Cyberrisk Outlook 2023” | Sponsored by Alliant (New!) “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster “Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz “Analytics in Action” | Sponsored by Alliant “Captive Market Outlook and Industry Insights” | Sponsored by AXA XL “Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. “Zurich's Construction Sustainability Outlook for 2023” “Aon's 2022 Atlantic Hurricane Season Overview” “ESG Through the Risk Lens” | Sponsored by Riskonnect “A Look at the Cyber Insurance Market” | Sponsored by AXA XL “How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD “Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org and listen on Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn About our guest, Pamela Hans LinkedIn Pamela HansSenior Shareholder, Cyber practice Pennsylvania office of Anderson Kill Tweetables (Edited For Social Media Use): Consumers are giving their personal information to a company they want to do business with and then that company is attacked and the individual's information can be used by the threat actor to do more damage to the individual by way of fraud. — Pamela Hans A material breach is one that investors would want to have information about that might influence their decision to buy or not to buy a stock, because it may impact the value of the stock and the value of the company going forward.— Pamela Hans Risk professionals should look at your policies now to understand what policies will respond if you have an SEC claim because of the reporting requirement and what the policy limits are. What are the requirements of notice? — Pamela Hans

Harnessing Innovation's Promise with ERM Conference Keynote Bob Roitblat

managing ireland united kingdom identify intelligence location garry cco gamma cpd go green climate risk axa xl matthew grant

Play Episode Listen Later Oct 2, 2023 24:10

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society. Justin is delighted to welcome innovation thought leader Bob Roitblat to RIMScast. Bob is the keynote speaker at RIMS ERM Conference 2023. He speaks about his keynote, “Elevate, Revolutionize, Maximize: Harnessing Innovation's Promise.” Bob shares how innovation ties into strategy and risk, and how you can harness the great potential of innovation through careful strategy and risk management. Bob is an engaging speaker who asks his audience to be prepared to participate and learn. Get set for a dynamic keynote presentation on harnessing innovation's promise for your organization! Key Takeaways: [:01] About RIMScast. [:14] Register for the RIMS ERM Conference 2023, which will be held in Denver, Colorado on November 2nd–3rd. RIMS will also host an ERM-based tour of Ball Arena in Denver on November 1st. Limited seating is available. Visit RIMS.org/ERM to register and listen to this episode to hear the code for 10% off your registration! [:41] About today's episode with RIMS ERM Conference 2023 keynote Bob Roitblat. [1:01] All about exciting, upcoming RIMS events! Would you like funding to hire a risk management intern in 2024? If so, take a moment to apply for a Spencer Internship Grant. The application form will close on October 15th. The link is in this episode's notes. [1:27] If you will be attending RISKWORLD 2024 in San Diego, California, take a moment to sign up as a volunteer judge in the Spencer-RIMS Risk Management Challenge 2024. This is our annual international student competition. Full details can be found on the Spencer website at Spencered.org. Get involved; participate. We want to see you there! [1:51] Head to the RIMS.org/Advocacy page to register for The RIMS Legislative Summit, which is returning to Washington, D.C. on October 25th and 26th. [2:03] The RIMS ERM Conference 2023 will be held November 2nd and 3rd in Denver, Colorado. On November 1st, RIMS is hosting an ERM-based tour of Ball Arena, where the Denver Nuggets and Denver Avalanche play. There is limited seating. Register at RIMS.org/ERM2023. At checkout, type code 2023RIMSCAST for 10% off registration! [2:51] The ERM Conference 2023 will be different than years past. We've got some great changes. Book your travel plans now! RIMS will host a Post-conference Workshop for the RIMS CRMP from 9:00 to 4:00 MT on November 4th and 5th. Save $100 when you register for the conference and workshop in one transaction. Links are in the notes. [3:21] Bob Roitblat is a multiple business owner and well-known TEDx speaker. Bob will kick off the RIMS ERM Conference 2023 on November 2nd with his keynote, “Elevate, Revolutionize, Maximize: Harnessing Innovation's Promise.” Bob is very engaging and I am looking forward to the energy he will bring to the keynote address on November 2nd! [4:30] Bob Roitblat has started a dozen companies. Each company focused on three areas: innovation, strategy, and risk. The three areas are closely tied together. You can't be successful in one without the other two. It's a three-legged stool. [5:03] Bob describes innovation as doing something new and different that makes a difference. It could be new products or services, a new business model, or a new organizational structure. It's something that you haven't done before that will make a difference to your organization. (A positive difference, preferably!) [6:00] Most of the time when people innovate within an organization, they don't call attention to it, they just run more efficiently. Amazon is a huge logistics company that runs smoothly. They spend billions on innovation. They bought a robotics company to have robots to deliver products on schedule. [6:28] There is also the innovation of developing products and services for external consumption by customers. Bob cites Zia Chisti, who invented Invisalign braces. Orthodontia hadn't changed for 100 years until a Stanford student wanted to change the experience of braces. Within 10 years, he completely altered orthodontia. [7:20] Richard Montañez, a janitor who worked for Frito-Lay, invented Flaming Hot Cheetos. He altered the landscape for focus marketing. He went after a segment of the market people didn't think to go after. Now we're not just marketing to people but to segments of those people. Richard retired as the VP of Multicultural Affairs at Pepsico. [10:05] Bob describes the upcoming influence of AI digital workers on innovation. In terms of efficiency, we are underselling the capabilities of digital workers. Let's elevate our perspective. How do we use digital workers to drive the top line, open new markets, and address new submarkets like Montañez did? [11:44] Software bots may or may not use AI but they are digital workers. [11:57] RIMS plug time! Sponsor an episode of RIMScast! Contact us at pd@rims.org. Justin is pleased, humbled, and excited to announce that RIMS and RIMScast have won the 2023 Excellence in MarCom Award on October 24, 2023, from the New York Society of Association Executives (NYSAE)! [12:41] On Friday, November 10th, from 10 to 11, NYSAE is presenting a virtual program called ”Podcasting — A Revenue Stream for Your Association.” Justin is honored to be one of the panelists. A link is in this episode's notes. [12:57] Upcoming Virtual Workshops: Visit RIMS.org/virtualworkshops to see the full calendar. October 2nd is the last day to register for Applying and Integrating ERM, a two-day course on October 3rd and 4th, led by Elise Farnham. On October 10th and 11th, our friend Gail Kiyomura will host a two-day workshop on Claims Management. [13:28] Our friend Chris Hansen was recently on RIMScast. He will be leading Managing Worker Compensation, Employer's Liability, and Employment Practices in the US on November 7th and 8th. Be sure to register for that course! Information about these sessions and others is on the RIMS Virtual Workshops page. Check it out and register! [13:56] On October 12th, AXA XL returns to present Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals. [14:10] On October 26th, our friends from Zurich return to present a session on PFAS, Forever Chemicals and PFAS Litigation. Visit RIMS.org/Webinars to learn more about these webinars and to register! Links are in the show notes. Webinar registration is complimentary for RIMS members. [15:11] Bob's November 2nd keynote preview: Imagine that innovation is a lake. It's full of potential. Unless you harness that flow in some way, you can't take advantage of it. Your strategy is a dam. You set it so the flow doesn't wipe out the town below. That's good risk avoidance. [15:57] Maybe your strategy is to use irrigation pipes to make the surrounding land tillable and farmable. That generates revenue. Maybe your strategy is a hydroelectric plant inside the dam and generate electricity to sell. Unless you have a strategy to extract value from your lake of innovation, it only has potential value. [16:46] The theme of the keynote is how to build your dam strategy to extract value from the innovation that you can identify. [17:11] Bob says to attend the keynote and be prepared to participate! It will not be a one-way data dump! You won't be bored! There will be a QIOS session. Bob won't have all the answers, but he'll answer your Questions with Ideas, Opinions, and Suggestions! Let's start the conversation! [18:00] With Bob's keynote and the following sessions by other speakers, the people who show up will be overloaded with value, and knowledge, and be prepared to go back to their organizations and “take over the world.” [18:29] Bob uses lots of images in his keynote, produced by Gen AI and edited in Photoshop and enhanced with Adobe Illustrator. But digital isn't always the answer. Sometimes analog images are the best way. [19:47] October is National Cybersecurity Awareness Month. It's a subject of the Conference and Bob will address it. Listen in the keynote for the top ten innovations Bob thinks will have the biggest impact on Enterprise Risk Management. Two of the ten deal with cybersecurity. [20:12] Bob shares a point. If you sign up for ChatGPT and you want to have access to the latest LLM, it's a subscription of $20.00 a month. If you subscribe to FraudGPT, a chatbot that helps you hack into things and be fraudulent, you pay a subscription of $200 a month. Don't tell Bob that crime doesn't pay! [21:04] Bob's parting words: “If you see me in the hall, grab me, tell me what you want to talk about. If you disagree with me, please speak up, let's have the conversation. And I've already changed my airfare to stay a little longer 'cause I just saw a new session popped up that I want to go to! So this will be the event of the season! Let's do it!” [21:26] Special thanks again to Bob Roitblat, our RIMS ERM Conference 2023 keynote speaker for joining us. Register today at RIMS.org/ERM2023. You get to hear Bob first thing in the morning on November 2nd and you'll have the chance to connect with him after the keynote, possibly in some other sessions. Links are in the show notes. [21:49] Go to the App Store on your phone and download the RIMS App. This is a special members-only benefit. Everybody loves the RIMS app! [22:08] You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in our show notes. RIMScast has a global audience of risk professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate! Contact pd@rims.org for more information. [22:50] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. The RIMS app is available only for RIMS members! You can find it in the App Store. [23:13] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [23:29] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com and in print, and check out the blog at RiskManagementMonitor.com. Justin Smulison is Business Content Manager at RIMS. You can email Justin at Content@RIMS.org. [23:49] Justin thanks you for your continued support and engagement on social media channels! We appreciate all your kind words. Listen every week! Stay safe! Mentioned in this Episode: RIMS ERM Conference 2023 | Nov 2–3 in Denver, CO! Enter 2023RIMSCAST at checkout for 10% off registration! NEW FOR MEMBERS! RIMS Mobile App RIMS Legislative Summit — Oct 25–26, Washington, D.C. RIMS Western Regional — Oct 4–6, Vail Colorado RIMS-Certified Risk Management Professional (RIMS-CRMP) Dan Kugler Risk Manager on Campus Grant RIMScast to receive the 2023 Excellence in MarCom Award from the New York Society of Association Executives (NYSAE)! “NYSAE Webinar: Podcasting — A Revenue Stream for Your Association” Spencer Educational Foundation — Hire A Risk Intern 2024 | Deadline Oct. 15, 2023 Spencer-RIMS Risk Management Challenge 2024 — Be a Case Study or Join Judging Panel! RIMS Webinars: Stand Tall: How to Boost your Cyber Posture Against Creative Cyber Criminals | Sponsored by AXA XL | Oct. 12, 2023 PFAS Forever Chemicals — Regulations, Litigation, New Technologies | Sponsored by Zurich | Oct. 26, 2023 RIMS.org/Webinars Upcoming Virtual Workshops: Claims Management | Oct 10–11 Managing Worker Compensation, Employer's Liability and Employment Practices in the US | Nov 7 See the full calendar of RIMS Virtual WorkshopsAll RIMS-CRMP Prep Workshops Related RIMScast Episodes: The Future of AI and Work with Sinead Bovell Live from the RIMS ERM Conference 2022 Risk and Leadership with Lt. Gen. (ret) Roméo Dallaire Genuine Generative AI Talk with Tom Wilde of Indico Data ERM in Banking & Finance with Eleni Willis Security Risks and Implementing ERM with Kelly Johnstone Emerging Risks and Board Reporting with Suzanne Christensen ERM at the Veterans Benefits Administration Sponsored RIMScast Episodes: “Subrogation and the Competitive Advantage” | Sponsored by Fleet Response (New!) “Cyberrisk Outlook 2023” | Sponsored by Alliant (New!) “Chemical Industry: How To Succeed Amid Emerging Risks and a Challenging Market” | Sponsored by TÜV SÜD “Insuring the Future of the Environment” | Sponsored by AXA XL “Insights into the Gig Economy and its Contractors” | Sponsored by Zurich “The Importance of Disaster Planning Relationships” | Sponsored by ServiceMaster “Technology, Media and Telecom Solutions in 2023” | Sponsored by Allianz “Analytics in Action” | Sponsored by Alliant “Captive Market Outlook and Industry Insights” | Sponsored by AXA XL “Using M&A Insurance: The How and Why” | Sponsored by Prudent Insurance Brokers Ltd. “Zurich's Construction Sustainability Outlook for 2023” “Aon's 2022 Atlantic Hurricane Season Overview” “ESG Through the Risk Lens” | Sponsored by Riskonnect “A Look at the Cyber Insurance Market” | Sponsored by AXA XL “How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD “Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL RIMS Publications, Content, and Links: RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community! RIMS Virtual Workshops On-Demand Webinars Risk Management Magazine Risk Management Monitor RIMS-Certified Risk Management Professional (RIMS-CRMP) RIMS-CRMP Stories — New interview featuring Roland Teo! Spencer Educational Foundation RIMS DEI Council RIMS Events, Education, and Services: RIMS Risk Maturity Model® RIMS Events App Apple | Google Play RIMS Buyers Guide Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information. Want to Learn More? Keep up with the podcast on RIMS.org and listen on Apple Podcasts. Have a question or suggestion? Email: Content@rims.org. Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn. About our guest, Bob Roitblat Roitblat.com Tweetables (Edited For Social Media Use): Imagine that innovation is a lake. It's full of potential. But unless you harness that water flow in some way, you're not going to be able to take advantage of it. So you're going to come up with a dam. Your strategy is a dam. — Bob Roitblat The theme of the keynote is how to build your “dam strategy” to extract value from the innovation that you can identify. — Bob Roitblat We're going to do a QIOS. … I don't have all the answers, but please, ask your Questions and I will share some ideas, give you my Opinions, and make some Suggestions! Let's start the conversation! — Bob Roitblat If you subscribe to FraudGPT, a chatbot that helps you hack into things and be fraudulent, that subscription costs you $200 a month. So please don't tell me that crime doesn't pay! — Bob Roitblat

Richard Garry: CCO, Gamma Location Intelligence: Managing climate risk at home (264)

InsTech London Podcast

Play Episode Listen Later Sep 17, 2023 23:32

The climate has been on our minds since the record-breaking summer heat we had across the world. In this podcast we turn to matters closer to home. In this episode Matthew speaks to Richard Garry, CCO at Gamma Location Intelligence, which provides software and data services to help insurers understand location risk and climate. Tune in to find out more about how Gamma is helping insurers adapt to the changing weather in the United Kingdom and Ireland, as well listening in to InsTech's first live demonstration on the podcast of Gamma's Go Green platform, done in collaboration with AXA XL. Talking points include: Why flooding follows wildfire The importance of customising and responding to client needs Go Green platform - how homeowners can mitigate risks associated with climate change MGAs and ecosystems - Gamma and collaboration We'd love to know what you think about this episode - click here and add your thoughts to our LinkedIn post about it. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co Continuing Professional Development - Learning Objectives InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Explain how data for location analysis is collected Describe some of the ways climate change is altering risk Identify the key methods data providers help insurers with property and location intelligence If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have `earned, visit the Episode 264 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey

An Ecosystem of Innovation