Podcasts about Chief risk officer

Boards are under pressure to govern AI responsibly, but most directors still lack the knowledge to ask the right questions, let alone hold management accountable. Two leaders explain what it actually takes.Dr. Chong Yoke Sin chairs Singapore's SCS AI Ethics and Governance Council and sits on financial services, property, and healthcare boards. Heather Holding is Chief Risk Officer at Best Egg and hosts an AI adoption series called “AI With Heather.” They've approached AI governance from opposite ends of the org chart—and landed on the same answer.In this episode:Why fiduciary responsibility now extends to AI (and what that means for directors who lack technical backgrounds)How continuous AI monitoring is disrupting the traditional three-lines-of-defense modelThe “organize my closet” onboarding method that got an entire risk team using AI regularlyWhy curiosity is the most important governance capability of the next 12 monthsWhat “clean data in” means for getting AI outputs you can trustSubscribe to The Pre-Read for bi-weekly insight for finance, risk, audit, and sustainability leaders.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin takes the opportunity of RISKWORLD 2026 to interview on-site two session co-presenters, Sandy Avina and Angel Guerra, and a fellow podcast host, Joel Appelbaum. Sandy and Angel co-wrote a book, Riskfetti: Risk Management for the Rest of Us, which comes out on May 18th. They discuss their careers, how they came to team up to write, and why this book, now. Justin and Joel discuss Joel's career in risk, from underwriter to Chief Content Officer at the International Risk Management Institute (IRMI) and podcast host of The Edge of Risk. Listen for thought leadership on communicating risk to business professionals and translating complex risk research into media content.   Key Takeaways: [:01] About RIMS and RIMScast. [:14] About this episode of RIMScast. It was recorded live, on-site at RISKWORLD 2026, in Philadelphia. It's one of my favorite episodes of the year. We will be joined by a range of guests. But first… [:43] RIMS Virtual Workshops. The next RIMS-CRMP-FED Exam Prep Course will be on May 13th and 14th. The popular CBCP and RIMS-CRMP Exam Prep Bootcamp will be held from May 18th through the 21st. The next RIMS-CRMP Exam Prep Course will be held on June 9th and 10th. [1:02] Links to registration are in this episode's notes. [1:05] Webinars. On May 14th, Origami Risk will return with a new session, "Future-Proofing Your Risk Program: Keeping Pace with Scale, Complexity, and Visibility." [1:17] On May 21st, GRC returns to present "Is Your Fire Protection Strategy Outdated? Emerging Risks Are Changing the Rules." [1:27] On May 28th, Zurich returns with "From Underwriting To Risk Management: What To Expect From The Growing Demand For Data Center Construction." Register for webinars at RIMS.org/Webinars or through the links in this episode's show notes. [1:41] Folks, RIMS is back on YouTube. Our handle is @RIMSOfficialChannel. We've got plenty of videos there, including RIMScast, RIMScast Canada video podcasts, and other informative and entertaining content from RIMS. Subscribe to the channel today! [2:00] On with the Show! We are live on the exhibit floor at RISKWORLD 2026 at the Philadelphia Convention Center. There's a lot of great energy. That energy transferred from the stage to our booth! My first guests are from our LA RIMS Chapter, Sandy Avina and Angel Guerra. [2:23] Sandy and Angel co-presented the session on Tuesday, May 5th, "Between Truth and Trauma: Investigating the Invisible." RIMScast caught up with them right after they came off the stage to discuss the state of mental health claims and get a preview of their new book. [2:37] Sandy and Angel co-authored the book coming out on May 18th. It's called Riskfetti: Risk Management for the Rest of Us. We're going to have a lot of fun! Let's get to it! [2:44] Interview! Sandy Avina and Angel Guerra, Welcome to RIMScast! [2:58] Angel says this is her third RISKWORLD and she loves it! She last attended two years ago in San Diego. Sandy says this is her first time at RISKWORLD. She's trying to experience everything, and it's like trying to put ten pounds of sugar in a five-pound bag. She's getting there. [3:17] Sandy is The Riskfluencer on TikTok. [3:25] Angel has a business, Beauty and Beast in Business. [3:28] Together, Sandy and Angel make Riskfetti. [3:41] Angel started in the mailroom of SRS 20 years ago, moved through Claims, Operations Management, and Global Risk Management, and is now a VP at Arrowhead Evaluation, which does independent medical and risk consulting. [4:11] Angel's variety of experiences lets her see everything and gives her knowledge of risk management and the ability to manage a program well. [4:31] Right out of college, Sandy joined California's workers' compensation state fund as an adjuster. She loved it and started to learn other lines. She now works for California Schools JPA, a public risk pool supporting K-12 and community colleges. [4:54] Sandy leads the California Schools JPA claims program for property liability and workers' compensation. She loves it. [5:03] Sandy and Angel connected through LinkedIn. [5:25] Sandy and Angel presented a RISKWORLD session on developing the defense for psychological claims. Sandy says we're seeing the change in legislation for allowing mental-mental claims and not just physical-mental claims. [5:35] Dr. Ron Heredia was also on the panel. He spoke on how to crack defenses and properly investigate. There are red flags and also very truthful claims. As professionals, check your unconscious bias. Think about fact-finding without a specific agenda. [6:12] Justin points out that May is Mental Health Awareness Month in the U.S. Sandy partners wth Kind Souls Foundation, a non-profit that provides a warm, emotional support line for anybody with a work-displacing event. Sandy notes the struggles of the Sandwich Generation. [6:56] Angel says we see people are being a lot more open about mental health and self-care, but there's still a stigma to it. It's important to recognize that, not just in May, but throughout the year. [7:15] Justin mentions a guest from a couple of weeks ago who served in the Canadian military. He was very open about his Post-Traumatic Stress Disorder. They had a wonderful conversation about it. Justin doesn't want to bring it up if somebody doesn't want to talk about it. [7:40] Sandy says, when you have the conversations more often, and they're more open, people feel more comfortable bringing it up. [7:50] Sandy and Angel's session was "Between Truth and Trauma: Investigating the Invisible." Angel says a lot of people told them they were very happy with the session. They see increases in legislation that allow for more mental-mental claims, and it's a challenge to keep up. [8:11] Angel says having Dr. Ron Heredia with them gave a view of what it looks like from the employer's side. Are you investigating those claims, recognizing the importance of very clear documentation? If it's not in writing, it didn't happen. Have a doctor help with questions to ask. [8:43] Riskfetti: Risk Management for the Rest of Us is coming out on May 18th. Sandy says she and Angel both started in claims, and they found that a lot of employers they spoke to didn't know risk management. They didn't understand their coverage or insurance, or how it works. [9:12] Sandy says a lot of the education in the industry today is very academic and is meant for the risk managers. Employers are not going to go get their CPCU or take webinars on coverage or understanding endorsements. They assign someone else to do it. It's split in the organization. [9:35] Sandy says nobody is speaking to that audience from a layperson's perspective in a way they'll be receptive to. Sandy said we wanted to make that information accessible, so we created a book that is fun, engaging, and more accessible for business owners. [9:49] Angel says they used case studies, fun stories of claims they had managed or others had managed. It's very engaging. People say they've read the book and laughed. It's for HR Managers, Safety Managers, and CFOs, who don't understand insurance but have responsibility. [10:41] Angel's advice for beginning risk professionals: Find a community of individuals who are willing to support you and talk about the hard things and cheer you on when you're not sure if insurance or claims is where you want to be. It's not an easy industry, but a wonderful industry. [11:00] Sandy's advice for the young generation is to make content about this industry. If you are working in this industry, make your TikToks and post on socials. We need to hear from that generation. It democratizes the flow of information. They already do it for their personal life. [11:18] Sandy says, talk about your experience. I want to know what it's like for somebody coming into the industry right now. I know what it was like 23 years ago; I want to know what it's like now. That's the best way to get that information out there. We want to know those opinions. [11:40] Justin says, I love what you're doing. You've got a lot of great energy! Angel, Sandy, thank you so much for joining me on RIMScast. You were wonderful guests! I hope to see you again next year. [12:04] A Quick Break! There are so many other wonderful RIMS events coming up in 2026. The 2026 Florida RIMS Educational Conference will be held from July 28th through August 1st at the lovely Ritz-Carlton in Naples, Florida. A link to the event is in this episode's show notes. [12:25] Register now for the Second Annual RIMS Texas Regional Conference, to be held from August 10th through 12th at the Grand Hyatt on the San Antonio River Walk. Advance rates are available through June 5th. [12:39] The 11th Annual Chicagoland Risk Forum will return to the Old Post Office on Thursday, September 24th, 2026, in Chicago. Visit ChicagolandRiskForum.org for more information. [12:53] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. Registration is open, and you can also submit a session. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [13:10] Save the dates October 18th through the 21st. We will be in Quebec City to celebrate the 50th Live RIMS Canada Conference. Booth sales are already open. The call for educational sessions has been extended to May 18th. Early-bird registration will open in June. [13:29] Visit RIMSCanadaConference.ca for more information. Also, remember to check out RIMS.org/Canada for our spinoff show, RIMScast Canada, hosted by National Conference Committee Chair, Aaron Lukoni. [13:44] The RIMS ERM Conference 2026 will be held on November 18th and 19th in Columbus, Ohio. Details will follow. [13:52] Our final guest is Joel Appelbaum, Executive Vice President and Chief Content Officer at IRMI, the International Risk Management Institute! Joel is the host of IRMI's podcast, The Edge of Risk. He was formerly a Chief Risk Officer. [14:10] We are going to talk all about our shared interests and the importance of risk management education, and some of the trends that are emerging, some that are overhyped, and what he's seeing on the risk landscape. Let's get to it! [14:23] Interview! Joel Appelbaum, Welcome to RIMScast! [14:28] Joel Appelbaum is the Executive Vice President and Chief Content Officer for IRMI. Joel says he is used to asking the questions; he says it will be really cool to be asked the questions. [14:47] Joel is the host of The Edge of Risk. When they launched, six years ago, the idea was to come up with more relevant content, quickly, by talking to leaders. In the last year, it has grown by 60%. There's a need for insurance podcasts. It's still growing. [15:24] Justin notes that Elise Farnham was a recent guest. Elise teaches for RIMS. Justin says insurance podcasts share the same space, and there's some natural crossover. Justin and Joel sat together the day before at the main stage keynote. [15:53] Justin asks Joel about his having been an Enterprise Chief Risk Officer, when Enterprise Chief Risk Officers first came into vogue. He felt there were not a lot of resources for being a good ECRM, after coming from an underwriting background with CPCU and IRMI. [16:22] It was a challenging time. Joel cites Adam Grant's theme of low ego but honestly trying to help. Joel remembers bringing up to his boss that IT could be a risk, and being yelled at by his boss for about an hour for yellow-flagging IT. [16:53] Joel loves where Enterprise Risk Management has gone. It's necessary to identify risks in a positive way and deal with them proactively. [17:06] Joel says when it started, it was a rough job. Asking people what keeps them up at night, and sharing that with the board regularly, people weren't ready for it. It's a necessary and important job, but Joel found it to be one of the most challenging, alone on an island. [17:30] Joel thinks everyone who's been an Enterprise Chief Risk Officer or Risk Officer will tell you they do it with very few resources. Joel is glad to have an organization like RIMS to help. [17:50] Joel says he was in a lot of positions that IRMI serves. He was a Product Officer, an Enterprise Chief Risk Officer, a Chief Underwriting Officer, and a Chief Actuary. He did a lot of great things with a lot of great people. None of that prepared him to be a Chief Content Officer. [18:17] Being a Chief Content Officer is about writing and deep research. Joel works with people who research all day. [18:29] Joel learned that there's a disconnect between deep research and understanding coverage and analysis well, and practical insights and thought leadership for how it works in the real world. Parsing it and putting it together, and communicating it is the challenge. [18:53] Joel says it was a bit bumpy coming in and changing the way that IRMI approached things. Joel speaks of his joy of working for Jack Gibson at IRMI. [19:15] Joel says trying to put all the research into writing, keeping it up to date, making it useful, and changing it from just research to practical insights was challenging. It's been a great challenge, and he loves it. [19:29] Joel says he loves being at IRMI and working with people in the industry every day, trying to understand what they need. [20:16] Joel says he struggled with translating research into print, CE courses, and conferences. That takes time, and they need to be updated with the times, as well. A podcast can be simple. Yesterday, Justin and Joel came up with six or seven relevant questions and were ready to go. [20:48] Joel says podcasts fill the gap for the on-demand, necessary knowledge somebody might be seeking on the go. Joel's 30-something children listen to podcasts in the car or while they're exercising. You don't have to sit. Joel likes to do 20- or 30-minute Edge of Risk podcasts. [21:35] Joel says you can cover a very specific, timely topic. It doesn't take the effort of doing a research project or writing a book. Getting it to print takes time. If something changes in war, terrorism, or cyber, you can have a new podcast out in a day. [21:54] Justin says he finds it very gratifying when a guest's words on RIMScast are cited in a white paper. Seeing a reference to something he has done is very gratifying. Joel agrees. [22:10] Joel feels like it's such an honor to meet with thought leaders in the industry, sit down with them, and ask them questions. Joel says he gets great knowledge, meeting them, and learning a little bit about them personally. [22:43] Joel says it's gratifying when young professionals come up to him saying they know him from the podcast. Justin mentions people hearing him talking in the halls at RISKWORLD or RIMS events and recognizing him as the RIMScast guy or the webinar host guy. [23:26] Joel says AI has been a little overhyped. We all need to understand how to use it, but it isn't going to provide all the answers. A guest on his podcast told him at RISKWORLD they're going all in on AI for learning. [23:55] Joel says he gets that AI can be a quick fit for the answer you need. It's the right tool for the right time, but all risk managers know you have to have a lot of tools in your tool kit. AI doesn't replace foundational knowledge. [24:16] Joel's MBA helped him understand the other disciplines in the organization, to know when he was getting good information or bad information, and how to talk the language. [24:35] Joel believes that RIMS certifications and IRMI certifications help risk managers and insurance professionals understand the foundational knowledge. Then they know if they're getting a good answer from the AI. [24:50] Joel says that AI is trained on the internet. The internet has some flaws. Joel predicts AI will hit a learning curve. You're not getting the latest and greatest insights from RIMS or IRMI just writing a white paper on a new topic. Are you getting your AI from a reliable data source? [25:25] Joel advocates for using AI on IRMI material. They have an AI agent in beta now. IRMI has ReferenceConnect for its customers. AI is a good tool, but it's overhyped as a solution for everything. It's not going to solve all the problems. [26:00] It's a great tool if you're using it to gather data. Joel went to a great session at RISKWORLD with LineSlip about bringing all your different brokers' information together so you can get real insights. AI is a great tool to be used at the right place, at the right time. [26:23] You can't have it write all your letters because it doesn't sound like you. [26:37] Justin says an issue that's top of mind for him is PFAS, forever chemicals, because we need water to live. The second our water supply is bad, we've got much bigger problems. [26:52] Joel says Marsh did a presentation at an IRMI conference talking about how widespread the PFAS problem is. It should be on everybody's risk radar. Joel has put more filters in all of his houses. [27:21] Justin says Third-Party Litigation Funding is an emerging risk for RIMS. Joel has also done several podcasts on that. Liberty Mutual likes to call it Legal System Abuse. They had a great podcast on it with The Edge of Risk. [28:04] Joel says the concerning aspects are inflated awards and nuclear verdicts. ISO has introduced a new endorsement on disclosing third-party litigation funding. We've always needed tort reform. Joel thought that as an Enterprise Risk Manager, 20 years ago. [28:39] Joel says if you look at how all the other countries do it, the United States has a problem. It's really important to solve it. Insurance is a fundamental backstop and assistance to business. If the problem continues, insurers may start declining. How do you find solutions? [29:10] Joel thinks one of the solutions is to determine the appropriate amount of an award. Does $200 million make up for something where $2 million would suffice? [29:33] Justin says that he and Joel met up at the keynote with Adam Grant. They both enjoyed the keynote. Adam Grant spoke of unpleasant truths we may not want to hear. There's a difference between being loyal and being honest. [30:26] Joel doesn't have a problem delivering the unpleasant truths, but it has not always been great for his career. Joel says that in a lot of big corporate organizations, people want their allies with them. A new Chief Officer comes in and brings loyal friends with him. [30:54] Four or five years of being coddled later, the officer is gone. Joel worked for CNA for four different CEOs. Joel learned that integrity matters. He says if you communicate out of frustration or anger, it comes across wrong. [31:35] Joel says what he loved about Adam Grant's message is that people need to deliver the truth in a way that is kind and fair, and not fake. The people who tell you what you want to hear and that you're the greatest ever are the people you need to "get rid of." [32:08] Joel tells people that the knife gets sharper against the steel. Joel wants somebody who's sharpening the skill. He has to work harder for it. That's who he likes to surround himself with. Joel has his "board of governors" he goes to for help as a sounding board. [32:58] Leaders who surround themselves with yes-people are not going to last long. Justin asks about the compliment sandwich. Joel likes it if it doesn't come off as fake. Ask AI what's a fair way to deliver this, a compassionate way to give feedback. AI can give unbiased feedback. [33:45] Justin shares an experience where he successfully used AI to shorten and change the tone of an angry email message before he sent it. He was very pleased with the result, and the response was "OK." Joel admits he has delivered a lot of career-shortening emails. [34:44] AI should be thought of as a sounding board. Justin thinks the students coming into the profession probably already do so. Joel says certain types he has worked with don't handle negative feedback well from their peers. AI might be the best way for them to respond. [35:25] Joel has been to about 10 RISKWORLDs. He says the vibe this year is awesome. He feels there's a lot more opportunity for small connections. He loves the smaller talks. The conversation pods are great. There's always lots to learn, interesting people, and friends. [36:07] I love what you do at IRMI. Thank you for joining our show, RIMScast! I think very highly of your show. We've had a lot of the same guests. You're wonderful, and I appreciate all of your support! [36:35] Thanks again to all of our guests here on this special episode of RIMScast, produced live on-site at RISKWORLD 2026. We look forward to seeing you all in New Orleans next year for RISKWORLD 2027! [36:47] Be sure to check out last week's episode of RIMScast, featuring Risk Manager of the Year, Jeff Bray of Prologis. [36:53] 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. [37:22] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [37:40] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [37:58] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [38:14] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [38:28] 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. [38:40] Practice good risk management, stay safe, and thank you again for your continued support!   Links: RISKWORLD Playlists:

Kristalina Georgieva is not like previous heads of the International Monetary Fund. She grew up behind the Iron Curtain in Bulgaria, which was then part of the Soviet bloc. Born in Sofia in 1953, her father was a civil engineer and her mother a shopkeeper. Life was tough because her family weren't part of the Communist Party regime. Her father fell ill when Kristalina was young and she was just fifteen when she went to work at the local food market. She studied economics at the then Karl Marx Higher Economic Institute and then in the late 1980s she headed to London to spend a year at the London School of Economics. Over the last 30 years she's landed top jobs at the World Bank and the European Commission. In 2019, she was appointed managing director of the IMF, becoming the first person from an emerging economy to lead the institution. In the rare moments when she's not working, friends, colleagues and family paint a picture of a fun-loving woman who likes nothing better than dancing and singing. Becky Milligan explores Kristalina's life and career. Contributors Dessislava Kinova - daughter Iliyana Tsanova - friend and Chief Risk Officer at the European Commission Lord Nick Stern - friend and environmental economist Lord Mark Malloch Brown - friend and former World Bank Vice President Ivan Krastev - friend and political scientist Galia Mintcheva - special adviser Archive 60 Minute interview - CBS Face the Nation interview - CBS IMF news conference - UN Audiovisual Library Georgieva at Fortune MPW summit - Fortune MagazineProducer: Nathan Gower Editor: Justine Lang Sound mix: James Beard Production co-ordinator: Maria Ogundele

Hear from Søren Elbech, Chief Risk Officer at the Inter-American Development Bank, as we explore how development banks use risk to support countries facing climate and other systemic challenges.   When we think about risk in banking, the focus is often on managing exposures, pricing credit, allocating capital, and ensuring resilience. But what happens when the mission of a bank is not just to manage risk, but to actively take it on in order to improve lives?  In that context, risk becomes something to be deployed — carefully, deliberately, and often in parts of the world where private markets are unwilling or unable to go. This is the role that development banks are designed to play. And increasingly, it means engaging directly with systemic risks like climate change, which shape both economic stability and the resilience of communities.  That's why this episode explores:  How a development bank's model differs fundamentally from a commercial bank, and how mechanisms like preferred creditor status enable lending in higher-risk environments;  What it means to treat risk as an enabler;  And how innovative financial structures, from debt-for-nature swaps to climate-linked bonds, can help countries build resilience to climate and other systemic risks.    ----------------  To find out more about the Sustainability and Climate Risk (SCR®) Certificate, follow this link: https://www.garp.org/scr  For more information on climate risk, visit GARP's Global Sustainability and Climate Risk Resource Centre: https://www.garp.org/sustainability-climate  If you have any questions, thoughts, or feedback regarding this podcast series, we would love to hear from you at: climateriskpodcast@garp.com    ------------------  Speaker's Bio Søren Elbech is Chief Risk Officer at the Inter-American Development Bank (IADB), a mission-driven institution focused on improving lives across Latin America and the Caribbean.  With more than 30 years' experience across global capital markets and development finance — including senior roles at J.P. Morgan and the Asian Infrastructure Investment Bank — he brings deep expertise in both international finance and mission-led risk management. 

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Kristen Peed, RIMS Ex Officio, and RIMS Board Member, John Kline, about the results of the 2025 RIMS Risk Professional Compensation Survey, covering Risk Professionals in North America. They discuss the growth trend in base salaries for risk professionals in the U.S. and Canada and what this growth represents. They also dig into the median salary of Chief Risk Officers in both nations and how that reflects on the perceived value of the risk profession today. They discuss the worth of experience and certifications for a risk career. They cover the variety of assignments attached to the roles of risk professionals, and the value of expanding the responsibilities of your role over your career. They discuss the rising generation of risk professionals and the need to ensure the transfer of knowledge as the more experienced risk managers retire. Listen for thoughts on incentives for contributing to the long-term stability and growth of your organization.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We will review the results of the RIMS 2025 Compensation Survey with Kristen Peed and John Kline. But first… [:40] RIMS Virtual Workshops. On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course. [:51] The next RIMS-CRMP Exam Prep Course will be on April 21st and 22nd, and then again on June 9th and 10th. Registration links are in this episode's notes. [1:00] On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo. [1:12] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops. [1:19] Webinars. On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". [1:34] We had to reschedule the  "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" Webinar that was scheduled for March 6th. Registrants should have received an email about the rescheduling. We will soon confirm the new date. [1:51] Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes. [2:01] On with the Show! We are delighted to be joined by RIMS Ex Officio, Kristen Peed, and RIMS Board Chair, John Kline, to discuss the findings of the RIMS 2025 Compensation Survey. [2:15] This biannual survey provides detailed compensation analysis for virtually all risk management positions, as well as the impact that education, experience, and other demographic data have on salaries. [2:27] The report also provides data about risk management reporting structures, team size, benefits, and additional cash compensation programs. It's a North American study. There are some positive trends that we're going to explore with Kristen and John, so let's get to it! [2:42] Interview! Kristen Peed, John Kline, welcome to RIMScast! [3:01] As Ex Officio, Kristen hasn't seen the inside of airports as often. Last year, Kristen was on 98 flights. [3:54] John has been on the RIMS Board for five years. He says the Board is a great team of people. It's a privilege to serve. [4:31] As Kristen and John both have a vested interest in RIMS and the future success of the profession, Justin wanted them together on the show to review some of the high-level points of the Compensation Survey. The survey is available through a link in this episode's show notes. [4:51] Justin states that the median salary for U.S.-based risk professionals is now $160,000; it's  $140,000 in Canada. Both figures are up over the last decade and since the last survey, in 2023. [5:20] Kristen sees the sustained salary growth as a clear signal that risk management has moved from a support function to a strategic function. Organizations aren't just paying us for insurance placement or procurement but for our insight, foresight, and decision support. [5:42] Kristen says that over the last decade, risk professionals have been pulled into conversations around cyberresilience, operational continuity, regulatory exposure, capital strategy, and reputation. Those are board-level issues. [6:00] When compensation grows steadily and not in spikes, it reflects the recognition that good risk management is necessary to protect enterprise value and enable smarter growth. [6:16] Kristen is seeing that the market is saying risk leaders are not cost managers anymore; they are people protecting the value of their organization and creating that value, as well.  [6:29] John agrees with Kristen. He adds that he thinks, as an industry, we have gotten to be more professional. RIMS has worked on this for years: How do we get the people in this profession to be treated as professionals, like an attorney or an accountant, not procurement? [6:58] John thinks the practitioners have upped their game, becoming much more technically competent, participating in professional development, and becoming more involved at an executive level at corporations. [7:27] John also sees practitioners becoming more involved in the industry. Taking roles on advisory groups at insurance companies and brokers. They're getting to be active participants. Management recognizes that these individuals do a good job of representing the company. [7:48] John thinks it's a combination of better technical skills and greater recognition, which allows them to have that seat at the table. It's a host of things. [8:03] Justin recently had Cynthia Garcia as a guest on RIMScast. Cynthia is the Chief Risk Officer for Bernards Construction Company in California. Justin is seeing more folks like her, who have the CRO role, as RIMScast guests. [8:24] With more Chief Risk Officers and VPs of Risk Management in the U.S. now reporting a median salary of $245,000, which is up dramatically from 2023, it seems like the market is catching up with the importance of risk professionals, especially senior-level risk professionals. [8:52] Kristen thinks part of it is market catch-up. When she moved into her role at Sequoia, she upped her game. Leadership came to her and tapped her for things she never thought she would get to experience. Those things increased her responsibilities and shifted her into the CRO role. [9:28] Kristen says the CRO role has matured. The risk leaders are expected to really look at enterprise risk, insurance strategy, capital efficiency, governance, and how they can help their business be more resilient. [9:46] Kristen reports directly to the CEO and works directly with the CFO and CISO. She's not just managing programs; she's being integrated into the decision-making process. [10:04] That level of influence requires judgment, credibility, and the ability to lead cross-functionally. That's what the compensation reflects. Kristen doesn't see it reverting. She sees it stabilizing at higher levels as those expectations remain elevated. [10:27] There are 21 people on the two teams that report to Kristen. [10:42] John says, having been in the industry for several years, people who sit in our chairs probably understand the company as well as anybody else. [10:56] John says part of our job is to look at all the nooks and crannies and understand everything, whether it's property exposure, premises, product, reputation, or Directors and Officers liability. We get engaged in Errors & Omissions. We get engaged in cyber. [11:18] We have become part of the team that understands holistically. John's job is a holding company. He works holistically. He thinks the compensation and the responsibility continue to catch up with each other. [11:50] One area John sees that needs work is corporate risk. We probably need to carve out operational, enterprise, and insurable. If you work at a bank, you have credit risk and capital risk; there are a lot of other risks where we don't have the skillsets. [12:15] John says that in different industries, the CRO or Risk Manager will encompass different things. We probably need to focus on the operational, enterprise, and insurable risk, and carve out the credit risk, the capital risk, and the liquidity risk. [12:48] John is a team of one. Anybody in his position has to have good communication skills and a lot of support. John can't do what he does by himself. He networks within the organization. He has contacts throughout the organization. He has outside business partners. [13:37] John wants to walk together, shoulder-to-shoulder with his business partners. He sees them as more than collaborators. If you want to go far, you go together. [14:22] Kristen says that leadership without direct authority is a critical skill. When you're a team of one, you learn how to direct people when you don't have actual authority over them. Collaborating with them and communicating well are critical to that skillset. [14:45] Kristen says a CRO is just a title. Titles vary across corporations. What someone with the CRO title does is not more important than what a Director of Risk Management does at another company. Functions are different across different companies. [15:17] A Quick Break! RIMS is once again supporting the FERMA Global Risk Manager Survey 2026. [15:30] Now in its second consecutive global edition, the survey, led by FERMA, brings together insights from Europe, the U.S., Latin America, Asia Pacific, and Africa, offering an international perspective on how the risk management perspective is evolving. [15:46] Surveys are anonymous, and the final report is free. The deadline to participate is March 31st. A link is in this episode's show notes. [15:56] RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals across the globe. It's time to Connect, Cultivate, and Collaborate with them. [16:12] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges will be available starting on March 3rd. Links are in this episode's show notes, and be sure to check out RIMS.org for more information. [16:31] The Second Annual RIMS Texas Regional Conference will be held in San Antonio from August 10th through August 12th. [16:38] The call for submissions for educational sessions is open through March 18th. Check out the link in this episode's show notes and make a pitch! Hopefully, you get selected, and we see you in San Antonio! [16:51] The RIMS Western Regional Conference will be held from October 4th through the 7th in Seattle, Washington. Registration is open, and you can also submit a session. Visit RIMSWesternRegional.com and the link in this episode's show notes for more information. [17:09] Let's Return to Our Interview with John Kline and Kristen Peed! [17:31] We're talking about the RIMS 2025 Compensation Survey. There is so much great information in it. It is available through RIMS.org and the link in this episode's show notes. [17:45] Nearly all compensation survey respondents, 97% in the U.S. and 90% in Canada, perform functions beyond risk management, including insurance, claims, business continuity, compliance, and even ESG. [17:58] Justin asks if compensation is keeping pace with the expanding scope and complexity of the role. [18:06] John says he feels he is fairly compensated. He enjoys getting involved in multiple areas. Procuring insurance is a large part of his role, but he brings a lot of other value to the organization. [18:43] John says he enjoys assisting in other areas of risk. It helps his professional development. It brings variety to his job. He works very closely with business continuity to help them quantify and understand it. He needs to know that for his insurance renewals. [19:08] Years ago, John was responsible for the ergonomics program of Bank of America, one of the largest employers in California. He had a wonderful team and really enjoyed the job. It led to his accomplishment of driving down workers' compensation claims. [19:58] John says you ought to change your job every two years. If you're doing your job two years from now, the same job, exactly the way you're doing it today, you're not growing. You're not developing your job. [20:20] John says he was in the same job, at one point, for almost 17 years. Every year, what he did was entirely different. He had the same title for 17 years. Every two years, he remade what he did. [20:40] John says growing your job shows your recognition of the increase in compensation and increased responsibility.  [20:50] Kristen has a unique position at Sequoia. She's not sure that what she does exists at any other company. She has the opportunity to work in underwriting and risk management for her company and brokerage. She was brought on as the internal risk manager. [21:10] Kristen also has the opportunity to oversee a team of underwriters and claims professionals who work on workers' compensation and employment practices liability that go into the PEO captive. Learning about all that was fun. [21:28] About a year ago, Kristen had the opportunity to take over the leadership of the property and casualty brokerage team. She gets to see all three facets of this industry, sitting in one role. [21:49] Because of these experiences Kristen has had, now she sits in on strategic decisions about opening new companies. Sequoia is getting ready to open up another company. [22:02] Kristen is part of the leadership team, looking at how to scale this. It's more than insurance decisions. It's about how to do this business, how to scale it, compliance, and governance. [22:22] Kristen says to look for opportunities to raise your hand. Expanding your skillset will help support your position with your leadership when you're going through the merit cycle. [22:46] Justin says the top industry impacts in the survey include attracting new candidates, cyber exposure, adoption of new technologies, AI, and hybrid workshifts. The median age of U.S. risk professionals is 51. Justin asks Kristen and John if we are facing a succession challenge. [23:11] Kristen says a big yes on that. John says succession planning and talent retention within this industry are the number one challenge. It is estimated that over the next five years, 350,000 people will retire. Over 50% of the industry is over 55. This is huge. [23:52] With those retirements, the industry will lose a tremendous amount of intellectual capital and experience. At the same time, this large group of professionals retiring in the next five or 10 years provides types of opportunities that never existed before for people in their 30s and 40s. [24:26] John says talent is the number one challenge for the industry. People coming into it are going to learn the skillsets. There's a lot this industry has to offer. There's a wide range of roles and a huge opportunity for growth. It touches so many different areas of the organization. [25:02] John says people are going to need a risk professional. The uncertainty in this world is increasing. The speed of change is getting faster. They will need someone like us. Make sure your organization knows you're the person they want, and so they don't look for someone else. [25:42] Kristen says she doesn't think risk has a talent shortage. She says Spencer Educational Foundation is doing a great job of recruiting into our industry. What we need to keep our eye on is the knowledge transfer and making sure that we're training the next generation. [26:05] Kristen believes the solution isn't just recruiting, it's the development. Make sure you're bringing that next generation to the RISKWORLD Conference so they understand how business is done, and they're developing those relationships. [26:18] Kristen says we shouldn't be focused on people late in their careers, like John and I. Risk isn't a back-office role anymore. It's out there on the front lines. Treat the next generation that will step into our shoes as the front lines. [26:50] Budget to bring the next generation to conferences. Include them in meetings and opportunities to be strategic. Teach them. If we don't transfer that knowledge, we risk losing that judgment. It's not a headcount issue but a knowledge transfer issue. [27:12] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September. [27:38] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July. [27:52] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th. [28:05] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information. [28:13] Let's Conclude Our Interview with John Kline and Kristen Peed. [28:23] Justin cites the survey, saying 79% of U.S. professionals were eligible for additional cash compensation, with performance, especially organizational performance, driving the most payouts. Justin asks if this is an appropriate incentive program. [28:45] Kristen says linking compensation to organizational performance makes sense. But risk doesn't exist in a vacuum. We have to make sure we're not rewarding only short-term results. [28:57] Kristen is eligible for incentives for both short-term organizational performance of a year and long-term incentives for multi-year organizational performance. That gives her time to put into play strategically things that will impact the organization in the long term. [29:20] Kristen doesn't know that a lot of organizations have evolved to where they're doing both short-term and long-term incentives and bonuses. [29:28] Kristen says that is a way we could incentivise risk professionals to make an organizational impact that permeates throughout the enterprise. It rewards something that's more overarching than one year's performance. [29:58] John agrees with Kristen. This is part of the evolution of the profession. John has base compensation, short-term incentives, and long-term incentives that he's had for years. It helps you get alignment with management for the long-term success of the organization. [30:19] John says most of us could save money in any given year, but we've got to look at stability for our programs. Management does not like wide fluctuations. [30:42] It forces us to think strategically, like an owner or the C-suite. It helps develop stability, not only on the corporate side, but also on the broking side and the carrier side. [31:02] For years, carriers in the reinsurance industry have had five- and ten-year incentives. It takes that long to see if a reinsurance contract is profitable. This is the evolution of the industry to align us better with the long-term objectives of the C-suites. [31:51] John says, if I have wild fluctuations year to year, and I haven't kept the C-suite apprised of it for three years, management's not going to like that. I'm not doing my job. [32:26] Justin points out that on paper, John is a department of one, but he works with several others. Kristen says in her last job, she was a department of one. What strategies can John and Kristen provide for risk professionals with very limited resources to use to transfer knowledge? [32:47] Kristen thinks recognizing what your resources are is the place to start. You may have more resources at your fingertips than you realize. Your brokers can help you with the tools they may have. Your carrier partners may have other tools. [33:11] Kristen stresses RIMS and RIMS.org for all the tools and information at your fingertips there, as well as the RIMS Engage social media platform, where you can reach out to other risk professionals to get their advice. [33:28] Kristen thinks our industry is one of the greatest when it comes to collaboration and knowledge-sharing. She can call on her network for advice. You may be a department of one, but you are not alone. You have an entire community behind you to support you. [33:58] Justin explains that RIMS Engage is exclusively for RIMS members, one of the many benefits of RIMS membership. [34:11] John endorses everything Kristen said. He adds that you need to understand who your key stakeholders are. Those are the people who will support you. You have to set realistic expectations. As a team of one, sometimes things fall through the cracks. [34:51] You have to have a plan. You make a plan, you work the plan. You can't just come in every day and ask yourself what you are going to do that day.d You need a plan for the day, even though something during the day will upset the plan. [35:09] John says, "Communicate, communicate, communicate." John doesn't want to be a black box. If someone says they don't understand what he does, he sits down with them and tells them. [35:50] Justin adds a quick plug for the RIMS-CRMP. It's a great way to enhance your knowledge. If you are a department of one, if you pass that RIMS-CRMP exam, you will have the capacity of several risk professionals. [36:08] Kristen agrees. Credentials don't replace your experience, but they help you compound it fast. The RIMS-CRMP credential is incredibly valuable. It can help accelerate your knowledge. Risk management is a profession where judgment compounds over time. [36:36] You earn that credibility by seeing market cycles, going through claims scenarios, and by having failures and then recovering from them. [36:49] John says important credentials like the RIMS-CRMP show right away that you're dedicated to the industry. These are not easy certifications. They provide instant credibility. [37:16] When you can put RIMS-CRMP on your signature line, you differentiate yourself. You show others you are furthering your education. [37:38] Justin says we're going to see you both at RISKWORLD 2026 in Philadelphia! John Kline and Kristen Peed are omnipresent at RISKWORLD. [37:52] RIMScast recently had 2025 Goodell Award Winner Randy Nornes on the show. He said he can't stand the word risk, even though he's made his career on it. He prefers the word uncertainty because risk has a negative connotation. [38:29] Kristen says Sequoia's Chief Legal Officer has a saying, "Nothing bad happens." We have been prepared for everything. We have a playbook. We have practiced it. We don't talk about risk but about closing the gap and mitigating against those things. [39:03] John says, this is an opportunity. He understands Randy's position. People understand what a risk is. What is uncertainty? John likes the term risk business rather than the term uncertainty business. [40:14] John, Kristen, it has been wonderful to reconnect with you! I can't wait to see you again in two months! See you at RISKWORLD! [40:27] The RIMS 2025 Compensation Survey is available now. The links are in this episode's show notes. There are different tiers to access it. [40:52] Special thanks again to Kristen Peed and John Kline for joining us to discuss the results of the 2025 RIMS Risk Management Compensation Survey! Members have the benefit of receiving the survey results for free. The cost is $500 for nonmembers. A link is in the notes. [41:14] I've also got links to John Kline and Kristen Peed's prior RIMScast appearances and Kristen's RIMS-CRMP Story. Look for both of them at RISKWORLD 2026  in Philadelphiafrom May 3rd through the 6th. [41:27] 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. [41:55] 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. [42:14] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [42:31] 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. [42:48] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [43:02] 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. [43:14] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now! RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! Spencer Educational Foundation — Scholarships and Grants | Open Calls and Timelines. RIMS Texas Regional Conference 2026 Education Content Submission — Deadline March 18, 2026! RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April - June 2026 Cohort | Led by James Lam RIMS Western Regional Conference — Oct. 4‒7, 2026 | Seattle, WA | Register Today and Submit an Educational Session! RIMS Compensation Survey 2025 — Download Today | Press Announcement Here. RIMS Risk Management magazine | Contribute RIMS Now RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS-CRMP Story, featuring John Button RIMScast Canada — Episodes Now Live RISK PAC | RIMS Advocacy FERMA Global Risk Manager Survey 2026 Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepApril 21‒22, 2026 | June 9‒10 RIMS-CRMP-FED Exam Prep with AFERM | March 17‒18 Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops Risk Appetite Management | March 25‒26 Claims Management | April 7‒8 Emerging Risks | April 15 | Register Now! Upcoming RIMS Webinars: "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | Presented by RIMS — Rescheduled — Date TBA in March RIMS.org/Webinars   Related RIMScast Episodes: "Investing In Yourself with RIMS 2026 President Manny Padilla" "RIMS 2025 Goodell Award Winner Randy Nornes" "A Brand New Day with RIMS 2025 President Kristen Peed" "AI and the Future of Risk with Dan Chuparkoff"   Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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 Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Kristen Peed, Chief Risk Officer at Sequoia and RIMS ex officio John Kline, Senior Director, Enterprise Insurance Risk Management at TransUnion and RIMS Board Chair   Production and engineering provided by Podfly.  

Hear from Sian Williams, Chief Risk Officer at Triodos Bank UK, as we examine how values-led banking can generate positive impact for people, planet and the financial system.   When we think about sustainable finance, the conversation often revolves around targets, disclosures and voluntary alliances. But what happens when sustainability is not an add-on, but the foundation of a bank's entire business model?   If sustainability is the starting point, lending decisions inevitably look different, and more complex. Not everything can be reduced to a model. Challenging trade-offs between risk, return and impact emerge. And judgment, values and governance play a much larger role in determining which activities are financed, and which are not.   In this episode, we explore:   The real-world positive impact that a mission-driven bank can generate for communities, climate and nature;   How balancing risk, return and impact shapes lending decisions in practice, and what that means for the bank's governance and internal decision-making;   And whether the model of values-led banking is truly scalable — or whether its greatest influence lies in demonstrating what is possible for the wider financial system.    ----------------    To find out more about the Sustainability and Climate Risk (SCR®) Certificate, follow this link: https://www.garp.org/scr  For more information on climate risk, visit GARP's Global Sustainability and Climate Risk Resource Centre: https://www.garp.org/sustainability-climate  If you have any questions, thoughts, or feedback regarding this podcast series, we would love to hear from you at: climateriskpodcast@garp.com    ------------------    Today's Speaker Sian Williams is Chief Risk Officer at Triodos Bank UK, a mission-driven institution that seeks to balance profit with people and planet.   With more than 30 years' experience in finance, including senior risk and compliance roles at Lloyds Bank, and as a banking supervisor at the Bank of England and Financial Services Authority, she brings deep expertise across traditional banking, mission-driven finance and regulation.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Randy Nornes, the 2025 Harry and Dorothy Goodell Award Winner, about his career. They talk about uncertainty and a long-term approach to risk. Randy won the 2025 Goodell Award for his lifetime achievements. He is a problem solver. Randy advises risk professionals not to focus on what they did yesterday, but on what is happening today, and to stay current with risks such as AI and cyber risk. Randy talks about how staying with Aon for years has given him the latitude to look across the company and focus on the next risk. Listen for tips on laying the groundwork before the risks.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is 2025 Goodell Award Winner Randy Nornes. We will learn all about his fascinating career and his risk philosophies. But first… [:42] RIMS Virtual Workshops. On March 10th and 11th, we have a two-day course led by John Button for the RIMS-CRMP Exam Prep. [:53] On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course. [1:01] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making", with Joe Milan. On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo. [1:18] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops. [1:26] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker. [1:40] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. [1:51] For a quick preview, check out last week's episode with Cynthia Garcia. She is the Chief Risk Officer from Bernards, who will be joining us on that exciting panel. [2:00] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes. [2:20] On with the Show! Our guest today, Randy Nornes, is the 2025 Harry and Dorothy Goodel Award Winner. [2:29] Named after the first President of RIMS and his wife, the Harry and Dorothy Goodell Award honors an individual who has furthered the goals of risk management and the Society through outstanding service and lifetime achievement. [2:41] Randy Nornes exemplifies all that and more. He has been with Aon for 38-plus years. Currently, Randy is the Executive Vice President and Enterprise Client Partner for Technology, Media, and the Communications Industry. He has done some volunteer work, which we will talk about. [3:00] Randy has a fascinating career. We're going to learn about it as well as his leadership style, his risk philosophy, and how he is keeping Aon at the forefront of AI innovation. [3:09] [If you've been to RISKWORLD, you've seen Randy in the halls and the educational sessions. He has been an ever-present force there. And he is a highly-regarded member of the Chicago RIMS Chapter. Let's get to it! [3:23] Interview! 2025 Goodel Award Winner, Randy Nornes, welcome to RIMScast! [3:44] Randy is proud of that award. He wonders, after receiving a lifetime achievement award, what's next? Retirement? Should he write a book? [4:11] On the day of the award, Randy was backstage with Martha Stewart and had a chance to visit with her and discuss risk management. [4:21] Randy's wife and one of his sons were in the audience. When Martha Stewart came out and spoke, she referred to their conversation. Randy gained credibility at home that Martha Stewart listened to what he had to say! [4:52] Justin says that RISKWORLD 2025 was fantastic! Randy says he has probably attended three dozen RISKWORLD conferences. He says they get better and are different every time. You can see, decade by decade, what's important. [5:31] There is a wonderful profile on Randy Nornes, written by Russ Banham, in the special Awards edition of RIMS Risk Management Magazine. It is still available online. That's how Justin got to know Randy Nornes before this interview. [5:57] Randy always tries to link up with what the next big thing is. Since late 2025, Randy has been leading Aon's AI infrastructure efforts, from the financing of data centers, to the construction, to the development, to the operation, and to the energy attached to that.  [6:28] AI is the next big thing. Randy says that 40% of GDP is coming through the lens of building AI infrastructure. Aon has a big team for it, and that's what Randy does every day. He says it's massive, exciting, and relentless. [7:03] Randy says, Because it's coming so fast and furious, it's not something you have time to sit back and think about. He says we're seeing this thing evolve week by week. It's global. Risk management is at the center of making it all work. [7:27] Randy says there's a different lens depending on where you sit in the AI infrastructure world. Everyone is thinking about the risks of the construction, the operation, the access to power, and the climate. It's all melded into one thing. [7:48] Randy calls the Chicago RIMS Chapter big and vibrant. Chicago is unique in having representation from so many different industries. It's not highly concentrated. People have a lot of lenses to look at risks through. It makes for good conversations. [8:11] Justin notes that last year's Risk Manager of the Year, Jennifer Pack, was from Chicago. The Rising Star, Megan Smalter, was originally from Chicago. Randy has spent time on the West and East Coasts, and he finds the Chicago Chapter unique, with 25 different industries. [8:49] Justin gives a shout-out to Julie Bean, the 2024 Heart of RIMS Award Winner. Justin says Randy is in great company. The talent coming out of Chicago brings something special to RIMS. [9:27] Randy was going to be a banker. A banker manages risk around lending and projects. It's not a huge leap to get to the world of risk management from there. [9:44] In the 1980s, it was a turbulent time for banking. We had just come out of a tough inflationary period, with real estate bankruptcies and banks and savings and loans going under. His advisor told him not to go into banking. [10:18] Randy interviewed someone from Chubb. Chubb was scaling up a new product, Directors' and Officers' insurance. Randy was good at case studies in business school. Underwriting D&O insurance is a case study. Randy thought he could do that job. [10:54] Randy started at Chubb and ended where he is today. In 1987, Randy moved to Frank B. Hall, acquired by Aon in 1992. He was young and a good worker, so he was kept by the company. He says it was a trip working alongside Pat Ryan and learning the business at Chubb. [11:48] Pat Ryan took Randy and others under his wing. He is a great mentor. Randy credits him for access. Randy mentions other early supporters, Al Diamond and Skip Dunn. With Pat Ryan, Randy was always looking for the next big risk to come along or a new framework. [13:00] In the 1990s, governance, Sarbanes-Oxley, and enterprise risk frameworks came to the forefront, following bankruptcies of major companies that had appeared to be successful. [13:28] When enterprise risk became a thing, it needed frameworks. That led Randy to build one of the first enterprise-risk-focused teams to help companies think about it. This was before COSO. [13:55] Randy says a lot of the clients they dealt with in those early days were in industries where someone had already gone through some trauma, and they wanted to make sure they weren't next up. It was a lot of, "Hurry up and make sure we're OK!" [14:26] Randy says, in the 1990s, they were doing risk modeling. The reinsurance teams had risk models that ran on AS400 mainframe computers. They had to book computing time to run a scenario with a set of assumptions. They would run 10,000 simulations in a day. [14:55] If they wanted to change the assumptions, they had to book another time. [15:02] Now it's all on the laptop. The quality of data is significantly higher. They can do it in real time. Risk managers today may not recognize how lucky they are. [15:24] Randy says, We're always trying to decide what problem we're trying to solve for and what we know about that particular issue. The modeling is the entry point to know what to do or what matters. [16:10] Randy thinks risk is a terrible word. We risk professionals have a hard time communicating with people who aren't in our space when we use the word risk. Everyone has a different definition of risk. Randy says everyone can get on board with certainty and uncertainty. [16:34] Randy says, what we're doing with modeling is trying to understand what the distance between certainty and uncertainty looks like. Then, we have to decide what's comfortable and where our tolerance is. Then, decide what to do with the part that we want to get rid of. [16:48] That's at the core of risk management, and it hasn't changed in decades. The tools we have now have changed dramatically. [16:56] Justin cites Christy Kaufman from the profile article, who said that Randy is far more than a traditional broker; he is a thought partner and a problem-solver. Justin asks what allows Randy to move beyond transactional work into a strategic advisory mindset. [17:19] Randy says insurance is a complete waste of money, unless you can show how you're adding value. You can get there by showing this uncertainty spectrum and understanding it. [17:58] Randy says the mindset is, "I've parachuted in. What do we have going on?" If I did that today, I'd be looking at supply chain issues. It's amazing when you have that lens. Early on, he looked at a supply chain that was "perfect, end-to-end" on spreadsheets. [18:27] Everything was manually entered. Managers were judged on average inventory levels, and wanted to keep the levels as low as possible. To game the system, they ran inventory at the lowest level.  [18:57] They would raise the inventory at the end of the month to make it look like they were on target. It was not a real-time inventory. It looked like risk management was fine, but the chance of a stockout or a long-term impact was pretty great. [19:24] A Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals across the globe. It's time to Connect, Cultivate, and Collaborate with them. [19:43] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges will be available starting on March 3rd. Links are in this episode's show notes, and be sure to check out RIMS.org for more information. [20:02] Save the dates March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C.! Join us in Washington, D.C. for two days of Congressional meetings, networking, and advocating on behalf of the risk management community. [20:19] Visit RIMS.org/advocacy for more information and to register. Also, check out the prior episode of RIMScast, Episode 378, featuring RIMS General Counsel and Vice President of External Affairs, Mark Prysock, as we discuss the top priorities for RIMS in 2026 and beyond. [20:39] The Second Annual RIMS Texas Regional Conference will be held in San Antonio from August 10th through August 12th. [20:46] The call for submissions for educational sessions is open through March 18th. Check out the link in this episode's show notes and make a pitch! Hopefully, you get selected, and we'll see you in San Antonio! [20:59] Let's Return to Our Interview with 2025 Goodel Award Winner, Randy Nornes! [21:19] Justin asks how Randy delivers good or bad news to a high-level executive. Randy says he was gifted by his radio announcer father with a very calm demeanor. You're delivering what it is, based on some fact. Randy has had to deliver a lot of crazy facts over the years. [22:29] Early in his career, Randy had a financial institution client. They had some major issues. He was standing outside the boardroom, ready to go in to tell them whether they had insurance or not. They did not. He was on the phone with London, working out some coverage. [23:28] He got the message while he was in there that they had managed to land something for the client, so he could pivot. His colleagues said they couldn't believe how calm he had been, going in. [24:11] Randy says it's best to set the landscape with executives before extra risk is taken, showing alternatives and strategy, so if something happens, it was foreseen, you were just unlucky in that year. [24:53] If you hadn't done the front-end work and gotten everybody onboard to see why it was the right strategy, then the news of unanticipated issues gets a lot harder to deliver. [25:04] There's a lot of front-end work to do. To drop bad news on people without any prep is going to be a lot harder. Being transparent and on the same page, especially with finance people, makes communication easy. This flows up to the CFO and higher. Set the foundation. [25:51] Randy has 100s of people focused on data centers. They have analysts and use AI for some things. There are people from the financial institution vertical, construction, operations, cyber, AI, energy, and renewal. They gather together. It's multidisciplinary, under one umbrella. [27:05] Randy says his leadership style is collaborative. He tries to lift the whole team, orchestrating how it comes together. He lets them have the success they deserve. Randy is a strong proponent of mentorship. It's the secret to his success. [27:50] Randy has worked with some people for his entire career, as clients, colleagues, or competitors, and he stays connected with them. Hundreds of people fit that profile. [28:17] Another Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September. [28:43] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July. [28:57] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th. [29:10] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information. [29:18] Let's Conclude Our Interview with 2025 Goodel Award Winner, Randy Nornes. [29:39] Randy worked with Pat Ryan to lead the Risk Management and Financial Guarantee Team for Chicago's 2016 Summer Olympic bid. Randy says when Pat retired as CEO of Aon, he took on this project to head Chicago's Olympic bid. He invited Randy to the project. [30:19] In an Olympic Bid, the city has to sign a Host City Agreement that says they will take on the risks of delivering the Games. There's an effective financial guarantee. Globally, it is often done on a country level. That's not how it operates in the U.S. [30:43] Pat and Randy had to figure out how to de-risk the games so that what the city's guarantee would look like was limited because the team had built insurance and risk management. On the construction side, they had contractors take on risks. [31:03] They created a de-risking model. It was the first time anyone had done that for an Olympic Games. Chicago was not successful, but the work the team did on de-risking the Games became the model that a lot of Western cities took on for their Olympic bids. [32:03] Randy says you start with a line-item budget that the bid team puts out. A big part of it is the construction of venues, living spaces, technology, including massive broadcast bandwidth, tens of thousands of volunteers to transport and train, and secure. [32:35] Randy says they took the line-item budget and worked on each item separately, to create certainty and shrink the distance between certain and uncertain, so that when they put the umbrella guarantee on top of it, it touched a lot fewer things and had a lot more certainty. [33:01] The biggest thing the umbrella policy covered is delivering the Games on a certain date. No delays. All the costs are front-end. If, for some reason, the Games don't happen: terrorism, global war, or pandemic, you're stuck with all those front-end costs. It's the worst case. [33:39] The closer you get to the event, the more risk you have. Then you have the three or four weeks when you're delivering the Olympic Games and the Paralympic Games. [33:49] Randy says it was interesting. They did a white paper on it, "How to De-risk Games." It was done to encourage cities not to be afraid to host the Games. [34:19] Randy says, over the years, when cities in North America are bidding for Winter or Summer, they reach out, and Pat and Randy give them the template. San Francisco, LA, Boston, and Calgary all asked for it. [34:51] Most of the people on the Bid Committee were on the City level. It was Mayor Daley, his staff, and 50 aldermen. Randy says, We gave them lots of transparency into what we were doing. [35:16] Randy says they provided 1,200 pages of material, in 3-ring binders, for each of the aldermen. They also put all the text on discs to search electronically. Later, an alderman called Randy, angry because he couldn't listen to the disc in his car. Randy explained it to him. [3:24] Randy thinks a city should be thankful to host the Olympic Games. They make the city sparkle. The city gets a big influx of outside money. Chicago would have gotten a lot of Federal money. The transportation system would have been upgraded. It would make the city better. [36:49] Randy describes how London and Paris were improved by hosting the Olympic Games. If you're thinking of bidding, it's worth it. Randy wishes Chicago's bid had been successful. [37:33] Justin and Randy comment on the Milan Winter Olympics Opening and Closing Ceremonies. The next Winter Olympics will be on the French side of the Alps. [38:01] Justin says that Chicago is known for its colorful history of notorious characters. [38:45] Justin asks Randy about Project Six. Project Six came out of the Olympic Bid. Seeing corruption in the city government, Randy and a few committee members put together Project Six, referring to the six business leaders who partnered with Elliot Ness to go after Al Capone. [39:44] They set up Project Six as a nonprofit whistleblower organization so people could come to report corruption. They got hundreds of whistleblower tips. They published things and gave information on criminal activity to Federal prosecutors. [40:07] Some things were not criminal but unethical. When the Chicago Cubs were playing in the World Series, public officials paid face value for Cubs tickets instead of the market price. Project Six brought it to the ethics committee, and they changed that practice for tickets. [41:31] Randy says they did not make a lot of friends in public office. Project Six is closed. [41:47] Randy talks about angering a bunch of people in public office. They went after Project Six because they weren't getting whistleblower tips on Republicans. There might have been one Republican commissioner in Chicago. [42:20] Randy says some of the senior people they ruffled went after donors. So it was a better idea to shut it down. It ran for three and a half years. [42:41] Randy says the biggest frustration was how slow things move. It takes years for some convictions to go through. You would like justice to happen faster. Randy hopes that when high-profile people go to prison, others pause to consider. [43:59] Randy gives his advice on what separates a good risk manager or problem solver from a great one. He says not to get too focused on what you did yesterday. Every day, step back and ask, Am I still doing the right stuff? Am I focused on the right thing? [44:26] You have a fixed amount of money to spend to solve your risk problems. You're insuring your buildings for fire, but over time, you've engineered them to be fire-resistant. There is less risk. At the same time, you have AI, cyber risk, and new things that come in. [44:48] Is it better to direct money to solve cyber risk and take on more risk for property? Don't get hung up on what you did yesterday. Stepping back and staying on top of what's happening with the business has never been more important. [45:17] Businesses are transforming before our eyes, and AI is leading the transformation. Make sure you're interacting with your business to stay current on what the business is all about. [46:02] Randy says being at Aon a long time has given him a lot of latitude to do all the things he has done. He can look for new things, cut across the towers that exist and think about risk at the broadest level. [46:40] If you move company to company, you'll step into the new role, fix a few things, and move to the next company. You won't have the latitude to experiment with new things or ask what comes next. You're there because you're needed at that time. [47:07] Randy says, That can be comfortable. But don't get too comfortable and make sure you're staying current. [47:17] We really appreciate you joining us here on the show. I want to wish you congratulations again on the Goodel Award. It's a big honor here at RIMS, and you certainly deserve it. [47:27] I look forward to meeting you in Philadelphia, from May 3rd through the 6th at RISKWORLD! Thank you so much for joining us here on RIMScast, Randy! [47:40] Special thanks again to 2025 Goodel Award Winner, Randy Nornes, for joining us here on RIMSCast! A link to his profile in RIMS Risk Management Magazine's Awards Edition 2025 is in this episode's show notes. [47:57] He's one of our men in Chicago. Check out ChicagoRIMS.org. They have a live event coming up called "Nuclear Verdicts: Live Mock Trial for Evaluating Litigation Risk and Strategy"  at the Aon Center (Chicago), on March 11th. You might see Randy there! [48:14] We've got the Chicago RIMS Annual Golf Outing on September 21st, and the 11th Annual Chicagoland Risk Forum on September 24th at the Old Post Office in Chicago. They're one of our most active and vibrant chapters, so check out those events and visit ChicagoRIMS.org. [48:34] 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. [49:02] 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. [49:20] 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. [49:37] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [49:54] 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. [50:08] 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. [50:20] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RIMS Legislative Summit — March 18-19, 2026 on Capitol Hill, Washington, D.C. | Register now! RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! Spencer Educational Foundation — Scholarships and Grants RIMS Texas Regional Conference 2026 Education Content Submission — Deadline March 18, 2026! RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April ‒ June 2026 Cohort | Led by James Lam RIMS Compensation Survey 2025 — Download Today RIMS Risk Management magazine | Contribute | Awards Edition 2025 RIMS Now RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS-CRMP Story, featuring John Button RIMScast Canada — Episodes Now Live RISK PAC | RIMS Advocacy Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22 | June 9‒10 RIMS-CRMP-FED Exam Prep with AFERM | March 17‒18 Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops RIMS Virtual Workshop – Facilitating Risk-Based Decision Making | March 4‒5 | Register Now Risk Appetite Management | March 25‒26 Claims Management | April 7‒8 Emerging Risks | April 15 | Register Now! Upcoming RIMS Webinars: Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management | March 6 | Presented by RIMS Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes | March 12 | Sponsored by Global Risk Consultants RIMS.org/Webinars   Related RIMScast Episodes: "Investing In Yourself with RIMS 2026 President Manny Padilla" "RIMS 2024 Goodell Award Winner Eamonn Cunningham"   Sponsored RIMScast Episodes: Secondary Perils, Major Risks: The New Face of Weather-Related Challenges | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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 Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Randy Nornes, at Aon   Production and engineering provided by Podfly.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Cynthia Garcia about her career journey. She credits mentors and sponsors for paving the way for her success. Justin and Cynthia discuss the demands of the Chief Risk Officer role and how Cynthia works with stakeholders who have competing priorities. Cynthia shares her perspective on construction risk and safety. She is seeing more diversity in the rising generation of risk professionals, with amazing opportunities for all.   Cynthia shares how her Confucianist upbringing still makes it a struggle for her to receive recognition. Despite that, she posted on LinkedIn about receiving the 2025 Bill McIntyre Leadership Award at the International Risk Management Institute (IRMI) Construction Risk Conference. That post led Justin to reach out to her. Cynthia speaks of her involvement with the Spencer Educational Foundation, including being a Risk Manager on Campus. Justin and Cynthia talk about the March 6th Webinar, "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management", that she joins as a featured panelist. Listen for tips on careers in risk management for construction.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is Cynthia Garcia, the award-winning Chief Risk Officer for Bernards. We will talk all about her career in construction risk and get some "inspirado." But first… [:44] RIMS Virtual Workshops. On March 10th and 11th, we have a two-day course led by John Button for the RIMS-CRMP Exam Prep. [:55] On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course. [1:02] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making", with Joe Milan. On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo. [1:20] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops. [1:27] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker. [1:42] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. [1:53] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes. [2:14] On with the Show! Our guest today is Cynthia Garcia. She is the Chief Risk Officer for Bernards. [2:22] Cynthia made a big impact on the risk landscape in 2025 when she received the Bill McIntyre Leadership Award from the International Risk Management Institute during its Construction Risk Conference. [2:35] I wanted to learn all about her career and what it's like to be the risk officer for a major construction company. [2:42] Earlier, I mentioned the March 6th RIMS Webinar, "Hard Hats and High Stakes," and Cynthia will, in fact, be the Chief Risk Officer mentioned there. [2:51] If you like what you hear in this episode and want to learn more about career development, construction risk, and why rising risk professionals should seize the opportunities in the construction sector, you can register for that Webinar. [3:04] Cynthia is a fascinating individual, and I am so pleased to present this interview! Let's get to it! [3:09] Interview! Cynthia Garcia, welcome to RIMScast! [3:27] Justin and Cynthia are going to be collaborating on a RIMS Webinar on March 6th, "Hard Hats and High Stakes." It's all about how women have and can continue to thrive in construction risk management. Cynthia is the ideal Chief Risk Officer to have on that panel. [3:46] Justin thanks Cynthia in advance for being on that panel and being a guest on RIMScast. [4:07] Cynthia is the CRO for Bernards, based in California. [4:33] Like many in her generation, Cynthia stumbled into risk management. She started as an administrative assistant for Morley Builders, an amazing employee-owned general contractor in Santa Monica, California. [4:52] She was fortunate to have several sponsors and mentors within the organization. They helped her see that she belonged at the table. They saw something in her that she hadn't seen in herself, which is the beauty of a mentor. [5:16] In spaces she was not in, they advocated for her and said, Why don't we give this to Cynthia? That's the beauty of a sponsor. Cynthia says she was blessed to be in the right place at the right time. She was able to lean in. [5:32] Cynthia says that the thing that attracts her about risk management and what she does is finding the hard yes. Risk management doesn't say, "No." [5:50] Risk management, when practicing its craft, is fully integrated with operations and understanding what the business needs. It is strategically aligned and helps make sure the organization is making those thoughtful business decisions that allow taking risks. [6:11] Then, risk management takes it to the next step to ask how this adds to our shareholder equity, how this aligns with who we want to be as a company and as people. Risk management threads the needle between entrepreneurship and "cowboyism." [6:28] Risk management leads with "Help me understand, and help us get to the hard yes. We can do it, but here are some of the things we need to do to make sure that it's successful."  [6:50] Cynthia always likes to start by making sure she is coming in with a lot of curiosity. She asks for help to understand what she's not seeing to try to connect the dots. If Cynthia doesn't understand the needs of her business partners, she's not creating value. [7:11] Cynthia joined Bernards as Chief Risk Officer four years ago next month (March). Bernards created the position for her. She says she's blessed to work with talented people. She credits an amazing group of rockstar individuals. She says a rising tide lifts all boats. [8:00] Cynthia says her team carries the weight and does it beautifully. She says the genius of true leadership is understanding we're paving the way for our replacement. Leaders who are afraid of talent need to pause and rethink what that means. [8:26] Cynthia's Risk and Safety team has 13 staff members. [8:45] Cynthia has a VP of Risk and Safety who is definitely a genius at making the wheels turn. He is Cynthia's only direct report. He does an amazing job setting the tone and the pace. [9:03] Cynthia says, We focus on listening to the voices of our internal and external customers. As an employee-owned company, we try to understand what our business partners need, whether it's accounting, finance, human resources, operations, or estimating. [9:22] Cynthia focuses on what our business partners need from risk management to help achieve mission success. [9:27] Cynthia says, from day to day, it's everything from safety to claims, to insurance issues, to coverage questions, but a fair part of the job is when business teams proactively reach out with questions about issues that have come up. [9:50] Cynthia says the beauty of being in a smaller organization is that Risk Management is not siloed. It's not just insurance and claims but also litigation management and contracts. Risk partners closely with the CHRO on policies and employment practices. [10:13] Risk partners closely with Finance and Accounting on a variety of issues. Cynthia feels it is fortunate that Risk is viewed and valued as an internal resource to its business partners and part of the critical strategy to achieve the company's goals. [10:41] Bernards has a little fewer than 400 employee-owners. Cynthia credits Finance and Accounting for paying vendors on time and treating trade partners fairly. She credits Marketing for helping the brand, highlighting company accomplishments, and creating community buzz. [11:30] Cynthia credits the very customer-centric Tech team, who have helped her a lot, and the Virtual Construction Design team, who help with clash detection and getting ahead of constructability issues early on. [11:59] She notes the estimating team getting ahead of what's out there and making sure we have the right projects to go after. It takes a village. [12:14] Cynthia says we like to think all of us employee-owners have a vested interest in mission success. We're all in construction. [12:27] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals across the globe. It's time to Connect, Cultivate, and Collaborate with them. [12:45] Booth sales are open now. General registration and speaker registration are also open right now. Marketplace and hospitality badges will be available starting on March 3rd. Links are in this episode's show notes, and be sure to check out RIMS.org for more information. [13:04] Save the dates March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C.! Join us in Washington, D.C. for two days of Congressional meetings, networking, and advocating on behalf of the risk management community. [13:20] Visit RIMS.org/advocacy for more information and to register. Also, check out the prior episode of RIMScast, Episode 378, featuring RIMS General Counsel and Vice President of External Affairs, Mark Prysock, as we discuss the top priorities for RIMS in 2026 and beyond. [13:41] Let's Return to Our Interview with Bernards' Chief Risk Officer, Cynthia Garcia! [13:58] When Cynthia joined Bernards, there were about 10 people on the Risk and Safety team. Then they went into remodel mode, with a different strategic vision. Continuous improvement is a Bernards core value. It's a 52-year-old company with processes and talent in place. [14:27] Cynthia says we've been looking at the areas where we can have the greatest impact, picking off the low-hanging fruit first, and then building out processes that allow us to scale without reinventing ourselves every few years. [14:57] Cynthia says safety is our priority. Bernards added safety to its core values this year. Cynthia says it was a grass-roots movement. It percolated up through Operations and said, This is who we need to be. [15:24] Cynthia says a risk management team's job is to safeguard all the resources of the organization. That includes people and things, clients, and trade partners. The Risk and Safety team has a holistic view. They can't be good by themselves. They can't be safe by themselves. [15:42] For Cynthia, safety takes on a larger meaning than physical well-being, including creating spaces where people are allowed to be vulnerable. [15:57] Cynthia talks about leading with empathy, with top priority not only for physical safety but also for a psychologically safe environment, where you can show up, be seen, heard, and thrive. [16:41] Cynthia says she works on building connections through conflict. For what could be tough conversations, it helps if you are willing to check your ego at the door and come in curious. Cynthia often states her intention up front. [17:01] Cynthia might say, "My intention isn't to challenge you, it's to have you help me understand your perspective and help me see what I'm missing." Cynthia says she asks a billion questions because there is so much she doesn't know. She always tries to get with the "why." [17:32] Cynthia says, When I try to understand what it is that my counterpart needs to happen, then we can figure out the path forward together. As employee-owners, our goals are aligned. We're looking in the same direction. [17:52] Cynthia says, We may fuss with the GPS a little bit, but we know the destination is set and we have a commitment to one another. Once we are willing to shut up, listen, and ask the questions to learn, then we can figure out how to be of service. [18:16] Cynthia says her job isn't to convince, it's first to understand. [18:22] A Quick Break! The Spencer Educational Foundation's Risk Manager on Campus application period will open on April 1st, 2026, and it will close on June 30th. Grant awardees, colleges, and universities are typically notified in September. [18:51] The Course Development Grant application deadline for Interval Number 2 will be on June 15th, 2026. Award notifications will be sent out in late July. [19:06] General Grant applications will open on May 1st, 2026, and the application deadline is July 30th. Internship Grant applications open on August 15th and close on October 15th. [19:18] Links to each of these grants are in this episode's show notes. Visit SpencerEd.org for more information. [19:27] Let's Conclude Our Interview with Bernards' Chief Risk Officer, Cynthia Garcia. [19:41] As Cynthia mentioned earlier, Bernards is employee-owned. Cynthia thinks that Bernards being 100% employee-owned makes all its employee-owners better businesspeople. The heart of risk management is making those good choices. [20:27] Looking across the table and knowing she is betting with her fellow owner's retirement, makes Cynthia think about that a little bit differently. She thinks the employee ownership structure lends itself to amazing risk management. [20:49] Cynthia says you have to be disciplined. You're not spending somebody else's money on this. We're working together, and when we all make good choices, we are ultimately rewarding ourselves and impacting future generational owners, too. That's quite meaningful. [21:09] Cynthia says it's the best of both worlds. You have the umbrella of a big company paying the bills, but you're rewarded for smart entrepreneurism. [21:27] Cynthia has a long-term view when making decisions. It's not about what's in it for her. It's how does this support who we want to be today, and who we want to try to be tomorrow? It makes us look further into the horizon. [22:24] May 4th through May 8th, 2026, is Safety Week, here in the U.S. That coincides with RISKWORLD 2026. Cynthia will be at RISKWORLD. [22:41] Cynthia says for Safety Week, Bernards has planned activities on each job site to highlight the good things that men and women are doing to build the communities in which they work and live, and doing them in such a way that they go home to families and loved ones. [23:01] Justin notes that settlements from construction site accident injuries can be astronomical. Part of Cynthia's job is to minimize accidents from the outset, which connects to Bernards' core value safety-first mindset. [23:34] Cynthia says client response has been amazing. Recently, one of the project executives at Bernards was invited to the school district and won an award acknowledging their efforts on safety. That felt good because it wasn't Bernards saying it, but the clients saying we see it. [23:58] Bernards has trademarked "A Better Experience." It's a phrase they are proud of. They're building not only to create a better experience for their employee-owners, but also for project success for owners who value safety. [24:15] Bernards is a large school builder, working on many programs up and down the state. Bernards is cognizant of the impact they are having on the future generation of leaders and citizens. They're very grateful to have that acknowledgement from their clients. It's special. [25:29] Cynthia says she is absolutely seeing more opportunities for women in risk management and in construction. Construction tends to be inclusive. It's an industry filled with optimists. Its people bring that can-do attitude. They are very generous and gracious with their support. [26:13] Cynthia says she has been in the risk profession for about 30 years. The demographics have changed, and she sees diversity in the new young talent permeating the industry. [27:10] Cynthia thinks the work that the Spencer Educational Foundation does in partnership with RIMS is tremendous. She says it is amazing that colleges and universities are offering the Risk Management and Insurance degree and concentration. Cynthia never heard of that before. [27:35] Cynthia says that people her age moved into risk management from adjacent areas. She is pleased that now people come into risk management intentionally. She talks about risk managers trying to figure out how to help businesses thrive and grow to the next level. [28:47] Cynthia is one of Spencer's Risk Managers on Campus. She explains how the grants to colleges work. Spencer works tirelessly to make sure the next generation of leaders know what an amazing career this is and the opportunities it offers. Cynthia is grateful to be part of it. [30:15] Justin mentions that other Risk Manager On Campus risk professionals have been guests on RIMScast, and they have inspiring stories to tell. They love reaching the young people who are going to be the future of the profession. [30:35] Megan Miller, Spencer CEO, was a recent RIMScast guest. Check out SpencerEd.org for grants and opportunities. If you know somebody interested, send them the link to explore. If they connect with people like Cynthia through the RMOC grant, their experience will be richer. [31:28] Cynthia came to Justin's attention through a LinkedIn post about her being honored as the 2025 Bill McIntyre Leadership Award recipient at the International Risk Management Institute (IRMI) Construction Risk Conference. [32:08] Cynthia says you're always a little bit surprised but so pleased when you get acknowledged by your peers. As IRMI is pre-eminent in the construction risk management space, it was more special to Cynthia, as she knew of the great work they did. [32:33] Cynthia remembers starting in risk management and going to them as a resource. She knows the people who make IRMI thrive. They're people Cynthia looks up to. She is very grateful that it was her turn to be acknowledged. She feels there are way more qualified folks out there! [33:41] Cynthia says she is an immigrant. English is her second language. She is Korean and grew up in a Confucianist household. In terms of philosophy, you should be seen, not heard. The collective win is celebrated. [34:06] Cynthia has had to work to get over the heebie-jeebies about self-promotion or what could be viewed as arrogance. She's working on it and doing better at accepting compliments. It's an opportunity to show others who are coming up behind her that diversity exists. [34:45] Cynthia says it's hard for us to visualize ourselves in a role without models who came before us. What are the opportunities that exist? Can I also think about this? Cynthia said the marketing team is genius. Justin said that was what caught his eye on LinkedIn. [35:19] Cynthia says she is very fortunate to be supported by so much talent and such a community that helps uplift you. [35:27] Justin comments that the "seen and not heard" thing is not just Confucianism, but also old-world Brooklynism. His old relatives said, "Children should be seen and not heard." [35:52] Cynthia says we all have shared experiences within our collective. People tend to focus on the differences. It is important to celebrate our differences, but there's so much more in common, regardless of the geography and the generation in which we were raised. [36:10] There is so much in shared value. Cynthia says she is constantly inspired by those stories of people who saw a different future or leaned into a hand up. That motivates her to try to be better and drives her. [36:35] Justin says posting is a networking opportunity too. If that post had not gone up, Justin would not have met Cynthia. It's a way to broaden your network and meet more people. Justin says it's OK to do a humblebrag. Justin is known as the shameless self-promoter. [37:11] Justin says it is very special when you are acknowledged outside your company. [37:20] Cynthia's post triggered a series of events, one of which is, in recognition of Women's History Month, RIMS will present the webinar on March 6th, "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management", with Cynthia as a featured panelist. [37:38] Cynthia will provide the CRO perspective. Also on the panel are Danette Beck from Astrus and Jessica Risullo from WTW. Cynthia shares how she knows these amazing, trailblazing women. Cynthia is grateful to be on a panel with them. They're rockstars! [38:47] Justin says it's going to be excellent! The link is in this episode's show notes, or visit RIMS.org/webinars. Megan Miller, the CEO of the Spencer Educational Foundation, will kick things off with a special introduction. [39:15] It's going to be a wonderful way to observe and celebrate Women's History Month, ahead of RISKWORLD and Construction Safety Awareness Week. [39:30] Justin thanks Cynthia for joining us on RIMScast, sharing with listeners her construction risk perspective and career path. There's a lot to take away. Justin thanks Cynthia for her perspective and her time. [39:45] Cynthia says she appreciates Justin and the work RIMS is doing to put a spotlight on our amazing industry and the opportunities that exist. She says she is grateful for the opportunities Justin and RIMS are creating and thoughtfully curating. [40:04] Special thanks again to Cynthia Garcia for joining us here on RIMScast. You can hear more from her directly on March 6th during the RIMS Webinar "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". [40:17] RIMS members, keep in mind that RIMS Webinars are complimentary for you. That is one of the many benefits of a RIMS membership. Visit RIMS.org/webinars and the link in this episode's show notes to register. That's going to be a fantastic session! [40:34] 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. [41:03] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [41:21] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [41:38] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [41:55] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [42:09] 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. [42:21] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now! RISK PAC | RIMS Advocacy RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! Construction Safety Week RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam RIMS Compensation Survey 2025 — Download Today RIMS Risk Management magazine | Contribute RIMS Now RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS-CRMP Story, featuring John Button RIMScast Canada — Debut Episode Now Live Spencer Educational Foundation — Scholarships and Grants RIMS Texas Regional Conference 2026 Education Content Submission — Deadline March 18, 2026! Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management | March 6 | Presented by RIMS — Featuring Today's Guest, Cynthia Garcia! Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22 | June 9‒10 RIMS-CRMP-FED Exam Prep with AFERM | March 17‒18 Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops RIMS Virtual Workshop — "Facilitating Risk-Based Decision Making" | March 4‒5 | Register Now "Risk Appetite Management" | March 25‒26 "Claims Management" | April 7‒8 "Emerging Risks" | April 15 | Register Now! Upcoming RIMS Webinars: "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants RIMS.org/Webinars   Related RIMScast Episodes: "Investing In Yourself with RIMS 2026 President Manny Padilla" "Strategic Risk Career Transitions with Susan Hiteshew" "Supply Chain Integrity and Sustainability with Nicole Sherwin of EcoVadis"   Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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 Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Cynthia Garcia, Risk Manager at Bernards   Production and engineering provided by Podfly.

Send a textIn a world of constant political upheaval, economic shocks, supply chain chaos, and unexpected disruptions, 91% of small businesses face a major hit every single quarter (Small Business Administration data). It's not if you'll get punched, it's when. The real question: Will you just survive, or will you seize the massive opportunities that open up in the chaos?Welcome to this eye-opening episode of the Preparedness Labs show with Dr. Jeff Donaldson, army veteran, disaster & emergency management professor, and founder/CEO of Preparedness Labs Incorporated.Discover the game-changing power of a Fractional Chief Risk Officer (FRCO), expert-level risk, resilience, and business continuity guidance at a fraction of the cost of a full-time CRO or high-priced consultant. Designed specifically for small and medium businesses (especially those under $1M in revenue, representing 95% of U.S. companies), this approach wraps your operation in a protective "blanket of insulation" against threats you can't control, while positioning you to leap ahead when competitors falter.Dr. D breaks down:-Why certainty is an illusion in today's volatile world-The overlapping worlds of business continuity, enterprise risk management, supply chain resilience, crisis management & moreYour 3 real choices during disruption: Hold fast, retreat to safe harbor, or confidently expand market shareHow Preparedness Labs makes elite risk strategies affordable and actionable for everyday entrepreneursWhether you're running a family-owned shop, a six-figure startup, or a five-figure side hustle, learn how to mitigate downside risks, amplify upside opportunities, and navigate uncertainty like a pro, without draining your budget.Ready to stop reacting and start leading through chaos? Watch now and take the first step toward unbreakable business resilience. Subscribe for weekly insights on risk, preparedness, and thriving in uncertain times. https://preparednesslabs.caDISCLOSURE Information shared here is for educational purposes only.  Individuals and business owners should evaluate their own business strategies, and identify any potential risks.  The information shared here is not a guarantee of success. Your results may vary.Copyright © 2026.Support the showhttps://preparednesslabs.ca/

Discover exactly Why MORE Data Doesn't Mean BETTER Risk Models in this deep dive into credit risk. In this episode of the Risk Management Show, host Boris Agranovich is joined by Artem Lalaiants, CEO at RiskSeal, to explore the limitations of traditional credit bureaus. We discussed the critical difference between data volume and data relevance. Artem shares why adding more of the same information fails to improve underwriting and how "orthogonal" data—such as digital footprints and subscription behaviors—can unlock financial services for the underbanked. You will learn strategies for expanding into emerging markets using real-time insights that do not rely on regional bureau coverage. This conversation provides essential knowledge for any Chief Risk Officer or professional in Risk Management looking to modernize their credit scoring approach. As the Global Risk Community brings you expert discussions on topics ranging from Cyber Security to Sustainability, we aim to keep you ahead of the curve. If you want to be our guest or suggest a speaker, send your email to info@globalriskconsult.com with the subject line "Podcast Guest".

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews RIMS General Counsel Mark Prysock on RIMS Public Policy Focus in 2026.   The RIMS Public Policy Committee is focusing on several legislative issues in 2026. These include the reauthorization of the Terrorism Risk Insurance Act, a federal government backstop in the event of a catastrophic terrorist attack. The bipartisan legislation would reauthorize program funding through 2034.   The Public Policy Committee is tracking an association tax reform proposal to levy a 21% tax on nonprofits' net earnings. Republicans and Democrats together are interested in the potential tax revenue of this proposal. RIMS serves on the Steering Committee of an association coalition led by ASAE to try stop this new tax from moving forward.   Other legislative interests include reforming the National Flood Insurance Program, mandating disclosures around third-party litigation funding of civil lawsuits, and providing the risk management perspective on various cybersecurity and data privacy initiatives.   This year's Legislative Summit, scheduled for March 18th and 19th in Washington, DC, will allow RIMS members to meet with their members of Congress to discuss these issues. Registration for the Summit is now open. Justin and Mark discuss these topics and more in today's interview.   Finally, if you haven't already done so, please consider contributing to RISK PAC, the Society's political action committee.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. Our guest is RIMS General Counsel and VP of External Affairs, Mark Prysock. He's here to tell us what's going on with RIMS advocacy efforts and the top items on our legislative agenda in 2026 and beyond. But first… [:47] RIMS Virtual Workshops. On March 10th and 11th, we have a two-day course led by John Button for the RIMS-CRMP Exam Prep. [:57] On March 17th and 18th, RIMS will align with AFERM for a two-day RIMS-CRMP-FED Exam Prep Course. [1:06] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making", with Joe Milan. On April 15th, we have a virtual workshop covering "Emerging Risks", led by Joseph Mayo. [1:22] Register today and strengthen your risk knowledge. RIMS members always enjoy deep discounts on the virtual workshops. [1:29] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker. [1:43] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. [1:54] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the links in this episode's show notes. [2:12] The RIMS 2025 Compensation Survey is now available through the link in this episode's show notes. The survey incorporates data from 867 U.S. and 201 Canadian Risk Professionals. Download it today and see how you measure up to your peers. [2:32] RIMScast has its first spinoff, RIMScast Canada! It is a video podcast hosted by RIMS Canada Conference Committee Chair, Aaron Lukoni, with Justin as co-host. Check it out at RIMS.org/canada. This is a monthly series, and we are stoked to share it with you! [2:57] On with the Show! Our guest today is Mark Prysock, the General Counsel and Vice President of External Affairs here at RIMS. It is always wonderful to have him on the show. [3:07] He's here to remind us of the RIMS legislative priorities of 2026 and how they will be addressed during the RIMS Legislative Summit on March 18th and 19th in Washington, D.C., and who qualifies to attend. [3:19] He will also talk about what else we can expect in the way of public policies that RIMS would like to prevent, and those we support. There are lots of links in this episode's notes. You can visit RIMS.org/advocacy, as well. [3:30] Let's learn about the policies that are changing the risk landscape. [3:34] Interview! Mark Prysock, welcome back to RIMScast! [4:15] Mark says the RIMS priorities for 2026 include third-party litigation funding, where third parties, often from other countries, invest in civil litigation. This is of great concern from a national security perspective.  [5:22] If a foreign firm wants to invest in a lawsuit against a defense manufacturer, that foreign investor will have access to everything that comes out in discovery. [5:36] There's a lot of information that can be gleaned through civil litigation. That is a national security concern. That's one of the things we are hoping Congress will address. [5:55] Justin notes that RIMS had a couple of webinars about TPLF in 2025. The webinar panelists were incredibly knowledgeable and passionate about prevention. They covered ways to spot it and what to do about it. [6:21] Mark states that there is a strong link between TPLF agreements and nuclear verdicts for substantial amounts of money. [6:34] There's a real risk from a commercial insurance buyer's perspective if you are in an industry that is subject to TLPF arrangements, that the insurance for these types of lawsuits could dry up or become substantially more expensive. This could be extremely problematic. [7:15] Congress is considering reauthorizing the Terrorism Risk Insurance Act (TRIA). There is bipartisan support for it. The full House will be voting on it before too long. This may get wrapped before the RIMS Legislative Summit. The reauthorization would extend through 2034. [7:40] Mark says that overall, RIMS would support a long-term reauthorization of the program. [9:25] A proposal to tax the net earnings of non-profits came up almost two years ago. Some members of Congress feel that non-profits compete with for-profit organizations but don't bear the same tax burdens. Congress is always looking for new revenue streams. [11:08] Congress is not done with budget bills and comprehensive tax bills. If there is a bill that comes forward this year, RIMS will try to make sure that there are no changes in the way that non-profits are taxed. [11:28] Justin points out that RIMS is serving on the steering committee of a broad-based association coalition led by the American Society of Association Executives. It's called the Community Impact Coalition. A substantial number of associations in the D.C. area are involved. [11:50] Being on the steering committee means that RIMS plays a very active role in settling on the legislative strategy in dealing with this issue. [12:01] Mark says it's great to be involved in working with this group. They had a great deal of success last year in making sure none of these new tax provisions were included in the budget reconciliation bill. [12:15] WMark says that we just need to make sure again, for the last half of this session of Congress, that those tax provisions don't rear their ugly heads again. [12:24] Justin states that we love ASAE at RIMS. In 2023, RIMScast won an NYSAE Award for MarCom Excellence. [12:40] Justin asks about the National Flood Insurance Program (NFIP). It is typically funded as part of the Continuing Resolution, a bill that funds the federal government in general. That bill is considered by Congress every three to nine months. [13:22] We often reach a point where the issues regarding the Continuing Resolution are hashed out at the eleventh hour. Sometimes, they're not, and the government experiences a partial shutdown, which, at the time of recording this episode, we are currently in. [13:42] At present, the NFIP is not funded. RIMS advocates for the NFIP to be reauthorized, with enhancements, for an extended time, such as two or three years. However, if it were not part of the Continuing Resolution, it would no longer be considered must-pass, and it might go away. [15:31] Mark talks about attending the RIMS Legislative Summit. You may attend if you are a RIMS member working for a company that does business in the United States. [15:37] Mark says we are looking for RIMS members who represent companies that are constituents of Members of Congress, so you can go in, talk to a Member, say I am here on behalf of RIMS, and I work for a company that has X number of employees in your district. [15:59] Say that these are some risk management issues that my company is facing right now. I'd like to talk to you about those, if I could. [16:08] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th. [16:29] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes. [16:42] February is Insurance Careers Month! That coincides nicely with the Spencer Educational Foundation's 7th Annual Spencer Day, which will be February 23rd. [16:54] Spencer's CEO, Megan Miller, was recently a guest on RIMScast, and we were discussing how everyone can join in this virtual celebration. Spencer is seeking $47 donations in honor of its 47th year. [17:11] The goal on Spencer Day is to raise $7,500 to support an additional scholarship, which will be awarded in the Spring. A link to Spencer Day information is in this episode's show notes. Visit Spencered.org/spencer-day. [17:27] Let's Return to Our Interview with RIMS General Counsel and Vice President of External Affairs, Mark Prysock! [17:58] Mark says the RIMS Legislative Summit will take place in Washington, D.C., on March 18th and 19th. March 18th is Education Day, held at the U.S. Chamber of Commerce Building in D.C. There will be training on the various advocacy issues. [18:28] There will be panel discussions around third-party litigation funding, reauthorizing the National Flood Insurance Program, and association tax reform. They bring together many people from the D.C. community to talk about these issues. [18:45] This includes lobbyists, people from the administration, Congressional staffers, and people who are going to bring different perspectives to provide RIMS attendees with a well-rounded understanding of each of these issues. [19:04] After that, there will be a basic presentation on how to lobby Members of Congress, with all the dos and don'ts. By that time, RIMS members will be ready to go. There will be one-page leave-behinds that outline an issue in depth and have a specific ask for Members of Congress. [19:27] Mark says we'll make sure that those one-pagers are transmitted to all the Congressional offices we'll be visiting, before our meetings, and also have printed leave-behinds for our members to take with them when they go to the Hill. [19:41] Thursday, March 19th, will be a full day. We release the hounds! Everybody hits the Hill, talks to Congressional staff members, and maybe Members of Congress, about our legislative priorities. [20:11] Mark says the pitch in 2025 was solid. One issue, the Freedom to Invest in Tomorrow's Workforce Act, liberalized the use of 529 College Savings Accounts for credentials, certifications, and things that might advance their careers in other ways. [21:06] There was very strong bipartisan support in the House and the Senate. Mark says RIMS participated in a very effective lobbying campaign on this. That legislation was passed into law using the exact language that our lobbying campaign recommended. [21:28] For Mark, that was a high point from last year's RIMS Legislative Summit. Another high point was the attendance numbers. There were about 100 Congressional visits in total. RIMS was very well-represented last year, and Mark hopes we outdo ourselves this year. [21:52] A Final Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them. [22:12] General registration is open, and you can lock in the Advance Rates through February 28th. Marketplace and Hospitality Badges will be available starting March 3rd. Links are in the show notes. Check RIMS.org for more information. [22:29] Let's Conclude Our Interview with RIMS General Counsel and Vice President of External Affairs, Mark Prysock. [22:48] Beyond the Legislative Summit, the RIMS Public Policy Committee wants to work very closely with the RISK PAC Trustees to raise awareness around RISK PAC and the important role that it plays in supporting our legislative program. [23:05] RISK PAC is the RIMS political action committee. It's a vehicle to raise personal funds from RIMS members and use those dollars to support the reelection campaigns of Members of Congress who RIMS believes already support our issues or are in a position of influence. [23:38] Mark says we have some fairly exciting new things happening with RISK PAC this year. The first is a fundraising reception at RISKWORLD on Sunday afternoon, just before the opening general reception. [24:29] Any RIMS member who is a U.S. citizen can support the RISK PAC. Make a contribution to the PAC in order to attend. [24:58] RISK PAC will have a fundraiser at the Florida RIMS Conference in July. They are planning on more exposure at other regional conferences this year, as well. [25:36] Mark expects a lot of good things to happen for the RISK PAC this year, and hopes to raise a good amount of money to support our legislative initiatives. [26:14] Mark says TRIA is becoming a new, very relevant issue to the risk management community. It's all about extending an existing program. [26:39] Last week's RIMScast guest was RIMS's 70th President, Manny Padilla. Mark says Manny has been a long-time supporter of the Public Policy Program and Committee. He's a financial supporter of RISK PAC. He's a regular attendee at the RIMS Legislative Summit. [27:41] Having someone in the President's role who is enthusiastic and supportive of our Public Policy Program is great for us. [27:50] Mark says that Manny Padilla has been great for connecting the Public Policy Committee with other people working on similar issues. [28:10] Justin and Mark look forward to speaking more, later in the year, about what is accomplished on these issues. [28:33] If you have any questions before the RIMS Legislative Summit, you can visit RIMS.org/advocacy or reach out to Mark Prysock directly. He'd love to hear from you. [28:53] Special thanks again to Mark Prysock for joining us here on RIMScast and providing these very critical advocacy and legislative updates. The RIMS Legislative Summit will be held on March 18th and 19th. [29:10] Register today at RIMS.org/advocacy. There is also information about the RISK PAC. We want you to get involved and take part in advocating for your profession! [29:26] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [29:54] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [30:12] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [30:31] 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. [30:47] 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. [31:01] 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. [31:13] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RIMS Legislative Summit – March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now! RISK PAC | RIMS Advocacy RISKWORLD 2026 Registration – Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! Spencer Educational Foundation | Spencer Day — Feb. 23, 2026 RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam RIMS Compensation Survey 2025 — Download Today  RIMS Risk Management magazine | Contribute RIMS Now RIMS-Certified Risk Management Professional (RIMS-CRMP)| Insights Video Series Featuring Joe Milan! The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS-CRMP Story, featuring John Button RIMScast Canada — Debut Episode Now Live Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22, 2026 | June 9‒10 RIMS-CRMP-FED Exam Prep:  Feb 17‒18 | Led by Joseph Mayo Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops RIMS Virtual Workshop — "Facilitating Risk-Based Decision Making" | March 4‒5 | Register Now "Risk Appetite Management" | March 25‒26 "Claims Management" | April 7‒8 "Emerging Risks" | April 15 | Register Now! Upcoming RIMS Webinars: "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants RIMS.org/Webinars   Related RIMScast Episodes: "Investing In Yourself with RIMS 2026 President Manny Padilla" RIMS Public Policy Committee: "Navigating Cyber and IT Practices to Legal Safe Harbors" "Spencer Day 2026 | The Future of Strategic Risk Management" "Risk Outlook '26 with Morgan O'Rourke and Hilary Tuttle"   Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL  (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent  "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant  "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL  "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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 Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Mark Prysock, RIMS General Counsel & VP External Affairs   Production and engineering provided by Podfly.

In this episode of the InsuranceAUM.com Podcast, host Stewart Foley, CFA, speaks with Joel Hart, Managing Director and Chief Risk Officer at Victory Park Capital, about the growing concern of fraud risk in asset-backed finance (ABF) and private credit. As insurance investors increase exposure to these sectors, Joel offers a candid look at why borrower misconduct tends to spike in late-cycle markets and outlines the types of fraud currently emerging such as double pledging, falsified collateral, and manipulated reporting.   Joel also shares how Victory Park Capital's independent risk function, data-driven monitoring systems, and hands-on portfolio management help mitigate these risks across the investment lifecycle. From the cultural importance of being willing to walk away from deals to key due diligence questions insurers should ask ABF managers, this episode delivers timely, actionable insights for insurance allocators navigating a complex credit landscape.

In this special archive episode of With Flying Colors, Mark Treichel is joined by Steve Farr and Todd Miller — both former NCUA leaders — to revisit a foundational topic that continues to shape credit union supervision today: risk appetite, risk culture, and concentration risk.While regulators often emphasize capital levels, history shows that capital alone cannot offset poor risk governance. This conversation explores why concentration risk continues to challenge institutions — even those that appear well capitalized.Drawing on decades of regulatory experience, the team walks through the core components of a modern risk management framework and discusses how boards should think about oversight in today's environment.What We Cover

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews RIMS 2026 President Manny Padilla on several topics, including his first connection with RIMS and his attendance at RISKWORLD on a scholarship. Manny is the first RIMS president of Hispanic descent. This is a historic moment. Manny remarks on the support for diversity he has experienced in RIMS since joining.   Manny's background spans corporate risk leadership, military service, and teaching. Manny speaks of his teaching practices and how he links the academic side to real situations and strategies the students will face. Manny shares anecdotes from his military service. Justin and Manny discuss the objectives of the RIMS Legislative Summit in Washington, D.C., on March 18th and 19th, and Manny invites all members to register and participate.   Manny continues the interview with reflections on the RIMS-CRMP, other certifications and designations, and how investing in developing yourself will make you stand out as a risk practitioner. Justin and Manny discuss the nature of polycrisis. Manny asks you to participate and become involved in your RIMS chapter and educational events.   Listen for career advice for both new risk practitioners and seasoned risk professionals.   Key Takeaways: [:01] About RIMS and RIMScast. [:16] About this episode of RIMScast. We are delighted to be joined by RIMS 2026 President Manny Padilla. We're going to learn about his plans for the presidency and his unique career in risk and pre-risk. But first… [:47] RIMS Virtual Workshops. The next RIMS-CRMP-FED Virtual Workshop will be led by Joe Mayo on February 17th and 18th. On March 10th, we have a RIMS-CRMP Exam Prep with John Button, a recent RIMScast guest. [1:04] On March 4th and 5th, we have a virtual workshop, "Facilitating Risk-Based Decision Making" with Joe Milan. Register today and strengthen your risk knowledge! RIMS members always enjoy deep discounts on the virtual workshops. [1:21] Webinars. On March 6th, RIMS presents "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management". We'll be joined by a Chief Risk Officer, an underwriter, and a broker. [1:36] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. [1:47] On March 12th, Global Risk Consultants returns with "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes". Register for these and other webinars by visiting RIMS.org/webinars and the link in this episode's show notes. [2:07] The RIMS 2025 Compensation Survey is now available through the link in this episode's show notes. The survey incorporates data from 867 U.S. and 201 Canadian Risk Professionals. Download it today and see how you measure up to your peers. [2:25] RIMScast has its first spinoff, RIMScast Canada! It is a video podcast hosted by RIMS Canada Conference Committee Chair, Aaron Lukoni, with Justin as co-host. Check it out at RIMS.org/canada. This is a monthly series, and we are stoked to share it with you! [2:50] On with the Show! I am so pleased to present our guest today! He has been a big supporter of RIMScast for years! I'm thrilled that he is our 70th President here at RIMS. I'm talking about Manuel "Manny" Padilla. [3:05] Manny was RIMS 2025 Vice President. He's been a positive force on the Board. He is also the Vice President for Risk Management & Insurance for MacAndrews & Forbes, Inc. He is a RIMS-CRMP holder. He truly loves risk management! He will be a fantastic RIMS President! [3:26] We're going to talk about his career pre-risk-management and bring us up to the present, what his experience with RIMS has been like, and his perspective on what it takes to achieve success in the profession today. Let's get to it! [3:40] Interview! RIMS 2026 President Manny Padilla, welcome to RIMScast! [4:02] Manny says everyone's energy is up there, and he's looking forward to having a very positive 2026. [4:16] Manny says that being Vice President involved a lot of learning. He says that the RIMS board participation is very much a training program. You learn to see how the organization responds. In the Executive Board, you start to see how RIMS is run. [4:34] Manny says, as you move forward from Secretary to President, you pick up a lot of training. It's a good training program. [5:00] Manny says that on the Board, there's a lot of excitement and a lot to do. There's a lot of information to impart to our professional society. We're very active and motivated to get that information out there. [5:15] Manny is the 70th president of RIMS. In 1992, Manny attended RISKWORLD in New Orleans through the Anita Benedetti Student Involvement Program. The information was on a board at the College of Insurance. He applied for it and was sponsored to attend. [6:30] In the College of Insurance, Manny was sponsored by an insurance company as an assistant junior underwriter, in the days when computers were just meant to write letters and fill out policy forms. He knew just one side of the business. [6:55] Going to RISKWORLD got Manny out of New York for a week. When he learned what risk management was, his eyes opened, and he said, this is what fits best for me. It was looking at risk strategically and doing things to protect the company's assets. That resonated with him. [7:48] When underwriters and brokers answer the phone, often it's with Hello, this is (Company). How can I help you? Manny says that when he answers the phone, it's with Hello, this is (Company), this is Manuel Padilla. I hope you're having a great day! How can I help you? [8:04] That approach made a difference. From the very first, Manny found that this is a relationship business. It's very direct. You know who you're doing business with. People have an open mind and are willing to listen and hear you out. [8:41] Manny has relationships over the years through RISKWORLD; some have become primary vendors. He notes that there has been a lot of change in the last decade, and since COVID, there's a whole new group of professionals. Some are going to RISKWORLD for the first time. [9:20] Manny says, as our technology develops, and as we become more crucial to the companies we manage and represent, he sees it on the floor at RISKWORLD. As risk professionals, you need to step out from behind the table and go into the industry. [9:52] The industry is welcoming and will provide you with a significant number of opportunities. [10:17] Manny Padilla is the first RIMS President of Hispanic descent. He finds that personally meaningful, but says that RIMS has always extended a hand to all. He felt that when he first stepped onto the conference floor. He has met some unique people and friends through RIMS. [11:02] Manny says it's great to get the recognition, but it's secondary. RIMS is a good environment. If you're looking at a career change or looking to expand your horizons, this is the organization that you team up with for development. [11:42] The bigger picture and strategy are built into risk management. Risk managers do better when they raise their hand and say, "This doesn't smell right." They tend to be strategic, forward-thinking, and practical when executing their jobs. Manny speaks up at Board meetings. [12:30] Seeing the big picture comes with a responsibility. Not being able to operate a significant portion of your business or have your product on the shelves sends your customers to your competitor. [13:39] Manny gives a shoutout to all veterans in RIMS and shares some thoughts from his military experience. He was in the Navy 24 hours after he graduated from high school. He has been to every country except those that are sanctioned. He was in the Navy from 1982 to 1988. [14:50] He says it was a wonderful time. The Berlin Wall came down while he was in the military. [15:03] Manny was an Assistant Master-at-Arms for Fighter Squadron 124 in San Diego. The movie Top Gun was filmed on the base at Miramar Naval Air Station. Manny met Tom Cruise and the rest of the crew briefly during the filming. [15:57] Some of the Squadron 124 instructors were in the movie as background in the club scene. The Top Gun character was based on a real pilot, who later went into state government. [17:01] Manny is an adjunct at the Greenberg School of Risk Management. He has some latitude in how he teaches. What he teaches is centered on a set of accepted books and information. There's the technology the students need to know, and the practice that he teaches them. [17:42] Manny links the definitions, structures, and policy designs to real-world situations and his experience on how those situations were handled. A lot of it has to do with the customization of products and policies to address typical risk exposures. [18:01] It goes to the risk management process, RIMS-CRMP issues, and ARM-type approaches. Every policy and program is custom, based on the risk appetite and risk tolerance of the insured company and what they've decided to do. [18:25] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them. [18:44] Booth sales are open now. General registration and speaker registration are also open. Marketplace and hospitality badges will be available starting March 3rd. Links are in the show notes. Check RIMS.org for more information. [19:02] The Spencer Educational Foundation will also have a presence at RISKWORLD. Spencer's CEO, Megan Miller, recently joined us on RIMScast. February 23rd 2026, will mark the 7th Annual Spencer Day. [19:19] We believe in celebrating this industry's diverse and talented future and would love for everyone to join us in this virtual celebration. Visit SpencerEd.org and help us reach our fundraising goal of $7,500 to support an additional scholarship that will be awarded this Spring. [19:37] We're hoping you will make a $47 donation today, in honor of Spencer's 47th year of operation. A link to Spencer Day is in this episode's show notes. [19:48] You can visit SpencerEd.org. There is also a link to Megan's appearance on RIMScast in this episode's show notes. [19:57] Let's Return to Our Interview with RIMS 2026 President, Manny Padilla! [20:07] Manny says there is much overlap between ISO and COSO. He doesn't do one versus the other; he does both. Both have shared technologies and wording. You need to understand each because you can be in different jurisdictions with audits that may be biased toward one. [21:12] Manny explores the meanings of investing in yourself. For early-career professionals, it's building your technical depth and professional credibility. It means understanding policies, claims dynamics, the financial impact on you, and how the industry comes into play. [21:56] For seasoned professionals, the investment is fluency in strategic issues. It's understanding enterprise risk, governance, capital strategy, and how emerging risks are changing, through technology, geopolitics, climate, and litigation, and how they interact. [22:30] It also means investing time in mentoring and developing future leaders. It expands your ability to manage your duties, brings new ideas into the industry, and is important for your brand. [22:48] It's your career. If your company won't pay for you to go to RISKWORLD, remember it's your future and your brand. Invest in your brand. You're the person who carries it forth into the future. You need to see where the movers and shakers are heading. You will learn from them. [24:27] The RIMS Legislative Summit is on March 18th and 19th. Manny says it's a little challenging and overwhelming to think of going into the government to speak with Congressmen, Senators, and other legislative folks. [25:01] It helps you develop new skills. Manny learned how to approach and discuss sensitive topics with regulatory bodies and meet with other people who are focused on that area. [25:17] Manny says, when you sit across the table to discuss the Federal flood program, the terrorism program, the pandemic risk insurance program, and the qualified risk manager description, and you move it through various channels, it's mind-boggling and most rewarding. [25:41] While you're a risk insurance person, you're not there to represent your company. You're there to represent RIMS and the risk profession. [26:05] Manny has a 20-plus-year relationship with the Coast Guard Auxiliary. They have a legislative group there, and Manny will generally step into the office and say hello and figure out how things are going and how policy gets through. [26:27] At the RIMS Legislative Summit, you're there to pitch a very specific set of topics. They are very willing to listen to the topics. In some cases, they are the policy experts on those topics. What they are looking for is a variety of different approaches from actual professionals. [26:52] They refine their development of policy based on these meetings. Manny says it is very helpful to participate, and you're all invited. [27:05] Manny says the pitch is specific to a specific person, such as the Senator involved in Federal flood insurance. Manny explains how you can team up with other legislators to come on board with your pitch. [28:15] Manny says he likes pairing with a risk professional to meet legislators. He says, in some cases, we have affiliations with some insurance carriers, brokerages, and vendors. He likes going with them, as well. In some cases, they have a robust system in place. [28:32] Manny says it's good to see the professionals at the table and how they do it. But as professional risk managers, we don't do too badly. We add a lot of value, and the legislators do appreciate that. [28:54] Justin shares his experience of going with Mark Prysock, RIMS GC, Robert Cartwright, RIMS President at the time, and Gary Raymond of FedEx at the time. Justin shadowed them and watched how they worked. [29:31] RIMS has legislative priorities. Major priorities are the Federal Flood Program and the Terrorism Risk Act. Manny says that what tends to happen is that every year they get extended for a short period until Congress comes together to argue about something else. [29:55] It's always under a threat of not being renewed, but then it gets extended again. Manny says it's a key issue that keeps coming up. Manny says to look at the Legislative Affairs page at RIMS.org/advocacy for the list of priorities. [30:21] The first day of the RIMS Legislative Summit is for sitting down and talking about the specifics of each of the items. Then we bring in some experts in each particular area to talk about what is on the floor to be able to get through Congress to final agreements. [30:47] Justin announces that Mark Prysock will be on RIMScast next week to do a deeper dive on the RIMS Legislative Summit. [31:13] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th. [31:34] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes. [31:46] Save the dates, March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C. Join us for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community. [32:03] Book your hotel room at the Sofitel Washington, D.C. in Lafayette Square by February 16th after you register for the event, and you will receive a special RIMS rate of $359 per night. [32:18] Let's Conclude Our Interview with RIMS 2026 President, Manny Padilla. [32:30] Manny has several certifications after his name. The first is RIMS-CRMP. Justin first interviewed Manny after the RIMS-CRMP. In that interview, Manny said the RIMS-CRMP helps risk professionals stand out by signaling a commitment to continuous learning. [33:25] Manny looks at designations and certification as how you stack up with your peers and how corporations look at you, compared to others. Certifications prove your higher knowledge. [33:54] RIMS recently released the Compensation Survey. If you start looking at the differences in pay, pay for persons who have no designation vs. those who have any designation, vs. those who have the RIMS-CRMP certification, you will see the difference in the six figures. [34:44] Manny would rather have a nice designation and a job that pays six figures more than a job for a person with no designation. You also have to demonstrate love for the industry and prove that you're keeping up. [35:12] A good portion of Manny's designations are based on his major in risk management and insurance. However, the technology, words, and approach have changed during his career. A risk manager became a strategic risk manager, then an enterprise risk manager. What comes next? [35:50] Manny states that we should be certified and have these designations so that we understand the world we are living in. [36:08] Manny says we are facing a convergence of risks, or a polycrisis. We have geopolitical instability, accelerated technology adoption, climate expectations, and an increasingly complex litigation environment. The financial world depends on what the government says at any time. [36:39] Manny asserts that these risks don't exist independently anymore. Manny deals with catastrophes every day. He's trying to stay one step ahead of the calamities. We need to start acknowledging the strategic nature of risks and the ability to address them simultaneously.  [37:09] We also need to keep in mind that we live in an environment where digital access to information, data, and real financial information comes very quickly. [37:23] Twenty years ago, you could have major catastrophes in countries around the world, and if you weren't directly impacted by it, you didn't pay attention to it. It would take weeks to get basic information on them. Today, information comes to us at a mind-boggling velocity. [37:59] Justin and Manny discuss last year's L.A. wildfires and how the people are still reeling from them. [38:44] Manny, it's been such a pleasure to see you, and I'm very much looking forward to what you're going to bring to the presidency this year. Are there any parting words regarding what people can expect at RISKWORLD, or anything you are working on? [39:10] Manny says, I would basically say many thanks to all of you who are listening here. It's an honor to have been selected as the 2026 RIMS President. I ask that each of you participate with RIMS at our many professional events and learning opportunities. [39:27] We are seeking out leaders and participants for our chapters, the many committees we support, and at our legislative events. Don't be shy. Engage. Invest in yourself. And see you all at RISKWORLD! [39:44] Special thanks again to RIMS 2026 President, Manny Padilla, for rejoining us here on RIMScast! It is always a pleasure to see him. I've got links to Manny's prior RIMScast episode as well as the press release announcing his presidency. [40:00] Manny will be at the RIMS Legislative Summit on March 18th and 19th in Washington, D.C. That's two days of advocating for the best interests of the risk profession. You must be a member to attend. [40:15] Book your hotel room by February 16th to register and reserve your hotel room at the special RIMS rate of $359 per night at the Sofitel Washington D.C. Register at RIMS.org/advocacy. [40:30] 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. [40:58] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [41:17] 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. [41:34] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [41:51] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [42:05] 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. [42:17] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! Spencer Educational Foundation | Spencer Day — Feb. 23, 2026 RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now! RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam RIMS Newsroom: Manny Padilla Named 2026 President of RIMS RIMS Leadership Corner: Polycrisis Meets Polysolutions RIMS Compensation Survey 2025 — Download Today RIMS Risk Management magazine | Contribute RIMS Now RISK PAC | RIMS Advocacy RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS-CRMP Story, featuring John Button RIMScast Canada — Debut Episode Now Live Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22, 2026 | June 9‒10 RIMS-CRMP-FED Exam Prep: Feb 17‒18 | Led by Joseph Mayo Full RIMS-CRMP Prep Course Schedule RIMS Virtual Workshop — "Facilitating Risk-Based Decision Making" | March 4‒5 | Register Now See the full calendar of RIMS Virtual Workshops Risk Foundations Certificate Program | Feb. 10 Upcoming RIMS Webinars: "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS "Don't Waste the Soft Market: Where to Reinvest Insurance Savings Before the Window Closes" | March 12 | Sponsored by Global Risk Consultants RIMS.org/Webinars   Related RIMScast Episodes: "Spencer Day 2026 | The Future of Strategic Risk Management" "Risk Outlook '26 with Morgan O'Rourke and Hilary Tuttle" "James Lam on ERM, Strategy, and the Modern CRO"   Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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 Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guest: Manny Padilla, RIMS President 2026 Vice President, Risk Management & Insurance, MacAndrews & Forbes Inc.   Production and engineering provided by Podfly.  

This week, the GovNavigators are joined by Mike Wetklow, former Chief Risk Officer at the IRS and longtime federal financial leader, to kick off a new series on the pod, introducing you all to the illustrious members of the GovNavigators Network. Mike reflects on his career across DHS, NSF, OMB, and IRS, his decision to return to school mid-career to study data analytics, and his current work preparing the next generation of public servants at George Mason University. The conversation explores how AI, data science, and emerging technologies are reshaping risk management and financial oversight, and why government's real challenge may be learning to oversee technology that increasingly does the work itself.In the news, Robert and Adam break down a brief partial shutdown, ongoing DHS funding uncertainty, and GAO's latest report on federal shared services. They unpack why progress remains slow, what leadership commitment is missing, and why agencies continue to struggle to stop paying for duplicative systems. The episode also covers the administration's move to reclassify parts of the federal workforce, revisiting the spirit of Schedule F, and a rare bipartisan moment out of the House Oversight Committee that raises cautious questions about the future of good-government reforms.Show Notes:Learn more about the GovNavigators NetworkGAO report on Federal Shared ServicesOPM Federal Workforce Reclassification RuleWhat's on the GovNavigators' Radar:Feb 10-12: AFCEA WestFeb 11: PSC Law Enforcement ConferenceFeb 18-19: AGA National Leadership TrainingMar 5: Government Efficiency Summit

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Megan Miller, the CEO of the Spencer Educational Foundation, and John Button, ERM strategist and RIMS-CRMP Workshop instructor. The episode is divided into two interviews. Justin and Megan review the Spencer activities coming up around RISKWORLD 2026 and later, with a focus on driving students into insurance and risk careers and on providing risk scholarships to build the industry. Justin and John focus on John's ERM and risk philosophies and the key skills and knowledge the next wave of risk practitioners will need as risk management moves into strategic risk modes. They discuss the RIMS-CRMP virtual workshops that John teaches, and James Lam's RIMS-CRO Certificate Program in Advanced Enterprise Risk Management, which John endorses. They talk about RISKWORLD 2026, which is coming up.   Listen for tips on inviting the next wave of students into the risk profession and preparing for upcoming trends in risk.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. We will be joined by Spencer Educational Foundation CEO, Megan Miller, and ERM strategist and RIMS-CRMP Workshop instructor, John Button. But first… [:47] RIMS Risk Foundations Certificate Program. This beginner program will guide you through the risk landscape and help evaluate the purpose, function, and process of risk management. On completion, you will receive a Digital Risk Foundation certificate and 24 RIMS CE credits. [1:07] Cohort Number One starts on February 10th and 11th, with "Fundamentals of Risk Management," and then, on February 25th, "Risk Taxonomy," followed by two on-demand courses. Register now because the next cohort will be held in August. A link is in the notes. [1:28] RIMS members always enjoy deep discounts on the virtual workshops. [1:32] Webinars The next RIMS webinar will celebrate Women's History Month by exploring the success of women in construction risk on March 6th. We'll be joined by a Chief Risk Officer, an underwriter, and a broker. [1:45] They will explore their career paths, risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. Visit RIMS.org/webinars and check out the link in this episode's show notes. [2:00] RISKWORLD General registration is open for RISKWORLD 2026, which will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. Visit RIMS.org/RISKWORLD or RIMS.org. Register today to take advantage of those sweet advance rates through the end of this month! [2:24] On with the Show! Returning to RIMScast is one of my favorite people, the CEO of the Spencer Educational Foundation, Megan Miller! Spencer Day is coming up on February 23rd. We want to hear all about what she has in store for us this month, and at RISKWORLD 2026. [2:50] Megan Miller will also present a special introduction for the "Hard Hats and High Stakes" Webinar on March 6th. Let's get to it! [3:08] Interview! Spencer Educational Foundation CEO Megan Miller, welcome back to RIMScast! [3:30] Megan says the Spencer Educational Foundation had a great year in 2025. They surpassed their goals. They're riding into 2026 on top of the wave. They are also starting Year 1 of implementing their next Five-Year Strategic Plan through 2030. [3:55] Megan says they have some big growth goals; they're hoping to raise $10 million a year by 2030. They ended last year at just over $4 million. [5:13] Spencer Day on February 23rd is held in conjunction with Insurance Careers Month. The Insurance Careers movement is to get students thinking about careers in insurance. [5:29] Holding Spencer Day during Insurance Careers Month raises awareness about what the Spencer Educational Foundation is doing to help drive more students into insurance careers. [5:36] The Spencer Educational Foundation tries to raise at least $7,500 from individual contributors that day to fund an additional scholarship. If they can raise $7,500, they can give out one more scholarship in 2026 and set one more person on the path to a career in risk. [6:18] At RISKWORLD, the Spencer Educational Foundation holds three events: Pickleball Social on Saturday, May 2nd, with sponsor Optum, the Gallagher Topgolf Golf Tournament on Sunday, May 3rd, and the 5K Fun Run on Tuesday, May 5th, with new sponsor Bold Penguin. [7:59] The 5K Fun Run will take place at Boathouse Row at 6:30 a.m. [8:57] The Spencer Soirée will be held on Monday, May 4th, at 5:30 p.m. It's Spencer's big donor appreciation event. At the Spencer Soirée, Spencer announces the winners of the International Student Risk Management Challenge that takes place all day on Sunday, behind closed doors. [9:16] On Monday morning, you'll have the opportunity to see the top three student teams present. Over 50 teams are competing. They submit their papers online, and the judges select the top eight teams to be flown to RISKWORLD. In 2025, half of the teams were international. [10:01] For some students, it was the first time they had ever been to the U.S. It's an incredible opportunity. In 2024, the team from Hyderabad, India, won. Justin had them as RIMScast guests. [10:20] The 2025 winning team was from the University of Wisconsin-Madison. [10:32] At the RISKWORLD conference, the top eight teams present behind closed doors on Sunday, and the judges select the top three. On Monday, those presentations are open to the public. It's impressive to hear the students talking through their cases. Come and watch! [10:53] On Monday, at the Spencer Soirée donor appreciation event, the first, second, and third place winners are announced, with cash prizes. It's a big audience, and the students answer the judges' questions. Megan says that the students are poised and super bright. [12:08] The 2026 Spencer Funding Their Future Gala will be held on Thursday, September 17th, back at the Waldorf Astoria, which was recently reopened after extensive renovations. Megan says it's stunning. [13:30] There are two honorees for the gala, Sierra Signorelli from Zurich, and Marya Propis from RT Specialty. Marya was one of the earliest RIMScast guests. She has been heavily involved in Spencer. [13:51] Megan says Zurich has been a strong partner of the Spencer Educational Foundation for a very long time. Sierra has taken on an expanded role at Zurich. [14:09] Marya is the former board chair who hired Megan within the Spencer organization. [14:35] For more information about the Funding Their Future Gala, listeners can reach out to Megan Miller or Brianne Kelly-Prensa at the Spencer Educational Foundation. [15:00] Megan mentions some of the new names at the Spencer Educational Foundation. Brianne Kelly-Prensa is the new Development Manager, helping Megan with fundraising and finding new partnerships. Amisha Kitani is the new Program Administrator. [15:31] Amisha was an intern at LVMH through Spencer's internship grant program. [16:10] Megan was a Spencer scholarship recipient. While she was at Swiss Re, she received a Spencer scholarship for the part-time Master's program. Spencer was very instrumental in helping Megan complete her MBA. [16:37] Spencer also has two board members who are Spencer scholarshop recipients: Robin Roeder and Cristina Vigilante. As Spencer grows and impacts more students, he loves to see them come back into the fold. [17:13] Justin shares details about the presenters of the RIMS webinar on March 6th, "Hard Hats and High Stakes: Women Leaders Shaping Construction Risk Management," including a special introduction by Megan Miller. Megan is excited about it. [19:01] The webinar is not only in honor of Women's History Month but also in advance of Construction Safety Awareness Week in May. Justin says this important sector deserves the spotlight. [19:39] If you have any questions for Megan, find her at SpencerEd.org. Justin tells Megan, it is such a pleasure to see you again. [19:56] Our next interview features John Button, CRMP, an Enterprise Strategic and Technology Risk Strategist for American Systems and an Instructor for the UCLA Extension Business School, specifically for implementing their Enterprise Risk Management course. [20:24] John Button is one of the instructors for the RIMS-CRMP Virtual Workshop Series. John will be leading the March 10th and 11th Workshop, and the June 9th and 10th Workshop. [20:39] We are going to get a glimpse into his risk perspective and philosophy. We're going to talk about strategic risk management and where he believes ERM is headed in the short and long term. Let's get to it! [20:52] Interview! RIMS-CRMP Commissioner John Button, welcome to RIMScast! [21:10] John heard about the RIMS-CRMP from other practitioners who were getting certified. John worked with Joseph Mayo on a couple of his books, the latest being Cultural Calamity. Joseph suggested the RIMS-CRMP to John. John looked into it. [21:41] John fell in love with the RIMS-CRMP, as it is a foundational risk management certification. [21:52] Justin adds that John Mayo was the first RIMS-CRMP Story. John says the RIMS-CRMP has been a pretty exclusive club, but it's spreading quickly around the globe, and once you've gotten it, you start to see who else has it. [23:16] Justin asks about strategic risk management. John says when he was studying for the RIMS-CRMP, he was well aware of strategic risk management, and he had been an enterprise risk management advisor at Gartner, but it wasn't practiced as much then as we see it today. [23:45] While studying for the RIMS-CRMP, John learned of the RIMS Strategic Risk Management Framework. He thinks it is one of the clearest ways of thinking about strategic risk management. It started connecting the dots for him about the value chain and benchmarking. [24:21] John says there's been an evolution in business from hazard risk to operational risk to strategic risk, and the real value is within strategic risk management. With strategic risk, what we focus on is largely the business model or foundational assumptions of the organization. [25:22] It will involve your customers, your financial model, your capabilities, and your value proposition. Strategic management deals with deciding the direction of a company, where you are trying to go, and the business model for how you are going to achieve success. [25:48] John says strategic is fundamentally different from operational, which may involve the execution of parts of the strategy, keeping the lights on, and running the business. [26:21] John says the most important skills for future risk leaders are to understand the decision science and analysis component of measuring uncertainty. That involves a basic understanding of statistics, probability theory, and the psychology of biases. That's critical. [27:23] John tells of helping develop risk quantification courses for RIMS for risk managers to learn how to measure and communicate risk in economic terms, for leaders in an organization. That skill set will differentiate risk practitioners in companies in achieving goals and objectives. [28:18] The people in an organization doing the work of mitigating the risk are often labeled as owning the risk. John says a risk is an uncertainty that will negatively impact an objective. Whose objective is threatened by the risk? Knowing that, you can build the accountability bridge. [29:58] John says when the ownership of risk is not known, most executive decision-makers use System One, instinctive thinking. System Two thinking requires deliberation and problem-solving. When a risk owner is identified, executives switch to System Two thinking. [31:37] Accountability is a by-product of risk owner identification. [32:09] Quantitative risk analysis allows you to accurately and mathematically measure risk. You can't count risk with ordinal scales that only tell you the order of things. When you measure risk quantitatively or statistically, you can accurately forecast the financial impact of an event. [33:51] That forecast enables executives to make more informed decisions. You can add risks in a mathematically coherent way. You can see how risks hang together for the organization. [35:12] John says a good risk culture is an organization that practices what it preaches. John would expect to see incentives built into measuring performance. It's not just whether you met your goals and objectives, but also whether you followed good risk management practices. [36:38] John says a lot of organizations speak to it, but what they say and what they do are often two separate things. [37:13] There's a big push right now for using more quantitative tools and skills for doing risk management. Risk management is more than quantitative measurement or decision analysis. John sees mistakes from companies looking only at the short term. [37:57] If you do risk management well, with a solid risk culture, there is always the possibility or probability of failure. Any company, even with great risk management, can be susceptible to systemic risk and big surprises. Having a good risk culture lowers the probability of failure. [38:47] John says they touch on risk culture during the RIMS-CRMP Workshops. It's about trying to develop a programmatic and systematic approach to risk that is consistent, coherent, and serves as the foundation for further growth. It's the beginning of the journey, not the end of it. [39:30] John discusses flipping the script from uncertainty to opportunity. He notes that risk managers often focus on compliance, which was great in the past. The future, with its move toward strategic risk management, will need far more than risk event forecasts. [41:03] John believes the next phase will come from using your imagination, in collaboration with AI, to see beyond the five-year strategy timeframe, to develop hypotheses and a different kind of forecast about where trends, drivers, and conditions will show up in the risk landscape. [41:56] John thinks risk management will move outside of the organization. The next wave of practitioners will be equipped quantitatively, helped by AI, and will help to steer strategy and the strategic direction of business models to find the opportunities for innovation. [42:27] Justin says this has been such an enlightening conversation and mentions that John will be leading the virtual workshops for RIMS-CRMP on March 10th and 11th and June 9th and 10th. What is John Button's instruction style? [42:53] John enjoys teaching. He's currently teaching Implementing Enterprise Risk Management at UCLA. What's important to him is making sure people are crystal-clear, understand the foundation, and can analyze the concept. [43:19] John reduces most challenges in risk management to communication. What one person means by cyberrisk may not be what somebody else means. He makes sure those he is teaching feel confident when they walk away, ready to go. His teaching style is thorough. [43:59] John always stays back after the webinar to answer questions. Some people contact him later with questions, and he's more than happy to help them. [44:18] Justin mentions the RIMS-CRO Certificate Program in Advanced Enterprise Risk Management, hosted by James Lam. John introduced himself to James Lam at the FAIR Conference 2022, after reading his book. John took the RIMS-CRO Certificate Program. [45:07] John says they worked live for about four hours every other week for six sessions, with each module building on the previous one. The next cohort will begin in April. Registration closes on April 6th. That course will run biweekly from April 14th to June 23rd, 2026. [45:55] Check out RIMS's social channels to see a testimonial from John talking about the course. It was extremely beneficial for him and for the others who shared their perspectives on it. [46:40] John will be at RISKWORLD 2026. Last year was his first RISKWORLD, and having attended a lot of business conferences, he shares that he was blown away by how awesome RISKWORLD is. John invites you to reach out to him if you go, and he'll be happy to talk to you. [47:15] Special thanks to both of our guests, Megan Miller, the CEO of the Spencer Educational Foundation, and John Button, one of our valued RIMS-CRMP Commissioners and virtual workshop instructors. [47:29] Links to SpencerEd.org and to John's upcoming virtual workshops for the RIMS-CRMP Exam Prep are in this episode's show notes. Register now, and let them know how great they sounded on RIMScast in February 2026! [47:46] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [48:15] 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. [48:33] 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. [48:50] 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. [49:07] 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. [49:21] 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. [49:33] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! Spencer Educational Foundation | Spencer Day — Feb. 23, 2026 RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now! RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam RIMS Risk Management magazine | Contribute RIMS Now RISK PAC | RIMS Advocacy RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS-CRMP Story, featuring John Button Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam PrepMarch 10‒11 | April 21‒22, 2026 | June 9‒10, Virtual Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops "Applying and Integrating ERM" | Feb 4. Risk Foundations Certificate Program | Feb. 10 "Facilitating Risk-Based Decision Making" | March 4‒5 Upcoming RIMS Webinars: "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS RIMS.org/Webinars   Related RIMScast Episodes: "Risk Decision-making in 2026 with Joseph A. Milan, Ph.D." "The Evolving Role of the Risk Analyst" "Risk Rotation with Lori Flaherty and Bill Coller of Paychex" "Energizing ERM with Kellee Ann Richards-St. Clair"   Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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 Manny Padilla!   RIMS Events, Education, and Services: RIMS Risk Maturity Model®   Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.   Want to Learn More? Keep up with the podcast on RIMS.org, and listen on Spotify and Apple Podcasts.   Have a question or suggestion? Email: Content@rims.org.   Join the Conversation! Follow @RIMSorg on Facebook, Twitter, and LinkedIn.   About our guests: Megan Miller, CEO, Spencer Educational Foundation John Button, RIMS-CRMP, Enterprise, Strategic & Technology Risk Strategist, American Systems   Production and engineering provided by Podfly.  

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Susan Hiteshew about her career path, from long-time risk manager to broker, and how her foundation in risk provides her with corporate empathy and understanding of her clients. They cover key principles Susan learned on the way, how she intentionally made a change, and how her risk philosophy helps her as a broker. Susan shares points from her risk philosophy and the benefits she realized from the RIMS-CRMP, as well as from serving on the National RIMS Board.   Listen for key factors in a great trisk management team.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. We will be joined by Susan Hiteshew, a long-time risk professional, to discuss how she successfully transitioned over to the broker side. We will also get her ERM philosophy and how it still guides her to this day. But first… [:47] RIMS-CRMP and Some Prep Courses. The next virtual prep courses will be held on March 110th and 11th and again on April 21st and 22nd. Links to these courses can be found through the Certification page of RIMS.org and through this episode's show notes. [1:04] RIMS Virtual Workshops are coming up. On February 2nd and 3rd, Pat Saporito will host the debut of the two-day course, "Storytelling with Data for Risk Management". [1:18] On February 4th and 5th, Ken Baker will return to deliver the course, "Applying and Integrating ERM". [1:28] 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. [1:39] RIMS members always enjoy deep discounts on the virtual workshops. [1:43] The next RIMS Webinar will celebrate Women's History Month by exploring "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" on March 6th. [1:53] We'll be joined by a Chief Risk Officer, an underwriter, and a broker, who will explore their career paths and risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. [2:08] Visit RIMS.org/webinars and check out the link in this episode's show notes. [2:12] On with the show! Our guest today is the Managing Director and Office Head for Marsh's Washington, D.C. Office. Before accepting that role, she had 16 years of experience in risk management. She was one of the first RIMS-CRMP certificate holders. She's Susan Hiteshew. [2:35] We're going to talk about her career and why she decided to make a transition over to the broker side with Marsh. We'll also talk about her ERM philosophy and how it continues to guide her to this day. [2:47] We will also talk about strategy and the concept of professional empathy. Let's get to it… [2:54] Interview! Susan Hiteshew, welcome to RIMScast! [3:34] Susan can't imagine a better way to start 2026 than getting to be here on RIMScast with Justin! [4:00] For years, Susan was a corporate risk manager. Most recently, she was the VP of Risk at a real estate investment trust. Before that, she was Senior Director of Insurance at a major hotel brand and had filled other risk roles. [4:25] Susan says that before she got started as a risk manager, she began her career in claims. She worked in a specialized unit on the carrier side, analyzing legacy claims for coverage. They printed policies, read them, and manually wrote claims notes on them. [4:57] Susan says it was a great way to learn the coverages and understand the underwriting intent of the policies. That foundation taught her that insurance is technically complex and that there's a policyholder on the other end who will be getting your coverage letter in the mail. [5:19] Susan says insurance is a people business, even though it is very much a technical business. It's a form of strategic finance. [5:28] Susan learned as a risk manager the value in building that downside protection for your company and creating predictability in your cost of risk so that your business can operate with confident margins. [5:44] As a risk manager, Susan implemented that approach into how she thought about ERM. She thinks the most successful ERM programs are very collaborative across different business units and are built upon the spirit that everyone's a risk manager. [6:05] Risk is something we all own for our company. Susan's focus was always on supporting her executive team and board, and giving them information in clear, cogent, and actionable ways. [6:24] Susan speaks of frameworks. Risk and strategy are two sides of the same coin. Some risks are quantifiable and insurable; some risks are not. [6:36] Enterprise risk management is about understanding all risks, creating awareness around them, and mobilizing your company to focus on those risks in every part of your organization, at every level. Susan finds value in both ISO and COSO. She leans more toward COSO. [7:19] ERM was different at every company Susan worked with, tailored to the company and the business. It was collaborative. So much of enterprise risk management is taking who you are as a company, where you're trying to go, and building a framework that makes the most sense. [8:11] Susan was a risk manager for about 16 years. [8:20] Susan had reached the point where she wanted to broaden her impact across the board. Every time she made a change in her career, it was because she wanted to try something new and learn something different. [9:09] The timing felt right. She had had a lot of different in-house experiences, so she could sit across from a client and say she had been in their seat and knows what they are thinking through from an insurance perspective, and she can help them solve their issues. [9:32] At different companies, a risk manager does different things. Susan had had different areas of responsibility in insurance, claims, captive management, and enterprise risk management. What she loved the most was the insurance side. [10:05] Susan asked herself, wouldn't it be great if she could do what she loved most, all the time, for lots of clients? She loves that in her role now, leading the D.C. office for Marsh, she gets to help lots of clients with lots of different problems. She loves supporting risk managers. [10:44] Susan says the reason that she's been able to do what she's done in her career is because of support from others in the industry. She's having a lot of fun, working on helping clients with interesting problems. She thinks professional empathy helps her support clients. [11:23] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is RIMS' live virtual program, led by James Lam. Great News! A brand new cohort has been announced. Registration closes on April 6th. [11:44] Beginning on April 14th, bi-weekly workshops will be held from 11:00 a.m. to 3:00 p.m. Eastern Time through June 23rd. Register now! A link is also in this episode's show notes. [11:57] Save the dates, March 18th and 19th, 2026, for the RIMS Legislative Summit, which will be held in Washington, D.C. Join us for two days of Congressional Meetings, networking, and advocating on behalf of the risk management community. [12:13] Visit RIMS.org/advocacy for more information and updates and to register. [12:21] Let's Return to Our Interview with Susan Hiteshew! [13:08] Susan says that where her background is most helpful is in her claims foundation. It trained her to interpret coverage, to understand the intent of policy language, and to understand all that goes into resolving complex claims. [13:24] As a risk manager, Susan learned what Accounting needs, what Finance needs, and what a CFO needs when something "has gone bump in the night" and there's a significant claim issue. [13:37] Susan can tie all that together to support a risk manager and say, "You might want to have a conversation with Accounting about this. What do you have budgeted for this? Let's have a conversation with Finance about this. Is Legal involved? Do we have clarity on Operations?" [13:55] Susan's years in-house taught her how to pull all of those different components of the organization together. A good risk manager knows and works with everybody in their company. There are many internal and external stakeholders.  [14:19] Susan helps risk managers navigate tough situations and know whom to talk to before needing to get in front of them, to bring a tough situation to a good resolution, with everybody being aware and having the opportunity to give input to bring the situation to a close. [14:41] Justin notes that the risk manager needs to be the point guard for the organization. Susan agrees. She coaches her daughter's basketball team. [15:20] Susan notes that risk managers save the company money, but in most cases, they don't generate income, so it's important to run an efficient risk management team with the resources to work with and support everybody in the company. The team size differs for every business. [16:19] Susan has loved every stop along the way in her career. Each one has been different. She has worked with amazing people. She looked for work where she would be professionally challenged, learn a lot, and work with awesome people she can learn from at every level. [17:06] When Susan was ready to try being on the broker side, she was very intentional about it. She is so grateful for her choice. She has absolutely loved this transition. [17:23] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them. Booth sales are open now! [17:45] General registration and speaker registration are also open right now! Marketplace and Hospitality badges will be available starting on March 3rd. Links are in this episode's show notes. Be sure to check out RIMS.org for more information. [18:01] Let's Return to Our Interview with Susan Hiteshew! [18:22] Susan joined RIMS in 2011. She attended RISKWORLD in Philadelphia and is excited that RISKWORLD is back in Philadelphia this year, from May 3rd through 6th. There is a lot to do in Philadelphia, and it's very convenient for East Coast members. [19:07] Susan says it's awesome to have RIMS-CRMP as part of her title. It's a designation that means something. It's tied to helping a risk manager get to the next level of connecting the risk and strategy for their organization. [19:32] Susan took the RIMS-CRMP in the first group, in San Diego, in 2016. She was so excited to get the certification. Having the RIMS-CRMP and being active in RIMS gave her a wider lens on the profession than just seeing risk through the lens of one industry or company. [20:14] RIMS exposed Susan to a much broader network and helped her build her professional network.  [20:34] Susan says the RIMS-CRM shows you keep up with all the CEs every two years. [20:51] Susan says serving on the National RIMS Board and as the Board liaison for the Audit Committee in the past was an incredible experience. It put her at the intersection of governance, oversight, and strategic risk thinking. She saw how the Board evaluates controls. [21:19] When Susan was on the Board, they had outside counsel come in and give several different board trainings on governance and how to be good supporters and board members, and understand how to do their job effectively. [21:34] Working in that capacity helped Susan to sharpen her appreciation for transparency and disciplined communication, which were skills she was able to bring back to her role as a risk manager and other work she does. [21:50] Susan serves on an advisory board for her daughter's school and on the board of a privately-held real estate firm in D.C. Being on the RIMS Board taught her about how to be a good advisor for the executive team. [22:35] Susan says it's interesting to look at how the risk environment has changed. Marsh published the "World Economic Forum Global Risk Report" at the end of 2025. It talks about how risks are managed across the world by business executives, experts, and academics. [23:01] Susan says it's interesting to see what risks they call out and how the risks change from one year to the next. The report is a fascinating read for people who are looking at external risks and how they might impact their company. [23:16] Susan says the risk environment is incredibly dynamic. There are risks in the Risk Report that weren't there two years ago that are now in the top five risks. [23:30] Susan believes Enterprise Risk Management is strategic, not administrative. Leaders need dynamic, real-time insights to help them connect risk directly to their business outcomes. [23:45] Susan says tools and analytics are being used to help break down historically uninsurable risks into parts that can be actionable and solvable. [24:15] Susan says expectations for talent are changing. We need risk professionals who can interpret analytics, communicate clearly, and help support executive decision-making processes. The connection between risk and strategy is becoming more imperative. [25:10] How you identify your risks and communicate a message around your risks is going to be what matters and sets risk managers apart. You can have a policy and a process around managing a risk, but people at every level of a company need to internalize it. [25:33] Susan says you need a level of validation and ownership. It has to be instilled into the corporate culture. That starts with empathy, connection, and keeping things real for folks. That will be the ultimate driver of success. [26:04] Justin and Susan agree that risk management is a people business. It's about making things real for folks. [26:22] When Susan worked as a risk manager for a major retailer with warehouses, she spent time in the warehouse, working at every station, so she understood the jobs that everyone was doing. [26:38] She could see for herself how a workers' compensation injury happens. How are we getting these soft tissue issues? What do we need to do about them? [26:50] Learning from the people who are doing it every day, you learn things you would never pick up, otherwise. You can tailor your training programs, business processes, and the real risk management work to the people who need it, whom you are helping keep safe. [27:46] Susan's biggest piece of advice is to reframe the role. Risk management's role isn't reporting on risk; it's enabling competent business processes and competent decision-making. Speaking the language of strategy, and not just severity and probability, is very impactful. [28:11] Susan says building relationships before you need them and infusing risk management into the culture of the company helps a business build a competent risk management approach at every level within the organization. [28:30] Risk managers are really good at identifying issues and stumbling blocks, but offering options and solutions is where there is true value. Thinking about how we support our executives and leadership team is a key part of being a great risk manager. [28:49] Our executives have several things coming at them, all day, every day. They've got to make decisions and move expediently. [28:58] The more we can distill complicated risk issues into a straightforward framework, the more executives can confidently move forward on specific risk decisions. That is incredibly valuable. [29:20] Susan says that from both the practitioner and the advisory perspective, when you're a risk manager and you position yourself as a strategic partner, you can be relied upon, not only to help protect the organization but also to help accelerate its success. [29:40] Susan learned from a former boss to ask during ERM analyses, "Why do expensive race cars have very expensive brakes? It's not so you can stop, but so you can go fast confidently." A great risk management program helps enable speed, confidence, and resilience.  [30:34] Susan says that's what she loves about the value that risk managers bring to the table. [30:56] Susan, you've been such a wonderful guest. You've been so giving with your perspective. Also, where are you going to be from May 3rd through the 6th, 2026? She'll be at RISKWORLD 2026 in Philly! It will be a great time, seeing all her RIMS friends! [31:23] Some of Susan's favorite things about her profession are the friendships she created through RIMS. [31:27] At RISKWORLD 2026, May 3rd through 6th in Philadelphia, you will Connect, Cultivate, and Collaborate! I can't wait to get the chance to finally meet you in person! [31:38] Anybody who wants to learn a little more about Susan can check out her RIMS-CRMP Stories. It's one of the first ones. Susan is also on LinkedIn. Susan would love it if you reached out with a question for her, either on LinkedIn or RIMS Engage. [32:05] Special thanks again to Susan Hiteshew for joining us here on RIMScast. I've got a link to her RIMS-CRMP Stories interview, which will hopefully inspire you to sign up for and study for the RIMS-CRMP exam. [32:21] The link is in this episode's show notes. You can also check out RIMS.org/certifications. [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. [32:54] 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. [33:12] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [33:29] 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. [33:45] 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. [33:59] 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. [34:10] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! RIMS Legislative Summit — March 18‒19, 2026 on Capitol Hill, Washington, D.C. | Register now! RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS Risk Management magazine | Contribute RIMS Now Spencer Educational Foundation Scholarships | Submission Deadline Jan. 31, 2026 RISK PAC | RIMS Advocacy RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! Susan Hiteshew's RIMS-CRMP Story: The Value of Being 'In The Club' Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep March 10‒11 | April 21‒22, 2026, 9:00 am‒4:00 pm EST, Virtual Full RIMS-CRMP Prep Course ScheduleSee the full calendar of RIMS Virtual Workshops "Storytelling with Data for Risk Management" | Feb. 2‒3 "Applying and Integrating ERM" | Feb 4. "Facilitating Risk-Based Decision Making" | March 4‒5 Upcoming RIMS Webinars: "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS RIMS.org/Webinars   Related RIMScast Episodes: "Risk Decision-making in 2026 with Joseph A. Milan, Ph.D." "The Evolving Role of the Risk Analyst" "Risk Rotation with Lori Flaherty and Bill Coller of Paychex" "Energizing ERM with Kellee Ann Richards-St. Clair"   Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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: Susan Hiteshew, Managing Director | Office Head, Washington D.C., Corporate Regional Team Leader, Marsh   Production and engineering provided by Podfly.  

Austin Campbell is a finance and risk management professional with two decades of experience spanning trading, portfolio management, executive leadership, and academia. He is the Managing Partner and Founder of Zero Knowledge Consulting and serves as an Acting CFO at Glueti, having recently held the role of Acting CEO at WSPN Ltd. He has taught as an adjunct professor at both NYU Stern and Columbia Business School, specializing in finance and markets. Previously, Austin was Chief Risk Officer and Head of Portfolio Management at Paxos, following senior trading and portfolio management roles at Citi, Stone Ridge, and JP Morgan Chase, where he advanced to Executive Director in Rates Trading. He began his career as a catastrophe risk analyst at Benfield and John B Collins Associates, with early research experience in mathematics at California State University Chico. In this conversation, we discuss:- Open Frontier - Stablecoins - Tokenization of assets - Traditional payment systems vs crypto - Decoupling lending incentives from user incentives - The importance of the Genius Act - Economic realignment that returns power to mainstream - The fragmentation of the financial systems - Composability of blockchains - “smart regulation” - Zero Knowledge Consulting Zero Knowledge Consulting X: @ZKZeroKnowledgeWebsite: www.zero-knowledge.comNewsletter: www.zero-in.beehiiv.comAustin CampbellX: @austincampbellLinkedIn: Austin Campbell---------------------------------------------------------------------------------This episode is brought to you by PrimeXBT.PrimeXBT offers a robust trading system for both beginners and professional traders that demand highly reliable market data and performance. Traders of all experience levels can easily design and customize layouts and widgets to best fit their trading style. PrimeXBT is always offering innovative products and professional trading conditions to all customers.  PrimeXBT is running an exclusive promotion for listeners of the podcast. After making your first deposit, 50% of that first deposit will be credited to your account as a bonus that can be used as additional collateral to open positions. Code: CRYPTONEWS50 This promotion is available for a month after activation. Click the link below: PrimeXBT x CRYPTONEWS50FollowApple PodcastsSpotifyAmazon MusicRSS FeedSee All

In this first installment of a three‑part mini‑series honoring the 2025 Distinguished Risk Manager (DRM) Award recipients, URMIA Matters highlights the remarkable career and life of Fitzroy Smith, Assistant Vice President, Chief Risk Officer at Howard University, with guest host, Miguel Delgado, current URMIA president and Associate Vice President and Chief Risk Officer at Carnegie Mellon University, interviewing. Fitzroy reflects on his early introduction to the insurance world through a high‑school program in Hartford, which set him on a lifelong path in risk management. With more than 25 years of experience across insurance, brokerage, captive management, local government, and over two decades in higher education, he shares the mentors, milestones, and leadership opportunities that shaped his professional journey, which culminated in the surprise of receiving the DRM Award at URMIA's Annual Conference in Las Vegas. Beyond his professional accomplishments, Fitzroy discusses his deep commitment to community service, including decades of involvement with the YMCA and ongoing humanitarian efforts in Jamaica following recent hurricane devastation. He also offers a glimpse into what's ahead, from advancing risk management excellence at Howard University to continuing his lifelong passion for youth development and service.  Show Notes URMIA's Distinguished Risk Manager Award Three Honored as Distinguished Risk Managers at URMIA Annual Conference Guest Fitzroy Smith, Assistant Vice President, Chief Risk Officer - Howard University Guest Host Miguel Delgado, Associate Vice President and Chief Risk Officer - Carnegie Mellon University Connect with URMIA & URMIA with your network-Share /Tag in Social Media @urmianetwork-Not a member? Join ->www.urmia.org/join-Email | contactus@urmia.org Give URMIA Matters a boost:-Give the podcast a 5 star rating-Share the podcast - click that button!-Follow on your podcast platform - don't miss an episode!Thanks for listening to URMIA Matters!

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Rich Lenkov, Founder and CEO of SERMA, about the unique aspects of risk management in sports and entertainment, such as stadium security and crowd safety for a big game or event. They look at what SERMA offers to risk professionals in sports and entertainment. Rich speaks of cross-disciplinary collaboration and the specialized content offered by SERMA. Rich shares his thoughts about the Day of the Endangered Lawyer and the importance of the Constitution and international law.   Listen for tips on sports and entertainment risk management.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. Our guest is Rich Lenkov, the Founder and CEO of SERMA, the Sports and Entertainment Risk Management Alliance. [:43] We will talk about all things sports and entertainment risk-related and get his play-by-play on what it takes to succeed in sports and entertainment risk. But first… [:54] RIMS-CRMP and Some Prep Courses. The next virtual prep courses will be held on March 110th and 11th and again on April 21st and 22nd. Links to these courses can be found through the Certification page of RIMS.org and through this episode's show notes. [1:12] RIMS Virtual Workshops are coming up. On February 2nd and 3rd, Pat Saporito will host the debut of the two-day course, "Storytelling with Data for Risk Management". [1:26] On February 4th and 5th, Ken Baker will return to deliver the course, "Applying and Integrating ERM". [1:35] 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. [1:47] RIMS members always enjoy deep discounts on the virtual workshops. [1:51] The next RIMS Webinar will celebrate Women's History Month by exploring "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" on March 6th. [2:00] We'll be joined by a Chief Risk Officer, an underwriter, and a broker, who will explore their career paths and risk and safety philosophies, and lend some insight as to why this is the time for the next generation of leaders to rise. Check out the link in this episode's show notes. [2:23] The RIMS-CRO Certificate Program in Advanced Enterprise Risk Management is hosted by the famous James Lam. This is a live virtual program that helps elevate your expertise and career in ERM. [2:36] You can enroll now for the next cohort, which will be held over 12 weeks from April 14th through June 23rd. Links to registration and enrollment are in this episode's show notes. [2:52] On with the show! Our guest today is Rich Lenkov, Founder and CEO of SERMA, the Sports and Entertainment Risk Management Alliance. Rich is a lawyer by trade, but he is vested in the success of risk management, particularly against the backdrop of sports and entertainment. [3:13] With all the developments, regulations, or lack thereof, Rich has got a lot to say. We'll have a volley of ideas about sports risk management, active shooter preparedness at a stadium, name, image, and likeness rights for college athletes, and other topics. [3:41] Rich is also the host of SERMA's SERMAPod, so it's nice to have a podcasting brother on the show. Let's get to it… [3:49] Interview! Rich Lenkov, welcome to RIMScast! [4:07] Rich tells about hosting the SERMAPod. About 11 years ago, Chicago radio station WGN approached him to do a legal podcast for them, Legal Face-Off. About five years ago, SERMA started the SERMAPod. It's been a lot of fun! This is SERMA's fifth year, too. [4:50] Rich is a Capital Member of Downey & Lenkov. He's a full-time lawyer. This is Rich's 30th year in practice, having started in 1996. [5:16] Downey & Lenkov began in 2001. Rich has been with the firm since 2002. A Midwest-based law firm, Downey & Lenkov primarily handles insurance defense in Illinois, Indiana, and Wisconsin. [5:29] Downey & Lenkov does insurance defense in all its forms, from sports and entertainment law to premises liability, workers' compensation, employment, construction, products, and anything like that. They also do some transactional work and some professional liability. [5:47] That's Rich's day job. They're busy and have lots of clients. There's too much work, and not enough lawyers to do it! Rich says that servicing his clients is really rewarding. [6:07] Rich also has a production company. With that background and having worked in sports and entertainment law, he realized that there were not a lot of resources devoted to sports and entertainment risk management. [6:43] In discussing these issues with clients and colleagues, Rich saw a hole in the market for someone to provide content, networking, resources, and information-sharing. So he thought, why not? That's how SERMA got started. [7:01] Justin gives a shoutout to Emily Buckley, a member of both RIMS and SERMA. SERMA hosted a wonderful event at the RIMS ERM Conference 2025 in Seattle, and Emily invited Justin. [7:41] Rich has been a RIMS member, strong advocate, and supporter for almost his whole career. He finds it to be an incredible resource for knowledge and networking. He says the regional and national events are second to none. Lots of SERMA members are RIMS members. [8:03] Early on, SERMA decided to partner with groups like RIMS and local RIMS chapters. As the new kids on the block, SERMA is indebted to RIMS for inviting them to host events with them. [8:49] Rich says that a lot of the risks in sports and entertainment relate to high-profile companies, teams, leagues, and studios. The whole world is watching. When there's a tragedy or a weather event at a sporting event, it's not limited to the grounds. [9:17] There is a lot of scrutiny. Laws are involved, or legislation is produced. These are frequently ground-breaking losses for high-profile brands. Brand protection is important. Some of the biggest companies on the planet are very concerned about how their brand is perceived. [9:39] Rich says, the types of risks and claims are different from "garden-variety" hospitality or construction claims. You're dealing with unique circumstances. How do you extricate actors from the jungles of Costa Rica in a weather event? How do you protect the Super Bowl? [10:03] Those are not things that risk managers deal with every day. They are unique, specialized risks. Rich says he's learning new things every time SERMA provides content that's not seen anywhere else. [10:17] Justin adds that the teams and athletes themselves are some of the most recognizable brands in history, such as Michael Jordan. [10:32] Rich says  SERMA members deal with high-profile claims and risks. SERMA has done lots of content on handling workers' compensation claims from players. A lot of high-profile athletes, making a lot of money, are also pursuing workers' compensation claims. [10:58] Workers' compensation for highly-paid athletes is very expensive. All the teams are very attuned to what they are spending on workers' compensation. [11:11] SERMA brings together lawyers, risk managers, insurers, claims professionals, vendors, outside counsel, and other vendors who support the industry. At the end of 2025, SERMA had around 700 members with a ratio between industry professionals and vendors of seven to one. [11:41] Rich says SERMA consciously makes its environment one where risk managers, claims managers, and general counsel can meet and share resources in a relatively confidential way. [12:02] SERMA is not a space with a lot of salesmanship, but networking is encouraged. SERMA wants everyone to develop relationships. SERMA's priority is to have great, cutting-edge content, rather than just selling products. [12:43] Rich believes cross-disciplinary collaboration is important. We learn from each other. When Rich handles a sports or entertainment claim, he sees it from his perspective; he doesn't know what it's like to have boots on the ground at a venue when they are securing a big event. [13:12] It's important to collaborate with people who handle safety and security. When Rich speaks as an attorney to these folks, they have no idea what effect their initial investigation of a claim will have on discovery or if they go to trial. You have to learn from each other. [13:35] Rich finds that collaboration with risk professionals has been great. SERMA's risk professionals bring a unique perspective to the table. [13:52] A risk manager for a team or venue has to cover everything. A whole world of claims happens on any given sporting event. So much goes on behind the scenes that impacts the risks that the risk manager has to deal with. [14:09] Rich took his son to a Bears game over the weekend; they enjoyed it and went home. The risk manager, for weeks and months before, was dealing with everything from security to food preparation, active shooter drills, player injuries, and claims. [14:29] There is so much that any given game brings on a risk manager. The risk manager starts all over again the next day. It's a challenging environment. Rich says most risk managers would tell you that their jobs are really rewarding. [14:59] Rich was talking to the risk manager for the Boston Celtics. He gets to watch the Celtics every day. Sports risk management is difficult, it's challenging, but it's also a lot of fun. You get to be in spaces that most of us can only dream of. [15:14] Quick Break! RISKWORLD 2026 will be held from May 3rd through the 6th in Philadelphia, Pennsylvania. RISKWORLD attracts more than 10,000 risk professionals from across the globe. It's time to Connect, Cultivate, and Collaborate with them. Booth sales are open now! [15:36] General registration and speaker registration are also open right now! Marketplace and Hospitality badges will be available starting on March 3rd. Links are in this episode's show notes. [15:51] Let's Return to Our Interview with SERMA CEO Rich Lenkov! [16:11] Rich says that between operations and the risk team, there is sometimes a lack of communication. Programs that are running well have good communication between operations and the risk team. [16:28] The people running security and game day operations have serious jobs with lots involved. They might not be thinking of some of the things the risk manager thinks about. [16:42] As people see the effects of proper planning and enterprise risk management, they are training the people on the ground to react as quickly as possible and employ many preventive measures to avoid issues in the first place. [17:47] Rich says trending and current topics drive SERMA. SERMA wants to provide content you can't get anywhere else. This space evolves every day. Wherever you get your news, you'll see issues involving sports, entertainment, the law, and risk, almost every day. [18:24] SERMA tries to be a provider of cutting-edge content, as well as a good basis of content that applies to lots of areas in sports and entertainment risk. SERMA decided from the beginning not to be a provider of content and resources for everyone. [18:52] Rich says some of SERMA's webinars only attract a small group of people. SERMA did a webinar on roller skating risk. That's not for everyone, but it's important to a lot of SERMA's members. It's not something you'll see anywhere else. It's very specific, cutting-edge content. [19:13] Justin hosts webinars for RIMS. Some attract a wider audience than others. Quality is prized over quantity. Some webinars that are not as well-attended are information-rich. Some are very exciting to learn about. [19:41] Rich says SERMA was very conscious from the beginning to be a different organization. SERMA is not looking for volume of membership or content. It's looking for quality. SERMAnar in New York, SERMA's tentpole event, is capped at 150 people. In LA last year, it sold out quickly. [20:05] SERMA wants people to leave events feeling that they went to an intimate gathering and met two or three good connections. That's a good use of time. SERMA wants to be a quality content provider. [20:33] SERMAnar IV is The Sports and Entertainment Risk Conference, coming up on April 16th and 17th at Citi Field in New York City. The agenda is packed. [20:47] There are six panels in a day and a half, with lots of great content covering everything from IP issues to how to break into sports and entertainment risk management. There is a general counsel forum. There's a lot of great content. Citi Field is a beautiful place. [21:59] 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. [22:19] Spencer awards undergraduate, graduate, Ph.D., and Pre-Instructor of Practice Scholarships to students enrolled at an accredited college or university in the U.S. and Canada, and physically studying in either location. No remote coursework eligibility from other locations. [22:36] Including part-time, graduate scholarships to risk management and insurance professionals continuing their education. [22:41] Since 1980, Spencer has invested more than $11.1 million in the scholarship program with awards to over 1,700 students. More than 85% of Spencer's scholarship recipients remain in the industry to this day. [22:57] They've got undergraduate scholarships, full-time Master's scholarships, part-time Master's scholarships, pre-dissertation Ph.D. candidates, doctoral candidates, and Pre-Instructor of Practice Scholarships all open now. The application deadline is January 31st, 2026. [23:18] Visit SpencerEd.org/scholarships. You'll find the different application buttons. See the link in this episode's show notes for more information. [23:30] Let's Return to the Conclusion of Our Interview with SERMA CEO Rich Lenkov!  [23:39] Justin asks about Name, Image, and Likeness (NIL) rights for college athletes, and the 2021 Supreme Court case NCAA v. Alston, that players in college have the right to earn from their NIL. They can be endorsed by a brand. [24:14] Rich says Alston was the key case that challenged NCAA rules on athlete compensation. The Supreme Court unanimously held that the NCAA's restrictions were unlawful under the Sherman Act. [24:34] It didn't directly address NIL, but it opened the floodgates. Rich comments on how we're seeing the effects of this every day. The Ole Miss quarterback just filed a lawsuit to have a seventh year of eligibility. For many of these players, it's more lucrative to stay in college.  [25:37] Rich says this affects women's college basketball and volleyball, as well. It's benefiting all college athletes and giving more agency to women college athletes. Libby Dunne does a sports clothing line. This is all tied to social media and influencing. [26:41] The Transfer Portal has given athletes the ability to have more of a hand in choosing their future and career. [27:08] Rich says a couple of weeks ago, a lot of major college coaches were bemoaning NIL. There's still no directive from the NCAA on this, in the fifth year. Major programs are complaining. There's room for more regulation. Universities are scrambling to catch up. [28:05] There's a lot of pending legislation. There hasn't been any movement on setting forth regulations we could all abide by that level the playing field. Some universities have a lot deeper pockets than others to deal with this. [28:31] Until there's legislation that makes this a little more equitable, you're going to have a lot of different applications of NIL. [28:42] Justin says January 24th is the Day of the Endangered Lawyer. It highlights the threats to the rule of law and legal independence and the physical safety of lawyers, judges, and legal professionals. [29:07] Rich says, Love Your Lawyer is another way of saying it. International law matters. On his Legal Face-off podcast, Rich discussed this recently with a professor on whether snatching a foreign leader and bringing him to justice in your country is lawful. [29:44] Rich says the adage that everybody hates their lawyer until they need one is true. Not only lawyers but good lawyers are in danger. [30:24] Rich's advice to lawyers is to stick with it. It's hard to stand up to some of the injustices and pressures you might face. The Constitution and international law will outlive most of us. They provide a compass to stick to what's right. [31:15] Rich offers advice on how to succeed in sports and entertainment risk. There is a panel at SERMAnar in New York on it. You have to hustle, network, and get to know people. [31:34] No one is going to knock on your door and give you a job in this incredibly competitive space. A lot of young lawyers want to go into sports and entertainment. You've got to hustle. There are lots of resources out there if you take the initiative. [31:50] Start wherever you can. Get your foot in the door with any sports or entertainment entity or law firm in sports and entertainment. After that, kick the door down and hustle. [32:18] Rich, it's been such a pleasure to record with you and to meet you. We've got the links to SERMA and The SERMA Pod in this episode's show notes. Hopefully, we'll have a chance to catch up at RISKWORLD. [32:51] Special thanks again to SERMA CEO Rich Lenkov for joining us here on RIMScast. A link to TheSERMA.org is in this episode's show notes. There you will also find information about the SERMAnar IV, which will be held on April 16th and 17th, 2026, at Citi Field in New York. [33:11] Be sure to check out The SERMA Pod, which is their podcast. I may be making an appearance there in the near future. [33:20] In this episode's show notes, there are links to prior RIMScast episodes featuring RIMS members who are active in sports and entertainment risk. Those episodes are a slam dunk! [33:33] Plug Time! You can sponsor a RIMScast episode for this, our weekly show, or a dedicated episode. Links to sponsored episodes are in the show notes. [34:00] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [34:18] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [34:35] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [34:50] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [35:04] 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. [35:15] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RISKWORLD 2026 Registration — Open for exhibitors, members, and non-members! Reserve your booth at RISKWORLD 2026! RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | April‒June 2026 Cohort | Led by James Lam The Strategic and Enterprise Risk Center RIMS Diversity Equity Inclusion Council RIMS Risk Management magazine | Contribute RIMS Now Spencer Educational Foundation Scholarships | Submission Deadline Jan. 31, 2026 RISK PAC | RIMS Advocacy RIMS-Certified Risk Management Professional (RIMS-CRMP) | Insights Video Series Featuring Joe Milan! SERMA | The SERMAPod | SERMAnar IV: The Sports & Entertainment Risk Conference Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP Exam Prep March 10‒11 | April 21‒22, 2026 9:00 am‒4:00 pm EST, Virtual Full RIMS-CRMP Prep Course Schedule See the full calendar of RIMS Virtual Workshops "Storytelling with Data for Risk Management" | Feb. 2‒3 "Applying and Integrating ERM" | Feb 4 "Facilitating Risk-Based Decision Making" | March 4‒5 Upcoming RIMS Webinars: "Hard Hats & High Stakes: Women Leaders Shaping Construction Risk Management" | March 6 | Presented by RIMS RIMS.org/Webinars   Related RIMScast Episodes: "ERM, Retail, and Risk with Jeff Strege" "Supply and Bike Chains with Emily Buckley" "Risk and Leadership Patterns with Super Bowl Champion Ryan Harris"   Sponsored RIMScast Episodes: "Secondary Perils, Major Risks: The New Face of Weather-Related Challenges" | Sponsored by AXA XL (New!) "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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: Rich Lenkov, Founder and CEO of SERMA Capital Member of Downey & Lenkov LLC The SERMA Pod   Production and engineering provided by Podfly.  

Climate goals, rising energy demands, and geopolitical pressures are transforming global energy investment strategies. Based on a panel discussion from the 2025 Toronto Global Forum, this episode of Sustainability Leaders examines the impact of industrial demand shifts—such as AI and data centers—on energy investments, effective policy frameworks for de-risking clean energy projects, and approaches to pricing climate-related risks while fostering innovation and private capital. Jason Peel, Managing Director and Head, BMO Radicle moderates a conversation with: Mpho Kubelo, Chief Risk Officer, Development Bank of Southern Africa Jean-Jacques Barbéris, Deputy CEO (Amundi AM) – Head of Institutional and Corporate Clients Division, ESG Supervisor Eric Arnould, General Partner and IR Officer, Jolt Capital Laurent Germain, CEO, Egis Group.

Welcome to Monday Night Talk podcast for November 24, 2025! The guest and topics for this podcast includes Giselle Byrd, recently appointed to the Massachusetts Commission on the Status of Women, discusses the alarming death threats she's received and the support she's found in the wake of the attacks. Holly Robinson Peete and Rodney Peete share their personal journey dealing with Overactive Bladder (OAB), breaking the stigma and reminding others that they're not alone. Joe "Flood" Rossi, CEO and Chief Risk Officer for Joe Flood Insurance Brokerage provides an update on the National Flood Insurance Program, where rates are and how the federal government shutdown is affecting policies. Victoria Bond and Mark Reed from True Repertory Theatre gives a preview of their upcoming production of A Christmas Carol. Monday Night Talk is proudly sponsored by Tiny & Sons Glass and Alcoholics Anonymous. Do you have a topic for a future show or info on an upcoming community event? Email us at mondaynighttalk@gmail.com If you're a fan of the show and enjoy our segments, you can either download your favorite segment from this site or subscribe to our podcasts through iTunes & Spotify today!  Monday Night Talk with Kevin Tocci, Copyright © 2025.

Jeff Walton is the Chief Risk Officer at Strive ($ASST), where he builds digital credit products that give institutions Bitcoin exposure. His work sits at the forefront of industrializing the speculative attack on the dollar.› https://x.com/punterjeffPARTNERS

The Institute of Internal Auditors Presents: All Things Internal Audit In this episode, Brad Monterio and Tom McLeod take an unfiltered look at The IIA's future. From transforming learning through AI and simulation to reimagining the Standards and global influence, they discuss what it takes to build a next-generation IIA; one defined by intelligent, integrated assurance, agility, and audacious thinking. HOST: Brad Monterio, Executive Vice President of Learning, Licensing, and Sales, The IIA GUEST: Tom McLeod, Former Chief Audit Executive and Chief Risk Officer; Global Assurance and AI Advisor KEY POINTS: Introduction [00:00–00:00:38] A Pivotal Moment for the Profession [00:00:38–00:03:55] AI's Opportunity and Threat to Internal Audit [00:03:55–00:06:51] Real-Time Assurance and the Death of Sampling [00:08:23–00:10:22] Risk, Trust, and Assurance in a New Era [00:10:22–00:12:02] The Rise of the Algorithm Auditor [00:19:13–00:21:07] Rethinking Pathways Into the Profession [00:21:07–00:23:06] Future of Certifications and Standards [00:23:06–00:26:06] Education Through Simulation [00:26:06–00:30:07] The Three E's: Efficiency, Effectiveness, Education [00:29:54–00:30:35] A Global, Cross-Disciplinary Moment [00:30:35–00:39:57]   Assurance in the Loop [00:41:01–00:43:08] Internal Audit as Ethical Conscience and Risk Educator [00:43:20–00:44:44] Provocation With Purpose [00:48:01–00:49:06] Four Challenges for The IIA [00:49:13–00:53:00] Reimagining The IIA: Intelligent or Integrated Assurance [00:53:11–00:55:15] The Need for Speed, Agility, and Unease [00:56:07–00:59:20] A Call to Personal Curiosity and Courage [01:00:03–01:01:17] Final Reflections: Planting Trees for the Next 100 Years [01:01:17–01:01:53] Closing [01:10:56–01:11:21] IIA RELATED CONTENT:  Interested in this topic? Visit the links below for more resources: 2025 RISE Virtual Conference 2026 International Conference – Singapore Internal Auditing Competency Framework™ Knowledge Centers: Artificial Intelligence Visit The IIA's website or YouTube channel for related topics and more. Follow All Things Internal Audit: Apple Podcasts Spotify Libsyn Deezer

Aubrey Masango chats with Katlego Masilo Mohlabeng, a Chief Risk Officer & Actuary to discuss this career journey, success and challenges he faced on his life journey and his hopes for the future. Tags: 702, Aubrey Masango show, Aubrey Masango, Bra Aubrey, Katlego Masilo Mohlabeng, Chief Risk Officer, Actuary, Insurance companies The Aubrey Masango Show is presented by late night radio broadcaster Aubrey Masango. Aubrey hosts in-depth interviews on controversial political issues and chats to experts offering life advice and guidance in areas of psychology, personal finance and more. All Aubrey’s interviews are podcasted for you to catch-up and listen. Thank you for listening to this podcast from The Aubrey Masango Show. Listen live on weekdays between 20:00 and 24:00 (SA Time) to The Aubrey Masango Show broadcast on 702 https://buff.ly/gk3y0Kj and on CapeTalk between 20:00 and 21:00 (SA Time) https://buff.ly/NnFM3Nk Find out more about the show here https://buff.ly/lzyKCv0 and get all the catch-up podcasts https://buff.ly/rT6znsn Subscribe to the 702 and CapeTalk Daily and Weekly Newsletters https://buff.ly/v5mfet Follow us on social media: 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/Radio702 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.

Our second episode from Money20/20 USA 2025 and the first of two recorded in partnership with Sumsub and their What the Fraud? podcast. We hand over hosting duties to Anastasia Shvechkova, Sumsub's, Sales Director for the Americas who chats to leading industry voices including: 1/ Samant Nagpal, Head of Payments & Risk, Gusto 2/ Mira Srinivasan, Chief Risk Officer, Bluevine 3/ Luke Tuttle, Chief Product & Technology Officer, MoneyGram 4/ Billi Jo Wright, Chief Risk & Compliance Officer, Worldpay for Platforms Together they discuss how AI is reshaping fraud, why trust is becoming the new competitive currency, and what risk and compliance leaders must do to stay ahead. From deepfakes and synthetic documents to agentic AI, cross-border payments innovation and the evolving role of risk teams, this episode explores the technologies and strategies defining the future of financial security.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   In this episode, Justin interviews Lori Flaherty and Bill Coller of Paychex about how the ERM Team serves as the "conscience" of Paychex and how it operates within the organization. Some of the topics include winning the RIMS ERM Global Award of Distinction in 2024, structured peer reviews, risk rotation, a strong culture of risk management, interviewing new team members, fostering curiosity, and preparing for mergers and acquisitions. They talk about having the ear of the executive team and promoting a culture of risk management for the entire organization. Listen for tips on presenting to an audience of ERM practitioners.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. I'm delighted to be joined by Lori Flaherty and Bill Coller of the ERM Team at Paychex. They won the RIMS Global ERM Award of Distinction in 2024. We're going to talk all about their risk and RM philosophies. But first… [:53] The next RIMS-CRMP-FED Exam Prep with AFERM will be held on December 3rd and 4th. The next RIMS-CRMP Exam Prep with PARIMA will be held on December 4th and 5th. These are virtual courses. [1:10] Links to these courses can be found through the Certifications page of RIMS.org and through this episode's show notes. [1:18] RIMS Virtual Workshops! On November 19th and 20th, Ken Baker will lead the two-day course, "Applying and Integrating ERM." [1:31] "Managing Data for ERM" will be led again by Pat Saporito. That session will start on December 11th. Registration closes on December 10th. RIMS members always enjoy deep discounts on the virtual workshops. [1:46] 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. [1:59] The RIMS ERM Conference 2025 will be on November 17th and 18th in Seattle, Washington. The agenda is live, and this is the last week to register so click the registration link in this episode's show notes or visit the events page on RIMS.org. [2:16] The RIMS-CRMP Exam Prep will be held on-site, on November 15th and 16th in Seattle. You can learn more by clicking the link in this episode's show notes. [2:29] On with the show! Our guests today are winners of the RIMS Global Award of Distinction in 2024. Bill Coller and Lori Flaherty are past presenters at the RIMS ERM Conference. [2:44] They let us into their thought process a little bit this year in the RIMS ERM Q&A Series, with an interview titled, "Risk Optimized Decision-Making at Paychex." We will expand on that dialog a bit here today on RIMScast, so Let's get to it! [3:03] Interview! Lori Flaherty and Bill Coller, welcome to RIMScast! [3:21] Lori and Bill were winners of the RIMS ERM Global Award of Distinction in 2024, in Boston. [3:42] ERM is a passion for Lori and Bill. Bill says, You have to love it to be in it as long as we've been in it. It's always something new every day. There's always some new challenge that we have to keep our eyes on. [4:07] Lori has been in risk management, in different roles, for a little over 25 years. She has been with Paychex for eight years, leading the ERM Team. [4:31] Bill has been in risk management for over 20 years. He has been in the ERM space for about four years. [4:53] Lori loves the diversity on her team. In an ERM program, you need a diverse team without groupthink. Bill and Lori are not the same at all, and they complement each other. Bill agrees. [5:42] Lori says the whole risk organization at Paychex has more than 800 people, some were added due to the recent acquisition of Paycor. The ERM Team has about 10 people. [6:21] Justin says listeners can learn about the contributions Lori and Bill made during a complex and time-consuming acquisition by checking out the ERM Q&A from 2025, "Risk Optimized Decision-Making at Paychex", by Russ Banham, in this episode's show notes. [6:52] In the interview, Paychex described ERM as acting like the company's conscience. Lori says ERM, a small but mighty team within a large risk organization, may seem challenging to have the ear of leadership, but they have a direct line. [7:25] One of the values as a risk organization, as well as a Paychex organization, is talking about integrity. Integrity is a key cornerstone of the team. The ERM Team remains independent. [7:38] Although the ERM Team reports to the risk organization, where the risk organization sits within the enterprise, this is part of what enables the ERM Team to remain independent. ERM is not transactional or client-facing. [7:55] The ERM Team has strong partnerships with the Enterprise Strategy Team and other key leaders across the enterprise. Leaders count on the ERM Team and reach out to them. Being independent allows the ERM Team to be the conscience of the company. [8:29] Bill says, The ERM Team has several different risk review programs. They always have an actionable remediation plan that comes out of any risk review. They are reporting and remediating any residual risk. [8:54] Before the completion of any program, the ERM Team gains commitment from the risk owner to own the remediation plan. That allows the ERM Team to continually follow up and make sure that the remediation plan is taking form and remediating the risk. [9:19] It's easy when they get that commitment before the end of the program. That sets the stage. Then they follow up. [9:36] Bill says he is going through the process now to hire a new team member. He is looking for someone who has ERM experience. That can be difficult to find. There are a lot of people out there with experience who love the job they have, stay, and continue to build their programs. [10:17] First is true ERM experience. Outside of that, someone with internal audit experience, with the ability to view risks from a data-based perspective, and identify what could happen and how often it could happen, the impact of it happening, and how to mitigate the risk. [10:47] With any interviewing, you have to get the best that you can through many different characteristics and experiences. [10:57] Lori adds, We want someone who complements the diversity and the team. You can teach methodologies, like COSO, internal audit, and business processes. It's hard to teach people to be curious and to think from a risk mindset. [11:36] Those are key skills, no matter the role; certainly for this role. For anyone joining the team, it's that mindset. You need to remain curious. Channel your inner toddler, asking the why. [11:59] Quick Break! The RIMS CRO Certificate Program in Advanced Enterprise Risk Management is our live virtual program led by the famous James Lam. Great news! A third cohort has been announced, from January through March 2026! [12:21] Registration closes January 5th. Enroll now. A link is in this episode's show notes. [12:29] Save the dates March 18th and 19th, 2026, for The RIMS Legislative Summit, which will be held in Washington, D.C. [12:37] 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 and to register. [12:52] We've got more plugs later. Let's return to our interview with Bill Coller and Lori Flaherty of Paychex! [13:10] Does inquisitiveness enhance the risk culture? Lori says that staying curious is key, especially when looking at remediation, defining risks, thinking about scenarios, and what could go wrong. Being curious opens your mind up to what could be. [13:47] Bill says it's tough to measure a strong risk culture. Bill looks at interactions with key partners across the enterprise. ERM meets with folks across the enterprise very frequently in Key Partnership Meetings. [14:13] The key partners are engaged with ERM, and they're having productive conversations. A lot of the risk programs the ERM Team performs are at the request of those partners. That's one way to measure a strong risk culture: full engagement and asking ERM to perform risk reviews. [14:33] Lori and Bill accepted the award last year, with Frank Fiorille. Lori says Frank is the Chief Risk Officer. He is the VP of Risk for Paychex. Lori and Bill report directly to Frank. He is over all the other risk teams, also. [15:15] Lori and Bill were heavily involved with the Paycor acquisition. Their involvement in the acquisition was critical. If you're in ERM and you're not a part of the M&A process, you should definitely be. It's aligning the strategic objectives of your company. M&A strategy is part of that. [16:13] The ERM Team is involved in the due diligence and the whole process. It's a critical part of your ERM program. [16:31] Bill explains that Risk Rotation is an ERM program. They bring in people from outside of the risk management organization to spend a week with the ERM Team. Since COVID< they do a lot of it virtually. Each of the risk disciplines comes to present interactively to those people. [17:17] The ERM Team shares exactly what they are doing and puts the people through exercises. Bill has a risk scoring exercise. He asks them to bring some risks that they face in their roles. Bill talks about impact, likelihood, and control effectiveness, and makes a heatmap. [17:57] Frequently, after a Risk Rotation, some will ask to participate in a future Risk Review. [19:02] Lori shares tips for presenting at a RIMS conference. Knowing your material and being passionate about the topic are important. A presenter should know the audience. You are the audience. What would you want to know? [19:24] When Lori goes to a session, she wants to know how to practically apply what this means. She wants some takeaways. She wants to know how the presenter is doing it, what's working, and what's not working. Keeping that in mind is super helpful. [19:42] When Lori has presented, she tells them, This is what's worked at Paychex. She can see the audience becoming much more engaged, even in the questions afterward. They're super interested in what worked. [20:30] Justin recalls how Lori was at the 2021 New York ERM Conference and how engaged she was in asking questions of that year's award winners, and what they had to do to win. [21:02] 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. [21:20] He is back, just to deliver a quick message about what you can expect from his keynote about "AI and the Future of Risk." Dan, welcome back to RIMScast! [21:30] 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. [21:45] 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. [22:03] 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. [22:22] 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. [22:33] Justin thanks Dan and looks forward to seeing him again on November 17th and hearing all about the future of AI and risk management! [22:41] Let's Return to Our Interview with 2024 RIMS Global ERM Award of Distinction Winners, Lori Flaherty and Bill Coller of Paychex! [22:57] Bill presented at the New York ERM Conference 2021, before he joined the ERM Team. Presenting is a great experience. Knowing your audience is a big part of it. He especially appreciates the questions from the audience. It's wonderful to have an engaged audience. [23:34] If you haven't presented in the past, Bill recommends it. It's a great experience. You just have to know your stuff before you get up there. Feel confident about it. [23:47] Justin advises, Definitely don't wing it! [24:01] Bill is a RIMS-CRMP holder. He has held the designation for about two years. He attended a virtual program to prepare for the test, and it was very beneficial. He had talked with people before and after they certified, who fully recommended it. That prompted him to certify. [24:59] Bill has been in risk management for a long time. It wasn't an easy certification, but he had a good basis to go from. He had to put the time in preparing for it. It felt great to pass. [25:45] Bill also took the James Lam course for CROs. He was in the first cohort. It was a great experience. Learning directly from James is incredible, hearing some of his stories from over the years, and being in a class with other risk professionals, and hearing their stories. [27:17] Lori says that AI is definitely on the Emerging Risk Register at Paychex. It has a very high velocity. The ERM Team has done a number of scenario analyses on the AI side through the years. They just completed another one. [27:36] In addition to AI, there are other emerging risks. Quarterly, the ERM Team issues a Key Risk Profile that highlights the emerging risks on the radar. They plot out all the risks they are monitoring. [28:00] On the radar currently are macroeconomic and geopolitical risks. They are looking at scenarios and repivoting after the election on November 4th. They spent a tremendous amount of time on the geopolitical risk and related macroeconomic impact. It's not going away soon. [28:34] AI is at the forefront. They just had a meeting, going through a scenario analysis on AI impacts. [28:45] Paychex is also leveraging AI. They have a number of tools they are using to build those scenarios. They are looking at controls around the governance structure for AI. It's a disruptor that has a lot of benefits. Disruption can be a great thing! [29:42] Justin asks what mindset they would need for another acquisition of the size of Paycor. Lori says, Stay curious and be involved early. From an ERM perspective, any merger or acquisition is triggered by the strategic objectives of the company.  [30:07] Understand what the goal is. How does this fit into the strategic objectives of the company? Keep your eye on the ball. Often, the other folks in the organization are focused on the details of how to integrate and how to get the deal done. [30:23] It's up to us, as ERM professionals, to keep our eye on the ball. Is this fitting within our risk appetite? Keep your eye on strategic objectives and big-picture risks. [30:36] Bill says curiosity is the biggest characteristic to look for in new team members. Asking questions about why things are happening and why certain things are not happening. And the drive to insert yourself where you need to be to make sure that you're involved and engaged. [31:23] Justin says you've given us a lot to think about, with the ERM Conference coming up on November 17th and 18th. [31:34] The Q&A about Paychex's big win last year is in this interview's show notes. Justin says, It's been a pleasure getting to know you both over the last few years. I look forward to seeing you at another RIMS event. Congratulations again on winning the ERM Award of Distinction. [32:06] Lori says the award is prominently displayed, with a light on it, in the Paychex front lobby. Justin asks for a photo of it displayed to show that it is held in high regard. He says, You both did great. I really appreciate your time. [32:40] Special thanks to Bill Coller and Lori Flaherty of Paychex for joining us today here on RIMScast. A link to their special ERM Q&A Series article, "Risk Optimized Decision-Making at Paychex", is available in this episode's show notes. [33:00] Be sure to look for an upcoming installment of the RIMS-CRMP Stories Series, with Bill Coller, since he is a RIMS-CRMP holder. Congratulations again to them for winning the RIMS ERM Global Award of Distinction in 2024. [33:17] 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. [33:46] RIMScast has a global audience of risk and insurance professionals, legal professionals, students, business leaders, C-Suite executives, and more. Let's collaborate and help you reach them! Contact pd@rims.org for more information. [34:04] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [34:22] 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. [34:38] 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. [34:53] 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. [35:04] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: RIMS ERM Conference 2025 — Nov. 17‒18 | Register Now Pre-ERM Conference RIMS-CRMP-Prep | Onsite in Seattle, November 15‒16, 2025 RIMS-CRO Certificate Program In Advanced Enterprise Risk Management | Jan‒March 2026 Cohort | Led by James Lam RISK PAC | RIMS Advocacy | RIMS Legislative Summit SAVE THE DATE — March 18‒19, 2026 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 RIMS ERM Q&A Interview with Bill Coller and Lori Flaherty (2025) "RIMS Honors Three Organizations with the 2024 Enterprise Risk Management Global Award of Distinction" Upcoming RIMS Webinars: RIMS.org/Webinars   Upcoming RIMS-CRMP Prep Virtual Workshops: RIMS-CRMP-FED Exam Prep with AFERM Virtual Workshop — December 3‒4 RIMS-CRMP Exam Prep with PARIMA — December 4‒5, 2025 Full RIMS-CRMP Prep Course Schedule "Applying and Integrating ERM" | Nov 19‒20, 2025 | April 4, 2026 "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 ERM: "AI and the Future of Risk with Dan Chuparkoff" (RIMS ERM Conference Keynote) "Energizing ERM with Kellee Ann Richards-St. Clair" "Talking ERM: From Geopolitical Whiplash to Leadership Buy-In" with Chrystina Howard of Hub "Shawn Punancy of Delta Flies High With ERM" "Tom Brandt on Growing Your Career and Organization with ERM" "James Lam on ERM, Strategy, and the Modern CRO" "ERM, Retail, and Risk with Jeff Strege" "Bigger Risks with the Texas State Office of Risk Management | Sponsored By Hillwood""ERMotivation with Carrie Frandsen, RIMS-CRMP" "Live from the ERM Conference 2024 in Boston!" "Risk Quantification Through Value-Based Frameworks"   Sponsored RIMScast Episodes: "The ART of Risk: Rethinking Risk Through Insight, Design, and Innovation" | Sponsored by Alliant (New!) "Mastering ERM: Leveraging Internal and External Risk Factors" | Sponsored by Diligent "Cyberrisk: Preparing Beyond 2025" | Sponsored by Alliant "The New Reality of Risk Engineering: From Code Compliance to Resilience" | Sponsored by AXA XL "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 "How Insurance Builds Resilience Against An Active Assailant Attack" | Sponsored by Merrill Herzog "Third-Party and Cyber Risk Management Tips" | Sponsored by Alliant   RIMS Publications, Content, 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: Lori Flaherty, Paychex Bill Coller, Paychex   Production and engineering provided by Podfly.  

Season 8 of Lessons I Learned in Law continues in partnership with Wordsmith AI, the legal-AI platform built for in-house teams.This week, Scott is joined by James Sullivan, an experienced General Counsel and business leader who most recently served as Group General Counsel at Bitstamp, one of the world's longest-standing cryptocurrency exchanges.James shares an inside look at what it's like leading legal in the fast-moving world of digital assets — an industry that blends rapid innovation with complex regulation. With a background spanning GC, Chief Risk Officer, COO, and compliance leadership roles, he reflects on how stepping beyond pure legal work has shaped his perspective on what makes an effective in-house function.His lessons are refreshingly practical. He explains why every GC should define their own role and make legal's work matter to the business, how to know your own value and bring the right version of yourself to each organisation, and why it's vital to own your career path — being brave enough to change direction when it no longer fits.From negotiating a global remit to completing an executive MBA, James's story blends commercial thinking with curiosity, adaptability, and a deep sense of purpose.Guest Recommendations

In this episode of the Risk Management Show, we dive into the critical topic of "AI Risk Management: Protect Your Company Before It's Too Late." Join Boris Agranovich, founder of the Global Risk Community, as he interviews Alec Crawford, cofounder of Artificial Intelligence Risk Inc and a seasoned Chief Risk Officer with decades of expertise in technology, finance, and AI governance. Alec shares actionable strategies for aligning AI governance with your company's goals, managing cybersecurity risks, and preparing for the future of AI in sectors like banking and healthcare. We discussed key challenges like AI regulatory compliance, cybersecurity threats such as model poisoning and data leakage, and the importance of encryption. Alec also shared his unique insights on the evolution of AI risk management and how to leverage AI as a strategic tool to enhance risk mitigation and operational efficiency. If you're looking to future-proof your organization against emerging AI risks, this episode is packed with practical advice. If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line "Guest Proposal."

In this episode of the Risk Management Show, we explore the transformative role of AI in risk management with Jim Wetekamp, CEO of RiskConnect, a global leader in integrated risk management technology. Together, we discuss how AI is reshaping the landscape, from increasing efficiency and mitigating blind spots to addressing the critical need for reskilling the workforce. Jim shares valuable insights on the evolving role of risk leaders, the importance of data governance, and strategies to harness the power of AI responsibly in your organization. We also dive into pressing issues such as cumulative risks, the aging workforce, and how AI is driving innovation in risk functions. Discover how organizations can adapt to thrive amidst uncertainty, avoid hidden pitfalls like AI dependency, and leverage automation for better decision-making. Whether you're a Chief Risk Officer, involved in Cyber Security, or focused on Sustainability, this episode provides actionable takeaways to future-proof your organization. If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line "Podcast Guest Inquiry."

Kelly Gerber, Chief Risk Officer at Municipal Credit Union (MCU), has built her career on protecting people from evolving threats to their financial security. … Read More

Stop fraud in its tracks with cutting-edge AI solutions! In this episode of our Risk Management Show, we dive into financial security with Shai Gabay, CEO of TrustMe, a leader in eliminating social-engineered fraud. Shai shares his incredible journey from a young hacker to a military cyber expert and eventually the founder of a groundbreaking cybersecurity company. We discuss his research on the "1 million blind spot," the alarming rise in enterprise fraud, and how finance and security teams must unite to combat this growing threat. Discover why over 83% of enterprises faced fraud attempts last year, and why nearly half suffered losses exceeding $500,000. Shai reveals the structural gaps in B2B payment processes, the role of email vulnerabilities, and how cybercriminals exploit collaboration failures. He also highlights how AI can serve as your co-pilot in detecting anomalies before money leaves your organization. If you're a risk professional, Chief Risk Officer, or simply curious about cybersecurity's role in financial systems, this episode is packed with actionable insights. Don't miss Shai's expert advice on leveraging AI to fight AI, transforming fraud prevention strategies, and building a unified approach to risk management. If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line "Guest Proposal."

Hello, and welcome to Cash Flow Conversations, a new podcast miniseries sponsored by Nova Credit. If you've followed my work, you'll know that I'm obsessed with cash flow data (and underwriting more specifically). That's because it has enormous potential to positively reshape consumer lending in the U.S. As banks, credit unions, and fintechs move from theory to practice, this series will chronicle how cash flow data is being put to work across the lending lifecycle. Episode 1 sets the tone for the series, featuring a live panel I moderated at Nova Credit's Cash Flow Underwriting Summit earlier this month. Joining me are: Chris McCall, Head of Consumer Credit and Pricing at Citizens Bank Bill Garber, SVP, Credit Policy and Analytics at Navy Federal Credit Union Munish Pahwa, EVP and Chief Risk Officer at Sallie Mae We dig into how cash flow data stacks up against traditional credit data, what it means for lenders' models, how it changes the borrower experience, the guardrails around it — and why getting a clearer view of consumers' financial lives is vital in today's uncertain environment. Hope you enjoy the conversation as much as I enjoyed facilitating it! Subscribe now to catch the rest of Cash Flow Conversations as it comes. This miniseries is brought to you by Nova Credit. Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data.  The company is a CRA that leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics.  Deploy cash flow underwriting confidently with Nova Credit's proven platform. Check them out at www.novacredit.com. Sign up for Alex's Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ And for more exclusive insider content, don't forget to check out my YouTube page. Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson Twitter: https://www.twitter.com/AlexH_Johnson Follow Chris: https://www.linkedin.com/in/chris-mccall-732b6b Follow Bill: https://www.linkedin.com/in/bill-garber-611234191/ Follow Munish: https://www.linkedin.com/in/munish-pahwa-ph-d-2a563210/ Learn more about Nova Credit here.

Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.   Justin divides this episode into three segments. He first interviews Eddie Tettevi, Sandbox Mutual Insurance CRO and RIMS Canada Council Chair — DEI and Comms, about his risk career and his service on the RIMS Canada Council. In the second segment, Justin interviews Janiece Savien-Brown, Metro Vancouver, and Shaun Sinclair, BCIT, about the C2C Challenge and the winning student team. The third segment is a recording of "Intentional Mentorship," an improvised session from the DEI Studio, featuring Dionne Bowers, Co-Founder & Chair of the Canadian Association of Black Insurance Professionals (CABIP), Ray Chaaya, Head of talent for Zurich Canada, and Natalia Szubbocsev, Executive Vice President at Appraisals International Inc.   Listen to learn about some exciting events of the RIMS Canada Conference 2025.   Key Takeaways: [:01] About RIMS and RIMScast. [:17] About this episode of RIMScast. This episode was recorded live on September 15th, 16th, and 17th at the RIMS Canada Conference 2025, at the Telus Convention Center in Calgary. We had a blast! We will relive the glory of the RIMS Canada Conference in just a moment, but first: [:50] 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. [1:07] On November 11th and 12th, my good friend 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 enjoy deep discounts on virtual workshops! [1:26] 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. [1:37] 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”. [1:50] 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”. [2:07] On November 6th, Hub will present “Geopolitical Whiplash — Building Resilient Global Risk Programs in an Unstable World”. Register at RIMS.org/Webinars. [2:20] On with the show! It was such a pleasure to attend the RIMS Canada Conference 2025 in Calgary. There's always electricity in the air at RIMS Canada, and I wanted to capture some of it!  [2:33] We've got two interviews, and then an improvised session I recorded at the DE&I Studio. The sound came out great, and I used it here with the panelists' permission. [2:49] We've got excellent education and insight for you today on RIMScast! My first guest is Eddie Tettevi. He is the Chief Risk Officer at Sandbox Mutual. He's a very active member of the Saskatchewan RIMS Chapter and a member of the RIMS Canada Council. [3:11] We're going to talk about his risk management career, his RIMS involvement, and how his insights from one of his RIMS DE&I sessions led to this discussion. [3:24] First Interview! Eddie Tettevi, welcome to RIMScast! [3:38] Eddie is the Chief Risk and Compliance Officer at Sandbox Mutual Insurance. He's also the Corporate Secretary, which means he helps the organization navigate strategic initiatives within the boundaries of risk appetite and regulatory compliance. [4:12] Eddie has been at Sandbox for approximately two years. When he joined the company, Sandbox was going through a period of rapid growth and taking the right risks. That was something Eddie looked forward to being involved in. [4:54] The CRO role was not an independent role at Sandbox before Eddie started. It was held by the Chief Financial Officer. The CCO role was held by HR. The Corporate Secretary role was held by the CEO. Eddie fills the three roles in his new position. His background fits all three roles. [6:06] Eddie normally leads a risk group of three. Eddie was previously in cyber for 13 or 14 years. His background is in electrical engineering and computer science. He helped organizations secure their software and network. [7:02] Eddie doesn't think risk management is any different. He's helping organizations make the right decisions. The difference is that the portfolio is much larger. Cybersecurity is one aspect of Eddie's risk management work. [7:33] Eddie says cyber attacks are growing. Individuals who may not be skilled are using AI tools to perpetrate cyber attacks. The attacks are increasing exponentially in skill and sophistication. [8:09] Eddie co-hosted a session in the DE&I Studio with Aaron Lukoni and Tara Lessard-Webb, focused on understanding how mental health plays a part in risk management and how organizations should think about mental health as part of a risk management framework. [8:31] The session was “Building Resilient Workplaces, the Role of Mental Health in Risk Management.” In it, Eddie revealed he is skilled in multiple languages, but an expert in none, including English. He grew up with influences from English, French, Malay, and Creole Patois. [9:38] Eddie loves learning about new cultures. That has influenced his accent. In every language he speaks, he has an accent, which makes it interesting. He has worked in French and English organizations. He learns languages in six months. He picks them up quickly. [10:50] Eddie, Aaron, and Tara emphasized making sure we are thinking about and embedding mental health in our risk framework. [11:02] When designing any strategies and initiatives, risk professionals should consider what's happening in the organization. An organization going through a lot of change is already a stressed organization. You have to consider that as you introduce more change. [11:40] Eddie says the award-winning Saskatchewan RIMS Chapter is exciting. It's great to work with people who are interested, dedicated, and committed. He says the chapter is doing some incredible things, such as introducing risk courses into the universities in the province.  [12:15] Eddie was a RIMS member before joining Sandbox. You can be a RIMS member without joining a chapter. Moving to Saskatoon created the opportunity for Eddie to join the Saskatchewan RIMS Chapter, which he had been looking forward to, to connect with people. [12:36] Justin gives shoutouts to various Saskatchewan Chapter members. [13:03] Eddie serves on the RIMS Canada Council as Chair of the Communications, External Affairs, and DEI Committee. [13:22] The committee is responsible for making sure that all RIMS communications have a DEI lens and advocate for the risk community, partnering with other advocacy groups around Canada. [13:52] Justin says it's been such a pleasure to meet you and hang out with you! I look forward to seeing you at more RIMS Canada and RIMS events. [14:02] Our next guests organized the 2025 C2C Coast to Coast Challenge. This is a competition for risk management students based in Canada. We'll learn about the case studies and what it took to produce their presentations, and also have a chance to acknowledge the winners. [14:19] We will hear from Shaun Sinclair, the Program Head of General Insurance and the Risk Management Program at British Columbia Institute of Technology, and Janiece Savien-Brown, the Manager for Risk and Claims Management at Metro Vancouver. [14:35] We're going to learn about their various roles, as well. Let's get to it! [14:39] Second Interview! Shaun Sinclair and Janiece Savien-Brown, welcome to RIMScast!  [14:47] Janiece Savien-Brown is the Manager of Risk and Claims Services with Metro Vancouver by day. She has been involved with BCRIMA for 17 or 18 years. BCRIMA started the Coast 2 Coast Legacy Challenge three years ago. Last year was its first year in Vancouver. [15:07] Shaun Sinclair is the Program Head of the General Insurance and Risk Management Program at BCIT, an institute of technology in Vancouver and Burnaby, B.C. [15:17] They teach students insurance and risk management courses. Students graduate with a CRM and a Chartered Insurance Professional designation. [15:26] Shaun is also the President of BCRIMA this year. He has been a BCRIMA member for a long time. This C2C Legacy Challenge was awesome for Shaun because two teams from BCIT got into the finals. Shaun had to recuse himself.  [15:51] Janiece says the RIMS Canada Conference 2025 was fantastic! Shaun was there with seven students, and it was awesome to see what they were learning. The students told Shaun they loved everything about it. [16:45] The two finalist teams were The Deductibles and Insure and Conquer. This year's submissions were highly creative and impactful. [17:10] Shaun has been involved in Risk Management Challenges for years and has been to the nationals several times with groups. Shaun stays pretty hands-off. The students get the challenge, and Shaun discusses it with them. He figures out what they need from him to do it. [17:42] In this case, a root cause analysis wasn't needed. They learned how to do a Failure Mode and Effects Analysis (FMEA), a heat map, and gather general knowledge. Then he let them go. They came up with the 10-page report. He didn't watch their presentation until they went live. [18:14] Their champion for the challenge was Ken Letander. The challenge was a procurement question. If your organization's ownership is 51% Indigenous, and you keep your staff 33% Indigenous, money comes your way for contracts. [18:48] When the contract is over and it's time to get the money, but the organization refuses to give that information, how do you make sure they have the 33% Indigenous staff and 51% Indigenous ownership? Do you need pictures, or can you use Elders to say it's enough? [19:12] The students had to read a lot about risk and the rules and regulations regarding this question. They had to read the Canadian government's language on what the rules are. It was an interesting case. [19:38] Janiece didn't envy them at all. The students came up with some solutions for Ken Letander, and he was thrilled with what came from all of the reports. [20:33] Janiece says the presentations were phenomenal from both teams, as well as the written submissions. The collaboration came through and showed they owned the essence of the project. You could see the desire of the top team to make it work. [21:12] Shaun says the cases used in C2C are pretty much real cases. Janiece says last year's case competition had to come up with an equitable access tool to use in the system. After Janiece had surgery, she was given a survey, and she recognized it from the case study. [22:26] Justin says it's great that the students collaborate. You need teamwork. [22:54] Shaun says you hear a lot about isolation. He says BCIT is sometimes called “Being Crammed Into Teams.” Shaun and the other teachers assign projects where students are forced to work with at least three or four people. [23:13] After two years of group projects, collaboration is relatively easy. Shaun also makes the students hand-write their exams. They learn how to think through a problem and put it down on paper. Afterward, they go outside and talk about what they did. [24:52] Shaun's advice to academics and students entering a C2C challenge is to follow the rules. If they say 8-point font, 10-page maximum, don't send 14 pages. The instructor should help students understand the material and then step back. Let the students do it. It's on them. [25:42] Janiece says it is key to engage at the conference. While the Challenge is the key feature, the experience at the RIMS Canada Conference is a large part of it. Be present. Don't be on your phones the whole time. Attend sessions. Come to the events, have fun, and network. [26:07] Janiece was at an event, and five people came up to her and asked if she had brought the BCIT students (Shaun had). [26:22] People were absolutely amazed at how engaging the students were, willing to put themselves out there, and setting meetings with people in BC for opportunities when they come back. That's part of the experience. [26:40] Shaun points out that a couple of the students are quite shy and have come out of their shells because they've had to talk to people. The more you do it, the better you get at it. [27:01] Janiece reports that at one of the events, the students who were in Vancouver from Calgary came out and met with her students. RIMS, RIMS Canada, and the local chapter promote engagement. [27:31] The 2025 C2C Challenge Calgary winner is The Deductibles, 1.95 points ahead of Insure and Conquer. Insure and Conquer did an awesome job as well. [28:11] The Deductibles team is: Rabia Thind, Triston Nelson, and Ryan Qiu. [28:32] Parting advice for risk students as they step into their careers: Shaun says, if you're going to be an accountant or finance student, think about insurance risk management. Amazing career opportunities in fields that cover everything are all within your grasp. Put it on your radar. [29:26] Janiece says she is living proof of that. She was going to be an accountant. After a car accident, she switched to insurance and risk. It's a lifestyle. She has gained many friends, colleagues, and mentors. She started as an adjustor and after 31 years, she's still in the industry. [29:54] Shaun says you can swap jobs from broker to underwriter, to claims, to risk manager, to education, and not start again at the bottom. It's an amazing career. [30:26] Justin says Thank you so much, it's been such a pleasure to reconnect with you here at the Telus Convention Center in Calgary, for RIMS Canada Conference 2025. Shaun and Janiece are already thinking about the C2C Challenge in 2026. We'll see you there! [30:51] As I said at the top, we're going to close things out with an improvised session called “Intentional Mentorship,” which was produced at the DE&I Studio. [31:19] Improvised Session, “Intentional Mentorship,” at the DE&I Studio! With the insights of Dionne Bowers, the Cofounder and Chair of CABIP, Ray Chaaya, the Head of Talent at Zurich Canada, and Natalia Szubbocsev of Appraisals, International. Please enjoy! [31:40] Natalia Szubbocsev introduces the panel. Natalia is the Executive Vice President at Appraisals, International, an insurance appraisal company, global but small, with a diverse, inclusive team. Natalia has been a mentee and a mentor and is glad to contribute her insights. [32:38] Dionne Bowers is the Co-founder and Chair of the Canadian Association of Black Insurance Professionals, a nonprofit organization, and has recently joined Markel Canada as one of their business development Colleagues. [32:57] Ray Chaaya is head of talent for Zurich Canada. Ray oversees talent acquisition, talent development, and talent management, as well as the culture portfolio for the company, DEIB, and community impact. [33:15] Natalia asks What does mentorship, particularly inclusive or intentional mentorship, mean for you? Dionne says that it is a strong commitment by both the mentor and the mentee to work together for growth opportunities. [33:38] Intentional mentorship is the dedication that each party has to bring to the table, and fulfilling any sort of mandates that have been asked by both. Depending on the program, it's making sure that everyone is on the same page in terms of what they want from each other. [34:04] Ray agrees with Dionne. There has to be a mutual benefit. Ray has been a mentee and a mentor, and finds that the most valuable mentorship relationships are where the mentor and the mentee walk away feeling like they're learning something every day, having a conversation. [34:30] Ray says it's a two-way street and a relationship that can often last for years, because it is a relationship where the value is long-term. Ray talks to young people, and they ask, You're my mentor, what do I do? It doesn't work that way. It's a long-term investment. [34:56] Natalia says that traditional mentorship, besides being one of the best ways of professional development, is also to transfer knowledge from someone who has the experience to someone junior in his or her role. What other purpose does mentorship serve? [35:19] Dionne says it's also recognizing that it's an opportunity for learning from one another. A mentor is a seasoned insurance professional who is working with someone who is a new entrant to the industry. [35:37] It's recognizing that a mentor and a mentee are learning from each other. Strength in development is making sure that you are taking away something from each other, each time you meet, connecting and learning trends and thoughts, and diversity of thought. [36:10] Dionne asks, How can we do things differently? She has learned a lot from young people. Dionne thought she was cool, but apparently, she's not. And she's just taking away a lot of that into her own world, professionally and personally. [36:23] Natalia says her experiences are not just intergenerational, but in Canada and beyond, intercultural. She says what needs to be respected and adapted to, both by the mentor and the mentee, is that you're coming from different backgrounds. [36:45] In a global setting, that will affect communication, that will affect the thought processes, that will affect everything; the way we do things. Because Natalia leads a global team, she has to be adaptable, sensible, and respectful of the cultural nuances. [37:07] At the same time, she asks her mentees or team to do the same for her, because she comes from a very specific background. She has an Eastern European background. It doesn't matter that she's lived in Canada for 25 years. [37:25] Her background defines the way she communicates, thinks, and handles things. Every culture communicates differently. That's an overall mutual understanding, knowing that we all come from different backgrounds. [37:47] Dionne says there has to be a willingness to learn. There's no point in having a mentor-mentee relationship where it's just going to be closed off, and this is what we're going to talk about. There has to be a willingness to learn. [38:07] Ray says there's a learning agility piece. You have to be flexible in how the relationship is going to go. Every mentorship relationship is different, too. There are no steps on how to be a good mentor or a good mentee. [38:25] It's the chemistry between the two, the value that you bring to each other, and the conversations. The maturity of a mentorship can also go into sponsorship. [38:37] When Ray has a conversation with somebody, and they get to know each other, and feel what they want to get out of this, he can be a voice for that person. It goes back to the conversation of lifting others when you can. [38:54] When Ray thinks back to his mentors who stick out in his mind. He has a lot of respect for them. They are the people who spoke about him when he was not in the room, and had his back in that room when he was not there. [39:15] Those are the people, as Ray matures in his career, he doesn't know that he would be here today if it weren't for those mentors. And that is what he hopes he can bring to somebody else as a mentor. [39:29] Natalia says, in a global setting where she works, boosting confidence is very important. In a multicultural global setting, it's important to encourage someone in a different country, who communicates differently, that it doesn't matter, they can do it. [39:50] We are working on a common goal. That's part of the sponsorship/mentorship/training. [40:08] Ray says you have to be honest as a mentor. The toughest times for Ray were when he realized he was trying to make this work for a person, but to be honest with himself, as a mentor, he should be encouraging this person to look somewhere else, at what their passions are. [40:33] He went into it thinking he wanted this person to be the best they could be at this job. And he realized that's not his job as a mentor. [40:43] His job is to understand what they want out of their career, where they bring value, where their passion is, and guide them to make sure that they ultimately are happy with their career, and they're bringing value to society, and they're contributing to the community. [41:06] One specific person Ray was mentoring, he was desperate to fit them into the insurance industry, because that's how he was programmed. He was thinking, Why is this not working? And he realized it's not working because they don't want to do this. [41:25] And as a mentor, Ray's job now is to say, What do you want to do, and let's help you get there. And when he made that mind shift, it just clicked. That was a little bit of a learning opportunity. Now he's a better mentor for learning that. [41:42] Dionne agrees with that. She had one mentor who told her, If you plan to give back as a mentor, don't have any expectations, or you're setting yourself up for failure. [42:05] A lot of mentors have a similar approach, because we don't know. We want it so badly. We want to be able to say, I did that. I helped them get to wherever. If you have a mentee who is not in the mindset, and you're not sure that this is for them, have that conversation. [42:38] It's important to recognize that you're going to impact their lives differently. Even though you have that mentor-mentee relationship, you may be asking them to reconsider dipping their foot into the industry. [42:55] Natalia says not making assumptions about the other person and having that curiosity, openness, and mutual communication is very important. [43:05] How do you build in mentorship or inclusive or intentional mentorship into your organization? Ray says mentorship programs should be part of any industry, any corporation, or any organization. If you expect people to learn and grow, they need mentors. [43:30] Ray says Zurich has baked in mentorship programs into a lot of its development programs. Your development means you get a mentor, and you learn from that mentor. They bake it into the development strategy that's already there, and don't make it an off-site thing. [43:57] It shouldn't be another thing; it should just be part of your growth and development. And so, whenever they can bake it in, that's what Zurich does. [44:04] Zurich also has amazing employee resource groups that champion a lot of its programs, and the Zurich African and Caribbean Alliance, ZACA, which has worked with KBIP, is a massive champion of its mentorship program. [44:19] Just two or three months ago, Zurich held a mentorship day and increased the mentors on its mentorship platform by 48%. It was just another thing that was out there that nobody was talking about, and another thing people had to sign up for. [44:39] Zurich's employee resource group put a spotlight on it, and they showed the value, and they made it part of the ERG's culture to participate in mentorship. Then all of those ERG participants signed up to be mentors, and now are actively mentoring. [45:00] You really need to look at it from a strategy perspective. It can't just be an extracurricular activity that you add on. [45:08] Dionne agrees. KBIP works with organizations like Zurich, and with the ZACA program and the team, but also does the work for organizations that are not there yet or not willing to put the extra effort in to embed it into the DNA of the organization. [45:33] Part of KBIP's mandate is to create a mentorship program specific to Black insurance professionals. It doesn't matter where you're from, international or domestic student, or anyone who wants to be part of the organization and get extra support to build on their career trajectory. [46:02] What do mentors get out of mentorship? Dionne says as a mentor, she gets satisfaction from seeing someone excel, not necessarily from start to finish. You could be at the tail end of their journey, you could be at the beginning, or you could be in the middle. [46:36] If there is a desired outcome for both parties, and there's success, when someone calls you or texts you and says, You know what, I got that job, or I was recognized for doing XYZ, that is satisfaction. That is success. [47:00] Ray says his passion is helping people grow and develop. He started his HR career in learning and development, because he used to be intrinsically rewarded when he saw somebody learn something he taught them, or he trained them on. That felt like a superpower. [47:21] When Ray can do that with the programs Zurich runs, and he interviews people and watches their growth, and they are so grateful; to Ray, that is worth it all. You don't even have to pay him for that. He will volunteer and do that his entire life because of what he gets out of it. [47:47] Natalia agrees. There are obvious advantages from an organizational point of view, but from an individual point of view, Natalia feels that she has arrived at a point where there's no ego anymore. She wants to transfer her knowledge to someone. [48:04] Natalia wants to tell someone that they can do it. Because she did it, they can do it as well. And that's a very important aspect of mentorship. [48:15] How do you make mentorship intentional and inclusive? Ray says it means they have to see the value. It has to be part of the business strategy. Anything that is not intentional, people think, Why do I have to do this, on top of everything else that I need to do? [48:36] The second we are making it intentional, it has to make sense. This is why I'm doing this, because it's going to benefit me, it's going to benefit the company, and it's going to benefit the people I'm impacting. [48:47] They have to see the strategic business value, and with mentorship, it's easy. Because there's massive value for the organization, there is a massive competitive edge if you're doing it properly, and there is massive learning and development for your workforce. [49:05] You just need to sit down with professionals like KBIP, with people who have thought through it, and understand how to help you bake it into the strategy. Just do the work. Anything intentional has to make sense. If it does not make sense, it can't really be that intentional. [49:28] Dionne says that in every organization, when you are constructing your missions and your value statements, it's sitting down as an executive team, and asking, How can we execute on this? What does that mean? Mentorship is something that bleeds into your brand. [49:57] The brand recognition from a competitive edge standpoint is huge. Dionne says she can walk into a school for outreach programs and say, Zurich is a market of choice. You would want to work with Zurich because of this, this, and this. [50:14] If you can tell them that they're going to be supported along the way with their career, that's added value. That is something that will definitely differentiate Zurich in the marketplace. [50:26] Dionne adds that being intentional is huge because when you are not, people can see right through that. That is where you create toxic cultures. [50:39] It's not in a company's best interest to ignore the opportunities that stem from mentorship programs. [50:47] Natalia says she's not an HR professional, but she imagines that mentorship has a great role in not just attracting the right talent, but in retention as well. [50:58] Ray affirms, 100%. It's part of your growth and development. Sure, you can use it as a competitive edge to attract people, but if you're not doing it right, then they're not going to develop and grow, and that competitive edge is really just smoke and mirrors. It's not real. [51:15] So, if you're going to do it right, you have to develop people and grow people through your mentorship programs, and you have to show the results for it. [51:26] Dionne adds, That speaks to the inclusivity part of diversity, equity, and inclusion. If you can build a strategy that equates to inclusion, it equates to retention. It's not rocket science.  [51:49] Ray says Zurich is really good at that. [51:52] Final thoughts on intentional mentorship. Dionne says, “Just do it. I'm a Nike gal. Just do it.” [51:59] Ray says, “I wouldn't be where I am in my career if it weren't for my mentors and my sponsors. And so, if you see potential, mentor the heck out of that potential, because they will thrive.” [52:15] Dionne says, “And acknowledge it. I think that's a big part of that strategy.” [52:21] Natalia thanks Ray, Dionne, and the RIMS DE&I Studio for picking up this topic, a very important topic, and she hopes you enjoyed the session. [52:38] Justin says special thanks again to all of our guests here at the RIMS Canada Conference 2025. Be sure to mark your calendars for October 18th through the 21st, 2026, for RIMS Canada, which will be held in Quebec City. [52:55] Shout out to the RIMS Canada Council for producing another fantastic conference and to the RIMS Events Team and all my RIMS colleagues who worked tirelessly to make the last three days so smooth. It's such a pleasure to work with you all. I look forward to seeing you next year. [53:14] 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. [53:43] 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. [54:02] Become a RIMS member and get access to the tools, thought leadership, and network you need to succeed. Visit RIMS.org/membership or email membershipdept@RIMS.org for more information. [54:19] Risk Knowledge is the RIMS searchable content library that provides relevant information for today's risk professionals. Materials include RIMS executive reports, survey findings, contributed articles, industry research, benchmarking data, and more. [54:35] For the best reporting on the profession of risk management, read Risk Management Magazine at RMMagazine.com. It is written and published by the best minds in risk management. [54:50] 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. [55:02] Practice good risk management, stay safe, and thank you again for your continuous support!   Links: From RIMS Canada: “RIMS Ontario Chapter Honours Bombardier's Daniel Desjardins with the 2025 Donald M. Stuart Award” RIMS ERM Conference 2025 — Nov. 17‒18 Spencer Internship Program — Registration Open Through Oct. 15. RIMS Western Regional — Oct 1‒3 | Bay Area, California | Registration open! RISKWORLD 2026 — Members-only early registration 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 RIMSCanadaConference.ca 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   Upcoming RIMS-CRMP Prep Virtual Workshops: 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 with 2025 RIMS Canada keynotes: “Distilling Risk and Resilience with Manjit K. Minhas” “On Resilience with Amanda Lindhout” “Thoughts and IDEAs on Inclusivity with Michael Bach”   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: Eddie Tettevi, Sandbox Mutual Insurance CRO RIMS Canada Council Chair — DEI and Comms Janiece Savien-Brown, Metro Vancouver Shaun Sinclair, BCIT "Intentional Mentorship" improvised session from the DE&I Studio, featuring: Dionne Bowers, Co-Founder & Chair of the Canadian Association of Black Insurance Professionals (CABIP); Ray Chaaya, Head of talent for Zurich Canada; Natalia Szubbocsev, Executive Vice President at Appraisals International Inc.    Production and engineering provided by Podfly.  

Ohio Workers' Comp Just Changed – Here's What Agents Need to Know: In this episode of Insurance Shoptalk, host Eric Stein talks with Bob Butts, Chief Risk Officer at Alternative Comp Solutions (ACS), about a major change in Ohio's workers' compensation market. For the first time, agents can now sell workers' comp in Ohio and earn commission, thanks to Senate Bill 2011 and approval by the Ohio Bureau of Workers' Compensation. Bob explains how ACS is leading the way with an Alternative Employer Organization (AEO) model that saves employers 10–30% on premiums, simplifies claims handling, and eliminates the need to switch payroll systems. The discussion covers the differences between AEOs and PEOs, how the pay-as-you-go approach helps employers with cash flow, and why this new model is such a big opportunity for insurance agents. About Insurance Shoptalk: Join host Eric Stein on a journey through the dynamic world of commercial property and casualty insurance. With over 25 years of experience in the industry, Eric brings a wealth of knowledge and insights to every episode. Insurance Shoptalk is your premier destination for in-depth discussions on the latest industry trends, technology impacts, interviews with leading experts, and much more. To learn more about Insurance Shoptalk, please visit https://insuranceshoptalk.com/

How is technology reshaping the UK Islamic finance landscape? We explore the evolving role of Islamic fintechs, shifting consumer expectations, and whether niche Shariah-compliant segments are being adequately served. What innovations are improving user experience, and what can be learnt from global peers?Moderator:Nitish Bhojnagarwala, Associate Managing Director, Financial Institutions Group, Moody's RatingsPanelists:Arshadur Rahman, Senior Manager, Bank of EnglandRafiza Ghazali, CEO, KAF Digital BankStella Cox, Managing Director, DDCAP GroupDr Usman Chaudry, Chief Risk Officer and Executive Director, Gatehouse Bank

Asset-based lending has come of age, but its evolution has made it challenging to put it in a homogeneous category or asset class, given its complexity and diversity of the underlying universe. From receivables and real estate to royalties and R&D, the range of collateral backing these loans raises questions about ABL's position within the broader private credit complex. In this episode, we attempt to define the history and parameters of ABL, including how loans are structured, as well as crucial due diligence and portfolio construction considerations. To help us explore these topics, we're joined by Greg Turk, Deputy CIO of Illinois Police Officers' Pension Investment Fund, and Cedric Henley, Partner and Chief Risk Officer of Specialty Finance at SLR Capital Partners.Introduction: (2:08)Halftime: (58:18)Guest: (1:03:50)Guests:Cedric Henley, Partner and Chief Risk Officer of Specialty Finance at SLR Capital PartnersGreg Turk, Deputy CIO, Head of Private Markets, Illinois Police Officers Pension Investment FundEpisode Sources

Help us expand our Muslim media project here: https://www.thinkingmuslim.com/membershipWealth and its accumulation is an obsession for many of us. But how much is too much, and what social and ethical value should we place on our finances? We speak to Umer Suleman, the Chief Risk Officer overseeing Shariah and compliance at Wahed. For someone involved in the investment sector, what he shares may surprise many of you.You can find Umer Suleman here:LinkedIn: https://uk.linkedin.com/in/umersulemanWahed: https://www.wahed.com/author/umerBecome a member here:https://www.thinkingmuslim.com/membershipOr give your one-off donation here:https://www.thinkingmuslim.com/donateListen to the audio version of the podcast:Spotify: https://open.spotify.com/show/7vXiAjVFnhNI3T9Gkw636aApple Podcasts: https://podcasts.apple.com/gb/podcast/the-thinking-muslim/id1471798762Purchase our Thinking Muslim mug: https://www.thinkingmuslim.com/merchFind us on:X: https://x.com/thinking_muslimLinkedIn: https://www.linkedin.com/company/the-thinking-muslim/Facebook: https://www.facebook.com/The-Thinking-Muslim-Podcast-105790781361490Instagram: https://www.instagram.com/thinkingmuslimpodcast/Telegram: https://t.me/thinkingmuslimBlueSky: https://bsky.app/profile/thinkingmuslim.bsky.socialThreads: https://www.threads.com/@thinkingmuslimpodcastFind Muhammad Jalal here:X: https://twitter.com/jalalaynInstagram: https://www.instagram.com/jalalayns/Sign up to Muhammad Jalal's newsletter: https://jalalayn.substack.comWebsite Archive: https://www.thinkingmuslim.comDisclaimer:The views expressed in this video are those of the individual speaker(s) and do not represent the views of the host, producers, platform, or any affiliated organisation. This content is provided for lawful, informational, and analytical purposes only, and should not be taken as professional advice. Viewer discretion is advised. Hosted on Acast. See acast.com/privacy for more information.

Prevent third-party data breaches with this proven strategy! In this episode of the Risk Management Show, we discuss how organizations can mitigate cyber risks in their supply chain by implementing modern third-party risk management systems. In this Risk Management Show episode with Eric Hensley, CTO and CSO at Aravo, a leader in third-party risk and resilience solutions powered by intelligent automation. Eric shares his insights on why indirect relationships with third and fourth parties often become entry points for attackers and how traditional IT risk assessments fall short in today's interconnected tech environment. We explored practical strategies for aligning IT, security, and procurement functions to ensure accountability, and Eric highlights the role automation and AI play in scaling effective risk management processes. If you're a Chief Risk Officer, cyber security leader, or simply looking to enhance your organization's sustainability and resilience, this episode is packed with actionable advice. Don't miss Eric's unique perspective on breaking down silos and rethinking how organizations view their supply chains. If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line "Guest Proposal."

Data breaches in the health care sector can carry immense legal, financial, and reputational consequences. Jon Moore, Chief Risk Officer and Head of Consulting Services, Clearwater, speaks with Christine Moundas, Partner, Ropes & Gray LLP, about how health care organizations can mitigate risk through robust breach preparedness plans and ensure legally sound, compliant responses when incidents occur. They discuss how to operationalize breach readiness, key pitfalls to avoid during incident response, and the legal implications of internal decision-making. Sponsored by Clearwater.Watch this episode: https://www.youtube.com/watch?v=Lvo4EsiCK0YLearn more about Clearwater: https://clearwatersecurity.com/ Essential Legal Updates, Now in Audio AHLA's popular Health Law Daily email newsletter is now a daily podcast, exclusively for AHLA Premium members. Get all your health law news from the major media outlets on this podcast! To subscribe and add this private podcast feed to your podcast app, go to americanhealthlaw.org/dailypodcast. Stay At the Forefront of Health Legal Education Learn more about AHLA and the educational resources available to the health law community at https://www.americanhealthlaw.org/.

In an era of black swan events, economic volatility, and rapid technological change, leaders must balance growth with governance to build organizations that endure. In this episode of CIO Talk Network, Dr. Ramesh Gopal, Chief Risk Officer for UAE & Saudi and Head of Credit Risk at CEEMEA for Deutsche Bank, joins host Sanjog Aul to share lessons from past crises, strategies for aligning agility with control, and ways to embed a risk-first mindset across the enterprise. Topics Covered: 00:00 – Introduction 02:49 – When assumptions fail: Lessons from 2008 07:12 – Thresholds, policing, and human bias in risk 10:09 – The biggest illusion of preparedness 13:05 – Appetite, tolerance, and execution 16:54 – Bridging the GRC–business gap 20:51 – Real-time, modern risk management 24:04 – Risk in the citizen development era 27:20 – Decentralizing risk ownership 33:29 – Challenges in building a risk-aware culture 36:08 – Blueprint for future-ready risk management 40:30 – An appeal to business & tech leaders 43:16 – G² + R²: Good growth and right risk

Governance, risk, and compliance (GRC) has long been burdened by heavy manual processes, slow assessments, and limited visibility. In this Brand Story episode, Sean Martin and Marco Ciappelli are joined by Anders Søborg, Co-Founder of Eve, and Mark Humphrey, who brings two decades of fraud and cybersecurity experience to the team. Together, they unpack how Eve is challenging traditional GRC tools by offering something entirely different: automation with evidence-based intelligence at its core.Anders shares how his experience as Chief Risk Officer and partner at major firms like Ernst & Young and PwC shaped Eve's mission. He describes a world where compliance doesn't have to mean complexity. Eve's AI engine evaluates more than a thousand controls in under 15 minutes—surpassing manual reviews that could take weeks—and goes a step further by offering recommendations, not just red flags.This isn't about replacing people. It's about helping overwhelmed compliance, risk, and audit teams regain control. Mark emphasizes how Eve operates like a true partner, delivering support with no ego and full transparency. Their approach combines deep regulatory knowledge, contextual AI agents trained on real-world frameworks, and a clear respect for data sovereignty and privacy—an essential requirement for global pharma, financial, and consulting clients already relying on the platform.More than a dashboard, Eve acts as an intelligent engine embedded into existing workflows via API, making it a natural complement—not a competitor—to existing GRC platforms. The platform is customizable, evidence-driven, and built with firsthand knowledge of what compliance professionals actually need: clear guidance, real-time answers, and fewer repetitive tasks.The episode leaves listeners with a compelling question: what if your compliance program could coach your team, reduce audit costs, and provide instant visibility—without sacrificing accuracy or control?Learn more about E-V-E GRC: https://itspm.ag/eve-grc-99Note: This story contains promotional content. Learn more.Guests:Anders Søborg, Co-founder, Director at E-V-E GRC | On LinkedIn: https://www.linkedin.com/in/anders-s%C3%B8borg-3826702/Mark Humphrey, Senior Sales and Channel Director EMEA at E-V-E GRC | On LinkedIn: https://www.linkedin.com/in/m-humphrey-mba-0020192b1/ResourcesRedefine Compliance. Unleash Your Potential with E-V-E GRC. Command Compliance: https://itspm.ag/e-v-e-i1mlLearn more and catch more stories from E-V-E GRC: https://www.itspmagazine.com/directory/evegrcLearn more about ITSPmagazine Brand Story Podcasts: https://www.itspmagazine.com/purchase-programsNewsletter Archive: https://www.linkedin.com/newsletters/tune-into-the-latest-podcasts-7109347022809309184/Business Newsletter Signup: https://www.itspmagazine.com/itspmagazine-business-updates-sign-upAre you interested in telling your story?https://www.itspmagazine.com/telling-your-story

Send us a text"RAISE CAPITAL LIKE A LEGEND: https://offer.fundraisecapital.co/free-ebook/"Hey, welcome to another episode of Making Billions, I'm your host, Ryan Miller, and today I have my dear friend Gabe Benincasa. Gabe is the chief risk officer and General Counsel of FundBank, it's a new type of bank that is set up to help fund managers with banking, but not in the way that you might think see. Prior to that, Gabe was the first Chief Risk Officer for the US Securities and Exchange Commission.So what does this mean? Well, it means that Gabe and his team understand funds, regulation and how you and I need to navigate this important part of alternative asset management.Subscribe on YouTube:https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQConnect with Ryan Miller:Linkedin: https://www.linkedin.com/in/rcmiller1/Instagram: https://www.instagram.com/makingbillionspodcast/Twitter: https://twitter.com/_MakingBillonsWebsite: https://making-billions.com/[THE GUEST]: Gabe Benincasa is the chief risk officer and General Counsel of FundBank[THE HOST]: Ryan Miller is an Angel investor, former VP of Finance, CFO of an insurance company, and the founder of Fund Raise Capital,  https://www.fundraisecapital.co where his strategies helped emerging fund managers and deal syndicators to report raising over $1B follSupport the showDISCLAIMER: The information in every podcast episode “episode” is provided for general informational purposes only and may not reflect the current law in your jurisdiction. By listening or viewing our episodes, you understand that no information contained in the episodes should be construed as legal or financial advice from the individual author, hosts, or guests, nor is it intended to be a substitute for legal, financial, or tax counsel on any subject matter. No listener of the episodes should act or refrain from acting on the basis of any information included in, or accessible through, the episodes without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer, finance, tax, or other licensed person in the recipient's state, country, or other appropriate licensing jurisdiction. No part of the show, its guests, host, content, or otherwise should be considered a solicitation for investment in any way. All views expressed in any way by guests are their own opinions and do not necessarily reflect the opinions of the show or its host(s). The host and/or its guests may own some of the assets discussed in this or other episodes, including compensation for advertisements, sponsorships, and/or endorsements. This show is for entertainment purposes only and should not be used as financial, tax, legal, or any advice whatsoever.

In this episode of GRC Chat, we explore "Hiring Smart: Avoiding Costly Leadership Mistakes" with Linda Henman, a seasoned consultant with over 40 years of experience helping decision-makers across industries. Linda shares valuable insights into identifying effective leaders, the critical role of decision-making in leadership, and how organizations can avoid the pitfalls of bad hires. She emphasizes the importance of evaluating critical thinking, learning agility, and quantitative reasoning when selecting top executives, as well as the impact of personality traits on leadership success. If you're in risk management, cyber security, sustainability, or are a Chief Risk Officer seeking fresh perspectives, this episode is packed with actionable takeaways. Linda also discusses the traps leaders often fall into, such as failing to frame issues correctly, control challenges, and cognitive overload, offering practical strategies to overcome them. If you want to be our guest or suggest someone for the show, send your email to info@globalriskconsult.com with the subject "Podcast Guest."

At its best, parametric insurance delivers clarity when volatility strikes. But scaling that promise takes more than models: it takes real claims data, market feedback and the ability to solve for both reinsurers' confidence and cedents' earnings risk. In this episode, Matthew Grant speaks with Matt Coleman, Chief Risk Officer at The Demex Group, a reinsurance MGA using a new modelled loss index to reshape how the market covers severe convective storms, one of the fastest-growing sources of weather-driven loss. Our conversation picks up where our previous webinar left off, and explores how Demex has grown distribution, secured broker support and validated its approach in a live risk environment. In this conversation Matt touches on: Why 2025 has already seen above-average tornado, wind and hail activity and how recoveries are already flowing How Demex's RCR Re cover mimics indemnity but pays out on a modelled index Why omitting sensors and relying on robust weather and claims data reduces basis risk The advantages of training models on cedents' actual ground-up claims, not diluted industry averages What reinsurers want in secondary peril covers and how Demex packages risk to match that appetite Why broker engagement has been critical to growth, and what their clients are asking for What it means to build in response to a genuine market problem not just to push a technology Along the way, Matthew and Matt talk about why carriers are willing to share granular claims data when the product is strong enough and why early validation matters in parametric. If you like what you're hearing, please leave us a review on whichever platform you use or contact Matt Coleman or Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, 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: Specify the role of brokers in distributing innovative reinsurance solutions and educating cedents Identify the challenges and advantages of building a reinsurance product in direct response to market demand Explain why reinsurers prefer weather-driven indices over indemnity-based uncertainty 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 365 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.

In this episode of the Risk Management Show, we uncover the hidden PCI DSS risks in everyday AI use with Trevor Welsh, VP of Product at Witness AI. This insightful discussion dives into the critical intersections of AI, compliance, and cyber security. Discover the challenges of integrating AI under PCI DSS, the dangers of data leakage, and how to tackle the "black box" problem in AI models.  Trevor shares his extensive expertise in cyber security, compliance, and risk management, offering actionable strategies for proactive AI governance and protecting sensitive cardholder data. Whether you're a Chief Risk Officer, compliance manager, or simply interested in sustainability and risk management, this episode is packed with valuable takeaways. If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line "Guest Proposal."

Quantifying cyber risk is now a necessity for businesses navigating the evolving threat landscape. In this episode of the Risk Management Show, we discussed why quantifying cyber risk is the new imperative for businesses. Our guest, Asdrúbal Pichardo, CEO of Squalify—a cyber risk quantification platform backed by Munich Reinsurance—shares how their top-down approach to cyber risk quantification is transforming the way companies prioritize cybersecurity investments and communicate with boards. We explored real-world examples, common pitfalls in cybersecurity investment, and how benchmarking cyber posture can elevate your strategy. If you're a Chief Risk Officer, CISO, or CFO looking to align strategies and speak the same language about cyber security and risk management, this episode provides the insights you need. Plus, learn about Squalify's CRQ readiness assessment tool and how it supports organizations in making informed decisions. Please check the Squalify's CRQ Readiness Assessment https://squalify.fillout.com/t/5dGf2f8tmcus If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line "Guest Proposal."

In this episode of the Risk Management Show, we dive into the critical topic of "AI Regulations: What Risk Managers Must Do Now." Join host Boris Agranovich and special guest Caspar Bullock, Director of Strategy at Axiom GRC, as they tackle the challenges and opportunities businesses face in navigating risk management, cybersecurity, and sustainability in today's rapidly evolving landscape. We discuss the growing importance of monitoring AI developments, preparing for upcoming regulations like the EU AI Act, and setting clear internal policies to meet customer demands and legal requirements. Caspar shares his expert perspective on building organizational resilience, the ROI of compliance programs, and addressing third-party risks in a complex supply chain environment. Whether you're a Chief Risk Officer, a compliance professional, or a business leader, this conversation offers actionable insights to help you stay ahead of emerging trends. If you want to be our guest or suggest a guest, send your email to info@globalriskconsult.com with the subject line “Podcast Guest.”

In this episode, Sean Martin speaks with Richard Seiersen, Chief Risk Technology Officer at Qualys, about a new way to think about cybersecurity—one that puts value and business resilience at the center, not just threats.Richard shares the thinking behind Qualys' Risk Operations Center, a new approach that responds directly to a common pain point: organizations struggling to manage vast amounts of telemetry from dozens of security tools without clear direction on how to act. Instead of forcing companies to build and maintain massive internal platforms just to piece together asset, vulnerability, and threat data, Qualys is creating a system to operationalize risk as a real-time, measurable business function.With a background that includes serving as Chief Risk Officer at a cyber insurance firm and co-authoring foundational books like How to Measure Anything in Cybersecurity Risk and The Metrics Manifesto, Richard frames the conversation in practical business terms. He emphasizes that success is not just about detecting threats, but about understanding where value exists in the business, and how to protect it efficiently.From Security Operations to Risk OperationsWhile a traditional SOC focuses on attack surface and compromise detection, the Risk Operations Center is designed to understand, prioritize, and mitigate value at risk. Richard describes how this involves normalizing data across environments, connecting asset identities—including ephemeral and composite digital assets—and aligning technical activity to business impact.The Risk Operations Center enables teams to think in terms of risk surface, not just threat surface, by giving security leaders visibility into what matters most—and the tools to act accordingly. And importantly, it does so without increasing headcount.A CISO's Role in the Business of RiskRichard challenges security leaders to break away from purely tactical work and lean into business alignment. He argues that boards want CISOs who think strategically—who can talk about capital reserves, residual risk, and how mitigation and transfer can be measured against business outcomes. In his words, “A successful business is in the business of exposing more value to more people… security must understand and support that mission.”This episode is packed with ideas worth listening to and sharing. What would your version of a Risk Operations Center look like?Learn more about Qualys: https://itspm.ag/qualys-908446Note: This story contains promotional content. Learn more.Guest: Rich Seiersen, Chief Risk Technology Officer, Qualys | https://www.linkedin.com/in/richardseiersen/ResourcesLearn more and catch more stories from Qualys: https://www.itspmagazine.com/directory/qualysLearn more and catch more stories from RSA Conference 2025 coverage: https://www.itspmagazine.com/rsac25______________________Keywords:sean martin, richard seiersen, risk, cybersecurity, data, resilience, telemetry, automation, ciso, soc, brand story, brand marketing, marketing podcast, brand story podcast______________________Catch all of our event coverage: https://www.itspmagazine.com/technology-and-cybersecurity-conference-coverageWant to tell your Brand Story Briefing as part of our event coverage? Learn More